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EANS-News: Sunways AG
Marked increase in sales and earnings in the first
- Sales raised by 52 % - EBIT increased by Â€ 10 million to Â€ 4.7 million - International business grows palpably
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Company Information/3-month report
Subtitle: - Sales raised by 52 % - EBIT increased by Â€ 10 million to Â€ 4.7 million - International business grows palpably
Konstanz (euro adhoc) - Konstanz, 12 May 2010 -Sunways AG (FWB: SWW; ISIN DE0007332207) closed the first quarter 2010 with a marked rise in sales revenues, sales volumes and earnings. Against the background of a continuously strong demand for photovoltaic systems in Germany and in the international markets, sales rose by 51.7 % to EUR 44.3 million (Q1/2009: EUR 29.2 million). All business segments (solar cells, solar modules and solar inverters) contributed to this sales growth. The operating result (EBIT) increased by EUR 10 million to EUR 4.7 million (Q1/2009: EUR -5.3 million). In the context of the settlement of the closing balance sheet relating to the sale of MHH Solartechnik GmbH, a provision was recorded for an adjustment amount of EUR -1.1 million with respect to discontinued operations. Therefore, consolidated net income in the first quarter 2010 amounted to EUR 2.1 million (Q1/2009: EUR -4.3 million).
International business: overproportionate growth in Italy In the first quarter 2010, Sunways AG generated 84.1 % of its consolidated sales in Germany. Compared to the first three months of 2009, sales in other European countries experienced a very positive development across all products: revenues increased from EUR 2.2 million in the first quarter 2009 to EUR 7.1 million in the first quarter 2010; at 15.9 %, the percentage share in consolidated sales more than doubled. Growth in Italy was especially remarkable: sales rose from EUR 0.4 million in the first quarter 2009 to EUR 3.1 million in the first quarter 2010.
Reporting: subdivided into three segments as from 2010 As from the beginning of 2010, Sunways AG subdivided its former solar systems segment into two product divisions for reporting purposes: solar modules and solar inverters. In the future, business developments will be presented separately for all three segments: solar cells (development, production and distribution of solar cells), solar modules (distribution of solar modules and projects) as well as solar inverters (development, production and distribution of inverters). Segment results for the first quarter 2009 were adjusted accordingly to ensure comparability.
Solar cells: significant increase in profitability Sales in the solar cell segment rose by 14.2 % to EUR 21.7 million (Q1/2009: EUR 19.0 million) in the first quarter 2010. Such sales include intercompany sales with the solar module segment amounting to EUR 5.2 million. Solar cells for the production of the CompanyÂ´s own modules are accounted for at prices customary in the market. The segmentÂ´s operating result (EBIT) at EUR 2.8 million exceeded the figure for the prior year quarter (Q1/2009: -EUR 2.7 million) by EUR 5.5 million - corresponding to an EBIT margin of 12.9 %. This turnaround was largely due to the cost of materials ratio, which improved against the prior year, as well as economies of scale resulting from increased production capacities in Arnstadt.
Solar modules: business successfully expanded Thanks to additional supply capacities, Sunways AG more than tripled its sales volume of solar modules in the first quarter 2010 to 10 MWp (Q1/2009: 2.9 MWp). Segment sales at EUR 18.7 million thus markedly exceeded the prior year level (Q1/2009: EUR 7.9 million). Approx. 24 % of such sales were generated in other European countries. The development in the Italian market was particularly successful: sales revenues rose from EUR 0.3 million in the first quarter 2009 to EUR 2.5 million in the first quarter 2010. The segmentÂ´s operating result (EBIT) increased by EUR 2.2 million to EUR 0.8 million (Q1/2009: EUR -1.4 million).
Solar inverters: demand exceeds supply In the first quarter 2010, sales in the solar inverter segment almost quadrupled to EUR 9.1 million (Q1/2009: EUR 2.4 million). Sales revenues in all relevant European photovoltaics markets increased significantly; the international percentage amounted to approx. 21 %. Sales volumes also rose against the prior year to 37.7 MWp (Q1/2009: 9.5 MWp). An even stronger growth in volumes and revenues was prevented by the limited availability of important electronic components in the world market over the last few months. The segmentÂ´s operating result (EBIT) reached EUR 1.1 million (Q1/2009: EUR -1.2 million). Thanks to the continuously strong demand and the very limited supply of inverters, Sunways AG has now already received orders for inverters stretching well into the second half of the year.
Outlook for the entire fiscal year 2010 Due to the further reduction of feed-in tariffs in Germany as from July this year, domestic demand is expected to remain strong in the current second quarter. At the same time, we observe a marked recovery in our international markets. Therefore, Sunways AG does not expect any severe drop in sales in the third quarter 2010. These expectations are also supported by the order backlog in the area of solar inverters which stretches well into the second half of the year. Price pressures with respect to photovoltaic components and in particular solar cells will, however, continue to prevail in 2010.
Based on markedly increased volumes against the prior year period in all product divisions, competitive cost structures as well as further intensified domestic and international distribution activities, Sunways AG expects its profitable consolidated growth to continue in the current fiscal year. "We aim to double our module sales against the prior year with the aid of additional supply capacities. In addition, we will consider all operational and strategic options to further accelerate the growth of Sunways AG. An important goal will again be to diversify our sales markets and to strengthen our product and service range", said Michael Wilhelm, Chairman of the Management Board of Sunways AG.
Major key figures Q1/2010
Group Sales revenues: EUR 44.3 million (Q1/2009: EUR 29.2 million; + 51.7 %) EBITDA: EUR 6.2 million (Q1/2009: EUR -4.2 million) Depreciation and amortization: EUR 1.5 million (Q1/2009: EUR 1.1 million) EBIT: EUR 4.7 million (Q1/2009: EUR -5.3 million) Consolidated net income: EUR 2.1 million (Q1/2009: EUR -4.3 million) Earnings per share: EUR 0.18 (Q1/2009: EUR -0.37) Employees (31 March 2010): 313 (31 March 2009: 315)
Solar cell segment Sales revenues: EUR 21.7 million (Q1/2009: EUR 19.0 million; + 14.2 %) EBIT: EUR 2.8 million (Q1/2009: EUR -2.7 million) Solar cell sales volume: 17.8 MWp (Q1/2009: 10.4 MWp)
Solar module segment Sales revenues: EUR 18.7 million (Q1/2009: EUR 7.9 million; +136.7 %) EBIT: EUR 0.8 million (Q1/2009: EUR -1.4 million) Solar module sales volume: 10.0 MWp (Q1/2009: 2.9 MWp)
Solar inverter segment Sales revenues: EUR 9.1 million (Q1/2009: EUR 2.4 million; + 279.2 %) EBIT: EUR 1.1 million (Q1/2009: EUR -1.2 million) Solar inverter sales volume: 37.7 MWp (Q1/2009: 9.5 MWp)
2010 financial calendar 17 June 2010 - Annual general meeting 13 August 2010 - Interim report as of 30 June 2010 12 November 2010 - Interim report as of 30 September 2010
This press release is also available on www.sunways.eu/de (see also http://www.presseportal.de/pm/57666/?keygroup=bild).
Forward-looking statements This press release contains statements relating to the future business development of Sunways AG that are based on management assumptions and estimates made at the time of publication. Should the assumptions underlying the prognoses fail to be fulfilled, actual events may vary substantially from forward-looking statements. Uncertainties include changes in the political, legal, economic and business environment, exchange and interest rate fluctuations as well as the behaviour of competitors and other market participants. Sunways does not intend and is not under any obligation to update forward-looking statements on an ongoing basis as these are exclusively based on the circumstances prevailing as of the date of publication.
About Sunways Sunways AG, Konstanz/Germany, stands for consistent use of solar energy to secure long-term energy supply of man in an efficient and sustainable manner. Sunways offers technological competence, performance and highest quality - from single components to complete solar systems.Since its foundation in 1993, Sunways AG evolved into a technology leader in the photovoltaics industry serving international markets. With silicon-based solar cells, inverters, solar modules and solar systems, the company offers all components required for high-yield photovoltaic power generation. With photovoltaic solutions tailored to customersÂ´ needs (transparent and coloured solar cells, building- integrated photovoltaic installations), Sunways turns exceptional ideas into reality.Sunways Production GmbH in Arnstadt/Germany is a subsidiary of Sunways AG; in addition, the group has own branch offices in Barcelone/Spain and Bologna/Italy. In 2009, Sunways AG with about 320 employees realised sales of about EUR 180 million.The shares of Sunways AG are listed at the Frankfurt Stock Exchange (SWW, ISIN DE0007332207). For further information, please visit www.sunways.eu/de.
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ots Originaltext: sunways AG
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