centrotherm photovoltaics Confirms Figures for Financial Year 2007 and Looks to the Future with Optimism
31.03.2008
=-------------------------------------------------------------------------------
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
the content of this announcement.
=-------------------------------------------------------------------------------
Blaubeuren, March 31, 2008 - Today, centrotherm photovoltaics AG submitted its
annual report for the year 2007, thereby confirming the preliminary figures. In
the 2007 financial year the technology and services provider for manufacturers
of solar cells and solar silicon successfully continued on its growth course and
clearly exceeded the consensus estimate of financial analysts.
Clear Increase in Sales and Earnings
As already announced with its preliminary figures, the company's sales
climbed by 53.1% from E108.5 million (pro forma) to E166.2 million. The
trend in earnings clearly outpaced sales. Based on overall performance,
the company was able to increase its operating result (EBIT) by 87.1% to
achieve a total of E21.1 million, thereby improving its EBIT margin to
12.5%. Likewise, there was a clear increase in the company's consolidated
net profit for the year from E7.1 million (pro forma) to E13.6 million,
while earnings per share amounted to a total of E1.36.
"The year 2007 was outstanding for us in many ways," as Oliver Albrecht,
CFO at centrotherm photovoltaics AG, stated. "Of course our successful
debut on the stock market represented a particular highlight. We not only
have the required capital in order to resolutely advance our expansion
strategy, but we are now also profiting from greater attention in our
search for new qualified staff. And once again, we succeeded in clearly
increasing our sales and result in financial year 2007, even exceeding
the consensus forecast of financial analysts."
Strongly Financing Cash Flow from Stock Market Launch Provides Foundation
for Continued Expansion
In addition to successful growth, the 2007 financial year was decidedly
marked by important strategic objectives. With the company's launch on
the stock market it obtained the financial latitude needed in order to
make even more resolute use of the potentials the photovoltaic market
offers. As a result, the company had cash resources available in the
amount of E163.2 million and an equity capital ratio of 59.1% by the end
of the year under review. At the same time, the company vigorously
advanced its development of foreign business. As a high performance
partner in the manufacture of solar cells and solar silicon, centrotherm
photovoltaics operates on a global scale and offers a wide range of
products and services, including key equipment and turnkey production
lines for crystalline and thin film solar cells. The importance of the
company's international business is reflected particularly in the further
increase in its export ratio - approximately 82% of overall sales were
generated outside of Germany, compared with 78% in the previous year.
Strategic Focus on the New Solar Silicon and Thin Film Divisions
Since 2007, centrotherm photovoltaics has offered equipment and
consulting services for the production of polysilicon. Through the
associated company SolMic, which is managed by experienced experts in
this field, centrotherm customers are provided with consulting services
on establishing polysilicon plants. In this case, the entrepreneurial
focus of business is on the optimization of the required reactors through
process automation, as well as the expansion of the relevant product
portfolio.
With regard to resource efficient thin film technology, centrotherm
photovoltaics draws on copper indium gallium diselenide compounds [CIGS],
enabling customers to manufacture entirely without toxic gases and obtain
high levels of efficiency - currently approximately 19.9% in research -
compared with other thin film technologies. At present, strategic work
is being carried out on a cost-efficient production process and further
optimization of the corresponding equipment. The acquisition of FHR
Anlagenbau GmbH represents a milestone along the way to achieving this
goal, and supplements the company's existing technology portfolio with
the technology and plant construction elements for sputtering systems.
Sputtering technology is a key technology and an essential component for
the production of thin film solar modules. The establishment of a CIGS
reference line is already in progress and centrotherm photovoltaics plans
to advance its development of sputtering technology even further.
Forecast for 2008 Based on High Order Volume
The centrotherm photovoltaics Management Board is decidedly confident
with regard to the company's future and assumes that the dynamic
development of the global photovoltaic market will continue in the year
2008 as well. The company achieved the highest order volume in its
history with a current volume of orders amounting to E676.3 million and
E462.7 million as of December 31, 2007. centrotherm photovoltaics expects
to see sales of between E 330 and 350 million and an EBIT margin of at
least 12.5% for the year 2008.
"Our aim is to establish solar energy as a competitive, alternative
energy source," comments Robert Hartung, Speaker of the Board at
centrotherm photovoltaics. "In recent years we took a big step toward
this goal and enabled our customers to lower their production costs and
thereby manufacture ever more efficient and inexpensive solar cells and
solar silicon. Therefore we are convinced that in just a few years
photovoltaic resources will be able to partially replace fossil fuels
without subsidies."
The annual report 2007 is available on the company's website
www.centrotherm-pv.de.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG is an internationally leading provider of
technology and services for the production of solar cells and solar
silicon. The broad range of products and services comprises key equipment
and turnkey production lines for crystalline and thin film solar cells.
Business operations currently focus on the growth market of Asia. The
international customer base includes well-known companies from the solar
sector. The company, which is based in Blaubeuren near Ulm, currently has
over 320 employees.
centrotherm photovoltaics AG
Johannes-Schmid-Strasse 8
89143 Blaubeuren
Internet: www.centrotherm-pv.de
ISIN: DE000A0JMMN2
WKN: A0JMMN
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities
Exchange
Corporate domicile: Germany
end of announcement euro adhoc
=-------------------------------------------------------------------------------
=-------------------------------------------------------------------------------
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
the content of this announcement.
=-------------------------------------------------------------------------------
Blaubeuren, March 31, 2008 - Today, centrotherm photovoltaics AG submitted its
annual report for the year 2007, thereby confirming the preliminary figures. In
the 2007 financial year the technology and services provider for manufacturers
of solar cells and solar silicon successfully continued on its growth course and
clearly exceeded the consensus estimate of financial analysts.
Clear Increase in Sales and Earnings
As already announced with its preliminary figures, the company's sales
climbed by 53.1% from E108.5 million (pro forma) to E166.2 million. The
trend in earnings clearly outpaced sales. Based on overall performance,
the company was able to increase its operating result (EBIT) by 87.1% to
achieve a total of E21.1 million, thereby improving its EBIT margin to
12.5%. Likewise, there was a clear increase in the company's consolidated
net profit for the year from E7.1 million (pro forma) to E13.6 million,
while earnings per share amounted to a total of E1.36.
"The year 2007 was outstanding for us in many ways," as Oliver Albrecht,
CFO at centrotherm photovoltaics AG, stated. "Of course our successful
debut on the stock market represented a particular highlight. We not only
have the required capital in order to resolutely advance our expansion
strategy, but we are now also profiting from greater attention in our
search for new qualified staff. And once again, we succeeded in clearly
increasing our sales and result in financial year 2007, even exceeding
the consensus forecast of financial analysts."
Strongly Financing Cash Flow from Stock Market Launch Provides Foundation
for Continued Expansion
In addition to successful growth, the 2007 financial year was decidedly
marked by important strategic objectives. With the company's launch on
the stock market it obtained the financial latitude needed in order to
make even more resolute use of the potentials the photovoltaic market
offers. As a result, the company had cash resources available in the
amount of E163.2 million and an equity capital ratio of 59.1% by the end
of the year under review. At the same time, the company vigorously
advanced its development of foreign business. As a high performance
partner in the manufacture of solar cells and solar silicon, centrotherm
photovoltaics operates on a global scale and offers a wide range of
products and services, including key equipment and turnkey production
lines for crystalline and thin film solar cells. The importance of the
company's international business is reflected particularly in the further
increase in its export ratio - approximately 82% of overall sales were
generated outside of Germany, compared with 78% in the previous year.
Strategic Focus on the New Solar Silicon and Thin Film Divisions
Since 2007, centrotherm photovoltaics has offered equipment and
consulting services for the production of polysilicon. Through the
associated company SolMic, which is managed by experienced experts in
this field, centrotherm customers are provided with consulting services
on establishing polysilicon plants. In this case, the entrepreneurial
focus of business is on the optimization of the required reactors through
process automation, as well as the expansion of the relevant product
portfolio.
With regard to resource efficient thin film technology, centrotherm
photovoltaics draws on copper indium gallium diselenide compounds [CIGS],
enabling customers to manufacture entirely without toxic gases and obtain
high levels of efficiency - currently approximately 19.9% in research -
compared with other thin film technologies. At present, strategic work
is being carried out on a cost-efficient production process and further
optimization of the corresponding equipment. The acquisition of FHR
Anlagenbau GmbH represents a milestone along the way to achieving this
goal, and supplements the company's existing technology portfolio with
the technology and plant construction elements for sputtering systems.
Sputtering technology is a key technology and an essential component for
the production of thin film solar modules. The establishment of a CIGS
reference line is already in progress and centrotherm photovoltaics plans
to advance its development of sputtering technology even further.
Forecast for 2008 Based on High Order Volume
The centrotherm photovoltaics Management Board is decidedly confident
with regard to the company's future and assumes that the dynamic
development of the global photovoltaic market will continue in the year
2008 as well. The company achieved the highest order volume in its
history with a current volume of orders amounting to E676.3 million and
E462.7 million as of December 31, 2007. centrotherm photovoltaics expects
to see sales of between E 330 and 350 million and an EBIT margin of at
least 12.5% for the year 2008.
"Our aim is to establish solar energy as a competitive, alternative
energy source," comments Robert Hartung, Speaker of the Board at
centrotherm photovoltaics. "In recent years we took a big step toward
this goal and enabled our customers to lower their production costs and
thereby manufacture ever more efficient and inexpensive solar cells and
solar silicon. Therefore we are convinced that in just a few years
photovoltaic resources will be able to partially replace fossil fuels
without subsidies."
The annual report 2007 is available on the company's website
www.centrotherm-pv.de.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG is an internationally leading provider of
technology and services for the production of solar cells and solar
silicon. The broad range of products and services comprises key equipment
and turnkey production lines for crystalline and thin film solar cells.
Business operations currently focus on the growth market of Asia. The
international customer base includes well-known companies from the solar
sector. The company, which is based in Blaubeuren near Ulm, currently has
over 320 employees.
centrotherm photovoltaics AG
Johannes-Schmid-Strasse 8
89143 Blaubeuren
Internet: www.centrotherm-pv.de
ISIN: DE000A0JMMN2
WKN: A0JMMN
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities
Exchange
Corporate domicile: Germany
end of announcement euro adhoc
=-------------------------------------------------------------------------------
Copyright (c) 2007 Dow Jones & Company, Inc.