EANS-News: Sunways AG reaches sales target and outperforms projected results
- Preliminary sales of 222.7 million (+ 25.5 percent) in fiscal year 2010 - Operating result (EBIT) likely to be higher than expected
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
annual result/Earnings Forecast
Subtitle: - Preliminary sales of 222.7 million (+ 25.5 percent) in fiscal year 2010 - Operating result (EBIT) likely to be higher than expected
Konstanz (euro adhoc) - 17 February 2011 - Based on preliminary figures, Sunways AG (SWW:GR, SWWG.DE, ISIN DE0007332207) generated sales of EUR 222.7 million in the fiscal year 2010 (2009: EUR 177.5 million). This corresponds to a 25.5 percent increase. About 30 percent of sales were realised abroad (2009: 9 percent). Sales in the fourth quarter amounted to EUR 55.5 million (Q4 2009: EUR 54.8 million), the operating result (EBIT) for the quarter will be higher than expected. Therefore, the operating result for the entire fiscal year is anticipated to reach about EUR 15 million. The gratifying demand for the new Ecoline solar modules launched as of 1 December 2010 contributed to these results. At a total of 16.6 megawatts peak, module sales volumes in the fourth quarter 2010 reached a new high. After the first nine months, Sunways had expected annual sales of EUR 215 to 225 million and an EBIT margin of about 6 percent.
"The development of consolidated earnings underlines the success of our market-related as well as strategic efforts in the past year", commented Michael Wilhelm, Chairman of the Management Board of Sunways AG, on the preliminary figures. "I am glad to see that our decision to cooperate with LDK Solar as an additional partner in solar module production is already paying off. This year, we will again consistently continue our successfully initiated internationalization efforts."
Last year, Sunways AG certified the leading Chinese company LDK Solar for the production of the Ecoline modules. The modules are manufactured with Sunways solar cells and in accordance with Sunways quality criteria. The compliance with such criteria is controlled onsite on an ongoing basis. Thus Sunways on the one hand benefits from the cost advantages of this cooperation while at the same time consistently pursuing the company´s quality-oriented policy.
As of 31 December 2009, Sunways AG sold its wholly-owned wholesale subsidiary MHH Solartechnik GmbH, Tübingen, to BayWa Green Energy GmbH, München. The relevant agreement provides for a potential second performance-related purchase price payment upon completion of the fiscal year 2010 (earn-out). Due to the timing of the preparation of the financial statements, the annual accounts of MHH Solartechnik required for the determination of the earn-out are not expected to be available before the second quarter 2011. Therefore, any potential earnings contribution from discontinued operations of Sunways AG will only be recognized through profit or loss in the fiscal year 2011.
All figures in this press release are preliminary and unaudited. The financial statements of Sunways AG containing the final results of operations for the fiscal year 2010 will be published on 31 March 2011.
Financial calendar 2011 31/03/2011 - Report for the fiscal year 2010 (FY 2010) 12/05/2011 - Interim Report as of 31 March 2011 (Q1) 16/06/2011 - Annual General Meeting 11/08/2011 - Interim Report as of 30 June 2011 (Q2) 14/11/2011 - Interim Report as of 30 September 2011 (Q3)
This press release as well as pictures are also available on www.sunways.eu/en or http://www.presseportal.de/suche.htx?q=sunways.
Forward-looking statements This press release contains statements relating to the future business development of Sunways AG that are based on management assumptions and estimates made at the time of publication. Should the assumptions underlying the prognoses fail to be fulfilled, actual events may vary substantially from forward-looking statements. Uncertainties include changes in the political, legal, economic and business environment, exchange and interest rate fluctuations as well as the behaviour of competitors and other market participants. Sunways does not intend and is not under any obligation to update forward-looking statements on an ongoing basis as these are exclusively based on the circumstances prevailing as of the date of publication.
About Sunways Sunways AG, Konstanz/Germany, stands for consistent use of solar energy to secure long-term energy supply of man in an efficient and sustainable manner. Sunways offers technological competence, performance and highest quality - from single components to complete solar systems. Since its foundation in 1993, Sunways AG evolved into a technology leader in the photovoltaics industry serving international markets. With silicon-based solar cells, inverters, solar modules and solar systems, the company offers all components required for high-yield photovoltaic power generation. With photovoltaic solutions tailored to customers´ needs (transparent and coloured solar cells, building- integrated photovoltaic installations), Sunways turns exceptional ideas into reality. Sunways Production GmbH in Arnstadt/Germany is a subsidiary of Sunways AG; in addition, the group has own branch offices in Barcelone/Spain and Bologna/Italy. In 2009, Sunways AG with about 320 employees realised sales of about EUR 180 million.The shares of Sunways AG are listed at the Frankfurt Stock Exchange (SWW, ISIN DE0007332207). For further information, please visit www.sunways.eu/en.
end of announcement euro adhoc --------------------------------------------------------------------------------
Contact:
Dr. Harald F. Schaefer
Head Corporate Communications & Investor Relations
Tel.: +49 (0)7531 996 77-415
E-Mail: communications@sunways.de
Branche: Alternative energy
ISIN: DE0007332207
WKN: 733220
Index: CDAX, Prime All Share, Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade