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SolarWorld AG: 9 Month Consolidated Profit Exceeds 10 m EUR

03-11-04v3

The SolarWorld Group (ISIN: DE0005108401) has again concluded the first nine months of Fiscal Year 2004 with a record result. The group generated an after- tax profit of 10.3 million EUR - a plus over the same period of the previous year of 15.3 million EUR. The operating result before interests and taxes (EBIT) reached 19.6 million EUR and was thus by 22.8 million EUR better than the result from January through September 2003. Earnings per share amounted to 1.79 EUR for the nine month period (previous year: 0.86 EUR). Group sales rose by 119% to the record level of 144.2 EUR (previous year: 65.8 million EUR). The free cash flow (cash flow from ongoing business activities including the changes in Working Capital minus CF from investment activities) of 33.7 million EUR (previous year: minus 22.7 million EUR) illustrates the good liquidity situation of the company. The high balance sheet profit together with the reduction of credit lines makes for a renewed increase in the very sound equity ratio of 44.4%.

Profit Growth Continues in Third Quarter

The third quarter of 2004 has so far been the best three-month period in the history of the company and has again exceeded the successful performance of the group in the first two quarters of the year. Thus, the quarterly profit amounted to 5.3 million EUR and was thus by 1.7 million EUR higher than the already good result of the second quarter. The EBIT climbed by 36.5 million EUR to 9.6 million EUR in comparison with the second quarter. The quarterly sales of the group were 53.4 million EUR which was roughly the level of the previous year. In comparison with the third quarter of 2003 (25.6 million EUR) this meant an increase of more than 100%.

The high crude oil prices are an indicator for the dependence of the industrial nations on oil from crisis regions - a statement that caused the International Energy Agency in its most recent World Energy Outlook 2004 to formulate the demand that investments in renewable energies and energy efficiency be significantly increased.



 
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