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Centrotec sells its Centrosolar shares

Centrotec Sustainable AG has disposed of its 26.14% holding in Centrosolar Group AG. Centrotec hereby winds up its focus on photovoltaic. Centrosolar is now a fully independent company and thereby enjoys increased strategic scope to act in the PV market.

The transaction means that Centrosolar, which was hived off from Centrotec in 2005, is now a fully independent company.

Centrosolar AG

The proceeds of the sale amount to €6.3 million and exceed the carrying amount of the investment, which is accounted for using the equity method of €4.6 million at June 20 this year. This book profit, together with a percentage of the first-half result of the Centrosolar investment that is allocable to Centrotec, will make a marginally negative overall contribution to earnings per share for the year as a whole, though Centrotec will receive liquid funds equivalent to the sales proceeds.

Centrotec underwent a restructuring in the fourth quarter of last year and this led to the winding up of various peripheral activities in the photovoltaic sector. Centrotec's sole link to the sector was its interest in Centrosolar.

Centrotec will now focus on its core activities like heating, climate control, ventilation as well as solar thermal through its subsidiaries Wolf Heiztechnik, Brink Climate Systems and Ned Air.