PRESSEMITTEILUNGEN

(pressebox) Berlin, 12.05.2009, Berlin-based SOLON SE (ISIN DE0007471195) today published its interim report for the period ended March 31, 2009. The first quarter of 2009 fell short of expectations. The long and harsh winter in southern Germany had a negative impact on demand for solar energy systems, as did the continuing lack of sufficient funding for larger photovolatics projects. In this challenging market climate, SOLON SE’s Group revenue declined by 76% in the first quarter of 2009 to 8.3 million Euro (Q1 2008: 161.6 million Euro). Total operating performance fell 64% to 70.2 million Euro (Q1 2008: 195.5 million Euro). In a timely response to the decline in sales, SOLON SE has lowered production at all sites since the beginning of the year. As a result, in the first quarter of 2009 the Company produced solar modules with a total output of 18 MWp only. The Components segment contributed 61% to total Group revenue in the first quarter, while the share of revenue attributable to the System Technology segment fell to 39%. Export sales accounted for more than 50% of Group revenue.

EBITDA declined to a loss of 16.2 million Euro (Q1 2008: 15.5 million Euro), while EBIT fell to a loss of 20.7 million Euro (Q1 2008: 2.5 million uro). Adjusted for one-time effects related to impairment losses on investments of 0.7 million Euro, OLON SE reported a net loss after minority interests of 18.5 million Euro Q1 2008 adjusted: 6.9 million Euro) Adjusted earnings per share declined to a loss of 1.48 Euro er share (Q1 2008 adjusted: profit of 0.55 Euro)

While demand for solar modules has been on the rise again in the second quarter, the power plants business is still suffering from the ongoing critical situation in project finance. We therefore assume that SOLON will also finish the second quarter with a loss. A possible write-down on the investment in the French silicone project SilPro would additionally reduce second quarter earnings.

Based on the assumption that the economic climate will improve and the situation in the finance industry will return to normal in the second half of the year, we expect to see an increase in demand in both of our business segments. In response to the persistent lack of market visibility, the Management Board deems it appropriate to wait until later in the year to announce a forecast for 2009 sales and earnings.

The complete interim report of SOLON SE for the first quarter ended March 31, 2009 is available for download from the Comapny’s website (www.solon.com).

Trackback URL

Critical Situation, Earnings Per Share, Ebit, Ebitda, Export Sales, Group Revenue, Harsh Winter, Market Climate, Minority Interests, Mwp, Olon, Power Plants, Second Quarter Earnings, Silpro, Solar Energy Systems, Solar Modules, Southern Germany, Technology Segment, Time Effects, Timely Response