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sunways AG

EANS-News: Sunways AG
Sales, earnings and liquidity improved in fiscal year 2009

Konstanz (euro adhoc) -

- € 177.5 million consolidated sales from continuing operations, EBIT
of € -0.5 million
 - Cell and module sales volumes almost doubled 
against the previous year 
 - Sale of MHH Solartechnik successfully 
completed; net inflow of liquid funds in the amount of € 14.7 
million
 (incl. photo)
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet/annual result/annual report
Subtitle: - € 177.5 million consolidated sales from continuing 
operations, EBIT of € -0.5 million - Cell and module sales volumes 
almost doubled against the previous year - Sale of MHH Solartechnik 
successfully completed; net inflow of liquid funds in the amount of €
14.7 million (incl. photo)
Konstanz, 31 March 2010 - In the fiscal year
2009, Sunways AG (FWB: SWW; ISIN DE0007332207) generated consolidated
sales from continuing operations of EUR 177.5 million (2008: EUR 
147.5 million). This rise in sales was supported by both segments 
(solar cells, solar systems) and corresponds to an increase against 
the  prior year by more than 20%. The operating result (EBIT) at EUR 
-0.5 million was slightly negative but still markedly exceeded the 
prior year figure  of EUR -6.8 million. The very successful 4th 
quarter 2009 made a substantial contribution to these results: with 
quarterly sales EUR 54.8 million, EBIT amounted to EUR 5.7 million.
The increased business volume in the fiscal year 2009 was based on 
cell and module sales volumes that almost doubled against 2008. This 
rise in sales was due to the completed expansion of solar cell 
production capacities at the Arnstadt plant. The inverter business 
declined against the previous year as a result of the deterioration 
of the Spanish market.
Under the former Group structure, i.e. including the subsidiary MHH 
Solartechnik GmbH sold as of 31 December 2009, Sunways AG generated 
the best result of its corporate history in 2009: sales volume 
reached  EUR 335.7 million (2008: EUR 262.3 million), the operating 
result (EBIT) rose to EUR 7.4 million (2008: EUR -1.5 million).
Net income of Sunways AG in the fiscal year 2009 amounted to EUR 16.9
million - which was largely due to the proceeds from the sale of  MHH
Solartechnik. The first portion of the purchase price, which was paid
on 30 December 2009, amounted to EUR 15.3 million; after deduction of
the transaction costs, the net inflow of funds from the disposal was 
EUR 14.7 million. A potential second purchase price portion is 
performance-related and would fall due after the end of the fiscal 
year 2010.  Thus the amount of liquid funds of Sunways AG as of the 
year-end 2009 rose by a total of EUR 18.4 million to just under $ 22 
million. The equity ratio of  Sunways AG as of 31 December 2009 was 
53 %. Thus the equity per Sunways share amounted to EUR 5.05.
"Our operational efficiency and financial flexibility were improved 
significantly in the past fiscal year. The additional liquid funds 
arising from the sale of MHH Solartechnik will be used for the 
implementation of further steps in the context of our strategic 
realignment and for intensifying corporate growth," commented Michael
Wilhelm, the Chairman of the Management Board of Sunways AG, on the 
financial figures. This includes inter alia the development of new 
areas of activity, the consistent technological focus on the core 
competences in the cell, module and inverter sectors as well as 
targeted market entries and further increased distribution activities
in promising photovoltaics markets. At the same time, Sunways AG 
plans to develop the project business relating to large solar systems
and parks via a joint venture with BayWa AG.
Sunways AG expects that the international photovoltaics markets will 
continue to grow steadily, even though the more mature markets show 
clear signs of a reduction of government subsidies. In particular in 
Germany, we anticipate increasing price and competitive pressures 
resulting from the amendment of the Renewable Energies Act (EEG).  
However, Sunways AG considers itself well positioned to profit from 
the future growth of the photovoltaics markets. For 2010 and 2011, we
therefore expect a rise in sales and a positive operating result at 
the Group level.
Major 2009 key figures - continuing operations Group Revenues: EUR 
177.5 million (2008: EUR 147.5 million; + 20.3 %) EBITDA: EUR 5.2 
million (2008: EUR -2.4 million) Depreciation and amortization: EUR 
5.7 million (2008: EUR 4.4 million) EBIT: EUR -0.5 million (2008: EUR
-6.8 million) Consolidated net income: EUR 16.9 million (2008: EUR 
-1.9 million) Earnings per share: EUR 1.46 (2008: EUR -0.17) 
Employees (31 December): 317 (2008: 296) Solar cell segment Revenues:
EUR 103.4 million (2008: EUR 80.3 million; +28.8 %) EBIT: EUR 8.4 
million (2008: EUR -6.0 million) Solar cell sales volume: 64.5 
megawatts (2008: 32.8 megawatts) Solar systems segment Revenues: EUR 
74.9 million (2008: EUR 67.2 million; +11.5 %) EBIT: EUR -8.9 million
(2008: EUR -0.8 million) Solar module sales volume: EUR 25.3 
megawatts (2008: 13.3 megawatts) Solar inverter sales volume: EUR 
77.1 megawatts (2008: 86.1 megawatts)
2010 financial calendar
12 May 2010 - Interim report as of 31 March 2010
17 June 2010 - Annual general meeting
13 August 2010 - Interim report as of 30 June 2010
12 November 2010 - Interim report as of 30 September 2010
This press release and additional photographs are available on 
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.
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, building- integrated photovoltaic 
installations), Sunways turns exceptional ideas into reality.Sunways 
Production GmbH in Arnstadt/Germany is a subsidiary of Sunways AG; in
addition, the group has own branch offices in Barcelone/Spain and 
Bologna/Italy. In 2008, Sunways AG with about 370 employees realised 
sales of about EUR 260 million.The shares of Sunways AG are listed at
the Frankfurt Stock Exchange (SWW, ISIN DE0007332207). For further 
information, please visit www.sunways.de.
end of announcement                               euro adhoc

Further inquiry note:

Dr. Harald F. Schaefer
Head 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, Technology 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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