Ad hoc announcement pursuant to Section 15 of the German Securities Trading Act (WpHG)
centrotherm photovoltaics reports EUR 255.4 million of new orders in Q1 2012 in difficult market environment • Group books major order from Algeria's Sonelgaz • Revenue at EUR 82.5 million • Loss before interest and tax of EUR 42.9 million
Blaubeuren, May 4, 2012 – In a difficult market environment, centrotherm photovoltaics AG
reports EUR 255.4 million of new order intake in the first quarter of 2012 (prior-year period:
EUR 224.3 million). Following a related advance payment, this new order intake figure now
includes the EUR 227.1 million order awarded by Sonelgaz to construct a fully integrated
solar module factory in Algeria. The sector and financing situation remains tense, and
continues to be reflected in business trends. The Group generated EUR 82.5 million of
revenue in the first three months of this year (previous-year period: EUR 189.3 million). The
Group reported a EUR 42.9 million operating loss at the earnings before interest and tax
(EBIT) level (previous year: EUR 17.7 million profit). The order book position amounted to
EUR 508.2 million as of March 31, 2012 (December 31, 2011: EUR 423.0 million).
"The results reflect the market turbulence that we also have to contend with," commented
Dr. Thomas Riegler, CFO of centrotherm photovoltaics AG. "The sector is experiencing its
most severe crisis to date, and consolidation is fully underway. For this reason, we are
pushing full steam ahead with the implementation of our ct focus restructuring program,
which comprises extensive measures to secure earnings and liquidity. To return centrothermto the path of sustainable profitability our declared objective is a streamlined and efficient
organizational structure, and a strategic orientation to our technological core competencies
and products especially in the Solar cell & module segment, and in the semiconductor area.
We are assuming that there will not be a significant improvement to the current situation in
the first half of 2012."
Segment trends
In its Silicon & Wafer segment, centrotherm photovoltaics achieved revenue of EUR 37.2
million with the sale of silicon production technology and systems (previous-year period:
EUR 29.3 million). The segment reported a EUR 0.2 million operating loss at the earnings before interest and tax (EBIT) level (previous-year period: EUR 2.2 million profit). The
segment's order book position stood at EUR 195.5 million as of March 31, 2012 (December
31, 2011: EUR 176.1 million). During the period under review, the risk increased that
litigation entailing a triple-digit amount in millions of euros might arise relating to a major
project. No further provisions have been formed to date since the Management Board, on
the basis of its current assessment, is assuming that the company will incur no larger
related charges due to contractual agreements.
In its Solar Cell & Module segment, revenue amounted to EUR 37.2 million (prior-year
period: EUR 154.9 million). The segment reported a EUR 32.2 million loss at the EBIT level
(previous-year period: EUR 19.3 million profit). This segment's order book stood at
EUR 306.3 million at the end of the first quarter (December 31, 2011: EUR 234.6 million).
The Thin Film Module segment generated EUR 8.1 million of revenue (previous-year
period: EUR 5.1 million). The segment reported a EUR 10.5 million loss at the EBIT level
(prior-year period: EUR 3.8 million loss). The Thin Film Module segment reported an order
book position of EUR 6.4 million (December 31, 2011: EUR 12.3 million).
Outlook
"We are not assuming a significant improvement to the current situation in the first half of
2012," commented CFO Mr. Riegler. "We nevertheless also regard continued cost pressure
in the photovoltaic industry as an opportunity because our customers are focusing on highly
efficient technologies and production systems that deliver competitive advantages. We also
identify medium- to long-term potentials from photovoltaics due to global energy demand
growth and the energy revolution that has already started."
---End of Ad hoc announcement---
About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is a globally leading
technology and equipment provider for the photovoltaics sector. The company equips well-known
solar companies and new sector entrants with turnkey production lines and single equipment to
manufacture silicon, crystalline solar cells and thin film modules. As a consequence, the Group
possesses a broad and well-founded technological basis, as well as key equipment at practically all
steps of the photovoltaics value chain. centrotherm photovoltaics guarantees its customers important
performance parameters such as production capacity, efficiencies, and completion deadlines. The
Group employed around 1,900 staff as of the December 31, 2011 reporting date, and operates
globally in Europe, Asia and the USA. centrotherm photovoltaics achieved revenue in the 2011
financial year of around EUR 700 million. The company is listed in the TecDAX index on the
Frankfurt Stock Exchange.
centrotherm photovoltaics AG
Johannes-Schmid-Strasse 8
89143 Blaubeuren
Internet: www.centrotherm.de
ISIN: DE000A0JMMN2
WKN: A0JMMN
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities Exchange
Corporate domicile: Germany
Contact:
Saskia Feil
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
E-mail: saskia.feil@centrotherm.de
Dr. Torsten Knödler
Manager Public Relations
Tel: +49 7344 918-8898
E-mail: torsten.knoedler@centrotherm.de
