centrotherm photovoltaics AG

EANS-News: centrotherm photovoltaics reports 38.7 percent revenue growth to EUR 635.7 million in first nine months of 2011 - EBIT at EUR 25.2 million in difficult market environment

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Company Information

Subtitle:       • Revenue leaps 85.1 percent to EUR 546.5 million and EBIT rises
70.2 percent to EUR 102.3 million in core Solar Cell & Module segment

Blaubeuren (euro adhoc) - November 10, 2011 - centrotherm photovoltaics AG has
confirmed the preliminary results that it announced on October 28. The globally
leading international technology and equipment supplier for the photovoltaics
sector grew its consolidated revenue by 38.7 percent to reach EUR 635.7 million
in the first nine months of 2011 (prior-year period: EUR 458.4 million), thereby
already exceeding its reported 2010 full-year revenue in the first nine months
of this year. Operating earnings (EBIT) were reported at EUR 25.2 million
(previous-year period: EUR 54.2 million), corresponding to a 4.0 percent EBIT
margin (previous-year period: 11.8 percent). Consolidated net income fell to
EUR 16.6 million, compared with EUR 37.4 million in the prior-year period, and
earnings per share stood at EUR 0.78 (previous-year period: EUR 1.76).

"Our very good order book position in the first half of the year allowed us to
report significant revenue growth. However, the difficult market environment,
the rising economic risks around the world, and uncertainties on financial
markets have effects on our business and earnings trends," noted Dr. Thomas
Riegler, CFO of centrotherm photovoltaics AG. "We have positioned ourselves
well to meet the challenges with measures and our flexible production model
that we have implemented in good time. We anticipate that the solar market will
continue to report sustainable growth despite its current weakness."

Segment trend reflects strong core business
The Solar Cell & Module segment retained its growth dynamism in the first nine
months of the current financial year, hitting a new revenue record with growth
of 85.1 percent to EUR 546.5 million (previous-year period: EUR 295.2 million).
Operating earnings (EBIT) underwent a pronounced increase of 70.2 percent to
EUR 102.3 million (prior-year period: EUR 60.1 million), reflecting an
18.7 percent EBIT margin (prior-year period: 20.4 percent).

In the Silicon & Wafer segment, revenue fell 56.8 percent to EUR 65.3 million,
compared with EUR 151.3 million in the same period of the previous year, and
EBIT was reported at EUR -61.1 million, compared with EUR 18.9 million in the
prior-year period. The sharp fall in the polysilicon price and more difficult
financing terms fed through to unforeseeable delays for individual large-scale
projects in Asia, thereby burdening our earnings. The Management Board has
responded immediately to the changes in the overall circumstances surrounding
the Silicon & Wafer segment with an extensive catalogue of measures including a
targeted sales campaign, an expansion of the "Performance Plus" cost-efficiency
program, and a task force to focus on further development.

Revenue in the Thin Film segment increased to EUR 23.9 million, compared with
EUR 11.9 million in the previous-year period. The segment result (EBIT)
amounted to EUR -16.1 million (previous-year period: EUR -24.7 million), which
was mainly impacted by costs for the further technical development of

New order intake trends and R&D
New orders worth a total of EUR 410.7 million have been signed in the period
until the end of September of this year (prior-year period: EUR 707.7 million).
New orders worth EUR 376.4 million were received in the Solar Cell & Module
segment, orders of EUR 25.6 million were received in the Silicon & Wafer
segment, and the Thin Film segment recorded orders worth EUR 8.7 million.

The Group's total order book position amounted to EUR 524.1 million as of
September 30, 2011 (December 31, 2010: EUR 843.8 million). Of this amount,
62.3 percent is attributable to the Solar Cell & Module Segment, 33.5 percent
to the Silicon & Wafer segment, and 4.2 percent to the Thin Film segment. Total
research and development (R&D) investments were up by 27.2 percent to reach
EUR 38.6 million in the first nine months of 2011 (previous-year period:
EUR 30.3 million).

Given the more difficult sector environment, the Management Board is assuming
higher revenue than previously forecast, and a slightly positive EBIT margin
for the current 2011 financial year.

Discussions about contracts with potential customers in the Middle East and
North Africa (MENA) region are developing positively. We aim to bolster our
positioning in this growth region. The company's strengths in its core business
and integrated factories area are also to be further expanded with the
investments that have already been launched.

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 modules, 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 around 1,900 staff, and operates globally in Europe, Asia and
the USA. centrotherm photovoltaics achieved revenue in the 2010 financial year
of EUR 624,2 million, and 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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