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sunways AG

EANS-News: Sunways AG: Positive trend in business development continues

Konstanz (euro adhoc) -

- Consolidated sales from continuing operations increased by 9.1 %;
23 % growth in systems segment
 - Marked sales growth with stable 
cost of materials ratio
 - Strategic transaction with BayWa agreed 
on
 - Increasingly positive development trend in the forth quarter 
2009
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
quarterly report/9-month report
Subtitle: - Consolidated sales from continuing operations increased 
by 9.1 %; 23 % growth in systems segment - Marked sales growth with 
stable cost of materials ratio - Strategic transaction with BayWa 
agreed on - Increasingly positive development trend in the forth 
quarter 2009
Konstanz/Germany, 13 November 2009 - Sunways
AG´s (FSE: SWW; ISIN DE0007332207) sales from continuing operations -
i.e. after deduction of the sales volume attributable to MHH 
Solartechnik GmbH, the subsidiary scheduled to be sold - rose by 9.1 
% against the prior year period to EUR 39.4 million (Q3/2008: EUR 
36.1 million). EBIT improved palpably and amounted to EUR -0.6 
million in the third quarter 2009 (Q3/2008: EUR -1.1 million). At EUR
-0.9 million, the after-tax result from continuing operations for the
third quarter 2009 slightly increased against the after-tax result in
the prior year period (Q3/2008: EUR -1.0 million).
Consolidated sales from continuing operations for the first nine 
months of 2009 rose by 9.6 % against prior year period sales to EUR 
122.7 million (9M/2008: EUR 112.0 million). EBIT, however, declined 
from EUR -0.7 million in the 2008 nine-month period to EUR -6.1 
million in the corresponding period of the current fiscal year. 
Despite the marked decline in selling prices for solar components, 
the cost of materials ratio of Sunways AG remained stable compared to
the third quarter 2008 as well as to the 2008 nine-month period. 
Sunways AG´s cash-flow from continuing operations improved 
significantly and amounted to EUR 6.4 million in the 2009 nine-month 
period. The after-tax result from continuing operations was EUR -5.6 
million (9M/2008: EUR -1.1 million). This corresponds to earnings per
share of EUR -0.49 (9M/2008: EUR -0.10).
Highly dynamic demand in the third quarter Following a very difficult
start to 2009 throughout the industry, sales of Sunways AG increased 
markedly in the second and third quarters so that the business 
development improved. Dynamic changes in demand could not be fully 
exploited as Sunways too was unable to secure the additional module 
capacities required in this respect.
Solar cell segment: Overproportionate rise in earnings Sales in the 
solar cell segment slightly declined by 3.1 % against the prior year 
quarter to EUR 18.5 million in the third quarter 2009. However, EBIT 
improved from a negative amount of EUR -0.7 million in the third 
quarter 2008 to a positive EUR 2.5 million in the period under 
review. Segment sales in the 2009 nine-month period rose by 24.3 % 
over the comparable prior year period to EUR 73.7 million EUR 
(9M/2008: EUR 59.3 million). EBIT reached EUR 2.5 million and thus 
recorded a marked increase also for the first nine months of 2009 
(9M/2008: EUR -2.3 million). This turnaround in earnings in the solar
cell segment was largely due to a substantial decline in the cost of 
materials against the previous year.
Systems segment: Module sales doubled Sales from continuing 
operations in the systems segment rose by 22.9 % against the third 
quarter 2008 to EUR 20.9 million (Q3/2008: EUR 17.0 million). This 
rise in sales was mainly due to the solar module sales volume which 
more than doubled. EBIT decreased from EUR -0.4 million in the third 
quarter 2008 to EUR -3.1 million in the third quarter 2009. Segment 
sales in the 2009 nine-month period declined by 7 % to EUR 49.0 
million (9M/2008: EUR 52.7 million). EBIT in the period from January 
through September 2009 decreased to EUR -8.6 million (9M/2008: EUR 
-1.6 million). This decline in earnings was mainly due to weak demand
throughout the industry during the first quarter 2009, the massive 
reduction of selling prices for modules and inverters during the past
12 months as well as the fact that the inverter business in Spain 
almost came to a complete halt in the wake of the new feed-in 
regulations.
Outlook for the entire fiscal year 2009 Sunways AG expects the 
positive sales development to continue in the last three months of 
the fiscal year 2009. Short-time working at our two production sites 
has already largely been suspended. Based on the continuously rising 
national demand as well as first signs of recovery in the Spanish PV 
market, we anticipate stable price developments and, in this context,
an improved sales and earnings situation at Sunways AG in the fourth 
quarter. Furthermore, the book gain resulting from the sale of MHH 
Solartechnik will have an additional positive effect on net income in
the fourth quarter 2009. The disposal of MHH is part of a strategic 
transaction in the context of which Sunways AG and BayWa AG have also
agreed on the formation of a joint project development company for 
large-scale solar systems and solar parks. Through this now further 
enhanced strategic and operational basis we will continue the 
initiated positive development trend of Sunways AG.
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, in buildings integrated photovoltaic 
installations), Sunways makes exceptional ideas reality.Sunways AG 
has own branch offices in Barcelone/Spain and Bologna/Italy; 
subsidiaries of the company are Sunways Production GmbH in 
Arnstadt/Germany as well as MHH Solartechnik GmbH in 
Tuebingen/Germany (distribution of components, layout of complete 
photovoltaic installations).The shares of Sunways AG are listed at 
the Frankfurt Stock Exchange (SWW, ISIN DE0007332207). In 2008, 
Sunways realised sales of about EUR 260 million. About 400 employees 
are working in the group.For further information, please visit 
www.sunways.de.
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.
end of announcement                               euro adhoc

Further inquiry note:

Dr. Harald F. Schaefer
Head of 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, Technologie All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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