Not for release, publication or distribution in the United States of America.
centrotherm photovoltaics AG to go public
centrotherm photovoltaics AG announces its intention to proceed with an initial public offering. Subject to a favorable capital markets environment, the Company intends to go public this autumn. The Company will seek a listing in the Prime Standard segment of the Frankfurt Stock Exchange. The major part of the offering will come from a capital increase and subsequent issue of new shares. Citi is acting as sole coordinator and bookrunner for the offering with Commerzbank and Landesbank Baden-Württemberg acting as co-lead managers.
"We plan to finance centrotherm photovoltaics’ further growth from IPO proceeds; in particular we intend to expand our research and development activities, ensure access to complementary technologies, and develop and expand our service and sales organisation in Asia and the US", explains Board of Directors spokesman Robert M. Hartung. He continues, "The focus of our business strategy is to reduce production costs in the photovoltaic industry, measured in €/Wp. We see centrotherm photovoltaics as a driving force and "enabler" for the entire sector. Our goal is to achieve a sustainable improvement in the competitive position of photovoltaic systems compared with fossil energy sources, but also with other renewable energy sources."
As an internationally active provider of technology and services for manufacturers of solar cells and solar silicon, centrotherm photovoltaics’ business activities focus on the key stages of the photovoltaics value chain.
In its Solar Cells business segment, centrotherm photovoltaics supplies turnkey production lines and key equipment such as PECVD systems, diffusion furnaces and fast-firing furnaces. The company offers technical support from the planning stage to the delivery and ramp-up of turnkey production lines. In addition, the company provides customer service and consulting following the installation and ramp-up. centrotherm photovoltaics is continuously working to further improve production facilities and processes, in order to achieve higher solar cell efficiency, yield and throughput with the objective to make solar cell production even more cost effective.
Global demand for silicon from the semiconductor and photovoltaic industries is high and production capacities are currently below demand. In the Solar Silicon division, centrotherm photovoltaics offers engineering and process technology services and provides key equipment for the production of solar silicon, in particular "Siemens" reactors and converters. The Company supports its customers during planning, engineering and during ramp-up of production equipment.
"With over 25 years’ experience in the solar industry and the high number of solar cell turnkey production lines we have installed both in Germany and abroad, we hold technological expertise in the key steps of the photovoltaics value chain – solar cells and silicon," says Robert M. Hartung. "Therefore, we are in the position to offer our customers tailored services and comprehensive guarantees regarding specific performance parameters such as production capacity, cell efficiency and delivery times."
In the financial year 2006, centrotherm photovoltaics reported pro forma revenues* of €108.5 million and achieved a pro forma EBIT* of €11.3 million. The Company, which is headquartered in Blaubeuren near Ulm in Southern Germany, currently employs more than 100 employees. International customers include renowned companies from the solar industry such as the German companies Q-Cells, ErSol and Sunways, as well as market newcomers in Europe, Asia and the US.
Further information about the company can be found at www.centrotherm.de.
About centrotherm photovoltaics AG:
centrotherm photovoltaics AG is an internationally-active technology- and service-provider for producers of solar cells and solar silicon. The Company possesses business activities which cover major parts of the photovoltaic value chain. Among its customers are renowned companys of the solar industry, such as German companies Q-Cells, ERSOL and Sunways, but also new entrants in Europe, Asia and the US. The Company is located in Blaubeuren near Ulm and currently employs more than 100 employees.
centrotherm photovoltaics AG
Stock Exchange: Frankfurt Stock Exchange, Official Market/Prime Standard
Registered Office: Germany
Senior Manager Investor Relations
T +49 7344 918-8890
*The figures are based on the audited consolidated pro forma financial statements for centrotherm photovoltaics AG for the financial year ending 31 December 2006 and reflect adjustments made to the consolidated IFRS income statement of centrotherm photovoltaics AG for financial year 2006. The adjustments reflect the acquisition of the business operations of centrotherm Photovoltaics Solutions GmbH & Co. KG by centrotherm photovoltaics AG which had economic effect as of 1 May 2006, as if this acquisition had already been effective as of 1 January 2006.
These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or Germany or any other jurisdiction. The shares of centrotherm photovoltaics AG (the "Shares") may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither centrotherm photovoltaics AG nor any selling shareholder intends to register any portion of the offering in the United States or to conduct a public offering of Shares of centrotherm photovoltaics AG in the United States.
These materials do not constitute a securities prospectus. A securities prospectus will only be published prior to commencement of the offer. The information legally required to be provided to investors will be contained only in such securities prospectus.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.