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SolarWorld AG Increases Forecast

Group Profits More than Tripled to 33.6 Million EUR in 9 Months


SolarWorld AG (ISIN: DE0005108401) generated a group profit after tax of 33.6 (previous year: 10.3) million EUR in the period from January through September 2005 thus more than tripling the previous year's profit. Earnings before tax (EBT) rose to 53.2 (previous year: 16.0) million EUR while earnings before interest and tax (EBIT) increased to 57.4 (previous year: 19.5) million EUR and earnings before interest, tax, depreciation and amortization (EBITDA) went up to 71.2 (previous year: 31.7) million EUR. Against the background of consistent cost management all parts of the group contributed to the group's profit in spite of increased silicon prices. Sales revenues accumulated to a total of 247.1 (previous year: 144.2) million EUR.

Group profits in the third quarter of 2005 increased by 185 per cent over the same quarter last year to 15.1 (previous year: 5.3) million EUR and EBT improved to 24.3 (previous year: 8.5) million EUR. EBIT rose to 26.0 (previous year: 9.6) million EUR with EBITDA going up to 30.9 (previous year: 13.6) million EUR. In a quarter-on-quarter comparison group sales increased by 107 per cent to 110.5 (previous year: 53.4) million EUR. On the whole the growth of the group substantially outperformed the market trend thus making for another increase in the number of jobs. From July through September the group recruited 57 new employees. From the beginning of the year the headcount thus increased by 125 to 741 persons.

Liquid funds including securities rose as per the due date of 30 September by 11.6 million EUR to 73.8 million EUR in comparison with the end of the second quarter of 2005. The equity capital went up to 198.7 million EUR (end of second quarter: 183.5 million EUR). The equity ratio amounted to 50.7 per cent. In the first 9 months the return of equity tripled to 16.9 per cent in comparison with the same period of the previous year.

In response to this positive business development in the third quarter of 2005 SolarWorld AG is increasing the forecast for the full year. The Board of Management of the solar technology group is now expecting group sales of well over 300 (so far 280) million EUR for the full fiscal year 2005 as well as a net profit of more than 40 (previously more than 25) million EUR. Thus, the SolarWorld AG group profit for the year 2005 will more than double over that of the previous year with group sales going up by more than 50 per cent at the same time. This level of growth clearly outperforms the market trend.

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