Solar-Fabrik AG

EANS-News: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten
Solar-Fabrik AG finishes 2011 with positive EBIT and considers completed restructuring as a good platform for future success - Stabelised high ...

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Financial Figures/Balance Sheet

Freiburg (euro adhoc) - Freiburg, March 30, 2012 - Solar-Fabrik AG (ISIN:
DE0006614712), an independant PV solar company offering solar modules and system
components as well as installation and operation of turn-key systems, managed to
stabilize the 2011 volume at the 2010 record level, despite the increased
worldwide competition.

|Key financial data          |         |FY 2011  |FY 2010  |% changes  |
|Revenue 1)                  |EUR´000  |176,899  |227,279  |-22%       |
|Overall performance 1)      |EUR´000  |178,229  |227,915  |-22%       |
|Cost of material 1)         |EUR´000  |153,769  |187,595  |-18%       |
|Gross margin                |%        |13.7     |17.7     |-22%       |
|EBITDA 1)                   |EUR´000  |4,624    |14,888   |-89%       |
|EBIT 1)                     |EUR´000  |776      |11,349   |-93%       |
|Net result 1)               |EUR´000  |-360     |8,428    |n/a        |
|Net result                  |EUR´000  |-4,150   |7,667    |n/a        |
|Earnings per share          |EUR      |-0.28    |0.64     |n/a        |
|Cash flow from operation    |EUR´000  |3,099    |13,047   |-76%       |
|Cash at hand                |EUR´000  |38,756   |31,086   |25%        |

     1) Data for the continued operations, only

In 2011 Solar-Fabrik Group reached 127 MWp (2010: 128.1 MWp) sales volume of
solar modules, despite continuous reduction of feed-in-tariffs in all major
target markets. Due to much stronger international sales the export ratio
reached another high of 60.3% (2010: 41.3%). The Group revenue decreased from
TEUR 227,279 in 2010 by 22.2% to TEUR 176,899 in 2011 due to price erosion.
Increased global competition and oversupply decreased the average sales price
by 37.8%.

The continuous price reductions on the sales side could be compensated on the
supply side, however, due to the time delay between purchase and sales, the
gross margin was squeezed to 13.7% (2010: 17.7%).

The 2011 earnings before interest and tax (EBIT) of the continued operations of
Solar-Fabrik Group reached TEUR 776 (2010: TEUR 11,349). The 2011 net result of
the continued operations was slightly negative at TEUR -360 (Vj. TEUR 8,428).
The total net result is heavily impacted by the decision to discontinue the
Solar Cell Production, leading to one time charges mainly from write-offs from
fixed assets and working capital, particularly prepayments for a wafer supply

The net cash flow from operations in 2011 was TEUR 3,099 (2010: TEUR 13,047)
and cash and cash equivalents of TEUR 38,756 at year´s end represent an
increase of TEUR 7,765.

Guenter Weinberger, CEO of Solar-Fabrik AG, considers the company a winner of
the 2011 PV solar crisis. "Our key success factor in 2011 was our flexibility
to adapt swiftly to the ever changing market environment. Adjustments in
organisation and cost structure helped us to stabilize our volume at the year
2010 record level. After discontinuing the cell production we are strategically
well positioned and our focus is operational excellence in every single aspect
of our business, from sourcing through production to sales and support. Our
comfortable cash position allows us to invest into the new business of turn key
system installation and operation and to further expand abroad. Our 2011
results are a great platform to deliver on the right strategy and encourage us
for the future."

Further inquiry note:
Investor Relations
Tel.: +49 (0)761-4000 0

end of announcement                               euro adhoc 

company:     Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten
             Munzinger Str.  10
             D-79111 Freiburg
phone:       +49(0)761 4000 0
FAX:         +49(0)761 4000 199
sector:      Alternative energy
ISIN:        DE0006614712
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
             dealing/prime standard: Frankfurt 
language:   English

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