Key figures of the ersol Group as of 31 December 2008

 Erfurt, 31 March 2009. With the publication of its audited financial statements for 2008, ersol Solar Energy AG (ersol), a member of the Bosch Group, has confirmed its provisional revenue figures for 2008 (2008: € 309.6 million, previous year: € 160.2 million). The operating result (EBIT) increased to € 70.7 million (previous year: € 22.3 million), the EBIT margin stood at 22.8%, compared to 13.9% in the previous year. The development of the financial result was also positive, with an almost five-fold increase in EBT (earnings before tax). Basic earnings per share during the period under review were € 4.39. In 2007 this figure – affected by the capital increase in summer 2007 and impaired by increased expenditure for interest and currency hedging transactions – was € 0.85.

Export ratio significantly higher than 50%

ersol generated over half of its revenue (55.5%) abroad: 27.9% in Europe (except Germany), 13.7% in Japan, 10.1% in China, 3.5% in North America and 0.3% in other countries. Germany accounted for 44.5% of the company’s revenue. The export ratio in 2008 was 4.6 percentage points higher than in 2007 (50.9%). 

Strong growth in workforce accompanies corporate development

In the Group as a whole, at the end of last year ersol employed a workforce of 1,270. In 2008 the Group created 468 new jobs and thus passed the 1,000 employee milestone. The personnel expenses ratio – personnel expenses in relation to total revenue – was 12.0 percent in reporting year 2008. The downward trend (2007: 13.4%) was mainly attributable to synergistic effects from the increasing integration of individual production stages and utilisation of newly created production capacities.

Business units continue to be marked by capacity expansion

In spite of the slight downturn in business development in the fourth quarter, 2008 was a successful business year in the ersol Silicon segment. Overall ersol subsidiary SRS Inc. benefited from the continued strong global demand for sorting and etching services. 

The positive trend of the previous year continued in the Wafers segment in financial year 2008: The consumption of polysilicon per watt of output could be further reduced. At the same time the year was marked by a strong increase in production. Nominal capacity was increased as planned from 120 MWp to 180 MWp by the end of 2008.  In addition, in 2008 steps were taken to further expand nominal production capacity to 280 MWp by the end of 2009. 

In 2008 the ersol Solar Cells segment was marked by the ramp-up of the second cell production unit Cell Fab 2 in Arnstadt. In the second half of the year the nominal capacity here was increased as planned by optimisation to 140 MWp, giving the segment a total nominal capacity of 220 MWp in the two cell factories. Together with the Bosch Group ersol plans to expand its production capacity for crystalline ingots, wafers, solar cells and modules at the Arnstadt plant. This will require investments of about € 530 million by 2012. Start of production is scheduled for early 2010. The further expansion at this site is, however, subject to the EU Commission approving the budgeted subsidies.

At the beginning of 2008 ersol Thin Film GmbH, whose thin-film activities are organised in the ersol Modules segment, successfully launched the production and sales of amorphous thin-film modules and has a nominal capacity of 40 MWp. In 2008 the production output already amounted to 20 MW. Together with ersol sales partners numerous solar projects as open-space or roof installations have been realised. The newly developed Nova^®-T plus module has been well received by the market in the last quarter 2008. 

In addition to its crystalline trading activities, in 2008 ersol Crystalline Modules GmbH (formerly aimex-solar GmbH) which is likewise attached to the Modules business unit, established a module technology centre in 2008. Besides its trade operations, the Modules business unit is preparing for the expansion of its module business both in terms of personnel and technology. The ersol Group plans to build a production facility for crystalline solar modules in 2009. 

"2008 was a very good year for ersol, in which we achieved the anticipated jump in sales and earnings. We shall continue to pursue ambitious goals in future, too, together with our new majority shareholder, Bosch. However, the current market situation – with a high pressure on prices for solar cells and modules – has not left ersol completely unscathed. But ersol can rely on established long-term links to customers. These secure partnerships will enable us to weather the current adverse situation together with our customers. On the cost side, ersol is permanently striving to further reduce production costs with the aim of making solar power competitive with conventional electricity,” says Holger von Hebel, CEO of ersol Solar Energy AG.

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