SOLON SE / Interim Report
12.05.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Group revenue declines by 76% to EUR38.3 million
- EBIT loss of EUR20.7 million
- Adjusted net loss of EUR18.5 million
Berlin, May 12, 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 EUR38.3 million (Q1 2008:
EUR161.6 million). Total operating performance fell 64% to EUR70.2 million
(Q1 2008: EUR195.5 million). 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 EUR16.2 million (Q1 2008: EUR15.5 million),
while EBIT fell to a loss of EUR20.7 million (Q1 2008: EUR12.5 million).
Adjusted for one-time effects related to impairment losses on investments
of EUR0.7 million, SOLON SE reported a net loss after minority interests of
EUR18.5 million (Q1 2008 adjusted: EUR6.9 million). Adjusted earnings per
share declined to a loss of EUR1.48 per share (Q1 2008 adjusted: profit of
EUR0.55).
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).
SOLON SE
Therese Raatz
Investor Relations
Telefon: 030 / 818 79 - 9305
Fax: 030 / 818 79 - 9300
E-Mail: investor@solon.com
DGAP 12.05.2009
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Language: English
Issuer: SOLON SE
Am Studio 16
12489 Berlin
Deutschland
Phone: +49 (0)30 81 87 9-9305
Fax: +49 (0)30 81 87 9-9999
E-mail: investor@solon.com
Internet: www.solon.com
ISIN: DE0007471195, DE 000 A0S TYS 2,
WKN: 747119, A0S TYS
Indices: TecDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard);
Freiverkehr in Hannover, München, Hamburg, Düsseldorf,
Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: SOLON reports loss for Q1 2009
| Source: EQS Group AG