PresseBox
Press release BoxID: 164798 (SOLON SE)
  • SOLON SE
  • Am Studio 16
  • 12489 Berlin
  • http://www.solon.com
  • Contact person
  • Therese Raatz
  • +49 (30) 81879-8034

SOLON AG confirms figures for fiscal 2007

(PresseBox) (Berlin, ) .
- Revenue up 45% to more than Euro 500 million
- Net income (excluding special effects) rises 48% to Euro 21 million
- 67% of Group revenues generated outside of Germany
- Capacity expansion well under way
- 2008 projection confirmed

Berlin-based SOLON AG für Solartechnik (ISIN DE0007471195) today presented its complete annual report for fiscal 2007, confirming the preliminary figures published in February. In the recently ended fiscal year, Group revenue rose 45% to Euro 503.1 million (2006: Euro 346.4 million). Total operating performance increased by 30% to Euro 514.7 million (2006: Euro 396.4 million).

The distribution of revenue by segment was nearly unchanged from the prior year: 61% of revenue was generated by the Components segment and 39% by System Technology. The proportion of revenue realized in Germany dropped to 33%, while the foreign share rose to 67% (2006: 60%).

The gross profit increased to Euro 106.8 million (2006: Euro 82.6 million). The ratio of the gross profit to total operating performance remained constant at 21%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 40% to Euro 43.3 million (2006: Euro 30.9 million). Earnings before interest and taxes (EBIT) were Euro 35.2 million, representing a 42% rise from the prior year (2006: Euro 24.8 million). Included in the EBIT are expenses in the amount of Euro 4 million resulting from the discounting of long-term prepayments for solar cells in the fourth quarter. The ratio of these earnings figures to Group revenue remained constant at 9% (EBITDA) and 7% (EBIT).

Net income after minority interests amounted to Euro 37.5 million. This figure includes special effects totaling Euro 16.2 million. The special effects resulted from the sales, contributions, and write-downs of investments and the repayment of the 2005/2010 convertible bond. Excluding these special effects, net income after minority interests amounted to Euro 21.3 million in 2007 (2006: Euro 14.4 million) while adjusted earnings per share were Euro 2.07 (2006: Euro 1.56). This corresponds to a 48% improvement in earnings from the prior year and a 33% increase in adjusted earnings per share.

More than 700 employees in the Group
The strong growth of the SOLON Group in the past fiscal year is also reflected in the higher number of employees. At year-end 2007, the SOLON Group had a total of 703 employees, nearly half working for the Group's foreign operations. The ratio of personnel expenses to total operating performance remained constant at 5%.

SOLON continues expansion
The SOLON Group currently has five production facilities for solar modules and systems in four countries (Germany, Austria, Italy, and the USA). Production capacities at these facilities were expanded from 130 to 210 MWp in the course of the past year. With production output of 118 MWp (2006: 84 MWp), SOLON was once again one of the largest European manufacturers of solar modules and solar system technology in 2007. In order to firmly establish itself in the extremely dynamic international market environment for the long term, SOLON is committed to continuing its focus on growth. To this end, Group-wide production capacities will be expanded to 500 MWp in the current year as announced earlier. The majority of the expansion will take place in the second half of the year. This means that the SOLON Group will have access to an average production capacity of 250 MWp in 2008. The most pronounced expansion will take place at the facilities in Greifswald, Germany, and Carmignano di Brenta, Italy, where annual capacities will be increased to 200 and 150 MWp, respectively. The expansion of all production facilities is progressing according to plan. The capacity expansion is being financed with the proceeds from the capital measures implemented in the past fiscal year.

Outlook for the current fiscal year
When publishing its annual report for 2007, SOLON also reconfirmed its projections for the current fiscal year. The company plans to increase its production volume to 200 MWp and intends to improve revenue and adjusted net earnings by approximately 75%. In 2009, SOLON expects to achieve additional strong growth in revenue and earnings of about 50%.

The complete annual report 2007 of SOLON AG is available for download on the company's website (www.solonag.com).