SOLON AG raises revenue to more than EUR 500 million
Berlin, February 26, 2008
Source. Solon AG press release
The Berlin-based firm SOLON AG für Solartechnik (ISIN DE0007471195) today published its preliminary results for 2007. They reveal that the company grew strongly once more last year, and it produced solar modules and power generation systems with a total output of 118 megawatts (2006: 84 megawatts). Consolidated revenue rose by 45 percent to EUR 503 million (2006: EUR 346.4 million), exceeding its revenue forecast for 2007, which was revised upward last November. EBITDA increased by 39 percent to EUR 43 million (2006: EUR 30.9 million). Earnings before interest and tax (EBIT) totaled EUR 35 million, a year-on-year rise of 41 percent (2006: EUR 24.8 million).
Net profit including non-recurrent items amounted to EUR 37 million and earnings per share rose to EUR 3.62. The non-recurrent items result from the disposal and revaluation of equity investments and the redemption of the 2005/2010 convertible bond. Adjusted for non-recurrent items, net profit for 2007 amounted to EUR 21 million (2006: EUR 14.4 million) and earnings per share to EUR 2.05 (2006: EUR 1.56). This represents a 46 percent year-on-year improvement in earnings and a 31 percent increase in earnings per share.
SOLON has five production facilities in Germany, Austria, Italy and the USA with a total annual production capacity of 210 megawatts. As announced, this total is to be raised to 500 megawatts by the end of 2008, with the biggest single increases taking place in Greifswald, Germany (from 70 to 200 megawatts) and Italy (from 30 to 150 megawatts). The SOLON group will then have an average production capacity of 250 megawatts at its disposal in 2008.
When it published its preliminary full-year results for 2007, SOLON reiterated its forecast for the current year saying that it plans to increase its 2008 production volume to 200 megawatts. The solar cells needed to achieve this will be supplied under existing long-term supply contracts. SOLON expects consolidated revenue for 2008 as a whole to be EUR 850-900 million with a similar increase in net profit. Once again, SOLON is forecasting strong growth in revenue and earnings of around 50 percent in 2009. SOLON AG’s full annual report is published on April 7, 2008 and can be downloaded from the company’s website (www.solonag.com).