Centrosolar Group AG / Key word(s): Quarter Results
09.11.2011 07:48
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Positive EBIT of EUR 1.7 million for 3rd quarter (previous year EUR 3.2
million)
- Almost three-quarters of revenue generated outside Germany
- Long-term focus on quality roof systems proving to be a successful
business model
- Guidance for full year confirmed
Munich, November 9, 2011 - CENTROSOLAR Group AG defied the market trend to
achieve a positive third-quarter operating result of EUR 1.7 million
(previous year EUR 3.2 million), reducing the first-half losses of EUR 4.9
million by more than one third to EUR 3.2 million (previous year EUR 24.3
million profit).
The third quarter was characterised by a very difficult market environment.
The anticipated recovery in demand for solar systems failed to materialise
despite attractive rates of return for end customers, and the deterioration
in prices from the first half of the year continued in the third quarter.
The group's Q3 revenue of EUR 72.9 million was therefore well down on the
prior-year level of EUR 101.7 million. For the first nine months of the
financial year, revenue therefore reached EUR 223.4 million (previous year
EUR 311.0 million). Earnings per share were
EUR -0.35, as opposed to EUR 0.73 in the prior-year period.
Amid all this, CENTROSOLAR has succeeded in continuing to expand its
business internationally. In the third quarter, 74% of revenue was already
generated outside the domestic market Germany. This contrasts with 64% in
the same quarter of 2010.
The long-term focus on quality roof systems made by the company's own
operations in Germany, with local tradespeople acting as the sales
partners, has proven to be a stable business model. Paired with a
forward-looking approach to cost management, the company is thus able to
post a positive operating result despite the difficult market environment.
Investment in expanding activities in North America and adding to the
mounting systems product range was increased further.
Following weak worldwide demand and the sharp decline in prices, as
previously reported CENTROSOLAR now expects revenue for the full year to
reach around EUR 300 million. Assuming demand recovers and prices remain
broadly stable in the fourth quarter, the company expects that the final
quarter, too, will bring a further improvement in the operating result for
the year.
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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 1,000 employees in Europe and North
America and annual revenue in excess of EUR 400 million (2010). Its product
range comprises solar integrated systems, modules, inverters, mounting
systems and solar glass. Over half of revenue is generated internationally.
There are CENTROSOLAR branches in Spain, Italy, France, Greece,
Switzerland, the Netherlands, the UK, Canada and the USA.
CENTROSOLAR manufactures solar glass at plants in Fürth (Germany) and
Huzhou (China) as well as photovoltaic modules at a production plant in
Wismar (Germany). Over the past two years, the production lines for the
finishing of glass have been substantially extended in response to rising
demand and now have an annual production capacity of eight million square
metres. Module manufacturing, too, has seen a considerable increase. The
module plant certified to DIN ISO 9001:2008 in Wismar 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 further information, please contact:
MetaCom Corporate Communications GmbH,
Georg Biekehör,
tel: +49 (0)6181 9828030,
e-mail: g.biekehoer@go-metacom.de
09.11.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.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: DE0005148506
WKN: 514850
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: CENTROSOLAR Group AG: Positive operating result in difficult market environment
| Source: EQS Group AG