EANS-Adhoc: centrotherm photovoltaics publishes preliminary results and announces extensive efficiency program and refocusing

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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Company Information

06.03.2012

- Revenue up 11.9 % to EUR 698.5 million
- EBIT operating loss of EUR 19.8 million
- "ct focus" efficiency program launched to reduce costs and further
adjust capacities
- Business refocusing: strategic concentration on crystalline silicon
along photovoltaic value chain

Blaubeuren, March 6, 2012 - centrotherm photovoltaics AG, Blaubeuren,
continued to report growth in the 2011 financial year, which was a
difficult year for the solar sector: revenue generated by the
globally leading provider of technology and equipment to the
photovoltaic sector grew by 11.9 % to EUR 698.5 million according to
preliminary figures (previous year: EUR 624.2 million). Earnings
before interest, tax, depreciation and amortization (EBITDA) fell
from EUR 101.3 million to EUR 10.2 million in the 2011 reporting
period. The company reported a EUR 19.8 million operating loss at the
earnings before interest and tax (EBIT) level (previous year: EUR
75.4 million profit). Continued tensions within the sector, in
particular, tangibly affected the 2011 earnings trend. One-offs
amounting to a loss off EUR 75.0 million arose from adjustments to
individual large-scale projects, and a weak third- and fourth-quarter
operating profit and corresponding adjustments, which reflected
market trends. Due to the surprisingly drastic deterioration in
market and financial circumstances, the Group failed to achieve its
guidance for the 2011 financial year of EUR 710 million of
consolidated revenue, and a slightly positive EBIT margin.

Segment trends In the Solar Cell & Module segment, revenue was up
from EUR 404.5 million in the previous year to EUR 607.9 million in
2011, thereby running counter to a generally difficult trend in the
sector. The strained market situation, particularly in the fourth
quarter of 2011, resulted in the postponement and cancellation of
some projects, and necessitated a revaluation of inventories, which
fed through to a fall in segment earnings to EUR 71.9 million
(previous year: EUR 91.6 million). In the Silicon & Wafer segment,
revenue stood at EUR 57.9 million (previous year: EUR 201.7 million),
and EBIT reported a loss of EUR 70.3 million (previous year: EUR 21.2
million profit). This segment's business trend was primarily affected
by the tense sector situation, and the polysilicon price fall. Given
the extremly worsening of the market and financial situation, the
Management Board was prompted to apply adjustments to individual
large-scale projects in Asia in the third quarter, which exerted a
considerably negative impact on segment operating earnings.

In the Thin Film Module segment, the company reported EUR 32.7
million of revenue (previous year: EUR 18.0 million) - predominantly
from the wholly-owned FHR Anlagenbau subsidiary. EBIT improved to a
EUR 21.4 million loss, in line with expectations (previous year: EUR
37.4 million loss).

Sector environment affects order trends The financial year elapsed
was characterized by ongoing uncertainty on financial markets, the
difficult photovoltaic sector market environment, and customers'
continued reluctance to invest. Correspondingly, centrotherm
photovoltaics reported EUR 423.4 million as its total new order
intake in the 2011 financial year. The Solar Cell & Module segment
generated 90 % of these orders. The order book position stood at EUR
423.0 million as of December 31, 2011, of which EUR 234.6 million was
attributable to the Solar Cell & Module segment, EUR 176.1 million to
the Silicon & Wafer segment, and EUR 12.3 million to orders generated
in the Thin Film Module segment.

"ct focus" efficiency program launched The Management Board has
responded to the continued tensions on the market, and has launched
its "ct focus" efficiency program, which will run alongside costs and
sales initiatives that are already in place. The program's declared
objective is to grow profitably and sustainably with a streamlined
and efficient organizational structure, and a strategic focus on
crystalline silicon along the photovoltaic value chain. This
program's first step will entail a significant reduction of costs,
and an adjustment to Group personnel capacities. The company aims to
achieve around EUR 22 million of cost savings per year by the end of
2013. Along with a refocusing on business entailing production
systems and technologies to manufacture crystalline solar cells and
modules, and the production of high-purity silicon, a further
significant component of the program will be the expansion of the
Semiconductors & Microelectronics area. The Management Board has
decided in this connection to close the Thin Film Module segment at
the Blaubeuren site and to transfer some areas to Asia. This move
will bundle resources, and create a unit that is closely geared to
the market. An extensive sales campaign conducted by all segments
will complete the "ct focus" package of measures.

Further inquiry note:
Saskia Feil
Tel: +49 (0) 7344 918-8890
saskia.feil@centrotherm.de

end of announcement euro adhoc
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issuer: centrotherm photovoltaics AG
Johannes-Schmid-Str. 8
D-89143 Blaubeuren
phone: +49 (0) 7344 91880
mail: info@centrotherm.de
WWW: http://www.centrotherm.de
sector: Energy
ISIN: DE000A0JMMN2
indexes: TecDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English