centrotherm photovoltaics AG

EANS-Adhoc: centrotherm photovoltaics AG /

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
3-month report


centrotherm photovoltaics reports EUR 255.4 million of new orders in Q1 2012 in
difficult market environment

-       Group books major order from Algeria's Sonelgaz 
-       Revenue at EUR 82.5 million
-       Loss before interest and tax of EUR 42.9 million

Blaubeuren, May 4, 2012 - In a difficult market environment, centrotherm
photovoltaics AG reports EUR 255.4 million of new order intake in the first
quarter of 2012 (prior-year period: EUR 224.3 million). Following a related
advance payment, this new order intake figure now includes the EUR 227.1 million
order awarded by Sonelgaz to construct a fully integrated solar module factory
in Algeria. The sector and financing situation remains tense, and continues to
be reflected in business trends. The Group generated EUR 82.5 million of revenue
in the first three months of this year (previous-year period: EUR 189.3
million). The Group reported a EUR 42.9 million operating loss at the earnings
before interest and tax (EBIT) level (previous year: EUR 17.7 million profit).
The order book position amounted to EUR 508.2 million as of March 31, 2012
(December 31, 2011: EUR 423.0 million).

"The results reflect the market turbulence that we also have to contend with,"
commented Dr. Thomas Riegler, CFO of centrotherm photovoltaics AG. "The  sector
is experiencing its most severe crisis to date, and consolidation is fully
underway. For this reason, we are pushing full steam ahead with the
implementation of our ct focus restructuring program, which comprises extensive
measures to secure earnings and liquidity. To return centrotherm to the path of
sustainable profitability our declared objective is a streamlined and efficient
organizational structure, and a strategic orientation to our technological core
competencies and products especially in the Solar cell & module segment, and in
the semiconductor area. We are assuming that there will not be a significant
improvement to the current situation in the first half of 2012." 

Segment trends 
In its Silicon & Wafer segment, centrotherm photovoltaics achieved revenue of
EUR 37.2 million with the sale of silicon production technology and systems
(previous-year period: EUR 29.3 million). The segment reported a EUR 0.2 million
operating loss at the earnings before interest and tax (EBIT) level
(previous-year period: EUR 2.2 million profit). The segment's order book
position stood at EUR 195.5 million as of March 31, 2012 (December 31, 2011: EUR
176.1 million). During the period under review, the risk increased that
litigation entailing a triple-digit amount in millions of euros might arise
relating to a major project. No further provisions have been formed to date
since the Management Board, on the basis of its current assessment, is assuming
that the company will incur no larger related charges due to contractual

In its Solar Cell & Module segment, revenue amounted to EUR 37.2 million
(prior-year period: EUR 154.9 million). The segment reported a EUR 32.2 million
loss at the EBIT level (previous-year period: EUR 19.3 million profit). This
segment's order book stood at EUR 306.3 million at the end of the first quarter
(December 31, 2011: EUR 234.6 million).

The Thin Film Module segment generated EUR 8.1 million of revenue (previous-year
period: EUR 5.1 million). The segment reported a EUR 10.5 million loss at the
EBIT level (prior-year period: EUR 3.8 million loss). The Thin Film Module
segment reported an order book position of EUR 6.4 million (December 31, 2011:
EUR 12.3 million).

"We are not assuming a significant improvement to the current situation in the
first half of 2012," commented CFO Mr. Riegler. "We nevertheless also regard
continued cost pressure in the photovoltaic industry as an opportunity because
our customers are focusing on highly efficient technologies and production
systems that deliver competitive advantages. We also identify medium- to
long-term potentials from photovoltaics due to global energy demand growth and
the energy revolution that has already started."

Further inquiry note:
Saskia Feil
Tel: +49 (0) 7344 918-8890

end of announcement                               euro adhoc 

issuer:      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: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing/prime standard: Frankfurt 
language:   English

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