SCHOTT Solar AG confirms figures for fiscal 2008 and continues its expansion

Date: 12 March 2009
Source: SCHOTT Solar AG
SCHOTT Solar AG closed the fiscal year 2007/08 with the best result in its history. In its 50th anniversary year, the company clearly improved all relevant financial figures and significantly expanded the production capacity in the Concentrated Solar Power (CSP) segment and the Photovoltaics (PV) segment.

For the first quarter of the current fiscal year, SCHOTT Solar AG has reported stable business and the start-up of additional production lines.

 - Anniversary year closed with record result

 - Production capacity expanded significantly in both divisions

 - Business remains stable in first quarter of current fiscal year

“We are highly satisfied with the past fiscal year, as we have reached important milestones of our ambitious expansion plans in both segments, while at the same time achieving a sustainable increase in profitability,” said Chief Executive Officer Dr. Martin Heming.

In the fiscal year 2007/2008 (1 October 2007 to 30 September 2008), SCHOTT Solar AG reported an impressive 70% increase in sales to EUR 482 million (previous year: EUR 283 million*). At the same time, earnings before interest and taxes (EBIT) improved noticeably to EUR 52 million (previous year: EUR 9 million*). The production capacity of both segments was expanded as planned in the past fiscal year. The capacity of the Photovoltaics segment increased to 205 MW for modules (previous year: 93 MW), while the capacity of the Concentrated Solar Power segment was expanded to 400 MWel (previous year: 200 MWel). The company invested EUR 141 million in property, plant and equipment and intangible assets (previous year: EUR 88 million). As at 30 September 2008, the company employed 1,650 people worldwide (previous year: 1,037 people).

SCHOTT Solar AG envisages to boost production capacity further through the start-up and ramp up of additional production lines in both segments by the end of the fiscal year. The capacity of the Photovoltaics segment is scheduled to reach a total of 360 MW, with 1 GWel planned for the Concentrated Solar Power segment.

Based on the first-quarter results, SCHOTT Solar AG projects strong sales and earnings growth for fiscal 2008/2009. In the past weeks, however, the industry environment has become increasingly challenging and it is difficult to project the overall performance of the solar industry in 2009 not least due to the financial and economic crisis.

* The comparative FY 2006/2007 figures reflect a restatement of SCHOTT Solar AG’s profit and loss account, balance sheet and cash flow statement to the effect that SCHOTT Solar CSP GmbH is shown as a SCHOTT Solar AG subsidiary already as from the beginning of FY 2006/2007 instead of the actual economic effect from 1 October 2007. The Concentrated Solar Power division operated through SCHOTT Solar CSP GmbH and its Spanish subsidiary became part of SCHOTT Solar only in the FY 2007/2008, namely with economic effect from 1 October 2007.

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SCHOTT Solar’s high quality products exploit the virtually inexhaustible potential of the sun as a renewable source of energy. For this purpose SCHOTT Solar produces important components for photovoltaic applications and solar energy plants with parabolic trough technology. In the photovoltaic industry, the company is one of the few integrated manufacturers of crystalline silicon wafers, solar cells and photovoltaic modules. Wafer production is mainly carried out through a WACKER SCHOTT Solar joint venture, which ensures the supply of silicon necessary for long-term growth. Thanks to over 20 years of experience in thin-film technology, SCHOTT Solar also regards itself as one of the industry’s cutting-edge companies. In receiver production for solar power plants with parabolic trough technology, SCHOTT Solar considers itself to be the market and technology leader. The receivers are key components in large-scale power plants that generate electricity from solar energy centrally on the basis of parabolic trough technology and can supply entire cities with power. SCHOTT Solar has production facilities in Germany, the Czech Republic, the USA and Spain. SCHOTT Solar’s innovative power and technological expertise date back to the late 1950s. SCHOTT Solar AG is a wholly owned subsidiary of the international SCHOTT technology group. SCHOTT develops special materials, components and systems for the household appliance, pharmaceutical, solar energy, electronics, optical and automotive industries. With around 17,300 employees, the SCHOTT Group generated a worldwide turnover of EUR 2.2 billion in fiscal year 2007/2008.

600450 SCHOTT Solar AG confirms figures for fiscal 2008 and continues its expansion

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