euro adhoc: ErSol Solar Energy AG
Financial Figures/Balance Sheet
ErSol
continues its growth course in 2006 with a significant earnings increase
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21.02.2007
ErSol continues its growth course in 2006 with a significant earnings increase
ErSol Solar Energy AG (ErSol), Erfurt has once again closed off the previous financial year with record results. Based on preliminary calculations, consolidated sales grew in 2006 by 98% to EUR 127.8 million (2005: EUR 64.4 million) following the Groups capacity expansion, deliveries already accrued, thanks to the long-term raw materials agreements concluded in 2005, and the integration of the silicon-recycling subsidiary SRS in financial year 2006. Earnings have also shown disproportionate growth despite start-up costs for new business segments: earnings before interest and taxes (EBIT) were more than doubled to EUR 20.3 million (2005: EUR 9.5 million) and the EBIT margin grew to 15.9% (2005: 14.7%). ErSol has also recorded a sharp growth in earnings before taxes (EBT): EBT increased to EUR 19.7 million (2005: EUR 9.5 million).
All the signs again point to significant growth levels at ErSol for the current year. The ErSol Group anticipates sales of between EUR 148 and EUR 155 million in financial year 2007. Thanks to the continued expansion of capacities in the Wafers and Solar Cells segments, which cannot be used until the end of the year, the ErSol Group's sales are expected to grow by about 20%. The Company may already see the first contribution to sales arising from the Groups new thin-film activities. Earnings before taxes (EBT) and EBIT are expected to at least match figures of the previous year. The Group currently estimates that a stronger growth in earnings will be curtailed by the continued scarcity of materials on the procurement market, which remains tough, and by the substantial start-up costs for investments in the Group's expansion.
This year the ErSol Group will triple its capacity in the crystalline area from 60 to 180 MWp and will develope 40 MWp in thin-film technology. With an output of approx. 140 MWp in the crystalline area and about 24 MWp in thin-film, ErSol anticipates sales growth of around 100% in 2008. The required silicon volumes and financing have been secured for this. On the sales side, almost 100% of these volumes have already been sold. Compared to levels in 2006 and 2007, the Company aims to at least triple its operating profit.
end of announcement euro adhoc 21.02.2007 07:08:13
Further inquiry note:
Sonja Teurezbacher
Investor Relations Manager
+49 (0)361 219 5130
sonja.teurezbacher@ersol.de
Branche: Alternative energy
ISIN: DE0006627532
WKN: 662753
Index: CDAX, TecDAX, HDAX, Midcap Market Index, Prime All Share,
Technologie All Share
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
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