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centrotherm photovoltaics AG: centrotherm reports on H1 2015

DGAP-News: centrotherm photovoltaics AG / Key word(s): Half Year
Results
centrotherm photovoltaics AG: centrotherm reports on H1 2015

13.08.2015 / 08:28

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centrotherm reports on H1 2015
- Group achieves EUR 86.0 million of consolidated revenue

- Positive EBIT of EUR 10.6 million after extraordinary items

- New order intake lower than expected

- FY 2015 targets still achievable

Blaubeuren, August 13, 2015 - The centrotherm photovoltaics Group has
realized total revenue of EUR 86.0 million during the first half of 2015,
compared with EUR 78.1 million in the prior-year comparable period. Almost
half of consolidated revenue was attributable to revenue deriving from
progress made with the polysilicon factory project in Qatar, and to final
invoicing of an old project with a silicon customer. Total operating
performance grew to EUR 91.7 million, compared with EUR 82.2 million during
the first half of 2014.

The Group reports year-on-year earnings improvements in both EBITDA and
EBIT. Earnings before interest, tax, depreciation and amortization amounted
to EUR 12.3 million during the first half of 2015, following on from EUR
1.8 million in the previous year. EBIT improved from EUR -0.2 million to
EUR +10.6 million. Consolidated net income for the first half of 2015
amounted to EUR 6.7 million, compared with an EUR 8.2 million loss during
the previous-year equivalent period. Earnings per share stood at EUR 0.32,
compared with EUR -0.39 in the previous year.

Final invoicing of an old project in the Silicon segment had a particularly
positive effect on consolidated net income in the first half of 2015.
Equally, cost reduction and efficiency enhancement measures that were
launched at the end of September 2014 have already been bearing fruit in
the first half of 2015. In particular, personnel expenses reduced from EUR
22.9 million to EUR 21.1 million, mainly due to the socially compatible job
cuts that were completed in early 2015 following the agreement of a related
management-labor contract and social plan.

New order intake and order book position trends
The Group booked new orders totaling EUR 46.6 million during the first half
of 2015, compared with EUR 61.5 million in the prior-year comparable
period. New order intake for production systems for the photovoltaic
industry fell short of the Management Board's expectations, especially
given recent announcements from Asian solar cell manufacturers about their