Sunways on Target in Second Quarter

Sunways AG increased its sales in the second quarter 2002 by 25 percent compared to 2001 to €6.0 million (US$5.8 million).

Constance, Germany – August 15, 2002 [] While sales in solar cell production tripled to €2.4 million (US$2.3 million), revenues in the solar systems division declined by 14 percent to €3.6 million (US$3.5 million). Experience shows that sales in both business divisions rise markedly in the second half-year. The company’s management board still anticipates to generate sales of approximately €33.8 million (US$33 million) in the financial year 2002. In addition to the expected rise in demand in Germany, this development will also be supported by the growing international business in the solar cell division. The opaque Sunways PLUS Cell has achieved top efficiency rates of 15.7 percent. Meanwhile the supervisory board has initiated the 100 percent takeover of MHH Solartechnik GmbH, Tuebingen. The acquisition will be completed in the third quarter in exchange for the issuance of Sunways shares.
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