Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten

euro adhoc: Solar-Fabrik AG
Financial Figures/Balance Sheet
Solar-Fabrik AG increased its sales revenue in the first two quarters of 2008 by some 99 % to 102.079 million euros; the Company confirms its target for sales revenue of between 220 millio

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6-month report


Ad hoc press release of August 08, 2008

In the first two quarters of 2008, Solar-Fabrik AG (ISIN: DE0006614712) increased its consolidated sales by some 99 % (102.079 million euros) compared to Q1 and Q2 of 2007 (51.335 million euros). EBIT is reported at 1.768 million euros (prior year 1.470 million euros). This includes net currency conversion losses of 2.582 million euros (due to the US dollar development these losses associated with last year transactions have only affected the Q1 2008. A positive US dollar development will further relieve and improve the group results for the current year; the implemented treasury management minimizes and optimizes the currency risks). Adjusted for net currency conversion losses, EBIT amounts to 4.350 million euros, equivalent to a margin of around 4.2 %. Demand remains high, which will result in complete capacity utilization and greater sales and income figures in the next two quarters.

In the first two quarters of 2008, the Solar-Fabrik Group's export ratio was 64.6 %. Solar-Fabrik is on schedule and progressing well with its internationalization strategy. Strong growth is posted mainly in Asian countries (particularly China), Spain, France, and Belgium.

In first two quarters of 2008, the "Wafer" Division at Solar-Fabrik posted an overall volume of around 37.632 million euros, some 26.030 million euros of which was generated outside the Group. This Division thus increased its sales by 8.182 million euros over Q1 and Q2 of 2007, equivalent to a growth rate of approximately 28 %. The segmental result amounted to 4.236 million euros (3.751 million euros in Q1 and Q2 of 2007), with the EBIT margin reported at 11.3 %.

The "Solar Power Systems" Segment posted 75.942 million euros in sales in the first half of 2008, almost all of which was outside the Group. Compared to the first half of 2007, sales grew by some 143 % or 44.717 million euros. Overall, EBIT is posted at minus 247,000 euros (compared to -2.323 million euros in the previous year) when adjusted for net currency conversion losses, an improvement of 2.076 million euros. As additional production capacity will be added in the second half of 2008, these results are expected to further improve. With the capacity created, the Solar Power Systems segment has reached critical mass and is therefore expected to make a positive contribution to corporate results over the long term.

In the first half of 2008, the "Solar Cell" Division posted a loss of 23,000 euros (compared to a loss of 611,000 euros in the first half of 2007). This division thus improved its performance by some 588,000 euros over the previous year. In Q2 2008, a positive segmental result of 103,000 euros is posted. This positive trend is expected to continue for the year as a whole.

The "Wafer Processing" segment reports a segmental result of 183,000 euros (previous year 506,000 euros). The expansion of this division is being stepped up further. The second plant started production in the second quarter of 2008, doubling production capacity. This division now has an annual capacity of 600 MT at its production site in India. Plans for the second half of the fiscal year forecast a clear improvement in results.

Indeed, in light of the capacity expansions in the first two quarters of the fiscal year under review and great demand for our products, the Solar-Fabrik Group expects all divisions to improve results significantly. For fiscal 2008, the prudent sales revenue target remains at between 220 million euros to 250 million euros and an EBIT-margin of between 4.2 % to 5 %, which we hereby confirm once again.

end of announcement                               euro adhoc

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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