sunways AG

EANS-News: Sunways generates record earnings in 2010

·25.5 percent rise in sales to € 222.7 million ·operating result (EBIT) reaches € 15.0 million ·foreign business accounts for approx. 30 percent of sales ·high equity ratio of 61 percent

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Financial Figures/Balance Sheet/annual report/Company Information

Subtitle: ·25.5 percent rise in sales to € 222.7 million ·operating result (EBIT) reaches € 15.0 million ·foreign business accounts for approx. 30 percent of sales ·high equity ratio of 61 percent

Konstanz (euro adhoc) - Konstanz, 31 March 2011 - Sunways AG (SWW:GR, SWWG.DE, ISIN DE0007332207), leading premium provider of solar energy technology, thanks to consistent internationalization efforts continued on its growth path and posted the best results so far in its corporate history in the fiscal year 2010. Compared to 2009, the Company substantially improved all major key figures.

Michael Wilhelm, Chairman of the Management Board/CEO of Sunways AG: "2010 was the best year in the corporate history of Sunways. All three business divisions, i.e. solar cells, solar modules and solar inverters, recorded growth and we successfully intensified our internationalization efforts. Substantial improvements of all relevant key figures in 2010 reflect the success of our activities in the past year with respect to the development of new markets and the strategic alignment of Sunways."

In 2010, sales of Sunways AG increased by 25.5 percent to EUR 222.7 million (2009: EUR 177.5 million). Sales volumes grew significantly, in particular in the solar module and inverter segments. Sales rose to EUR 96.0 million (fiscal year 2009: EUR 56.2 million) in the solar module segment and to EUR 46.6 million (2009: EUR 18.7 million) in the inverter segment. Sales in the solar cell segment increased slightly to EUR 108.7 million (2009: EUR 103.4 million). EBITDA in 2010 improved against 2009 (EUR 5.2 million) by 311.5 percent to EUR 21.3 million. The operating result (EBIT) amounted to EUR 15.0 million (2009: EUR -0,5 million). Thus Sunways outperformed its own prognoses. Annual sales of EUR 215 to 225 million and an EBIT margin of about 6 percent had been projected after the first nine months. Earnings after taxes also recorded an excellent development in 2010 and reached EUR 10.4 million (2009: EUR -1.9 million). Due to earnings after taxes from discontinued operations (EUR -1.1 million) net income for 2010 amounts to EUR 9.3 million, earnings per share amount to EUR 0.80.

Successful internationalization Sunways raised the international percentage of sales from 7.9 percent in the previous year to 29.2 percent in 2010. Sales generated abroad increased from EUR 14.0 million in 2009 to EUR 65.2 million. In the past fiscal year, Sunways recorded EUR 56.2 million or 25.2 percent of its sales (fiscal year 2009: EUR 12.5 million or 7.0 percent) in Europe and EUR 8.5 million or 3.8 percent in Asia (2009: EUR 1.5 million or 0.8 percent).

High equity ratio and sound balance sheet structure Changes in the balance sheet structure compared to the prior year are characterized by Sunways´ profitable growth. Total assets as of the end of the fiscal year 2010 rose to EUR 112.7 million (2009: EUR 110.4 million). The equity ratio as of 31 December 2010 was an excellent 61 percent of total assets.

Sunways with positive outlook Sunways anticipates that the global market for photovoltaic products will continue to grow in 2011. The Company expects strong growth in Italy, France and Greece. Sunways intends to further intensify its international expansion in 2011. "We will again consistently pursue our successfully initiated internationalization efforts this year", says Michael Wilhelm, Chairman of the Management Board/CEO of Sunways.

With respect to its products, the Company relies on innovation, efficiency and - in the area of building-integrated photovoltaics - also on high-quality design. The new Eco-Line modules constitute an important element of the growth strategy for the current fiscal year. Since the sales launch on 1 December 2010, demand for these products has experienced a very positive development. In 2011, Sunways plans to further strengthen its position as premium provider of complete solar energy solutions.

"Our goal in the fiscal year 2011 is to again increase the sales volumes of our solar modules and solar inverters against the previous year", says CEO Michael Wilhelm. For the current fiscal year, Sunways expects sales growth in the low double-digit percentage range and a profit margin (EBIT) in the low single-digit percentage range.

Major key figures

Group Sales: EUR 222.7 million (2009: EUR 177.5 million, +25.5%) EBITDA: EUR 21.3 million (2009: EUR 5.2 million, +311.5%) Depreciation and amortization: EUR 6.3 million (2009: EUR 5.7 million) EBIT: EUR 15.0 million (2009: EUR -0.5 million) Consolidated net income: EUR 9.3 million (EUR 17.0 million)* Earnings per share: EUR 0.80 (2009: EUR 1.46)* Number of employees (31 Dec 2010): 344 (31 Dec 2009: 313)

*Due to earnings after taxes from discontinued operations (sale of MHH Solartechnik GmbH as of 31 December 2009), 2009 figures are higher.

Solar cell segment Sales: EUR 108.7 million (2009: EUR 103.4 million, +5.1 %) EBIT: EUR 11.2 million (2009: EUR 8.4 million, +33.3%) Solar cell sales volume: 97.8 megawatts (2009: 64.5 megawatts, +51.6%) Solar module segment Sales: EUR 96.0 million (2009: EUR 56.2 million, +70.8 %) EBIT: EUR -1.7 million (2009: EUR -6.7 million) Solar module sales volume: EUR 54.0 megawatts (2009: 25.3 megawatts, +113.4%) Solar inverter segment Sales: EUR 46.6 million (2009: EUR 18.7 million, +150.0 %) EBIT: EUR 5.5 million (2009: EUR -2.2 million) Solar inverter sales volume: 191.1 megawatts (2009: 77.1 megawatts, +147.9%)

Financial calendar 2011 12/05/2011 - Interim Report as of 31 March 2011 (Q1) 16/06/2011 - Annual General Meeting 11/08/2011 - Interim Report as of 30 June 2011 (Q2) 14/11/2011 - Interim Report as of 30 September 2011(Q3)

This press release and pictures are also available on www.sunways.eu/en and http://www.presseportal.de/suche.htx?q=sunways.

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 customers´ 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 2010, Sunways AG with about 340 employees realised sales of around EUR 220 million. The shares of Sunways AG are listed at the Frankfurt Stock Exchange (SWW:GR, SWWG.DE, ISIN DE0007332207).For further information, please visit www.sunways.eu/en.

end of announcement                               euro adhoc
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Contact:

Dr. Harald F. Schaefer
Head Corporate Communications & Investor Relations
Tel.: +49 (0)7531 996 77-415
E-Mail: communications@sunways.de

Branche: Alternative energy
ISIN: DE0007332207
WKN: 733220
Index: CDAX, Prime All Share, Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
DĂĽsseldorf / free trade
MĂĽnchen / free trade



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