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

--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------

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

Blaubeuren (euro adhoc) - 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.

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

Digitale Pressemappe: http://www.ots.at/pressemappe/EASY_68053

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT | CNE

print