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

@@start.t1@@--------------------------------------------------------------------------------   Corporate news transmitted by euro adhoc. The issuer/originator is solely   responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

annual report

Berlin (euro adhoc) - 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

SOLON SE Therese Raatz Investor Relations Telefon: +49 / 30 / 818 79 - 9305 Telefax: +49 / 30 / 818 79 - 9300 E-Mail:

@@start.t2@@end of announcement                                                 euro adhoc

ots Originaltext: SOLON SE
Im Internet recherchierbar:

Further inquiry note:
Therese Raatz
Head of Corporate Communications
Tel.: +49 30 818 79-9305

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

Weitere Meldungen: SOLON SE

Das könnte Sie auch interessieren: