SOLON AG publishes first-half figures: strong growth continues
This revealed that its consolidated revenue had grown by 37 percent to EUR 193.7 million (1st half 2006: EUR 141.8 million). Its EBITDA rose by 65 percent to EUR 19.5 million (1st half 2006: EUR 11.8 million), while EBIT increased by 67 percent to EUR 15.7 million (1st half 2006: EUR 9.4 million). Net profit improved to EUR 17.6 million (1st half 2006: EUR 5.5 million).
Earnings per share came to EUR 1.87 (1st half 2006: EUR 0.61). Excluding the one-off proceeds from the disposal of an investment in the first quarter of the year, the SOLON Group generated a first-half operating net profit EUR 8.8 million (after minority interests) and earnings per share of EUR 0.93, which represents an increase of 60 percent and 52 percent respectively.
The company's consistent growth is largely attributable to the steady growth in its international business. Over 65 percent of the revenue generated in the first half of 2007 came from outside Germany. SOLON AG managed, for example, to continue expanding its strong position in the Spanish power-plant market. Its first megawatt-size project in the United States is currently under construction.
The System Technology segment's share of consolidated revenue rose to 46 percent on the back of strong growth in project-related business.
The company's growing internationalization is also reflected in its staff profile: at the end of the first half of 2007 the SOLON Group employed a total of 599 people, 53 percent of whom worked in Germany and 47 percent outside Germany.
Given the company's strong performance in the first half of the year, management expects both its consolidated revenue and its net profit for the whole of 2007 to increase by well over 30 percent. Its annual output will grow from 84 megawatts in 2006 to approximately 110 megawatts this year. By the end of 2007 the company will have expanded its production capacities across the Group from its current 130 megawatts to 210 megawatts.
SOLON AG's full interim report for the period to June 30, 2007 can be downloaded from the company's website at www.solonag.com.