Solar-Fabrik Reports Turnover Of EUR22.53 Million In Q1 2009

Published: 15-May-2009

By: Staff Writer Staff Writer Staff Writer

Solar-Fabrik AG (Solar-Fabrik) has reported group turnover of EUR22.53 million for the first quarter of 2009, compared with the group turnover of EUR53.1 million in the year-ago quarter. It has also reported a negative EBIT of EUR0.29 million for the first quarter of 2009, compared with the EBIT of EUR0.52 million in the year-ago quarter.

In the first quarter of 2009, there was a marked focus on the German solar market, which, however, was less productive than the average of previous years due to the weather. As expected, the Spanish market declined due to the amended funding regulations. Nevertheless, Solar-Fabrik is profiting from falling supplier prices, as the company has generally not signed binding contracts.

On March 31, 2009, turnover of EUR21,573,000 in the segment solar power systems had been achieved (previous year: EUR34,893,000). Despite the decline in turnover and the decrease in the gross margin from 10.7% to 9.3%, the segment result increased by EUR785,000 from EUR-2,685,000 in the previous financial year to EUR-1,900,000.

As a consequence of the slump in the silicon market and the fact that GEWD Ltd. filed for bankruptcy on March 31, 2009, turnover in the wafer segment had fallen by EUR17,267,000 from EUR18,181,000 to EUR914,000 on March 31, 2009. It was possible, by the end of 2008, to temporarily reverse provisions for onerous contracts to P&L by returning deliveries to suppliers in exchange for credit. As a consequence, the segment result is EUR1,588,000.

In the first quarter of 2009, the solar cells business division posted a profit of EUR303,000 (previous year: EUR-126,000). A positive result is expected for the whole financial year.

The wafer preparation segment achieved a balanced result (previous year: EUR82,000). A positive result is expected for the whole financial year.

Despite the financial and economic crisis, Solar-Fabrik currently has an order volume exceeding 80 megawatt peak (MWp). The company aims to achieve a double-digit percentage increase in production and sales, compared with 2008, and to gain market share in the European solar market. At the end of the first quarter in 2009, Solar-Fabrik started up its third production facility in Freiburg and has thus increased production capacity to 130 MWp. This production line is highly automated and is a guarantee of increased productivity. Solar-Fabrik expects an EBIT margin of at least 3 % in the solar power systems segment for the current financial year, which is characterized by a high degree of planning security.

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