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SOLON doubles revenues and net income in the first half of 2008

(PresseBox) (Berlin, ) .
- Revenues up 112% to EUR 410.6 million
- EBIT up 101% to EUR 31.5 million
- Net income up 103% to EUR 17.9 million
- More than 80% of Group revenues generated in countries outside of Germany

SOLON AG fuer Solartechnik (ISIN DE0007471195), Berlin, today presented its interim report for the six-month period ending June 30, 2008. Total Group revenues rose by 112% to EUR 410.6 million in the first half of 2008 (H1 2007: EUR 193.7 million). Total operating performance increased by 110% to EUR 446.9 million (H1 2007: EUR 213.2 million). The SOLON Group produced solar modules with a total output of 84 MWp in the first half of 2008.

The System Technology segment contributed a share of 56% of Group revenues, nearly unchanged from the first quarter of 2008. The Components segment contributed 44% of Group revenues. The percentage of revenues generated outside of Germany increased slightly from the first quarter of 2008, reaching 80%, primarily in response to robust demand for solar technology from Spain and Italy. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased to EUR 37.0 million (H1 2007: EUR 19.5 million). Earnings before interest and tax (EBIT) rose 101% to EUR 31.5 million (H1 2007: EUR 15.7 million). Earnings as a percentage of Group revenues were 9.0% (EBITDA) and 7.7% (EBIT).
Net income after minority interests amounted to EUR 17.9 million, rising 103% compared to the net income after minority interests of the first half of 2007, which had been adjusted for one-time effects from the sale of strategic equity investments (H1 2007 adjusted: EUR 8.8 million). Earnings per share rose to EUR 1.43 (H1 2007 adjusted: EUR 0.93). The sustained robust growth of the SOLON Group is also reflected in the rising number of employees. As of June 30, 2008, SOLON employed 863 persons, a 44% increase from June 30, 2007. Compared to the first quarter of 2008, the ratio of personnel expenses to total operating performance remained unchanged at 4.0%.
The expansion of Group-wide production capacities in Germany, Italy, and the USA to 500 MWp by year-end is proceeding according to plan. The SOLON Management Board confirmed its projections for the fiscal year 2008 as a whole.
The complete interim financial report of SOLON AG for the six months ended June 30, 2008 is available for download from the Company's website at www.solon.com.