SOLON SE / Quarter Results
19.11.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.
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SOLON SE presents figures for third quarter of 2009
- Group revenue at EUR218.4 million
- EBIT declines to a loss of EUR87.0 million
- Adjusted net income deteriorates to a net loss of EUR80.4 million
- Positive operating cash flow of EUR30.1 million
Berlin, November 19, 2009. SOLON SE, Berlin, (ISIN DE0007471195) today
published its interim report as of September 30, 2009. The first nine
months of the year were characterized by significantly lower demand for
solar technology year on year and a sharp drop in sales prices, which
persisted into the third quarter. Toward the end of the third quarter, the
solar technology market began to revive thanks to improved returns on
investment for customers. Demand for solar installations is picking up
among German customers in particular. As a result, SOLON again increased
Group sales in comparison with the first two quarters of 2009.
In addition, SOLON SE acquired major new contracts in its system technology
business. Due to the required lead time, however, these transactions will
not have much effect on sales or earnings prior to 2010. This means that
this segment's contribution to overall Group performance will continue to
lag behind expectations for the time being.
The market situation described above is reflected in the financial figures
presented by SOLON SE: Group sales fell by 66% year on year to EUR218.4
million (first nine months of 2008: EUR637.0 million). Total operating
performance declined by 68% in the first nine months of the year to
EUR215.7 million (first nine months of 2008: EUR667.3 million). The share
of Group sales generated in the Components segment during the period under
review amounted to 65%, while the System Technology segment contributed
35%. Approximately 50% of Group sales were achieved in Germany in the first
nine months of 2009. Between January and September 2009, SOLON manufactured
photovoltaic installations with an aggregated output of 75 MWp, 36 MWp
thereof in the third quarter.
Earnings before interest, tax, depreciation and amortization (EBITDA)
dropped to a loss of EUR72.2 million (first nine months of 2008: income of
EUR58.5 million). Earnings before interest and tax (EBIT) fell to a loss of
EUR87.7 million (first nine months of 2008: income of EUR49.4 million).
Both of these figures include non-recurring impairment losses of EUR36
million recognized on inventories due to the sharp decline in sales prices
since the start of the year.
Net income after minority interests amounted to a net loss of EUR146.7
million (first nine months of 2008: net income of EUR27.3 million). Before
taking into account the non-recurring impairment losses on investments,
most of which were recognized in the second quarter, the adjusted net
income after minority interests amounted to a net loss of EUR80.4 million.
Adjusted earnings per share amounted to a loss of EUR6.42 (first nine
months of 2008: earnings of EUR2.18).
While the operating business remained behind expectations, improvements
were seen in the balance sheet and in cash flows. Working capital was again
reduced thanks to the reduction of receivables from business in Spain and
Italy as well as a decline in inventory levels. In the first nine months of
2008, the Company generated a positive operating cash inflow of EUR30.1
million (first nine months of 2008: net cash outflow of EUR31.7 million).
Net debt was reduced slightly to EUR384.2 million as of the reporting date.
SOLON SE is currently negotiating with banks on restructuring medium-term
Group financing. The negotiations are well advanced and are expected to be
completed by the end of this year.
The restructuring program initiated in the second quarter, which includes
strategic measures along with projects to improve the Company's cost
structure, is already showing initial successes, as can be seen in the
improved liquidity situation, for instance.
Based on the current business trend, the Management Board expects sales for
the current fourth quarter to continue rising steadily, as was the case in
the preceding quarters of 2009. However, SOLON will close fiscal 2009 with
a substantial operating loss. In 2010, global demand for solar technology
should pick up considerably, while sales prices should soften slower than
in 2009. The SOLON Group's goal for 2010 is to return to double-digit sales
growth and a break-even operating result.
The complete interim report of SOLON SE for the nine months ended September
30, 2009 is available for download from the Company's website at
www.solon.com.
SOLON SE
Therese Raatz
Investor Relations
Phone: 030 / 818 79 - 9305
Fax: 030 / 818 79 - 9300
E-mail: investor@solon.com
19.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard);
Freiverkehr in München, Hannover, Düsseldorf, Hamburg,
Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: SOLON SE: SOLON SE presents figures for third quarter of 2009
| Quelle: EQS Group AG