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November 18, 2008
Freiburg,
Germany: S.A.G. Solarstrom AG Reports Third Quarter 2008 Results
Following
its successful re-structuring, Freiburg-based S.A.G. Solarstrom
AG says the company was able to boost its operating result to
2.1 Mio. during the first nine months of business year 2008.
In the prior year period, the operating result had still been
negative ( -2.1 Mio.). During the reporting period, turnover
was boosted to 64 Mio., a more than threefold increase over
the prior year (Q1-Q3 2007: 19.9 Mio.).
Although
each of the companys operating segments contributed to this positive
performance, the biggest portion was due to two segments in particular:
Project
Planning and Plant Construction and Wholesaling and Partner Sales.
The Project Planning and Plant Construction segment grew from
7.5 Mio. (Q1-Q3 2007) to 26 Mio. (Q1-Q3 2008), an increase
of more than 245%.
The
Wholesaling and Partner Sales segment grew by more than 325%,
from 7.4 Mio. in 2007 to 31.6 Mio. in 2008. The Plant Operation
and Services segment grew by 38% to 4.6 Mio. (Q1-Q3 2008), while
Power Production grew by 15% to just under 1.8 Mio..
The
firms EBIT margin rose from 10.2% in the prior year period to
2.7% (Q1-Q3 2008). Given the above, the Executive Board was able
to confirm the improved annual forecast for 2008 that it had announced
on 30 October. Thus, S.A.G. now expects a turnover of 93-98
Mio. (previously 70-75 Mio.) and an EBIT of between 2.3 Mio.
and 2.8 Mio. (previously 1.5 to 2.00 Mio.).
As
forecast, the third quarter result will represent by far the biggest
contribution to overall 2008 performance. This is because we were
able to implement a number of projects with a high added-value
component during this period, explains Dr. Karl Kuhlmann, Executive
Board Chairman of S.A.G. Solarstrom AG.
Despite
the difficult financing environment, S.A.G. Solarstrom AG says
the company is confident that 2009 will be yet another year of
profitable growth for us. The outlook for the photovoltaic industry
continues to be excellent, with growth forecasts in the double
digits, even despite declining feed-in tariffs. In 2009, the
company is reckoning with a turnover of 125 Mio. to 140 Mio.,
and with EBIT of 5 Mio. to 8 Mio.. However, even S.A.G.s
plans will to some degree be subject to the effects of the banking
and financial crisis, and to the Europe-wide economic downturn
following in its wake.
Further details about: S.A.G.
Solarstrom AG
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