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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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28.10.2011
centrotherm photovoltaics expects higher revenue and slightly positive EBIT
margin for FY 2011
- Presentation of preliminary nine-month results
- Revenue continues to grow
- Adjustment to earnings forecast due to changes in overall conditions
Blaubeuren, October 28, 2011 - Given the weaker sector environment, the
Management Board of centrotherm photovoltaics AG has decided to adjust its
full-year forecast. The company is now assuming higher revenue and a slightly
positive EBIT margin for the current 2011 financial year.
Full-year revenue will prospectively be higher than forecast to date due to the
strong order book position and good business trends in the first half of the
year. The strained sector situation, particularly in the Asian region, is
evident in centrotherm photovoltaics' earnings trend. In particular, operating
earnings (EBIT) are under pressure from the Silicon & Wafer segment. The
worsening of the financial situation, which is impacting the photovoltaic
market, and the fall in the polysilicon price, have prompted the Management
Board to implement adjustments to individual large-scale silicon projects in
Asia. Polysilicon is already being produced successfully with centrotherm
photovoltaics equipment and technology at the affected factories.
According to preliminary figures, consolidated revenue amounted to EUR 635.7
million in the first nine months of 2011, ahead of the level reported in the
2010 financial year. Operating earnings (EBIT) amounted to EUR 25.2 million,
corresponding to a 4.0 percent EBIT margin. Of this amount, revenue of EUR 65.3
million was generated in the Silicon & Wafer segment, and EBIT of EUR -61.1
million. The Solar Cell & Module segment continued to report a strong trend with
revenue of EUR 546.5 million and EBIT of EUR 102.3 million. The Thin Film
segment contributed EUR 23.9 million of revenue and EUR -16.0 million of EBIT to
the consolidated results.
New order intake in the first three quarters amounts to a provisional figure of
EUR 410.7 million.
The Management Board has responded to the changes in overall conditions with an
extensive catalogue of measures including a targeted sales campaign, an
expansion of the "Performance Plus" cost-efficiency program, and a task force to
particularly further develop the silicon & wafer segment. Discussions about
contracts with potential customers in the Middle East and North Africa (MENA)
region are developing positively. Alongside the traditionally strong business in
Asia, the Group aims to further expand its already good market position in this
growth region. The company will further expand its strengths in its core
business and integrated factories area with the investments that it has already
launched.
With its flexible production model, centrotherm photovoltaics has positioned
itself well to meet the challenges presented by the solar market. For example,
the massive buildup of overtime hours and vacation that was acquired in the
production area during the boom phase is to be reduced this year. The Management
Board anticipates that the solar market will continue to report sustainable
growth following its current phase of weakness.
centrotherm photovoltaics will publish its interim report as of September 30,
2011 on November 10.
Further inquiry note:
Saskia Feil
Tel: +49 (0) 7344 918-8890
saskia.feil@centrotherm.de
end of announcement euro adhoc
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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