DGAP-Adhoc: Centrosolar Group AG: Restructuring under protective shield - provisional results for third quarter

Centrosolar Group AG / Key word(s): Restructure of Company/Quarter Results

17.10.2013 16:52

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Munich, October 17, 2013. The Management Board of CENTROSOLAR Group AG and
Centrosolar AG as well as the directors of Centrosolar Sonnenstromfabrik
GmbH have each taken the decision today to apply to the Local Court of
Hamburg, the court responsible in this instance, for the opening of
protective shield proceedings in order to achieve swifter implementation of
the restructuring plans along with a fresh direction in the corporate
strategy. It had originally been planned to address reorganisation and debt
clearance through continuing business operations. However the improvement
in the market conditions specifically from CENTROSOLAR's perspective, which
is still expected following the introduction of anti-dumping measures by
the EU and the elimination of current overcapacity in the market, is
progressing significantly more slowly than had been anticipated; as a
result that the Management Board and directors of the three companies now
believe there are clear advantages in a reorganisation using the broader
scope of protective shield proceedings.

The parts of the company affected by the protective shield proceedings will
- once the proceedings have been approved by the court - continue to be run
by the current Management Board and directors. Business operations at the
Hamburg, Wismar, Paderborn, Kempten and Munich sites will continue without
restriction.

All other domestic and international subsidiaries will fundamentally
continue to operate as previously and will not be involved in the
proceedings. The subsidiaries, in particular Renusol GmbH, Centrosolar
America Inc. and Centroplan GmbH, are not part of the protective shield
proceedings and continue to exist unchanged. These companies do not have
any material borrowings from third parties, are operating profitably or
close to profitability, and are fully financed.

The instrument of protective shield proceedings in self administration
should enable CENTROSOLAR to restructure itself on the basis of a workable
reorganisation and future concept. During the 'protective shield' phase,
which is limited to three months, the above mentioned CENTROSOLAR companies
remain fully able to act, advised by a preliminary administrator. Goal is
to clear the debt of these parts of the company and to refocus on their
profitable core areas.

According to provisional calculations CENTROSOLAR achieved revenue of EUR
27.5 million in the third quarter of 2013. This figure was 40 % down on the
corresponding figure for the previous year - EUR 46.1 million - and above
all fell short of the expectations on which the restructuring plan was
based. For the first nine months CENTROSOLAR thus achieved a provisional
revenue total of EUR 85.0 million (previous year EUR 145.0 million). In
line with the weaker revenue, the result too fell short of expectations.
According to initial calculations, third-quarter earnings before interest,
taxes, depreciation and amortisation (EBITDA) came to EUR -4.4 million
(previous year EUR -3.1 million), totalling EUR -18.2 million for the first
nine months (previous year EUR -7.0 million).

CENTROSOLAR shares and the CENTROSOLAR bond remain tradeable. The planned
conversion of the BondM-listed bond has provisionally been suspended. The
next steps in this respect will be decided upon in the restructuring
process.

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Information and Explaination of the Issuer to this News:

About CENTROSOLAR Group AG:

The listed company CENTROSOLAR Group AG, Munich, (stock exchange code WKN
514850) is one of the leading suppliers of photovoltaic (PV) systems for
roofs and key components, with over 700 employees in Europe and North
America and annual revenue of EUR 189 million (2012) for the continuing
operations. Its product range comprises solar integrated systems, modules,
inverters and mounting systems. Over two-thirds of revenue is generated
internationally. There are CENTROSOLAR branches such countries as Italy,
France, Greece, Switzerland, the Netherlands, the UK, Canada and the USA.
CENTROSOLAR manufactures modules at a plant in Wismar (Germany). The module
production plant certified to DIN ISO 9001:2008 is one of the largest and
most efficient such plants in Europe, with an annual capacity of 350 MWp.

For further information, visit: www.centrosolar-group.com.

For more information, please contact:

MetaCom GmbH,

Georg Biekehör

tel.: +49 (0)6181 9828030

e-mail: g.biekehoer@go-metacom.de

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Language: English
Company: Centrosolar Group AG
Walter-Gropius-Str. 15
80807 München
Germany
Phone: +49 (0)89 20 1800
Fax: +49 (0)89 20 180 555
E-mail: info@centrosolar.com
Internet: http://www.centrosolar-group.de
ISIN: DE000A1TNS13, DE000A1E85T1,
WKN: A1TNS1, A1E85T,
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart

End of Announcement DGAP News-Service

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