Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten

euro adhoc: Solar-Fabrik AG
quarterly or semiannual financial statement / Solar-Fabrik AG Doubles Sales - completed capital increase and structured financing ensure the realization of the business plans

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9-month report


Solar-Fabrik AG Doubles Sales - completed capital increase and structured financing ensure the realization of the business plans

Ad-hoc Announcement, 26 October 2007

Solar-Fabrik AG (ISIN: DE0006614712) increased sales by 106% in the   first  nine months of 2007 compared with the same period of 2006, to EUR  102,860,000  (Q1-3 2006: EUR 49,816,000). In response, the Company has raised  its  sales  forecast for 2007 from a minimum of EUR 130 million previously to a minimum  of  EUR  140 million now. Adjusted for unrealized exchange  rate  losses  of  EUR  2,998,000, Solar-Fabrik AG closed the first nine months of 2007 with EBIT of EUR 1,966,000 (EBIT Q1-3 2006: EUR 3,035,000). Exchange rate hedges particularly  for  current currency exposures for the next fiscal year are already accounted for  in  these figures. The recent share issue generated approximately EUR 41 million  for  the company. Another EUR 43 million  has  been  borrowed  in  a  recently   finalized structure finance package to secure business  growth  as   decided  and  planned. This assures the Company access  to  the   resources  needed  for  its  impending expansion, guaranteeing the supply of  raw  materials  to  increase  solar  cell production in Singapore and additions to production capacity  for  solar  panels and solar cells.

The first delivery tranche under a polycrystalline silicon  contract with  Hoku Materials has been secured by  opening  a   cash-collateralized  US$  25  million letter of credit for the agreed upon volumes and prices. A  second  tranche  and the conditions involved are currently the subject of talks between  the  parties that are to be completed at the latest by the year-end. This  opens   significant additional scope for expansion from 2009 which has  not   yet  been  incorporated into the current business plans.

@@start.t2@@In its Wafers  business  segment,  Solar-Fabrik  generated  sales  of  some  EUR 52,055,000 in the first nine months of 2007, with external sales accounting  for some EUR 39,465,000 of this total. The Wafers segment thus increased first nine- month  sales  by  EUR  33,581,000    compared    with    2006    (EUR    18,474,000), corresponding to a growth rate of 182%. Segment operating  income  amounted  for EUR 4,204,000 (Q1-3 2006: EUR 4,502,000).@@end@@

In its Solar Power Systems business  segment,  Solar-Fabrik  altered its  sales strategy in  the  second  quarter  of  2007  to  increase its  focus  on  major customers. Sales in this segment increased in the reporting period by  some  53% to EUR 63,254,000 (Q1-3 2006:  EUR 41,362,000).  The  new  sales  strategy  has brought about a dynamic reduction in operating losses in this segment since  the beginning of the year: while the segment result in the  first  quarter  of  2007 amounted to a loss of EUR 1,536,000 due to seasonal effects and as a result  of the initial sales strategy, the segment result for the second  quarter  of  2007 improved due to the initiated sales reorganization by EUR  749,000  compared  to Q1 2007. Furthermore, the segment result for the  third  quarter  2007  improved compared to the segment result for the second quarter 2007 by  EUR  561,000.   In total, the segment generated a cumulated operating  loss  adjusted for  special effects of EUR 2,549,000 for the first nine months  of   2007.  Since  the  third quarter of 2007, the segment has operated at break-even point. Above  the  level of sales it has attained the segment will generate positive operating income  in future, and further planned sales growth in  the  Solar  Power  Systems  segment will mean even higher growth in operating income.

The operational turnaround has also been achieved in the third   quarter  in  the Solar Cells segment. After initial losses of EUR 611,000 in the  first  half  of 2007, the third quarter brought a segmental operating income of EUR 140,000.

The Wafer Processing segment, in which almost all sales  are   accounted  for  by intra-group business, generated segmental operating income  of  EUR  701,000  in the first nine months of 2007. The extension of the Wafer segment  will  further be accelerated. In this regard, the production capacity of the Wafer  Processing segment in India will be doubled by the current construction of a second plant.

Solar-Fabrik plans (and to a large extent already has contracts) to sell  up  to 70 MWp of solar panels in its Solar Power Systems segment in the  2008  business year, and expects that it will provide a  correspondingly  large  quantity  and price-induced positive contribution to operating  income.  The  Group's  minimum sales forecast for 2008 is EUR 200 million. The  Company  forecasts   significant rises in sales and earnings; this estimation is based on sustained  high  level of  capacity  utilization,  additional   efficiency  gains  at    all    production locations, and improved procurement terms in line with increasing volumes.

@@start.t3@@end of announcement                                                 euro adhoc 26.10.2007 07:09:38

ots Originaltext: Solar-Fabrik AG
Im Internet recherchierbar:

Further inquiry note:
Martin Schlenk
Tel. +49(0)761 4000 207

Branche: Alternative energy
ISIN:      DE0006614712
WKN:        661471
Börsen:  Börse Frankfurt / regulated dealing/prime standard
              Börse Berlin / free trade
              Börse Stuttgart / free trade
              Börse München / free trade

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