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21.02.2012 – 07:19

sunways AG

EANS-News: Sales generated by Sunways AG in 2011 in line with expectations

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
annual result/Financial Figures/Balance Sheet

Subtitle: - Preliminary sales of € 115.4 million for the fiscal year 2011
- Fourth quarter business developed as expected
- Result for the quarter affected by non-recurrent expenses

Konstanz (euro adhoc) - 21 February 2012 - Based on preliminary figures, Sunways
AG (SWW:GR, SWWG.DE, ISIN DE0007332207) achieved sales of EUR 115.4 million
(2010: EUR 222.7 million) in the fiscal year 2011. The Konstanz-based company
had anticipated annual sales of EUR 100 to 120 million. In the past year, about
45 % of consolidated sales were generated abroad; this was again a significant
increase against the previous year (2010: 29.2 %). 

Irrespective of the still tense situation in the European photovoltaics markets,
sales in the fourth quarter 2011, based on preliminary figures, amounted to EUR
31.2 million (Q4 2010: EUR 55.5 million). The operating result (EBIT) on
ordinary activities for the fourth quarter is expected to approximate the level
of the third quarter 2011. The operating result will, however, be affected on
the one hand by non-recurrent extraordinary effects in the lower double-digit
million range relating to provisions for anticipated losses resulting from wafer
supply contracts (Deutsche Solar) and various agreements for the manufacture of
inverters, provisions for warranties and fixed asset impairments. On the other
hand, the LDK transaction involved additional non-recurrent expenses reported in
the fourth quarter in an amount of approx. EUR 22 million.

Despite the difficult market situation, Sunways was able to increase its solar
module sales volume in the fourth quarter 2011 to a new record level of 22.1
megawatts (Q4 2010: 16.6 megawatts). In all, the Group sold solar modules with a
capacity of 66.8 megawatts (2010: 54.0 megawatts) in the past fiscal year - more
than ever before in the company´s history. The solar inverter business also
recovered in the fourth quarter 2011: while buying reluctance still led to a
marked decline in sales volumes in the previous quarter, the segment now
reported the best quarterly result in 2011 with sales volumes corresponding to a
total capacity of 49.6 megawatts (Q4 2010: 46.1 megawatts).

"2011 was an extremely difficult year for the photovoltaics industry worldwide.
The very hesitant demand over a long period of time and unexpectedly strong
price declines also had a negative impact on the development of sales and
earnings  of Sunways", commented Michael Wilhelm, the Chairman of the Management
Board (CEO) of Sunways AG, on the preliminary figures. "Since the prospects of
German providers in the global competition among PV manufacturers will be more
strongly affected in the short term, we reviewed the carrying amounts of our
production-related and other reported assets and accounted for potential risks."
With respect to the participation of LDK Solar Germany Holding GmbH, Wilhelm
added: "The transaction with LDK also had a negative impact on quarterly
results. We do, however, believe that the envisaged acquisition of a majority
stake will be an important cornerstone for the future development of Sunways AG
and are confident that we will be able to jointly realize substantial synergies
in the global PV market."

In the context of a capital increase resolved on 31 December 2011, LDK Solar
Germany Holding GmbH will acquire about one third of the increased share capital
of Sunways AG. In addition, the German subsidiary of the Chinese LDK Solar Group
recently submitted the announced voluntary public takeover offer to all Sunways
shareholders relating to the company´s outstanding shares.

All figures in this press release are preliminary and unaudited. The financial
statements of Sunways AG with the final results of operations for the fiscal
year 2011 will be published on 30 March 2012.

Financial calendar 2012
30/03/2012 - 2011 annual report (FY 2011)
15/05/2012 - interim report as of 31 March 2012 (Q1)
14/08/2012 - interim report as of 30 June 2012 (Q2)
13/11/2012 - interim report as of 30 September 2012 (Q3)

This press release is also available on or

Further inquiry note:
Dr. Harald F. Schaefer
Head Corporate Communications and Investor Relations
Tel.: +49 (0)7531 996 77-415

end of announcement                               euro adhoc 

company:     Sunways AG
             Macairestr.  3 - 5
             D-78467 Konstanz
phone:       +49 (0)7531 99677 0
FAX:         +49 (0)7531 99677 10
sector:      Alternative energy
ISIN:        DE0007332207
indexes:     CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing/prime standard: Frankfurt 
language:   English