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

- 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

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.

end of announcement euro adhoc
--------------------------------------------------------------------------------

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