Erlangen, February 8, 2007. Within the framework of their financial statement press conference, the project development and technology company Solar Millennium AG presented their final consolidated financial statements today in Munich for the 2005/2006 fiscal year that ended on October 31. Solar Millennium AG has significantly improved its turnover and results in the past fiscal year.
Chief financial officer, Mathias Drummer, was happy to report that "we have met all of our projections." Turnover for the preliminary detailed results (according to commercial code) indicates an increase of over 26%, from approx. 13.41 million euros to 16.96 million euros. Results after tax increased by around 45%, from approx. 6.92 million euros to 10.02 million euros.
The consolidated financial statements (according to International Accounting Standard IAS) were presented for the first time. According to the IAS, turnover increased by 25%, from 14.25 million euros in the previous year to approx. 17.83 million euros. Corporation level results for the fiscal year 2005/2006 were approximately in line with the preliminary detailed results and increased by over 38% to approx. 10.08 million euros after tax (previous year: 7.29 million euros). This corresponds to a profit of 1.01 euros per share.
The completion of the financing for the solar-thermal power plant project Andasol 1, the very first parabolic trough power plant in Europe, notably contributed to the positive annual results. Additional successes included the involvement of the EDP Group in the Andasol 3 project as well as the strategic development of a holding company in the fourth quarter of the last fiscal year to boost financial investment. This has already enabled the transfer of shares of project companies and their partial billing. The operational business of technology subsidiary Flagsol, who supplied engineering and project management for the solar power plant, was also a notable contributor at the corporate level.
Solar Millennium AG expects to expand and supplement their existing business sectors in the current fiscal year. In the future, the company also plans to continue its close cooperation and partnerships throughout the value-added chain in the development and implementation of solar-thermal power plants. In addition to project development, project financing, power plant investment and technology, the company will also act as a supplier for the solar fields of parabolic trough power plants. The management expects to conclude current negotiations regarding the expansion of its business sectors in the spring of 2007. The results of these negotiations will have a significant influence on the current fiscal year, so that the exact turnover and results projections will not be made known until negotiations have been concluded.
Regardless of this fact, Solar Millennium AG is expecting further significant increases in turnover and profit for the current fiscal year.
Christian Beltle, Chairman of the Board of Solar Millennium AG, emphasized the significance of research and development for the company at the annual financial statement press conference: "Solar Millennium is pursuing a range of development projects. In addition to continuous further development of parabolic trough technology, which has strengthened the company's existing lead in this area, the range of applications of these power plants is also to be increased, e.g., in combination with biogas for hybrid operation or desalination technology for sea water. We are also continuing to pursue solar chimney power plants as an alternative future technology for solar-thermal power generation."
About Solar Millennum AG:
Solar Millennium AG is an innovative project development and technology company in the renewable energy sector which is active around the world. Together with its subsidiaries and partners, Solar Millennium AG plans and constructs solar thermal power plants, and has specialized in two technologies in this field. Firstly, it is a technology provider for parabolic trough power plants, a proven and reliable technology in which Solar Millennium is regarded a world leader. Further, the company develops solar chimney power plants with the objective to make this technology marketable. The main focus of current projects is Spain, the USA and China.
About the technology:
Solar thermal power plants generate electricity using the heat captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors focus the incident solar radiation onto a pipe in the focal line of the collector. A heat transfer medium in the pipe is heated, and this generates steam in the power block section using heat exchangers. The steam is then used to operate a turbine which generates electricity in the same way as in conventional power plants. Integration of a thermal storage system means the availability of the electricity can be planned. Therefore, the solar power plants can also generate electricity after sunset.