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SOLON doubles sales in the first quarter of 2008
- Sales revenues increased by 115% to more than EURO 161 million
- EBIT improved by 150% to EURO 12.5 million
- Net income (excluding non-recurring income) up 156% to EURO 6.9 million
- More than 75% of Group's sales generated in countries outside of Germany
- Forecast for 2008 confirmed
Berlin, May 14, 2008 - SOLON AG für Solartechnik (ISIN DE0007471195), Berlin, today presented its
interim report for the period ending March 31, 2008. The report shows that Group revenues rose by
115% to EURO 161.6 million (Q1 2007: EURO 75.1 million) while total operating performance
increased by 105% to EURO 195.5 million (Q1 2007: EURO 95.6 million). Solar modules with a total
output rating of 41 MWp were produced in the SOLON Group in the first quarter, enabling the
Company to seamlessly continue the strong development of the fourth quarter of 2007.
The growing project business increased the System Technology segment's percentage of Group
revenues to 57% while the Components segment generated 43%. The proportion of Group revenues
generated outside of Germany increased further to more than 75%. A large contribution to this
development came from the continued robustness of the business in Spain where construction of a
large number of new power plants was started in the first quarter. A second factor was the increasing
demand for solar technology in Italy.
EBITDA rose by 131% to EURO 15.5 million (Q1 2007: EURO 6.7 million) and EBIT came to EURO
12.5 million, reflecting a 150% increase over the Q1 2007 figure of EURO 5.0 million. The ratio of
these earnings figures to Group sales thus improved to 9.6% (EBITDA) and 7.7% (EBIT).
Net income after minority interests came to EURO 6.9 million. Compared to the net income adjusted
for non-recurring income from the sale of strategic equity investments in the first quarter of 2007, this
reflects an increase of 156% (Q1 2007 adjusted: EURO 2.7 million). Earnings per share increased
accordingly by 90% to EURO 0.55 (Q1 2007 adjusted: EURO 0.29).
The sustained robust growth of the SOLON Group is also reflected in the change in the number of
employees. As of March 31, 2008 SOLON employed 800 persons, approximately 100 more than at
year-end 2007. The ratio of personnel expenses to total operating performance declined to 4%.
SOLON will continue to focus systematically on growth. To that end, the Group's production capacities
will be expanded in the current year to 500 MWp. The preparations for this are already in progress; the
greatest share of the expansion will take place in the second half.
At the time the interim report was published, the SOLON Management Board renewed its projections
for 2008 as a whole including an increase in production volume to 200 MWp and a rise in revenue and
adjusted net income by 75 percent each compared to fiscal 2007.
The full report of SOLON AG for the quarter ended March 31, 2008 is available for download from the
company's website at www.solonag.com.
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SOLON AG
Therese Raatz
Investor Relations
Telefon: 030 / 818 79 - 8034
Telefax: 030 / 818 79 - 110
E-Mail: investor@solonag.com
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