Sunways records best financial growth in history

While Sunways’ sales increased by 25.5 percent to reach €222.7 million in 2010 (2009: €177.5 million), the company only expects to achieve sales growth in the low double-digit percentage range this year.

It says that the global market for PV products will continue to grow in 2011. In particular, it expects strong growth in Italy, France and Greece. And, as with most other companies which have announced their 2010 financial results, internationalization is a key priority.

Already, international sales received a boost last year, having risen from 7.9 percent in 2009 to 29.2 percent in 2010. As such, sales generated abroad increased from €14 million in 2009 to €65.2 million. Sunways recorded €56.2 million or 25.2 percent of its sales (fiscal year 2009: €12.5 million or seven percent) in Europe, and €8.5 million or 3.8 percent in Asia (2009: €1.5 million or 0.8 percent).

Sales volumes

In terms of sales volumes, the solar module and inverter segments did particularly well. The company reports that sales rose to €96 million (2009: €56.2 million) in the solar module segment and to €46.6 million (2009: €18.7 million) in the inverter segment.

Meanwhile, solar cell sales increased only slightly to €108.7 million (2009: €103.4 million). 2010 EBITDA, however, improved against 2009 (€5.2 million) by 311.5 percent to €21.3 million, and the operating result (EBIT) amounted to €15 million (2009: €-0,5 million). Consequently, Sunways says it outperformed its own prognoses.

It goes on to say that earnings after taxes also recorded impressive development last year, having reached €10.4 million (2009: €-1.9 million). Due to earnings after taxes from discontinued operations (€-1.1 million), net income for 2010 amounts to €9.3 million.

Michael Wilhelm, chairman of the management board and CEO of Sunways commented: "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."