EANS-News: centrotherm photovoltaics remains on growth path

- Revenue up by 35.9 percent to EUR 509.1 million (previous year:
EUR 374.7
million)
- EBITDA rises 1.9 percent to EUR 58.6
million (previous year: EUR 57.5
million)
- EBIT down to EUR
37.2 million (previous year: EUR 43.5 million)
- Order book at EUR
797.4 million as of December 31, 2009 (previous year:
EUR 990.2
million)
- Revenue growth to between EUR 550 million and EUR 580
million budgeted for
2010

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Annual Reports

Subtitle: - Revenue up by 35.9 percent to EUR 509.1 million
(previous year: EUR 374.7 million) - EBITDA rises 1.9 percent to
EUR 58.6 million (previous year: EUR 57.5 million) - EBIT down to
EUR 37.2 million (previous year: EUR 43.5 million) - Order book at
EUR 797.4 million as of December 31, 2009 (previous year: EUR
990.2 million) - Revenue growth to between EUR 550 million and EUR
580 million budgeted for 2010

Blaubeuren (euro adhoc) - March 25, 2010 - With today's presentation
of its 2009 annual report, centrotherm photovoltaics AG confirms its
preliminary figures published on February 25, 2010. Oliver M.
Albrecht, CFO of centrotherm photovoltaics AG, commented: "We look
back on a successful 2009 insofar as we reported profitable growth in
an extremely difficult market environment." Revenue at the technology
and equipment provider for the manufacturing of solar silicon,
crystalline solar cells, solar modules and CIGS thin film modules
grew 35.9 percent to EUR 509.1 million (previous year: EUR 374.7
million). In particular, this reflected strong revenue growth in the
silicon area.

Earnings before interest, tax, depreciation and amortization (EBITDA)
rose to EUR 58.6 million (previous year: EUR 57.5 million). This
represents an EBITDA margin of 11.5 percent (previous year:
15.3 percent). Operating earnings (EBIT) before purchase price
allocations were down from EUR 55.7 million to EUR 52.7 million.
Operating earnings (EBIT) after purchase price allocations before
interest and tax amounted to EUR 37.2 million (previous year:
EUR 43.5 million). The EBIT margin on revenue stood at 7.3 percent
(previous year: 11.6 percent). Scheduled depreciation/amortization of
EUR 15.5 million applied to assets capitalized as part of purchase
price allocations were the particular reason for the decline. Above
and beyond this, the company incurred additional investments and
expenses in the Thin Film Module area. In this segment, apart from
the sale of individual equipment to produce thin film modules,
centrotherm photovoltaics concentrated on its first project in
Taiwan. A turnkey production line based on highly efficient CIGS
technology (copper-indium-gallium- diselenide) is being set up in
Taiwan with a capacity of around 30 megawatts. centrotherm
photovoltaics generated total consolidated net income of EUR 28.5
million (previous year: EUR 34.6 million). The further rise in staff
numbers from 1,050 to 1,131 as of December 31, 2009 is in line with
the company´s strategic preparation for further profitable growth in
the future.

Solid balance sheet and liquidity position centrotherm photovoltaics
commands a very solid balance sheet structure. Total assets rose by
11.2 percent to EUR 740.3 million (previous year: EUR 665.8 million).
The equity ratio amounted to 46.5 percent (previous year:
47.8 percent). As a result, all non-current assets are fully covered
by equity. The high liquidity position of EUR 168.2 million (status
as of December 31, 2009) provides a foundation for further growth.
Cash flow from operating activities amounted to TEUR 49,723 at the
end of the last financial year (previous year: TEUR 65,050).

Strong international market position "With our highly efficient
production systems, we enable our customers to produce solar silicon,
crystalline solar cells and thin film modules to a high quality, and,
at the same time, on a cost-effective basis," commented Robert M.
Hartung, CEO of centrotherm photovoltaics. "As a result, we are
creating significant advantages for clients in periods of declining
margins and rising competitive pressure." The photovoltaics
specialist from Blaubeuren generates around 90 percent of its revenue
abroad, and has developed a strong international market position,
particularly in Asia. Numerous Asian companies rely on centrotherm
photovoltaics' expertise, including Yingli Solar, Trina Solar and
Hyundai Heavy Industries, for example. The Asian region accounted for
a revenue share of 71.1 percent. The other European regions were the
second largest sales market at 10.6 percent, followed by Germany at
9.3 percent.

Segment trends and order book position The Silicon & Wafer segment
registered strong demand that had a positive impact on total revenue.
In this area, the company generated revenue of EUR 218.7 million
(previous year: EUR 38.0 million) with the sale of technology and
equipment for the silicon production. This represents a 42.9 percent
share of consolidated revenue. This area's profitable growth is also
reflected in its EBIT operating earnings: at EUR 30.4 million, it
made a significant contribution to consolidated earnings. This
segment's order book amounted to EUR 583.9 million on December 31,
2009.

In its Solar Cell & Module segment, centrotherm photovoltaics noted
significantly reticent investment behavior due to the difficult
economic environment. Demand, particularly for single equipment, did
not recover until the fourth quarter of 2009. The company generated
revenue of EUR 239.9 million in this area. Its share of total revenue
came in at 47.1 percent. As a consequence, the Solar Cell & Module
segment remains the Group's largest segment in terms of revenue. Its
operating earnings (EBIT) amounted to EUR 18.7 million. In this
segment, the company reported orders of EUR 203.9 million as of
December 31, 2009.

Along with the sale of individual equipment for thin film module
production, the company´s Thin Film Module division in 2009
concentrated fully on the realization of its first thin film project
in Taiwan — the installation of a turnkey production line with a
capacity of around 30 megawatts. centrotherm photovoltaics is backing
highly efficient CIGS technology because it offers the best prospects
of achieving the highest efficiencies in thin film mass production.
Compared with other thin film technologies, this production process
also uses no toxic process gases. The intensive project work and
continuous further development of systems and technologies is also
evident in revenue and earnings trends, along with higher process and
technology development investments. In overall terms, centrotherm
photovoltaics generated revenue of EUR 50.6 million. Segment earnings
were negatively impacted to a greater extent than budgeted by project
start-up costs. The EBIT operating result amounted to minus EUR 11.9
million. The order book in the Thin Film Module segment amounted to
EUR 9.6 million on December 31, 2009. "We are pursuing our strategy
of growing along the photovoltaic value-creation chain, and we are
optimally positioned to do so with our divisions," commented Dr.
Peter Fath, the company's Chief Technology Officer. "We enjoy good
utilization levels thanks to our total order book position of
EUR 797.4 million as of December 31, 2009, and we are looking to the
future with confidence."

Promising start to 2010 — major order from Qatar The market situation
has improved significantly in the first quarter of 2010. For
instance, in its Solar Cell & Module segment, centrotherm
photovoltaics has signed orders with a volume of around EUR 70
million in the first two months alone. In its Silicon & Wafer area,
the company signed a major order in Qatar in March for the
construction of the first polysilicon production location on the
Arabian Peninsula. The company is supplying technology and equipment
to produce high-purity silicon. "This market offers enormous
potential. With our system, we are creating a lighthouse project for
other investors from this region," noted Robert M. Hartung. In line
with the company's policy, centrotherm photovoltaics does not
recognize major orders as new order intake until corresponding
collateral has been provided.

Outlook For 2010, centrotherm photovoltaics is budgeting that its
revenue will grow to between EUR 550 million and EUR 580 million. The
company will benefit from its strong international orientation and
innovations in all business areas. Mr. Hartung went on to comment:
"We will expand further, including in promising regions such as India
and the Arabian Peninsula. In addition, we are pursuing our demanding
and sophisticated development roadmap in order to more strongly
expand our technology leadership." centrotherm photovoltaics defines
development objectives for its individual divisions as part of a
binding roadmap. These include, for example, annual efficiency
enhancements of 0.5 percent in the mono-crystalline cell area. The
company is planning to invest around EUR 50 million in research and
development in 2010. Primarily it will be on the Silicon & Wafer and
Solar Cell & Module segments. Besides this, the company continues to
invest in the Thin Film Module division in order to pursue its
technology transfer from the CIGS pilot line to mass production.

--- End of the announcement ---

The 2009 annual report is available for download at
www.centrotherm-pv.com in 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 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, efficiencies, and completion deadlines for turnkey lines.
The Group employs more than 1,100 staff members, and operates in
Europe, Asia and the USA. centrotherm photovoltaics achieved revenue
in the 2009 financial year of EUR 509.1 million, EBIT of EUR 37.2
million, and is listed in the TecDax of the Frankfurt Securities
Exchange.

end of announcement euro adhoc
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ots Originaltext: centrotherm photovoltaics AG
Im Internet recherchierbar: http://www.presseportal.de

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