centrotherm photovoltaics AG

EANS-News: centrotherm photovoltaics reports a successful first half in 2011: Sales and earnings up strongly thanks to outstanding technology and market leadership

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Company Information

Subtitle:     • Sales up 54.0 % at EUR 428.6 million, operating profit climbs
57.2 % to EUR 53.2 million
    • Solar Cell & Module division returns EBIT margin of 21.4 %
    • Full-year sales and earnings forecast for 2011 confirmed

Blaubeuren (euro adhoc) - August 10, 2011 - The technological strengths of
centrotherm photovoltaics AG have once again proven their worth in the first
half of 2011. In the first six months the world´s leading supplier of equipment
and technology to the photovoltaics sector increased its sales by 54.0 % to EUR
428.6 million (H1 2010: EUR 278.3 million). At the same time, consolidated
operating profits (EBIT) were up 57.2 % at EUR 53.2 million (H1 2010: EUR 33.9
million). The EBIT margin came in at 12.4 % (H1 2010: 12.2 %). The Solar Cell &
Module division accounted for the lion´s share of the company´s success,
contributing around 89 % of sales with an EBIT margin of 21.4 % (H1 2010:
23.4 %). Consolidated earnings in the first half were up 63.3 % at EUR 37.4
million (H1 2010: EUR 22.9 million). As a result, earnings per share climbed
63.9 % to EUR 1.77 (H1 2010: EUR 1.08). The equity ratio amounted to 44.7 %
(December 31, 2010: 49.2 %). The return on capital employed (ROCE) rose to
29.8 % (H1 2010: 26.5 %).

 "In the first six months of this year, we have profited from strong demand
which is clearly reflected in our Group figures," commented Dr. Thomas Riegler,
CFO of centrotherm photovoltaics AG. "Sales were driven predominantly by single
systems which accounted for 86.1 % of sales revenues - that`s more than four
fifths - especially in the Solar Cell & Module segment." Sales revenues
generated by the service and replacement parts business in the first half of
2011 climbed 79.7 % to EUR 17.0 million (H1 2010: EUR 9.5 million). This
business is scheduled for further development in future.

Development by segments
In the first half of 2011, the Silicon & Wafer segment was determined by
technological developments and non-recurrent effects, alongside the consistent
implementing of projects, with several major projects being brought to
completion at the same time. centrotherm photovoltaics achieved sales revenues
of EUR 33.9 million through the sale of technology and plants for the
production of silicon, thereby falling short of the high level posted a year
ago (H1 2010: EUR 90.7 million). Segment EBIT came to EUR minus 15.8 million
due to a comparatively low level of revenues coupled with non-recurrent
expenses (H1 2010: EUR 7.8 million). Improvements in the result are to be
achieved by the end of the financial year 2011 through a focused sales campaign
and a cost efficiency program. Moreover, centrotherm photovoltaics anticipate a
positive contribution to revenue and profit from the major project in Qatar in
the second half of 2011. In addition, customers are currently placing
increasing importance on integrated production lines and positioning themselves
along the whole value chain. centrotherm photovoltaics therefore expects
considerable revenue potential in the future, particularly from the Ingot &
Wafering business. With this in mind, the photovoltaics specialist has
strategically positioned itself through new products such as brick cropping and
ingot squaring saws and upgrades to the current crystallisation furnaces. On
June 30 this year, orders on hand in this segment stood at EUR 243.4 million
(December 31, 2010: EUR 277.1 million).

The company achieved record results in the Solar Cell & Module segment: Sales
revenues doubled to EUR 382.0 million (H1 2010: EUR 180.3 million). This
segment contributed 89.1 % of consolidated turnover (H1 2010: 64.8 %).
Operating profits (EBIT) were up 93.4 % at EUR 81.7 million (H1 2010: EUR 42.2
million), with an EBIT margin of 21.4 % (H1 2010: 23.4 %). At the end of the
first six months orders on hand in the Solar Cell & Module segment stood at EUR
444.9 million (December 31, 2010: EUR 513.8 million).

In the Thin Film segment centrotherm photovoltaics generated sales revenues of
EUR 12.7 million (H1 2010: EUR 7.2 million). Earnings (EBIT) developed in line
with expectations, improving to a negative EUR 12.6 million (H1 2010: minus EUR
16.2 million), due in particular to the cost of the ongoing technological
development of thin film systems. On June 30, orders on hand in this segment
came in at EUR 27.0 million (December 31, 2010: EUR 52.9 million).

Order book and R&D
On June 30, 2011 the Group had orders on hand totaling EUR 715.2 million
(December 31, 2010: EUR 843.8 million). Orders received in the first six months
amounted to EUR 344.5 million (H1 2010: EUR 353.3 million). The number of
employees on the qualifying date of June 30, 2011 stood at 1,899 (December 31,
2010: 1,448). This increase was primarily due to the increased volume of
business and the first-time consolidation of the Group´s Chinese subsidiary in
Shanghai. As a pioneer in the solar industry specializing in high-tech
products, centrotherm photovoltaics invested a total of EUR 21.7 million (H1
2010: EUR 18.8 million) in research & development (R&D) in the first six months
of 2011.

Outlook: Full-year sales and earnings forecast for 2011 confirmed
In a difficult market, the company is nevertheless aware that manufacturers of
solar cells are experiencing a perceptible demand for high-performance cells
and modules. In order to achieve high levels of efficiency they in turn require
the latest technology, resulting in growing demand for upgrade packages from
centrotherm photovoltaics. "Both the market in general and our customers in
particular recognize our technological strengths and our competence all along
the solar value chain. With this in mind we are confirming our forecast for
financial year 2011 with sales rising to between EUR 690 and 710 million and an
EBIT margin in the low double-digit range," explained Robert M. Hartung, CEO
and Management Board Chairman of centrotherm photovoltaics AG.

The full report for the first half of 2011 can be downloaded from the Investor
Relations section of company´s website at www.centrotherm.de.

About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is the
world's leading technology and equipment provider for the photovoltaics sector.
The company equips well-known solar companies and new sector entrants with
turnkey production lines and single equipment to manufacture silicon, ingots and
bricks, crystalline solar cells and thin film modules. As a consequence, the
Group possesses a broad and well-founded technological basis, as well as key
equipment at practically all steps of the photovoltaics value chain. centrotherm
photovoltaics guarantees its customers important performance parameters such as
production capacity, efficiencies, and completion deadlines. The Group employs
about 1,900 staff members, and operates in Europe, Asia and the USA. Centrotherm
photovoltaics achieved revenue in the 2010 financial year of EUR 624,2 million,
EBIT of EUR 75.4 million. The company is listed in the TecDAX index on the
Frankfurt Stock Exchange.

Saskia Feil
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
E-Mail: saskia.feil@centrotherm.de

Dr. Torsten Knödler
Manager Public Relations
Tel: +49 7344 918-8898
E-Mail: torsten.knoedler@centrotherm.de

Further inquiry note:
Dr. Torsten Knödler
Manager Public Relations
Tel.: 07344 - 918-8898
E-Mail: torsten.knoedler@centrotherm.de

end of announcement                               euro adhoc 

company:     centrotherm photovoltaics AG
             Johannes-Schmid-Str. 8
             D-89143 Blaubeuren
phone:       +49 (0) 7344 91880
mail:     info@centrotherm.de
WWW:      http://www.centrotherm.de
sector:      Energy
ISIN:        DE000A0JMMN2
indexes:     TecDAX
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, München 
language:   English

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