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SOLON SE

EANS-News: SOLON SE
SOLON SE publishes 2009 Annual Report - basic agreement reached on refinancing

Berlin (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
annual report
SOLON SE publishes 2009 Annual Report - basic
agreement reached on refinancing
- Revenues of EUR354 million - A loss of EUR199 million for earnings 
before interest and taxes (EBIT) - Net loss including special factors
of EUR272 million - Positive operating cash flow of EUR93 million - 
Financing package of EUR275 million
Berlin, March 31, 2010 - SOLON SE, Berlin, Germany (ISIN 
DE0007471195) today presented its 2009 Annual Report, confirming the 
preliminary financial results for the previous fiscal year which were
already released on February 23. The Company simultaneously reported 
that it had come to a basic agreement with the banks regarding 
restructuring of the Group's financing.
Worldwide demand for solar technology stagnated in 2009, accompanied 
by a drastic decline in prices for solar technology. This is 
reflected in the performance of the Solon Group.
Group revenues reached EUR354.4 million, reflecting a 57% decline 
from the extraordinarily robust performance of EUR815.1 million in 
2008. Earnings before interest and taxes (EBIT) saw a loss of 
EUR199.0 million (2008: profit of EUR57.7 million). Net income after 
minority interests amounted to EUR-271.6 million (2008: EUR32.7 
million). Earnings per share declined to EUR-21.68 (2008: EUR2.61). 
One-time effects had a severely negative impact on EBIT and net 
income of EUR128.2 million. These one-time effects resulted from 
impairment losses on participations, at-equity investments and loans,
from the discontinuation of the Estelux project activities and from 
the goodwill impairment loss. Net income after minority interests 
adjusted for one-time effects amounted to EUR-143.4 million (2008: 
EUR30.9 million). This corresponds to adjusted earnings per share of 
EUR-11.45 (2008: EUR2.46). In fiscal year 2009, SOLON generated a 
positive operating cash flow of EUR93.1 million.
The Components segment accounted for 72% of Group revenue in 2009 
(2008: 45%); the System Technology segment's percentage declined to 
28% (2008: 55%). Approximately 52% of Group revenue was generated in 
Germany in 2009. Photovoltaic systems with a total capacity of 132 
MWp were produced in 2009, a 25% decline from the previous year 
(2008: 176 MWp).
The SOLON Group maintains five production sites in Germany, Austria, 
Italy and the US. At year-end, the number of employees at all Group 
locations was 901.
Agreement was recently achieved concerning all major conditions in 
the negotiations with the banks for restructuring the medium-term 
Group financing. The planned syndicated loan under the lead 
management of Deutsche Bank AG includes commitments for cash credit 
facilities and facilities by way of bank guarantees totaling EUR275 
million. Also included is a combined 80% default guarantee from the 
German federal government and the federal states of Berlin and 
Mecklenburg-Vorpommern on a partial loan amount of EUR146 million. 
"This indicates the willingness of the banks to make a significant 
scope of unguaranteed lending available to SOLON SE," commented 
Simone Prüfer, CFO. The agreement, which includes the participation 
of seven German banks in addition to the lead manager, will expire in
late 2011.
For the current fiscal year, the Management Board presumes that 
global demand for solar technology will increase robustly while 
selling prices will decline more slowly than in the previous year. 
Now that Group funding has been secured, the Company's position with 
respect to suppliers and customers has significantly improved. This 
improvement constitutes the basis for the intended return to revenue 
growth in the double-digit percentage range and achievement of a 
break-even operating result.
The complete 2009 annual report of SOLON SE is available for download
from the company's website at www.solon.de.
SOLON SE
Therese Raatz
Investor Relations
Telefon: +49 / 30 / 818 79 - 9305
Telefax: +49 / 30 / 818 79 - 9300
E-Mail:  therese.raatz@solon.com
end of announcement                               euro adhoc

Further inquiry note:

Therese Raatz
Head of Corporate Communications
Tel.: +49 30 818 79-9305
E-Mail: therese.raatz@solon.com

Branche: Energy
ISIN: DE0007471195
WKN: 747119
Index: Midcap Market Index, CDAX, HDAX, Technology All Share, GEX,
ÖkoDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / regulated dealing
Hamburg / regulated dealing
Stuttgart / regulated dealing
Düsseldorf / regulated dealing
München / regulated dealing

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