Interim Report as at 30th June 2006 - aleo-solar.com

Recommendations

Info

➔ Figures at a Glance ➔ Contents 30 June 2006 30 June 2005 Production output Megawatts 22.9 14.6 Total operating performance € million 64.6 48.1 Sales revenues € million 55.7 47.6 EBIT € million 6.1 7.9 EBIT margin in % 11.0 16.6 Earnings before taxes € million 5.8 7.8 Net income for the year € million 3.7 4.8 Fixed assets € million 18.6 8.1 Current assets € million 42.8 20.9 Balance sheet total € million 61.5 34.8 Equity € million 14.9 11.1 Equity ratio in % 24.2 32.0 Cash flow € million 0.5 -0.5 Investment € million 5.1 0.3 Depreciation € million 1.0 0.7 2 Foreword 4 Business Development 11 Consolidated First-Half Financial Statements 12 Consolidated Balance Sheet 14 Consolidated Profit and Loss Statement 15 Consolidated Cash Flow Statement 16 Consolidated Statement of Changes in Equity 18 Consolidated Notes Cost of materials € million 52.3 36.7 Cost of materials ratio in % 80.9 76.2 Earnings per share € 0.36 0.47 No. of employees on 31 March 239 190 Personnel costs ratio in % 4.8 4.3 Sales per employee € ’000 233.0 250.5
➔ Foreword Dear Sirs, aleo solar AG has made it to the trading floor of the Frankfurt Stock Exchange. We are proud to have succeeded in taking this important step in the further development of our company. Access to the capital market enables us to step up the pace of our growth and to achieve our strategic objectives swiftly. aleo solar will thus play an important role in the ongoing growth of the photovoltaics market, and the development of business in the first half of 2006 confirms this view. Positive industry environment The solar industry’s positive environment continues unabated. The market for photovoltaics in Germany is growing at a high rate, demand for solar installations is increasing perceptibly in other European countries, and the German Environment Minister has reaffirmed the federal government’s commitment to promoting renewable energy. Our business has also developed successfully in the first six months of 2006. Business developing successfully Experience has shown that business is somewhat weaker in the first half, yet compared with the previous year we were able to improve our total operating performance by nearly 34%. Production is therefore running according to plan in 2006. We attribute this to a balanced solar cell procurement strategy and to the high reputation that aleo enjoys as a quality brand. Top marks from the Stiftung Warentest Foundation In May the Stiftung Warentest Foundation, Germanys leading institute for product testing, tested 15 solar modules. The aleo solar module was awarded the top rating of 1.9. It was found to be particularly good in power generation and durability. The findings demonstrate that our modules are among the best in the world. We will maintain this high quality standard and continue to set standards with our products. Access to new technology assured Our modules use solar cells made of silicon, but silicon is a scarce commodity and we are taking the precaution of looking into alternative technologies. In April 2006 we acquired a stake in Johanna Solar Technology GmbH and thereby made sure of access to a new, silicon-free thin-film technology. In our opinion it is one of the most promising developments in the photovoltaic industry. aleo solar becomes an Aktiengesellschaft (public limited company) In the first quarter we changed our equity structure and with effect from 17 March increased our capital stock from company funds by EUR 7.6 million to EUR 10.2 million. The decisive reason for this move was the company’s conversion in May from an unlisted GmbH (limited liability company) to a listed Aktiengesellschaft. Along with the change in legal status we changed the company’s name. S.M.D. Solar-Manufaktur Deutschland GmbH is now known as aleo solar AG and bears the name of our established aleo brand. In future our company will be subject to even stricter transparency requirements. We have allowed for this by converting our accounts to International Financial Reporting Standards (IFRS). That makes us well prepared for the capital market’s information requirements. In this connection we are reporting earnings per share both for this first half and for the first half of last year. Earnings per share for the first half of 2006 were EUR 0.36. Prenzlau, August 2006 Heinrich Willers Jakobus Smit
Page 1: 2006 First-Half Report aleo solar A
Page 5 and 6: ➔ Business Development Course of
Page 7 and 8: ➔ Business Development ➔ Consol
Page 9 and 10: ➔ Consolidated Profit ➔ Consoli
Page 11 and 12: ➔ Notes to the Consolidated Finan
Page 13 and 14: ➔ Notes to the Consolidated Finan

Interim Report as at 30th June 2006 - aleo-solar.com

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?