2009-08-19
Solar Millennium releases interim report: significant increase in sales and profit compared to the same period of the previous year
• In the first eight months of the fiscal year, profit increases to € 5.9 million with sales of € 42.5 million
• Important business targets were reached
• Forecast for the full 2008/2009 fiscal year of € 150 million in sales and EBIT of € 30 million plus extraordinary earnings effect of about € 12 million confirmed
Erlangen, 19.08.2009 Today Solar Millennium AG (ISIN DE0007218406) released its interim results. The Company, which specializes in solar thermal power plants, generated Group sales of € 42.5 million in the period from 1 November 2008 to 30 June 2009 in accordance with IFRS. This equals a 245% increase over the previous year (€ 12.3 million). In the first eight months of the 2008/2009 fiscal year, sales had already noticeably exceeded the full 2007/2008 fiscal year figure of € 32.0 million. Solar Millennium generated the majority of its revenues in the operating business fields of Technology and Project Financing. This was mainly attributable to the completion of existing contracts for the Andasol projects in Spain as well as the solar field of the Egyptian hybrid power plant in Kuraymat and the sale of stakes in Marquesado Solar S.L. to Solanda GmbH, in which Solar Millennium holds a share of 38.5%. The remaining 61.5% is held by MAN Ferrostaal AG.
EBIT amounted to € 5.9 million as of the reporting date, thus already considerably outperforming the € 1.1 million that had been generated by 30 June 2008 (+433%). Net profit in the first eight months reached € 4.6 million (€ 0.3 million in the previous year). Unweighted earnings per share* thus climbed to € 0.37 (€ 0.03 as of 30 June 2008).
Total assets rose from € 272.1 million at the end of the 2007/2008 fiscal year to € 327.9 million as of 30 June 2009. Liquid funds at the end of the period came out to € 102.0 million (31 October 2008: € 125.1 million).
For the remainder of the fiscal year, Solar Millennium seeks to establish a shareholding structure for the Ibersol project which is similar to that of Andasol 3. The Board of Directors expects both projects, and Andasol 3 in particular, to contribute a significant sales share in the field of Power Plant Construction for the full fiscal year. The sale of stakes in Andasol 1 and 2, which had already been planned for the last fiscal year, has now been realized and will be shown as an extraordinary effect in the financial statements of 31 October 2009 as planned. This sale had resulted in substantial liquid funds being released as early as 30 June 2009. This sale already released substantial liquid funds after 30 June 2009. Additional liquid funds are expected to arise from the sale of Andasol 3 and the planned entry of investors in the Ibersol project. On the whole, the Board of Directors confirmed the targets for the full 2008/2009 fiscal year with Group sales of € 150 million and EBIT of € 30 million plus the extraordinary earnings effect of about € 12 million.
Thomas Mayer, CFO of Solar Millennium, is satisfied: "On the whole, our business in the first eight months since 1 November 2008 went as planned, and I am just as optimistic for the remaining time through the end of the year. Only shortly after the end of the reporting period, at the beginning of July, were we able to reap the benefit of months of intensive preparations. This includes the sale of stakes in Andasol 1 and 2 and the involvement of the major investors Stadtwerke München, RWE Innogy and RheinEnergie in the Andasol 3 project, which is already under construction. With this, we have once again successfully implemented an essential part of our business model."
Christian Beltle, CEO of Solar Millennium, adds: "The Andasol 3 project is the first time Solar Millennium is also responsible for the construction of a power plant via its joint venture with MAN Ferrostaal, MAN Solar Millennium GmbH, and in cooperation with the Spanish company Duro Felguera S.A.We are furthermore facing exciting challenges in the US, where we have now signed a power purchase agreement for up to three solar thermal power plants with a capacity of 242 MW each with the utility Southern California Edison. In Egypt we will have completed the assembly of the solar field by the end of 2009. Moreover, the Desertec Industrial Initiative, inaugurated in Munich on 13 July, will open up additional long-term prospects in the desert regions of North Africa and the Middle East. I am pleased that we, the Solar Millennium Group, are able to play a part in this important turnaround in global power supply business."
The Consolidated Interim Report of Solar Millennium AG in accordance with IFRS as of 30 June 2009 is available on our website www.solarmillennium.com under Investors/ Downloads.
* = Net profit/ (total number of shares - treasury shares at the end of the reporting period)
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is an international company in the renewable energy sector, with its main emphasis on solar-thermal power plants. Together with its subsidiaries, the Company specializes in parabolic trough power plants, a proven and reliable technology with which the Group has adopted a leading position worldwide. Solar Millennium covers all important business sectors along the value chain for solar-thermal power plants - from project development and technology to turn-key construction as well as plant operation and investments in power plants. In Spain, Solar Millennium developed Europe's first parabolic trough power plants and realized them with its partners. Additional projects are planned around the world with an overall capacity of more than 2,000 megawatts. The current regional focus is on Spain, the US, China and North Africa. Furthermore, the Company has the aim of achieving market readiness for the so-called Blue Tower technology for the generation of product gas that is rich in hydrogen through the reformation of regenerative residual materials, and also for solar chimney power plants in the long run. More information at www.solarmillennium.com.
About solar-thermal power plant technology:
Solar-thermal power plants generate electricity by converting solar radiation into heat energy. In a parabolic trough power plant, trough-shaped mirrors concentrate the incidental radiation onto a pipe in the focal line of the collector. Its absorption heats a fluid heat medium in the pipe, generating steam in the power block through a heat exchanger. As in conventional power plants, the steam powers a turbine to generate electricity. By integrating thermal storage, electricity can be supplied on demand, even after sunset.
For further information:
Solar Millennium AG
Dipl.-Ing. Sven Moormann (Corporate Communications)
Dr. Stefan Eckhoff (Investor Relations)
Tel.: +49 (0)9131 9409-0
Email: /
Web: www.solarmillennium.de
You can download the press release here.
