August 22, 2008

Index Value

5,363

Company Stock price % since 01/01/08 % since 08/15/08
Country
Activities
Canadian Solar $31.88 13.3% 12.8%
China
PV modules
centrotherm photovoltaics €42.01 -44.0% -11.6%
Germany
Production equipment
Conergy AG €9.20 -62.5% -4.9%
Germany
PV systems
Energy Conversion Devices $79.38 135.9% 13.3%
USA
amorphousmodules,
batteries
ErSol Solar Energy AG €102.64 43.1% 1.1%
Germany
cells, modules
E-Ton Solar $283.00 TW 33.1% 2.9%
Taiwan
cells
Evergreen Solar $9.70 -43.8% 1.3%
USA
cells, modules
First Solar $282.82 5.9% 6.8%
USA
PV thin-film modules
Gintech Energy $221.00 TWD -30.7% 0.5%
Taiwan
cells
GT Solar International $13.86 -5.0%* 0.0%*
USA
Production equipment
JA Solar $17.92 -23.0% 8.6%
China
cells
LDK Solar $45.82 -2.5% 7.1%
China
PV wafers
Manz Automation AG €134.75 -18.2% -9.8%
Germany
Production equipment
Meyer Burger Technol. AG 310.00 CHF -25.8%

3.9%

Switzerland
PV wafer saws
Motech $163.00 TWD -33.7% -4.7%
Taiwan
cells
PV Crystalox Solar £1.7975 17.7% 10.4%
UK
Ingots, wafers
Q-Cells AG €67.76 -30.8% 12.8%
Germany
cells
Renesola Ltd. £4.90 -0.8% 4.1%
China
PV wafers
Renewable Energy Corp. 171.00 NOK -38.0% 11.9%
Norway
silicon, wafers,
cells, modules
Roth & Rau AG €32.52 -49.0% 9.8%
Germany
cell manufacturing
equipment
SMA Solar Technology AG €63.11 12.9%* 1.4%
Germany
inverters
Solarfun Power Holdings

$19.75

-39.5%

30.2%
China
PV cells, modules
Solargiga Energy Holdings

$3.48 HKD

18.8%*

-2.0%
Hong Kong
Ingots, wafers, silicon
Solaria Energia y Medio A. €5.19 -75.8% 2.6%
Spain
PV modules
SolarWorld AG €35.51 -14.2% 17.4%
Germany
modules, cells,
wafers, wholesale
Solon AG €42.99 -39.9% 2.8%
Germany
modules, PV systems
SunPower $96.59 -25.9% 4.4%
USA
cells, modules
Suntech Power $46.75 -43.2% 25.1%
China
cells, modules
Trina Solar $33.17 -38.3% 7.1%
China
PV modules, cells, wafers
Yingli Green Energy $17.86 -53.9% 14.2%
China
PV wafers, cells, modules
5,363 -19.7% 8.1%

* since 4.7., 6.27. and 7.24.08 respectively

Weekly summary

Aug 22, 2008: The PPVX has risen 7.8% to 5,363 points in the last week and the AMEX Oil index has risen 4.3%. With a figure of -19.7% (currency levelized) since the beginning of the year, the PPVX is around 4 percentage points behind the oil index (-15.7%). The top three since the beginning of 2008 are Energy Conversion Devices (+136%), ErSol Solar Energy (+43%) and E-Ton Solar (+33%). The biggest weekly winners were Solarfun (+30%) and Suntech Power (+25%), while centrotherm photovoltaics (-12%) and Manz Automation (-10%) lost most this week. With E-Ton Solar and Motech Industries a 3:2 and 121:100 split respectively took place in August. PPVX market capitalization added up to around €70.5 billion ($104.4 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; between €200 million and €800 million, 3 WP (Canadian Solar, China Sunergy, Conergy, ECD, ErSol, E-Ton, Evergreen, Gintech, Manz, Meyer Burger Technology, Phoenix Solar, PV Crystalox, ReneSola, Roth & Rau, Solarfun Power, Solargiga, Solon, Trina), between €800 million and €3.2 billion, 4 WP (Centrotherm, JA Solar, LDK Solar, Motech, Solaria, Yingli), between €3.2 billion and €12.8 billion, 5 WP (First Solar, Q-Cells, Renewable Energy Corp., SolarWorld, SunPower, Suntech Power) and greater than €12.8 billion, 6 WP.

Michael Schmela
© PHOTON International, August 22, 2008