EANS-News: Sales generated by Sunways AG in 2011 in line with expectations

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annual result/Financial Figures/Balance Sheet

Subtitle: - Preliminary sales of € 115.4 million for the fiscal year
2011 - Fourth quarter business developed as expected - Result for the
quarter affected by non-recurrent expenses

Konstanz (euro adhoc) - 21 February 2012 - Based on preliminary
figures, Sunways AG (SWW:GR, SWWG.DE, ISIN DE0007332207) achieved
sales of EUR 115.4 million (2010: EUR 222.7 million) in the fiscal
year 2011. The Konstanz-based company had anticipated annual sales of
EUR 100 to 120 million. In the past year, about 45 % of consolidated
sales were generated abroad; this was again a significant increase
against the previous year (2010: 29.2 %).

Irrespective of the still tense situation in the European
photovoltaics markets, sales in the fourth quarter 2011, based on
preliminary figures, amounted to EUR 31.2 million (Q4 2010: EUR 55.5
million). The operating result (EBIT) on ordinary activities for the
fourth quarter is expected to approximate the level of the third
quarter 2011. The operating result will, however, be affected on the
one hand by non-recurrent extraordinary effects in the lower
double-digit million range relating to provisions for anticipated
losses resulting from wafer supply contracts (Deutsche Solar) and
various agreements for the manufacture of inverters, provisions for
warranties and fixed asset impairments. On the other hand, the LDK
transaction involved additional non-recurrent expenses reported in
the fourth quarter in an amount of approx. EUR 22 million.

Despite the difficult market situation, Sunways was able to increase
its solar module sales volume in the fourth quarter 2011 to a new
record level of 22.1 megawatts (Q4 2010: 16.6 megawatts). In all, the
Group sold solar modules with a capacity of 66.8 megawatts (2010:
54.0 megawatts) in the past fiscal year - more than ever before in
the company´s history. The solar inverter business also recovered in
the fourth quarter 2011: while buying reluctance still led to a
marked decline in sales volumes in the previous quarter, the segment
now reported the best quarterly result in 2011 with sales volumes
corresponding to a total capacity of 49.6 megawatts (Q4 2010: 46.1
megawatts).

"2011 was an extremely difficult year for the photovoltaics industry
worldwide. The very hesitant demand over a long period of time and
unexpectedly strong price declines also had a negative impact on the
development of sales and earnings of Sunways", commented Michael
Wilhelm, the Chairman of the Management Board (CEO) of Sunways AG, on
the preliminary figures. "Since the prospects of German providers in
the global competition among PV manufacturers will be more strongly
affected in the short term, we reviewed the carrying amounts of our
production-related and other reported assets and accounted for
potential risks." With respect to the participation of LDK Solar
Germany Holding GmbH, Wilhelm added: "The transaction with LDK also
had a negative impact on quarterly results. We do, however, believe
that the envisaged acquisition of a majority stake will be an
important cornerstone for the future development of Sunways AG and
are confident that we will be able to jointly realize substantial
synergies in the global PV market."

In the context of a capital increase resolved on 31 December 2011,
LDK Solar Germany Holding GmbH will acquire about one third of the
increased share capital of Sunways AG. In addition, the German
subsidiary of the Chinese LDK Solar Group recently submitted the
announced voluntary public takeover offer to all Sunways shareholders
relating to the company´s outstanding shares.

All figures in this press release are preliminary and unaudited. The
financial statements of Sunways AG with the final results of
operations for the fiscal year 2011 will be published on 30 March
2012.

Financial calendar 2012
30/03/2012 - 2011 annual report (FY 2011)
15/05/2012 - interim report as of 31 March 2012 (Q1)
14/08/2012 - interim report as of 30 June 2012 (Q2)
13/11/2012 - interim report as of 30 September 2012 (Q3)

This press release is also available on http://www.sunways.eu/en or
http://www.presseportal.de/pm/57666/sunways_ag.

Further inquiry note:
Dr. Harald F. Schaefer
Head Corporate Communications and Investor Relations
Tel.: +49 (0)7531 996 77-415
E-Mail: communications@sunways.de

end of announcement euro adhoc
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company: Sunways AG
Macairestr. 3 - 5
D-78467 Konstanz
phone: +49 (0)7531 99677 0
FAX: +49 (0)7531 99677 10
mail: info@sunways.de
WWW: http://www.sunways.de
sector: Alternative energy
ISIN: DE0007332207
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English