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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  |  621   |   |   

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:


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: www.centrosolar-group.com.

For more information, please contact:

MetaCom Corporate Communications GmbH

Georg Biekehör

tel.: +49 (0)6181 9828030

e-mail: g.biekehoer@go-metacom.de

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

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
E-mail:       info@centrosolar.com
Internet:     http://www.centrosolar-group.de
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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