February 1, 2010

Munich, Germany: Centrosolar Announces Fourth Quarter Results

According to initial, unaudited figures Centrosolar Group AG posed revenue of EUR 105 million in the fourth quarter of 2009. Revenue for the full year therefore reached EUR 309 million (target: EUR 280 - 290 million), just 7 % down on the prior-year figure of EUR 333 million despite the financial crisis and a marked fall in prices.

Thanks to its flexible purchasing strategy and the introduction of an internal optimization program at the start of 2009, Centrosolar not only absorbed the fall in module prices, but actually translated it into improved results in the second half of the year. The final, audited revenue and earnings figures for 2009 are scheduled for publication on March 18.

Centrosolar was able to increase the sales volume of solar modules from 59 MWp in 2008 to 87 MWp in 2009. In fact, the sales volume in the second half of 2009 was almost double the figure for the prior-year period, with the company's own module manufacturing capacity being the only limiting factor.

Centrosolar says the company was particularly rewarded for having consciously specialized in roof systems and key components, with international markets already accounting for around half of sales in these areas.

With regard to the changes to solar subsidies being discussed in Germany, Centrosolar shares the view that the reduction currently being mooted will have considerable consequences, particularly for solar businesses with a strong emphasis on Germany.

Overall, it will drastically weaken the German solar industry's ability to compete internationally and cost jobs. Germany's solar manufacturers are the best in the world both technologically and in quality terms. However, that position cannot be maintained without a strong home market.


Further details about: Centrosolar Group AG