EANS-News: centrotherm photovoltaics AG / centrotherm photovoltaics reports strong growth in 2008

- Revenue up from EUR 166.2 million to EUR 374.7 million (+125
percent)
- EBIT (before purchase price allocation) more than doubled
to EUR 55.7 million
- Order backlog of EUR 990.2 million as of
December 31, 2008
- Good start to the 2009 financial year
-
Budgeted growth in 2009 revenue to EUR 500 million to EUR 550 million
accompanied by earnings growth

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Blaubeuren (euro adhoc) - Blaubeuren, March 31, 2009 - "We are
confirming our preliminary results." Oliver M. Albrecht, CFO of
centrotherm photovoltaics AG, expressed his satisfaction with the
progress of business at the presentation of the 2008 annual report.
The revenue of the technology and service provider for the
manufacturing of solar silicon and solar cells rose from EUR 166.2
million to EUR 374.7 million. Operating earnings (EBIT) more than
doubled to EUR 55.7 million, excluding the effects of purchase prices
of acquisitions. Taking these effects into account, EBIT totaled EUR
43.5 million (previous year: EUR 21.1 million). The EBITDA (Earnings
before Interests, Taxes, Depreciation and Amortization) increased to
EUR 57.5 million (previous year: EUR 21.5 million) and EBITDA margin*
to 15.3 percent (previous year: 12.9 percent). Excluding acquisition
effects (purchase price allocation), the EBIT margin amounted to 14.9
percent (previous year: 12.7 percent), and to around 11.6 percent
including these effects.

"We achieved all the growth objectives we had set ourselves for
2008," emphasized Robert M. Hartung, CEO of centrotherm
photovoltaics. "However, there are further reasons why last year was
a successful one for us, despite the global financial and economic
crisis. The acquisition of some specialist providers allowed us to
consistently implement our strategy of integrating key equipment and
technology into the Group, which secures us access to key
technologies, and helps us recruit globally recognized engineering
and technology experts."

centrotherm photovoltaics possesses its own integrated research and
development for the production of silicon, crystalline solar cells
and CIGS thin film modules. All R&D activities across the Group were
restructured and bundled in 2008. The intention is to achieve further
efficiency enhancements in production as a result of continuous
research and development work. Robert M. Hartung went on to comment:
"All of our activities, whether acquisitions, the construction of a
research and development center in Blaubeuren, or the cooperation
ventures with the world's leading photovoltaic research institutes,
serve our objective of cutting watt-peak prices, in order to make
solar electricity competitive with fossil fuel sources. We took a
decisive step to coming closer to this objective in 2008."

Along with the acquisition of various specialty providers,
centrotherm photovoltaics also founded international service and
sales locations in Taiwan, the USA and Italy during 2008. North
America should become one of the largest photovoltaic markets in the
future. The economic package in the USA that was approved in early
2009 comprises measures geared to supporting solar projects, among
others. China is also becoming increasingly attractive, however. The
Chinese Ministry of Finance plans to implement a massive increase in
subsidies for photovoltaic plants. By contrast with Europe, the
intention is that funds will not be allocated per produced watt, but
instead per installed watt, which will make the installation of new
plants, in particular, more cost-effective. Thanks to its strong
market position in China, centrotherm photovoltaics enjoys good
prospects to benefit from these measures, given that the company's
customer base includes well-known Chinese solar cell manufacturers.

The order backlog amounted to EUR 990.2 million as of December 31,
2008 (previous year: EUR 462.7 million). Around 20 percent of this
backlog is currently in the processing stage. Approximately 60
percent of the orders will be realized in 2009 prospectively, and are
consequently effective in terms of revenue and earnings in the
current financial year.

Outlook Oliver M. Albrecht commented as follows: "As a result of our
high order backlog, we continue to assume we will achieve
significantly double-digit growth in 2009, and we anticipate revenue
of EUR 500 million to EUR 550 million despite the difficult market
environment. At the same time, we are aiming to further boost our
EBITDA." centrotherm photovoltaics currently notes, in particular,
investments in technology and equipment for silicon production.
Customers are investing now in order to benefit from a long-term
positive trend in photovoltaics, given the fact that project lead
times run up to 36 months for the creation of a silicon factory.
centrotherm photovoltaics also observes positive signals for 2009 and
2010 in the thin film area.

The company achieved a further milestone in silicon production in
March 2009, confirming the performance of its silicon reactors with
"First Silicon Out". It has successfully started to operate its first
polysilicon equipment, and has produced its first silicon, at the
production location of Asia Silicon (Qinghai) Co., Ltd. In 2006,
centrotherm photovoltaics began to position itself on a broader base
by expanding its solar silicon division, which provides technology
and services for the production of solar silicon, to become a further
core business alongside solar cells.

The 2009 financial year has started well: centrotherm photovoltaics
has signed orders from Asia and Europe with a total volume of around
EUR 390 million in the first three months of the year.

"Our comfortable liquidity position enables us to finance growth from
our own resources," commented Oliver Albrecht. "Now and in future, we
will continue to focus on making solar energy competitive by
exploiting cost-reduction potentials through technology and
production process innovations."

* All margins relate to revenue

--- End of the announcement ---

The annual report can be downloaded at www.centrotherm-pv.de within
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 service-providers for the manufacturing of solar cells
and solar silicon. 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 over 1,000 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 (before purchase price allocation), and is listed
in the TecDax of the Frankfurt Securities Exchange.

end of announcement euro adhoc
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ots Originaltext: centrotherm photovoltaics AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Company contact:

Saskia Schultz-Ebert

Senior Manager Investor Relations

Tel: +49 7344 918-8890

E-mail: saskia.schultz-ebert@centrotherm.de

Press contact:

Christina Siebels, Grit Pauli

HOSCHKE & CONSORTEN Public Relations GmbH

Tel: +49 40 3690 50-58 /-31

E-mail: c.siebels@hoschke.de; g.pauli@hoschke.de

Branche: Energy
ISIN: DE000A0JMMN2
WKN: A0JMMN
Börsen: Börse Frankfurt / regulated dealing/prime standard