PHOTON International The Photovoltaic Magazine

June 26, 2009
Index Value

2,326

Company
Stock price
% since 01/01/09
% since 06/19/09
Country Industry

centrotherm photovoltaics €30.86 54.3% -7.2% Germany Production equipment

Conergy AG €0.56 -45.9% -8.7% Germany PV systems

Energy Conversion Devices $14.78 -41.4% -6.5% USA Amorphous modules, batteries

E-Ton Solar $96.30 TW 3.2% 3.2% Taiwan Cells

Evergreen Solar $2.35 -26.3% 1.7% USA Cells, modules

First Solar $160.72 16.5% -7.3% USA Thin-film modules

Gintech Energy $67.00 TWD -8.5% 1.2% Taiwan Cells

Green Energy Technology $107.00 TWD 9.7%* 1.4% Taiwan Wafers

GT Solar International $5.76 99.3% -0.7% USA Production equipment

JA Solar $4.85 11.0% -2.6% China Cells

LDK Solar $11.30 -13.9% 2.6% China Wafers

Meyer Burger Technol. AG 164.30 CHF 37.0% 1.5% Switzerland PV wafer saws

Motech Industries $127,50 TWD 64,7% 11.8% Taiwan Cells

NPC Inc. JPY5090.00 15.2%* 3.2% Japan Cells, modules

Phoenix
Solar AG €32.90 9.3%* -19.0% Germany Modules, Systems

PV Crystalox Solar plc £0.86 -13.7% -3.4% UK Ingots, wafers

Q-Cells SE €14.06 -44.2% -10.8% Germany Cells

Renesola Ltd. £1.77 6.0% -9.5% China Wafers

Renewable Energy Corp. 47.00 NOK -16.4% -19.7% Norway Silicon, wafers, cells, modules

Roth & Rau AG €22.10 47.0% -0.3% Germany Production equipment

Sino-American Silicon Pr. $89.50 TWD 33.8%* 6.8% Taiwan Wafers

SMA Solar Technology AG €52.30 37.7% -0.4% Germany Inverters

Solarfun Power Holdings $6.69 33.5% 0.6% China Cells, modules

Solargiga Energy Holdings $2.85 HKD 45.4% 2.2% Hong Kong Silicon, ingots, wafers

Solaria Energia y Medio A. €2.05 7.3% 0.5% Spain Modules

SolarWorld AG €16.60 11.0% -7.4% Germany Wafers, cells, modules, wholesale

SunPower $26.81 -27.6% -5.9% USA Cells, modules

Suntech Power $18.01 53.9% -0.2% China Cells, modules

Trina Solar $23.57 153.7% 2.6% China Wafers, cells, modules

Yingli Green Energy $13.17 115.9% -1.2% China Wafers, cells, modules

PPVX 2,326 11.0% -2.1%

* since 3.2.09

Weekly summary

The PPVX has fallen around 2.1% to 2,375 points in the last week and the AMEX Oil around 2.0%. With a figure of +11.0% (currency levelized) since the beginning of the year, the PPVX is around 17 percentage points ahead the oil index (-6.0%). The top three since the beginning of 2009 are Trina Solar (+154%), Yingli Green Energy (+116%) and GT Solar International (+99%). The biggest weekly winners were Motech Industries (+12%) and Sino-American Silicon (+7%), while Phoenix Solar (-19%) and Q-Cells (-11%) lost most this week. REC’s reference rate was adjusted due to a deduction in subscription rights, resulting in -9.3% since the beginning of the year. In June, Renesola, Solarfun Power and Yingli Green Energy were upgraded by one weighing point each because of their corresponding stock exchange values. PPVX market capitalization added up to around €32.1 billion ($44.8 billion).

Remarks

The PPVX began on Aug. 1, 2001 with 1,000 points and is calculated weekly on a euro base. Currently, it includes 30 stocks listed on the market in different countries. To be included in the PPVX, more than 50 percent of a company's sales in the previous year must have come through PV products or services.

Index calculation: The PPVX is a weighted index so that the stocks of a few highly capitalized companies do not exert too much influence. It is divided into six classes, with different weighing points (WP) based on the companies' market capitalizations.

A capitalization of less than 50 million has 1 WP; between €50 million and €200 million,
2 WP (Solarfun Power); between €200 million and €800 million, 3 WP (Conergy, E-Ton, Evergreen, Gintech, Green Energy Technology, LDK Solar, Meyer Burger Technology, NPC Inc., Phoenix Solar AG, PV Crystalox, ReneSola, Roth & Rau, Sino-American Silicon Products, Solargiga, Solaria, Trina); between €800 million and €3.2 billion, 4 WP (Centrotherm. ECD, GT Solar, JA Solar, Motech, Renewable Energy Corp., SMA Technology AG, Q-Cells. Yingli); between €3.2 billion and €12.8 billion, 5 WP (SolarWorld, SunPower, Suntech Power) and greater than €12.8 billion, 6 WP (First Solar).