Sunways puts up best results in company history with 2010 revenue increasing over 25%

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Sunways saw significant improvement in its 2010 fiscal year over the recorded figures of 2009. Their financial results were so good, that the company stated 2010 was their best financial year in its corporate history. In revenues, Sunways saw a 25.5% increase to €222.7 million over 2009’s €177.5 million. Sales volumes for solar modules and solar inverters also saw a steady increase with solar module sales hitting €96 million, up from 2009’s €56.2 million, and inverters posting sales of €46.6 million from the previous year’s €18.7 million.

The solar cell division also saw a slight revenue growth in 2010 with final figures posted at €108.7 million, compared to 2009’s €103.4 million. The company’s EBITDA saw a substantial improvement over 2009’s €5.2 million to €21.3 million for 2010.

Sunways notes that its international sales showed a marked expansion from 7.9% in 2009 to 29.2% in 2010, leading to revenues generated abroad to finish at €65.2 million, exceeding 2009’s €14 million. Sunways points out that €56.2 million in revenues came from sales to Europe, while sales to Asia accounted for €1.5 million.

The company has a positive outlook that the global PV market will continue to grow in 2011 and expects to increase its own presence in Italy, France and Greece this year. In terms of its projected revenues for 2011, Sunways anticipates sales growth to be in the low double-digit percentage range and a profit margin in the low single-digit percentage range.

Michael Wilhelm, chairman of the management board and CEO of Sunways, stated, “2010 was the best year in the corporate history of Sunways. All three-business divisions, i.e. solar cells, solar modules and solar inverters, recorded growth and we successfully intensified our internationalization efforts. Substantial improvements of all relevant key figures in 2010 reflect the success of our activities in the past year with respect to the development of new markets and the strategic alignment of Sunways.”

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