SOLON AG für Solartechnik, Berlin (ISIN DE0007471195), today presented its report on the first quarter of 2007.
SOLON AG's business operations performed in accordance with Company expectations during the first quarter. Group revenues rose 48% to EUR 75.1 million (Q1 2006: EUR 50.9 million). EBIT increased by 16% to EUR 5.0 million (Q1 2006: EUR 4.3 million), and EBITDA rose 22% to EUR 6.7
million (Q1 2006: EUR 5.5 million). The Group's net income improved to EUR 12.2 million (Q1 2006: EUR 2.5 million). After adjustment for the special effects from the sale of our stake in Dutch solar cell manufacturer, Solland Solar Energy Holding B.V, adjusted net income after minority interests equals EUR 2.7 million. Earnings per share amounted to EUR 1.31 (Q1 2006: EUR 0.28 million). Without the aforementioned special effects, earnings per share would have amounted to EUR 0.29.
Our export business experienced particularly good momentum once again. Numerous power plant projects were continued in Spain, and delivery of the 5,000th SOLON Mover is imminent. In addition to the Southern European markets, we focused our activities on the U.S. growth market, where we
began development of a subsidiary in the first quarter of 2007: SOLON America Corporation, with registered offices in Tucson, Arizona, will take up production for the North American market at the end of 2007.
The steady growth of the Company is also reflected in the rising number of employees. At the end of the first quarter of 2007, the SOLON Group employed 548 people. This represents an increase of 15% over the previous year.
For 2007 as a whole, the Company is confirming its forecast of a rise of more than 30% in Group revenues and net income adjusted for disposal proceeds.
The full report of SOLON AG for the quarter ended March 31, 2007 is available for download from the Company's website at www.solonag.com.
SOLON AG's business operations performed in accordance with Company expectations during the first quarter. Group revenues rose 48% to EUR 75.1 million (Q1 2006: EUR 50.9 million). EBIT increased by 16% to EUR 5.0 million (Q1 2006: EUR 4.3 million), and EBITDA rose 22% to EUR 6.7
million (Q1 2006: EUR 5.5 million). The Group's net income improved to EUR 12.2 million (Q1 2006: EUR 2.5 million). After adjustment for the special effects from the sale of our stake in Dutch solar cell manufacturer, Solland Solar Energy Holding B.V, adjusted net income after minority interests equals EUR 2.7 million. Earnings per share amounted to EUR 1.31 (Q1 2006: EUR 0.28 million). Without the aforementioned special effects, earnings per share would have amounted to EUR 0.29.
Our export business experienced particularly good momentum once again. Numerous power plant projects were continued in Spain, and delivery of the 5,000th SOLON Mover is imminent. In addition to the Southern European markets, we focused our activities on the U.S. growth market, where we
began development of a subsidiary in the first quarter of 2007: SOLON America Corporation, with registered offices in Tucson, Arizona, will take up production for the North American market at the end of 2007.
The steady growth of the Company is also reflected in the rising number of employees. At the end of the first quarter of 2007, the SOLON Group employed 548 people. This represents an increase of 15% over the previous year.
For 2007 as a whole, the Company is confirming its forecast of a rise of more than 30% in Group revenues and net income adjusted for disposal proceeds.
The full report of SOLON AG for the quarter ended March 31, 2007 is available for download from the Company's website at www.solonag.com.
