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Abonner centrotherm photovoltaics AG

centrotherm photovoltaics AG

EANS-News: centrotherm photovoltaics AG
centrotherm photovoltaics reports strong growth in 2008

Blaubeuren (euro adhoc) -

-	Revenue up from EUR 166.2 million to EUR 374.7 million (+125 
percent)
 -	EBIT (before purchase price allocation) more than doubled
to EUR 55.7 million 
 -	Order backlog of EUR 990.2 million as of 
December 31, 2008 
 -	Good start to the 2009 financial year
Budgeted growth in 2009 revenue to EUR 500 million to EUR 550 million
accompanied by earnings growth
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
balance
Blaubeuren, March 31, 2009 - "We are
confirming our preliminary results." Oliver M. Albrecht, CFO of 
centrotherm photovoltaics AG, expressed his satisfaction with the 
progress of business at the presentation of the 2008 annual report. 
The revenue of the technology and service provider for the 
manufacturing of solar silicon and solar cells rose from EUR 166.2 
million to EUR 374.7 million. Operating earnings (EBIT) more than 
doubled to EUR 55.7 million, excluding the effects of purchase prices
of acquisitions. Taking these effects into account, EBIT totaled EUR 
43.5 million (previous year: EUR 21.1 million). The EBITDA (Earnings 
before Interests, Taxes, Depreciation and Amortization) increased to 
EUR 57.5 million (previous year: EUR 21.5 million) and EBITDA margin*
to 15.3 percent (previous year: 12.9 percent). Excluding acquisition 
effects (purchase price allocation), the EBIT margin amounted to 14.9
percent (previous year: 12.7 percent), and to around 11.6 percent 
including these effects.
"We achieved all the growth objectives we had set ourselves for 
2008," emphasized Robert M. Hartung, CEO of centrotherm 
photovoltaics. "However, there are further reasons why last year was 
a successful one for us, despite the global financial and economic 
crisis. The acquisition of some specialist providers allowed us to 
consistently implement our strategy of integrating key equipment and 
technology into the Group, which secures us access to key 
technologies, and helps us recruit globally recognized engineering 
and technology experts."
centrotherm photovoltaics possesses its own integrated research and 
development for the production of silicon, crystalline solar cells 
and CIGS thin film modules. All R&D activities across the Group were 
restructured and bundled in 2008. The intention is to achieve further
efficiency enhancements in production as a result of continuous 
research and development work. Robert M. Hartung went on to comment: 
"All of our activities, whether acquisitions, the construction of a 
research and development center in Blaubeuren, or the cooperation 
ventures with the world's leading photovoltaic research institutes, 
serve our objective of cutting watt-peak prices, in order to make 
solar electricity competitive with fossil fuel sources. We took a 
decisive step to coming closer to this objective in 2008."
Along with the acquisition of various specialty providers, 
centrotherm photovoltaics also founded international service and 
sales locations in Taiwan, the USA and Italy during 2008. North 
America should become one of the largest photovoltaic markets in the 
future. The economic package in the USA that was approved in early 
2009 comprises measures geared to supporting solar projects, among 
others. China is also becoming increasingly attractive, however. The 
Chinese Ministry of Finance plans to implement a massive increase in 
subsidies for photovoltaic plants. By contrast with Europe, the 
intention is that funds will not be allocated per produced watt, but 
instead per installed watt, which will make the installation of new 
plants, in particular, more cost-effective. Thanks to its strong 
market position in China, centrotherm photovoltaics enjoys good 
prospects to benefit from these measures, given that the company's 
customer base includes well-known Chinese solar cell manufacturers.
The order backlog amounted to EUR 990.2 million as of December 31, 
2008 (previous year: EUR 462.7 million). Around 20 percent of this 
backlog is currently in the processing stage. Approximately 60 
percent of the orders will be realized in 2009 prospectively, and are
consequently effective in terms of revenue and earnings in the 
current financial year.
Outlook Oliver M. Albrecht commented as follows: "As a result of our 
high order backlog, we continue to assume we will achieve 
significantly double-digit growth in 2009, and we anticipate revenue 
of EUR 500 million to EUR 550 million despite the difficult market 
environment. At the same time, we are aiming to further boost our 
EBITDA." centrotherm photovoltaics currently notes, in particular, 
investments in technology and equipment for silicon production. 
Customers are investing now in order to benefit from a long-term 
positive trend in photovoltaics, given the fact that project lead 
times run up to 36 months for the creation of a silicon factory. 
centrotherm photovoltaics also observes positive signals for 2009 and
2010 in the thin film area.
The company achieved a further milestone in silicon production in 
March 2009, confirming the performance of its silicon reactors with 
"First Silicon Out". It has successfully started to operate its first
polysilicon equipment, and has produced its first silicon, at the 
production location of Asia Silicon (Qinghai) Co., Ltd. In 2006, 
centrotherm photovoltaics began to position itself on a broader base 
by expanding its solar silicon division, which provides technology 
and services for the production of solar silicon, to become a further
core business alongside solar cells.
The 2009 financial year has started well: centrotherm photovoltaics 
has signed orders from Asia and Europe with a total volume of around 
EUR 390 million in the first three months of the year.
"Our comfortable liquidity position enables us to finance growth from
our own resources," commented Oliver Albrecht. "Now and in future, we
will continue to focus on making solar energy competitive by 
exploiting cost-reduction potentials through technology and 
production process innovations."
* All margins relate to revenue
---  End of the announcement ---
The annual report can be downloaded at www.centrotherm-pv.de within 
the Investor Relations area.
About centrotherm photovoltaics AG centrotherm photovoltaics AG, 
which is based at Blaubeuren, is one of the world's leading 
technology and service-providers for the manufacturing of solar cells
and solar silicon. The broad product spectrum comprises key equipment
and turnkey production lines for crystalline and thin-film solar 
cells. The product range is supplemented by reactors and converters 
for the manufacturing of solar silicon. centrotherm photovoltaics 
guarantees its customers important performance parameters such as 
production capacity, degree of efficacy, and completion deadlines for
turnkey lines. The Group employs over 1,000 staff members, and 
operates in Europe, Asia and the USA. centrotherm photovoltaics 
achieved revenue in the 2008 financial year of EUR 375 million, EBIT 
of EUR 56 million (before purchase price allocation), and is listed 
in the TecDax of the Frankfurt Securities Exchange.
end of announcement                               euro adhoc

Further inquiry note:

Company contact:
Saskia Schultz-Ebert
Senior Manager Investor Relations
Tel: +49 7344 918-8890
E-mail: saskia.schultz-ebert@centrotherm.de

Press contact:
Christina Siebels, Grit Pauli
HOSCHKE & CONSORTEN Public Relations GmbH
Tel: +49 40 3690 50-58 /-31
E-mail: c.siebels@hoschke.de; g.pauli@hoschke.de

Branche: Energy
ISIN: DE000A0JMMN2
WKN: A0JMMN
Börsen: Börse Frankfurt / regulated dealing/prime standard

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