aleo solar AG today published its 2008 annual report, which confirms the preliminary figures announced earlier. Revenue was up almost 50 percent to EUR 360.5 million (previous year: EUR 242.1 million). The share of revenue generated abroad was 49.3 percent (34.5 percent).

EBIT increased by more than 50 percent to EUR 23.8 million (EUR 15.7 million). aleo solar AG improved its already solid EBIT margin slightly, from 6.5 percent to 6.6 percent. Earnings per share were EUR 1.20 (EUR 0.75). Production at aleo solar’s manufacturing sites ran at full capacity almost the entire year. As a result, the production of solar modules was increased from 88 megawatts in 2007 to 129 megawatts in 2008. The number of employees in the Group at year’s end grew to 798 (555).
Jakobus Smit, CEO of aleo solar AG, is highly pleased with the results for the 2008 financial year: "We have achieved all of the goals that we set ourselves for 2008. Examples include the construction of an almost fully automated new production line in our main factory at Prenzlau and the completion of a modern high-bay warehouse. We are also nearing completion in our group-wide investments in capacity expansion. This will provide us with a production capacity of 250 megawatts from early summer this year." Overall, Smit points to two significant emergent trends: "Firstly, our predictions were borne out by the events of 2008: the photovoltaic market has finally become a buyer’s market. Here, the financial crisis has acted as a catalyst. Secondly, we can also recognize a Europe-wide trend towards a rooftop installation market. Changes in feed-in regulations in Spain mean that this country will also be subsidizing photovoltaic rooftop installations to a greater extent than solar farms. Spain is thus following in the footsteps of countries such as Germany, Italy, France and Belgium. We believe we are ideally positioned to meet these trends with our strong brand, our own sales team across Europe and our specialist dealer network (aleo power network)."
aleo solar AG is anticipating further growth in 2009. Uwe Bögershausen, CFO of aleo solar AG, said: "The target has been set for 2009: we want to boost consolidated revenue to at least EUR 380 million."

The Company

aleo solar AG, with sales operations in Oldenburg (Lower Saxony) and manufacturing facilities in Prenzlau (Brandenburg), was formed in September 2001 and produces solar modules using silicon cells. Its facility in Prenzlau has an annual capacity of 180 megawatts. At the beginning of 2007, production also started in Santa María de Palautordera (Spain). The Company generated revenue of EUR 360.5 million in 2008. The aleo solar Group currently employs 798 staff. Since July 2006, aleo solar AG has been listed in the Frankfurt Stock Exchange’s Prime Standard (DE000A0JM634). The Company’s acquisition of a equity interest in the Brandenburg-based technology enterprise Johanna Solar Technology GmbH has given it access to promising solar modules based on CIGSSe thin-film technology. Since the start of 2008, aleo solar AG has also held a 50% interest in avim solar production Co. Ltd., a solar module production joint venture with the Sunvim Group Co. Ltd. in China.

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