EANS-News: Sunways AG
Sales, earnings and liquidity improved in fiscal year
2009
Konstanz (euro adhoc) -
- 177.5 million consolidated sales from continuing operations, EBIT of -0.5 million - Cell and module sales volumes almost doubled against the previous year - Sale of MHH Solartechnik successfully completed; net inflow of liquid funds in the amount of 14.7 million (incl. photo)
Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
Financial Figures/Balance Sheet/annual result/annual report
Subtitle: - 177.5 million consolidated sales from continuing operations, EBIT of -0.5 million - Cell and module sales volumes almost doubled against the previous year - Sale of MHH Solartechnik successfully completed; net inflow of liquid funds in the amount of 14.7 million (incl. photo)
Konstanz, 31 March 2010 - In the fiscal year 2009, Sunways AG (FWB: SWW; ISIN DE0007332207) generated consolidated sales from continuing operations of EUR 177.5 million (2008: EUR 147.5 million). This rise in sales was supported by both segments (solar cells, solar systems) and corresponds to an increase against the prior year by more than 20%. The operating result (EBIT) at EUR -0.5 million was slightly negative but still markedly exceeded the prior year figure of EUR -6.8 million. The very successful 4th quarter 2009 made a substantial contribution to these results: with quarterly sales EUR 54.8 million, EBIT amounted to EUR 5.7 million.
The increased business volume in the fiscal year 2009 was based on cell and module sales volumes that almost doubled against 2008. This rise in sales was due to the completed expansion of solar cell production capacities at the Arnstadt plant. The inverter business declined against the previous year as a result of the deterioration of the Spanish market.
Under the former Group structure, i.e. including the subsidiary MHH Solartechnik GmbH sold as of 31 December 2009, Sunways AG generated the best result of its corporate history in 2009: sales volume reached EUR 335.7 million (2008: EUR 262.3 million), the operating result (EBIT) rose to EUR 7.4 million (2008: EUR -1.5 million).
Net income of Sunways AG in the fiscal year 2009 amounted to EUR 16.9 million - which was largely due to the proceeds from the sale of MHH Solartechnik. The first portion of the purchase price, which was paid on 30 December 2009, amounted to EUR 15.3 million; after deduction of the transaction costs, the net inflow of funds from the disposal was EUR 14.7 million. A potential second purchase price portion is performance-related and would fall due after the end of the fiscal year 2010. Thus the amount of liquid funds of Sunways AG as of the year-end 2009 rose by a total of EUR 18.4 million to just under $ 22 million. The equity ratio of Sunways AG as of 31 December 2009 was 53 %. Thus the equity per Sunways share amounted to EUR 5.05.
"Our operational efficiency and financial flexibility were improved significantly in the past fiscal year. The additional liquid funds arising from the sale of MHH Solartechnik will be used for the implementation of further steps in the context of our strategic realignment and for intensifying corporate growth," commented Michael Wilhelm, the Chairman of the Management Board of Sunways AG, on the financial figures. This includes inter alia the development of new areas of activity, the consistent technological focus on the core competences in the cell, module and inverter sectors as well as targeted market entries and further increased distribution activities in promising photovoltaics markets. At the same time, Sunways AG plans to develop the project business relating to large solar systems and parks via a joint venture with BayWa AG.
Sunways AG expects that the international photovoltaics markets will continue to grow steadily, even though the more mature markets show clear signs of a reduction of government subsidies. In particular in Germany, we anticipate increasing price and competitive pressures resulting from the amendment of the Renewable Energies Act (EEG). However, Sunways AG considers itself well positioned to profit from the future growth of the photovoltaics markets. For 2010 and 2011, we therefore expect a rise in sales and a positive operating result at the Group level.
Major 2009 key figures - continuing operations Group Revenues: EUR 177.5 million (2008: EUR 147.5 million; + 20.3 %) EBITDA: EUR 5.2 million (2008: EUR -2.4 million) Depreciation and amortization: EUR 5.7 million (2008: EUR 4.4 million) EBIT: EUR -0.5 million (2008: EUR -6.8 million) Consolidated net income: EUR 16.9 million (2008: EUR -1.9 million) Earnings per share: EUR 1.46 (2008: EUR -0.17) Employees (31 December): 317 (2008: 296) Solar cell segment Revenues: EUR 103.4 million (2008: EUR 80.3 million; +28.8 %) EBIT: EUR 8.4 million (2008: EUR -6.0 million) Solar cell sales volume: 64.5 megawatts (2008: 32.8 megawatts) Solar systems segment Revenues: EUR 74.9 million (2008: EUR 67.2 million; +11.5 %) EBIT: EUR -8.9 million (2008: EUR -0.8 million) Solar module sales volume: EUR 25.3 megawatts (2008: 13.3 megawatts) Solar inverter sales volume: EUR 77.1 megawatts (2008: 86.1 megawatts)
2010 financial calendar 12 May 2010 - Interim report as of 31 March 2010 17 June 2010 - Annual general meeting 13 August 2010 - Interim report as of 30 June 2010 12 November 2010 - Interim report as of 30 September 2010
This press release and additional photographs are available on www.sunways.de
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 2008, Sunways AG with about 370 employees realised sales of about EUR 260 million.The shares of Sunways AG are listed at the Frankfurt Stock Exchange (SWW, ISIN DE0007332207). For further information, please visit www.sunways.de.
end of announcement euro adhoc
Further inquiry note:
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