Solar cell and module equipment sales dominate centrotherm photovoltaics 2010 results

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In releasing 2010 financial results this week, centrotherm photovoltaics achieved record results, dominated by revenue generation in its Solar Cell & Module segment, while revenue from its Silicon & Wafer segment and Thin Film Module segment declined compared to 2009. Group revenue reached €624.2 million, a 22.6% increase over revenue of €509.1 million in 2009. Solar Cell & Module segment revenue reached €404.5 million, up 68.6% compared to the previous year and represented 64.8% share of total revenue.

EBITDA earnings increased from €58.6 million in 2009 to €101.3 million in 2010. Operating earnings before interest and tax (EBIT) doubled to €75.4 million, compared to €37.2 million in 2009.  Consolidated net income was €51.1 million, up from €28.5 million in the previous year.

Order intake also reached a new milestone, surpassing €1 billion for the first time. New orders increased by 77.8% to €1.049 billion, compared to €590.2 million in 2009.

Despite adjustments to its order book, the total order book position grew to €843.8 million as of the year-end, up from €797.4 million reported for same period in 2009.

In the Silicon & Wafer segment, revenue declined slightly to €201.7 million, compared to €218.7 million in the previous year. Management noted that this was due to a high degree of project realization and a low level of new shipments. The company noted that the segment had successfully commissioned and seen production of first silicon at polysilicon factories in Taiwan, China and Europe during the year.

The Thin Film Module segment, which focuses on CIGS technology, suffered the biggest decline in sales. Revenue fell from €50.6 million in 2009 to €18 million in 2010. The segment made a loss of €37.4 million compared to a loss of €11.9 million in the previous year.

The real success in 2010 was its Solar Cell & Module segment, marked by high shipment volumes for single equipment items totalling 435 single equipment items. Segment revenue reached €404.5 million, an increase of 68.6% compared to the previous year and responsible for a 64.8% share of total revenue for the company.

2011 guidance

Centrotherm photovoltaics management guided that due to the order intake levels achieved it expected that revenue would continue to grow in 2011, reaching within the range of  €690 million – €710 million.

“We have established a globally outstanding market position in the photovoltaic sector with our technology and production systems. We aim to exploit our business success to continue to invest heavily in R&D in order to thereby extend this technology lead, and to enable our shareholders to participate in the company's success at the same time. As a consequence, we see ourselves as excellently equipped for 2011 and the upcoming years”, commented Robert M. Hartung, CEO and Management Board Chairman of centrotherm photovoltaic AG.

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