aleo solar AG's international business compensates for sluggish demand in Germany in the first quarter of 2011

Oldenburg, (PresseBox) - aleo solar AG (ISIN: DE000A0JM634) today announced that it generated revenue of EUR 87.4 million in the first three months of 2011. This means that aleo solar's revenue decreased slightly compared with the first three months of the previous year (EUR 96.5 million). Earnings before interest and taxes (EBIT) came in at EUR 2.0 million (EUR 11.5 million), and the EBIT margin was 2.3 percent (11.9 percent). Earnings per share amounted to EUR 0.06 (EUR 0.64); production volume rose to 75.0 megawatts (60.1 MW).

"In the first quarter, module prices in Germany did not reflect the reduction in the feed-in tariff that took effect at the start of the year. Many investors were therefore waiting for system prices to drop," says York zu Putlitz, CEO and CFO of aleo solar AG. However, demand has picked up in the meantime. "We largely compensated for the sluggish business in Germany with growth on the international photovoltaic markets," adds York zu Putlitz. "Internationalisation makes us more and more independent from individual markets." International revenue rose from EUR 18.8 million in the first quarter of 2010 to EUR 56.8 million in the first three months of 2011. As a result, aleo solar AG generated 65.0 percent of its total revenue outside Germany in the first quarter of the current financial year, compared with 19.5 percent in the prior-year period.

Given the expected reduction in feed-in tariffs in Germany as at 1 July 2011, aleo solar AG expects business in its domestic market to be considerably brisker in the year's second half. Demand in Mediterranean countries is expected to remain strong. The Fukushima nuclear disaster could push up demand for renewable energy sources in the medium term. Up to now, however, aleo solar AG sees little evidence that in the wake of the debate about switching to green energy the general conditions for the photovoltaic industry are improving.

aleo solar AG

aleo solar AG produces and distributes premium solar modules and systems for the international photovoltaic market. Since 2009, the Bosch Group has owned a majority of aleo solar AG (DE000A0JM634), which was originally founded in 2001 and has been listed on the stock exchange since 2006. As a premium manufacturer with 906 employees, aleo solar maintains a strong global presence with subsidiaries active in all important photovoltaic markets. Its main plant in Prenzlau, Germany and two additional plants in Spain and China provide the aleo solar group with an annual production capacity of 250 megawatts, which will be increased to 390 MW by the end of 2011. In 2010, the company's turnover amounted to € 553,5 million.

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