DGAP-News: Centrosolar Group AG / Key word(s): Half Year Results Centrosolar Group AG: Reviewed 2013 Half-Year Interim Report - anti-dumping measures expected to turn tide 30.08.2013 / 07:53 --------------------------------------------------------------------- Munich, August 30, 2013. CENTROSOLAR Group AG today publishes the reviewed Half-Year Interim Report for 2013. As preliminarily announced on August 2, 2013, for the second quarter too the group reports a still negative but improved operating result compared with the previous three months. Thanks to this trend, the prospects of restructuring succeeding are assessed as predominantly likely. A first assessment of the EU's anti-dumping measures is also made: based on CENTRSOLAR's preliminary findings, a fundamental change of game to the advantage of CENTRSOLAR is expected. The key features of the first half and second quarter are in line with the provisional figures announced on August 2, 2013: revenue for the second quarter was down to EUR 33.0 million, a decrease of 38.7% on the prior-year quarter's EUR 53.8 million. First-half revenue came to EUR 57.5 million, compared with EUR 99.0 million for the first half of 2012 (-41.9 %). The biggest factor at work in this fall was the deterioration in solar module prices. Those prices had already fallen in the second half of 2012. Within the course of the first half of 2013 selling prices stabilized. With the cost reductions from the restructuring programme not yet achieving their full effect, the low revenue translated into a negative operating result (EBITDA). EBITDA for the second quarter of 2013 came to EUR -4.2 million (prior-year quarter EUR -1.2 million). Meanwhile EBITDA for the first half of 2013 was EUR -13.8 million (prior-year period EUR -3.9 million). At June 30, 2013 the CENTROSOLAR Group has cash and cash equivalents as well as unutilised credit lines amounting to EUR 7.2 million (previous year EUR 22.4 million). As part of the restructuring programme CENTROSOLAR has also drawn up measures to secure and increase liquidity; these are currently being implemented. The forecast bandwidth for revenue for the whole of 2013 is being broadened from previously EUR 135-150 million to EUR 125-150 million. With sales still sluggish in the summer, the lower threshold of expectations has been adjusted. On the other hand there are substantially improved future prospects for revenue now that the anti-dumping measures have been introduced; this is why the upper expectation threshold has been retained. CENTROSOLAR believes that the anti-dumping measures adopted by the EU on August 6, 2013 are likely to fundamentally change the game. The measures mean that from now on solar modules imported from the People's Republic of China will be subject to minimum prices. Although the minimum prices do not fully compensate for the extent of dumping revealed by the EU Commission, they are nevertheless expected to alleviate substantially the previous pressure on prices. The measures are not expected to have an immediate effect because inventories imported duty-free into the EU prior to the introduction of the anti-dumping measures are obviously still being cleared. Thereafter, however, CENTROSOLAR expects to enjoy new sales opportunities. According to preliminary findings, purchasing prices for high quality solar cells are coming down again, now that rules have become clear. Over the last months, high quality cells had become temporarily more expensive. Due to the uncertainty of potential retroactive tariffs, demand shifted from China to the solar cell suppliers of CENTROSOLAR, which is now drawn off again. Therefore the anti-dumping measures are expected to have a positive effect on both revenues and cost of CENTROSOLAR. About CENTROSOLAR Group AG: The listed company CENTROSOLAR Group AG, Munich, (stock exchange code WKN A1TNS1) 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 more information, visit www.centrosolar-group.com. For further information, please contact: MetaCom GmbH Georg Biekehör Tel.: +49 (0)6181 9828030 email: [email protected] End of Corporate News --------------------------------------------------------------------- 30.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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: [email protected] 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 News DGAP News-Service --------------------------------------------------------------------- 228251 30.08.2013