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    DGAP-Adhoc Centrosolar Group AG: Sales volume increased slightly - drive to internationalise continues

    Nachrichtenquelle: EQS Group AG
     |  11.05.2012, 07:43  |  527  |  0

    Centrosolar Group AG  / Key word(s): Quarter Results

    11.05.2012 07:43

    Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
    by DGAP - a company of EquityStory AG.
    The issuer is solely responsible for the content of this announcement.

    Munich, May 11, 2012 - CENTROSOLAR succeeded in increasing its sales volume
    of solar modules by 6 % year on year, to 27.4 MWp (previous year 25.7 MWp).
    Following weak weather-related sales figures in January and February, the
    high cuts to the feed-in tariff in Germany with effect from April 1
    prompted short-lived anticipatory effects in March. The company succeeded
    in increasing its sales volume significantly in the USA, Greece and the UK.

    However, the prices of solar modules and systems continued to deteriorate
    in the first quarter. The average sales price of a standard module compared
    to Q4 2011 was down 17 %, and compared to the first quarter of the previous
    year it was all of 42 % lower. This change is also reflected in the revenue
    performance of CENTROSOLAR Group AG. The group´s overall revenue of EUR
    56.5 million was 21 % down on the prior-year figure (EUR 71.1 million),
    despite the volume increase mentioned above.

    Despite the anticipatory effects in Germany, the 65 % share of revenue
    generated internationally is actually slightly higher than the average for
    the 2011 financial year. The sales basis was moreover diversified: While
    the three highest-revenue countries (Germany, France and Italy) still
    generated over three-quarters of consolidated revenue in the first quarter
    of 2011, the concentration on individual sales markets was significantly
    reduced in the first quarter of the current financial year. The UK, Italy,
    France and the USA each brought in between 9 and 14 % of total revenue.

    The external revenue share of the Solar Key Components segment rose from 26
    % to 32 %. The mounting systems area in particular enjoyed healthy revenue

    Whereas a special boom in the Italian market in 2011 led to an
    exceptionally positive profit performance for the first quarter, the
    seasonally weaker revenue and the huge pressure on prices and margins
    adversely affected the earnings performance in Q1 2012. The gross profit
    for the quarter of EUR 18.0 million was EUR 5.5 million or 23 % down on the
    prior-year level (EUR 23.5 million). Operating costs were actually reduced
    slightly in the past quarter compared with the prior-year quarter, despite
    higher sales volumes and production capacities, the start-up costs for
    Gecko Energies GmbH following its acquisition in January and the write-off
    of an advance payment to a now-bankrupt cell supplier. There nevertheless
    remained an operating loss before interest and taxes (EBIT) of EUR 4.8
    million (compared with a profit of EUR 0.3 million in the previous year).
    The net earnings per share came to EUR -0.26 (previous year EUR -0.04).

    Since prices again fell markedly in the first quarter and the financial
    incentives available in Germany and Italy are seemingly becoming less and
    less attractive, the company expects that its revenue for the year will be
    towards the lower end of the range previously forecast of EUR 250 to 300
    million. CENTROSOLAR still expects the operating result to show a
    year-on-year improvement.

    The sharp falls in the prices of photovoltaic systems make the levelised
    cost of solar power already lower than retail electricity prices in many
    markets, and in some cases quite significantly cheaper. Roof systems that
    generate power for internal consumption are therefore the first solutions
    that can compete with electricity bought from a utility company.
    CENTROSOLAR has always tailored its strategy to the segment of small to
    medium-size roof systems and secured a strong competitive position in that
    area. Furthermore, CENTROSOLAR considers itself to be a leading developer
    of solutions for maximising the amount of power that can be used by the
    owner - as exemplified by its new combined PV and heat-pump system.

    CENTROSOLAR considers itself to be well placed to pull through the current
    environment of consolidation and corner a larger share of the industry´s
    growth following this phase of consolidation. Thanks to having built up a
    strong sales organisation over a number of years, along with its flexible
    purchasing policy and its continuous improvement processes aimed at
    optimising costs, the company has long been prepared for tackling an
    intensely competitive environment. CENTROSOLAR is moreover able to set
    itself apart from the competition by focusing on roof systems and being
    able to offer patented key components such as its anti-reflective coated
    solar glass. With its broad-based financing structure, the company has
    furthermore given itself leeway and reduced its dependence on individual

    Information and Explaination of the Issuer to this News:

    About CENTROSOLAR Group AG:

    The listed company CENTROSOLAR Group AG, Munich, (stock exchange code WKN
    514850) is one of the leading suppliers of photovoltaic (PV) systems for
    roofs and key components, with over 1,000 employees in Europe and North
    America and annual revenue of almost EUR 300 million (2011). Its product
    range comprises solar integrated systems, modules, inverters, mounting
    systems and solar glass. Over half of revenue is generated internationally.
    There are CENTROSOLAR branches in Spain, Italy, France, Greece,
    Switzerland, the Netherlands, the UK, Canada and the USA.

    CENTROSOLAR manufactures solar glass at plants in Germany and China as well
    as photovoltaic modules at a production plant in Wismar (Germany). Over
    recent years, the production lines for the finishing of glass have been
    substantially extended in response to rising demand and now have an annual
    production capacity of eight million square metres. Module manufacturing,
    too, has seen a considerable increase. The module plant certified to DIN
    ISO 9001:2008 in Wismar is one of the largest and most efficient such
    plants in Europe, with an annual capacity of 350 MWp. For further
    information, visit:

    For more information, please contact:

    MetaCom Corporate Communications GmbH

    Georg Biekehör

    tel.: +49 (0)6181 9828030


    11.05.2012 DGAP´s Distribution Services include Regulatory Announcements,
    Financial/Corporate News and Press Releases.
    Media archive at and

    Language:     English
    Company:      Centrosolar Group AG
                  Walter-Gropius-Str. 15
                  80807 München
    Phone:        +49 (0)89 20 1800
    Fax:          +49 (0)89 20 180 555
    ISIN:         DE0005148506
    WKN:          514850
    Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
                  in Berlin, Düsseldorf, München, Stuttgart

    End of Announcement                             DGAP News-Service


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    DGAP-Adhoc Centrosolar Group AG: Sales volume increased slightly - drive to internationalise continues

    Centrosolar Group AG  / Key word(s): Quarter Results

    11.05.2012 07:43

    Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
    by DGAP - a company of EquityStory AG.
    The issuer is solely responsible for the content of this announcement.

    Die Daten werden nur zum Versenden der Nachricht benutzt und nicht gespeichert.


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