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Investmentfonds.de 30.08.2013:
DGAP-News: Centrosolar Group AG: Reviewed 2013 Half-Year Interim Report - anti-dumping measures expected to turn tide

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

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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: g.biekehoer@go-metacom.de


End of Corporate News

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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.

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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 News    DGAP News-Service
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