EANS-Adhoc: Solar-Fabrik AG specialises in solar power systems, reorganised company structure, order volume for 2009 already more than 80 MWp, improved margin thanks to falling supplier prices
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
3-month report
15.05.2009
In the first quarter of 2009, Solar-Fabrik AG (ISIN: DE0006614712) achieved a group turnover of 22,529,000 euros (previous year: 53,102,000 euros). Earnings before interest and taxes (EBIT) were -289,000 euros (previous year: 519,000 euros). In the first quarter of 2009, there was a marked focus on the German solar market, which, however, was less productive than the average of previous years due to the weather. As expected, the Spanish market declined due to the amended funding regulations. Nevertheless, Solar-Fabrik is profiting from falling supplier prices, as the company has generally not signed binding contracts.
On 31 March 2009, turnover of 21,573,000 euros in the segment solar power systems had been achieved (previous year: 34,893,000 euros). Despite the decline in turnover and the decrease in the gross margin from 10.7% to 9.3%, the segment result increased by 785,000 euros from -2,685,000 euros in the previous financial year to -1,900,000 euros.
As a consequence of the slump in the silicon market and the fact that GEWD Ltd. filed for bankruptcy on 31 March 2009, turnover in the wafer segment had fallen by 17,267,000 euros from 18,181,000 euros to 914,000 euros on 31 March 2009. It was possible, by the end of 2008, to temporarily reverse provisions for onerous contracts to P&L by returning deliveries to suppliers in exchange for credit. As a consequence, the segment result is 1,588,000 euros.
In the first quarter of 2009, the "solar cells" business division posted a profit of 303,000 euros (previous year: -126,000 euros). A positive result is expected for the whole financial year.
The "wafer preparation" segment achieved a balanced result (previous year: 82,000 euros). A positive result is expected for the whole financial year.
Despite the financial and economic crisis, Solar-Fabrik AG currently has an order volume exceeding 80 MWp. The company aims to achieve a double-digit percentage increase in production and sales, compared with 2008, and to gain market share in the European solar market. At the end of the first quarter in 2009, Solar-Fabrik started up its third production facility in Freiburg and has thus increased production capacity to 130 MWp. This production line is highly automated and is a guarantee of increased productivity. Solar-Fabrik expects an EBIT margin of at least 3 % in the solar power systems segment for the current financial year, which is characterised by a high degree of planning security.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Tel.: 0761 - 4000 0
info@solar-fabrik.de
Branche: Alternative energy
ISIN: DE0006614712
WKN: 661471
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade