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Abonner centrotherm photovoltaics AG

centrotherm photovoltaics AG

EANS-News: centrotherm photovoltaics publishes preliminary figures and meets 2009 guidance

Blaubeuren (euro adhoc) -

- Revenue up 35.9 percent from EUR 374.7 million to EUR 509.1 
million
   - Slight increase in EBITDA — EBIT affected by one-off 
items
   - Promising start to new reporting year
   - Further revenue
growth to between EUR 550 million and EUR 580 million
budgeted for 2010
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet
Subtitle:   - Revenue up 35.9 percent from EUR 374.7 million to EUR 
509.1 million   - Slight increase in EBITDA — EBIT affected by 
one-off items   - Promising start to new reporting year   - Further 
revenue growth to between EUR 550 million and EUR 580 million        
budgeted for 2010
February 25, 2010 - centrotherm
photovoltaics AG remains on its growth path, and achieved revenue of 
EUR 509.1 million in 2009 (previous year: EUR 374.7 million), 
according to preliminary figures. This represents a 35.9 percent 
increase. Total output rose to EUR 536.3 million (previous year: 
EUR 383.7 million). Earnings before interest, tax, depreciation and 
amortization (EBITDA) improved from EUR 57.5 million to EUR 58.6 
million. This corresponds to an 11.5 percent EBITDA margin on revenue
(previous year: 15.3 percent). As a consequence, the technology and 
equipment provider for the manufacturing of solar silicon, 
crystalline solar cells, solar modules and CIGS thin-film modules, 
which is listed on the TecDax of the Frankfurt Securities Exchange, 
has performed in line with its forecasts. With a look to 2010, 
centrotherm photovoltaics is assuming continued growth, and 
anticipates revenue of between EUR 550 million and EUR 580 million. 
The high liquidity position of EUR 168.2 million (status as of 
December 31, 2009) creates the foundation for this growth.
The company's order book amounted to EUR 790 million as of the 
year-end. Orders with a volume of around EUR 100 million were removed
from the order book as part of the ongoing order book review. This 
included an order from the thin film area where the customer has 
postponed the related project. The company is making an optimistic 
start to the new financial year: centrotherm photovoltaics enjoys 
full capacity in the equipment area until well into 2010. With an 
export share of more than 90 percent, the company is benefiting 
particularly from orders from the Asian region. Demand also continues
in the silicon area. This is resulting in promising negotiations 
concerning new orders. "With our technology and equipment, we support
the highly efficient production of solar silicon, crystalline solar 
cells and thin film modules, and we do so on the basis of competitive
costs," commented Oliver M. Albrecht, CFO of centrotherm 
photovoltaics AG. "This has allowed us to establish a strong market 
position, particularly in Asia."
Operating profit affected by economic environment and one-off items 
Two effects had a particular impact on last year's earnings before 
interest and tax (EBIT). Firstly, scheduled depreciation and 
amortization of EUR 15.5 million was incurred with respect to assets 
capitalized as part of the purchase price allocations for specialist 
providers acquired in 2008. Secondly, valuation adjustments were 
applied to some orders on the basis of the principal of due 
commercial prudence, and additional strategic investments were 
performed for process developments and ramp-up in the thin film and 
silicon areas. In an economically difficult environment, price 
pressure also increased among photovoltaics suppliers, and 
centrotherm photovoltaics consequently performed some individual 
orders at lower margins. This resulted in expanded market shares and 
the full utilization of production capacities. The company has 
managed to avoid measures such as short-time working, and to retain 
important know-how within the company. As a result, centrotherm 
photovoltaics has established a solid base on which to benefit from 
the ensuing demand recovery.
Excluding effects for the purchase prices paid for acquisitions, EBIT
rose to EUR 52.7 million, following EUR 55.7 million in the previous 
year. This corresponds to a 10.4 percent EBIT margin on revenue when 
excluding the purchase price effects from the acquisitions (previous 
year: 14.9 percent). When taking these effects (purchase price 
allocations) into account, EBIT totaled EUR 37.2 million (previous 
year: EUR 43.5 million). The EBIT margin correspondingly amounted to 
7.3 percent (previous year: 11.6 percent).
Promising start to 2010 — photovoltaics sector offers great potential
centrotherm photovoltaics has made a promising start to 2010. Mr. 
Albrecht went on to comment: "Innovative mechanical engineering 
companies such as centrotherm photovoltaics are positioned at the 
beginning of the solar market value- creation chain, and generate 
critical competitive advantages for their customers through 
first-class products and low operating costs in a highly competitive 
market." Such positioning pays off when acquiring new customers. 
centrotherm photovoltaics also benefits from a strong position in 
Asian markets. For instance, the Group accompanied the world's 
largest shipbuilder, Hyundai Heavy Industries, on its entry into the 
photovoltaics market. The overall market trend improvement is 
particularly reflected in new orders received for single equipment 
items in the Solar Cell & Wafer area: after around EUR 70 million of 
orders were attributable to single equipment items out of total 
fourth-quarter orders of EUR 117 million, further orders with a 
volume of around EUR 63 million were received during the first weeks 
of the new business year. Moreover, additional major orders were won,
which will not be booked until corresponding collateral has been 
received, in line with our cautious order book policy.
Research and development successes The company headquartered in 
Blaubeuren (Swabia, Germany) maintains highly specialized and 
integrated research and development departments in all its business 
divisions. "Research and development is a central component of our 
corporate strategy," emphasizes CEO Robert M. Hartung. centrotherm 
photovoltaics achieved important R&D milestones last year: in its 
Solar Cell & Module area, the company achieved major success with an 
efficiency increase to 17.1 percent for multi-crystalline solar 
cells. This outcome is significantly above the current industrial 
average of around 15.7 percent. The Silicon & Wafer division 
presented its new multi-crystalline ingot furnace, which allows 
customers to achieve considerably higher output, among other aspects.
The Thin Film division also achieved further efficiency gains: 
efficiencies rose to 13 percent on the CIGS pilot line at Blaubeuren.
With a budgeted investment volume of around EUR 50 million, the 
expansion of the research and development area will be one of the 
strategic focal points of corporate development in 2010.  "The 
photovoltaics sector has developed from an emerging market into a 
mass- production industry that holds great potential for our 
company," Mr. Hartung commented. "We have a strong market position, 
and the sector's most comprehensive technology and product portfolio.
We will continue to make the most of our know-how in order to offer 
our customers the best technological solutions, now and in future."
---  End of the announcement ---
The 2009 annual report will be published on March 25, 2010.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is headquartered in Blaubeuren, 
Germany, is one of the world's leading technology and equipment 
providers for the manufacturing of solar silicon, crystalline solar 
cells and CIGS thin film modules. 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 around 1,100 staff members, and operates in Europe, Asia and 
the USA.
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, Britta Cirkel
HOSCHKE & CONSORTEN Public Relations GmbH
Tel: +49 40 3690 50-58 /-56
E-mail: c.siebels@hoschke.de; b.cirkel@hoschke.de

Branche: Energy
ISIN: DE000A0JMMN2
WKN: A0JMMN
Index: TecDAX
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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