Press release BoxID: 110472 (Bosch Solar Energy AG)
  • Bosch Solar Energy AG
  • August-Broemel-Strasse 6
  • 99310 Arnstadt

ersol posts strong results in Q1 2007 despite large-scale expansion activities

(PresseBox) (Erfurt, ) .
- ersol increases operating result (EBIT) by 28 percent over previous year to € 4.3 million
- 510 employees already contributing to group success
- Outlook for overall year confirmed

€ ‘000 (in accordance with IFRS) Q1 2007 Q1 2006 Change
Sales 26,109 25,730 plus 1.5 %
EBIT 4,309 3,364 plus 28.1 %
Net profit 1,482 2,056 minus 27.9 %
Earnings per share (€) 0.15 0.21 —
Employees 510 336 plus 51.8 %

In the first three months of the current financial year ersol Solar Energy AG (ersol) posted sales revenues of € 26.1 million. Profits were 1.5 percent higher than in the first quarter of the previous year (2006: € 25.7 million).

One reason for this moderate growth is that ersol has been storing cells for fulfillment of the module delivery contract with a Spanish project group signed in March, another is that the external sales in the Wafers segment continue to decline because of its gradual integration into the Group. The sales forecast range of € 148 to 155 million for the current year thus remains unchanged. The regional sales breakdown clearly shows ersol’s declining dependence on the German market compared to the previous year. While German sales still comprised 55.6 percent in Q1 2006, its share of sales in the first quarter of 2007 fell to 45.7 percent.

The Company was able to further increase its operating result (EBIT) compared to the previous year: from € 3.4 million in Q1 2006 it increased by 28.1 percent in the period under review to € 4.3 million. The EBIT margin also grew to 16.5 percent
(2006: 13.1 percent).

Outlook There has been no change to the overall forecast for the year since the end of Q1.

Both solar cells and modules for the Spanish project are expected to contribute significantly to revenues and earnings in Q2 2007 as deliveries have been made on schedule since April. Currently, the Company is still forecasting revenues of between € 148 and 155 million and an operating profit of approximately € 20 million for the 2007 financial year.

For more detailed information on the Company's operating figures for the first quarter 2007, please refer to ersol's Interim Report as of 31 March 2007, which is being published on the ersol website today at: