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Successful first quarter at centrotherm photovoltaics: Earnings more than doubled

Blaubeuren, 14.05.2009

  • Revenue up from EUR 67.7 million to EUR 131.0 million
  • EBIT (before purchase price allocations) grows from EUR 8.5 million to EUR 18.5 million
  • Order intake amounts to EUR 416.4 million
  • Order book totals around EUR 1.3 billion
  • Revenue growth between EUR 500 million and EUR 550 million confirmed for the full year

centrotherm photovoltaics AG has made a highly successful start to the 2009 business year: the revenue of the technology and equipment provider for the production of solar silicon, crystalline solar cells and CIGS thin film modules rose to EUR 131.0 million in the first quarter of 2009, compared with EUR 67.7 million in the first quarter of the previous year. Operating profit (EBIT) before purchase price allocations more than doubled from EUR 8.5 million in the previous year to EUR 18.5 million. The margin rose to 14.1%, significantly above the previous year's 12.6%. When including the effects from purchase price allocations, EBIT amounted to EUR 14.7 million (previous year: EUR 8.5 million). This corresponds to an EBIT margin of 11.2%. Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to EUR 19.5 million in the first quarter of the current year (previous year: EUR 8.7 million).

Strong order intake in the first quarter 2009
The successful start to the new business year is also reflected in the company's order intake. New orders with a total volume of EUR 416.4 million were signed in the first quarter (previous year: EUR 282.4 million) - more than ever before in the first three months of a year. The order book totaled around EUR 1.3 billion as of March 31, 2009 (previous year: EUR 677.4 million). "In view of the fact that we have won new orders despite the difficult market situation, and that we have such an extensive order book, we are highly confident that we will achieve our targets for the full 2009 year," commented Oliver M. Albrecht, CFO of centrotherm photovoltaics. "Therefore, we are maintaining the targeted revenue growth between EUR 500 million and EUR 550 million that we have budgeted for 2009, accompanied by an increase in our EBITDA."

Milestones in the first three months 2009
centrotherm photovoltaics reached a milestone in its corporate history in March 2009. With its "First Silicon Out" announcement, the company confirmed the performance of its own silicon reactors: polysilicon equipment went into successful operation at the production location of an Asian customer, and silicon was produced for the first time. Robert M. Hartung, CEO of centrotherm photovoltaics, commented as follows: "Our aim now is to continuously improve the efficiency of the production process, in order to thereby cut our customers' costs." centrotherm photovoltaics has signed orders for the production of around 5,000 tonnes of silicon in the first three months of the current year alone. Robert Hartung went on to add: "Major demand and our success in this business area vindicate our decision to extend our range of services beyond our core solar cell business. Our technology- and turnkey-concept provides further competitive advantage.” In recent years, the company, through continuous research and development along the value-creation chain, has added to its product offerings, and has established itself as a technology and equipment provider for the manufacturing of solar silicon, crystalline solar cells and CIGS thin film modules. In the first quarter of 2009, centrotherm photovoltaics also received an order to supply two turnkey production lines for the production of solar cells with a capacity of 100 MW, as well as a production line for the manufacturing of thin film modules with a capacity of 50 MW.

The company, which is based at Blaubeuren in Germany, operates its own integrated research and development activities in all business areas. "The intention is that R&D will remain a central component of our corporate strategy in the future," emphasized Robert Hartung. "We regard technological innovations as a key to securing our long-term market position."

* All margins relate to revenue

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The interim report as of March 31, 2009 can be downloaded from www.centrotherm.de in the Investor Relations area.  

About centrotherm photovoltaics AG

centrotherm photovoltaics AG, which is based at Blaubeuren, is one of the world's leading technology and equipment providers for the production of solar silicon, crystalline solar cells and CIGS thin film modules. The broad product spectrum comprises key equipment and turnkey production lines for crystalline and thin-film solar cells. The product range is supplemented by reactors and converters for the manufacturing of solar silicon. centrotherm photovoltaics guarantees its customers important performance parameters such as production capacity, degree of efficacy, and completion deadlines for turnkey lines. The Group employs around 1,100 staff members, and operates in Europe, Asia and the USA. centrotherm photovoltaics achieved revenue in the 2008 financial year of EUR 375 million, EBIT of EUR 56 million*, and is listed in the TecDax of the Frankfurt Securities Exchange. (*before purchase price allocation)

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

Company contact:
Saskia Schultz-Ebert
Senior Manager Investor Relations
Tel: +49 7344 918-8890
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Press contact:
Christina Siebels, Grit Pauli
HOSCHKE & CONSORTEN Public Relations GmbH
Tel: +49 40 3690 50-58 /-31
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