EANS-News: SOLON SE / SOLON SE publishes 2009 Annual Report - basic agreement reached on refinancing

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annual report

Berlin (euro adhoc) - SOLON SE publishes 2009 Annual Report - basic
agreement reached on refinancing

- Revenues of EUR354 million - A loss of EUR199 million for earnings
before interest and taxes (EBIT) - Net loss including special factors
of EUR272 million - Positive operating cash flow of EUR93 million -
Financing package of EUR275 million

Berlin, March 31, 2010 - SOLON SE, Berlin, Germany (ISIN
DE0007471195) today presented its 2009 Annual Report, confirming the
preliminary financial results for the previous fiscal year which were
already released on February 23. The Company simultaneously reported
that it had come to a basic agreement with the banks regarding
restructuring of the Group's financing.

Worldwide demand for solar technology stagnated in 2009, accompanied
by a drastic decline in prices for solar technology. This is
reflected in the performance of the Solon Group.

Group revenues reached EUR354.4 million, reflecting a 57% decline
from the extraordinarily robust performance of EUR815.1 million in
2008. Earnings before interest and taxes (EBIT) saw a loss of
EUR199.0 million (2008: profit of EUR57.7 million). Net income after
minority interests amounted to EUR-271.6 million (2008: EUR32.7
million). Earnings per share declined to EUR-21.68 (2008: EUR2.61).
One-time effects had a severely negative impact on EBIT and net
income of EUR128.2 million. These one-time effects resulted from
impairment losses on participations, at-equity investments and loans,
from the discontinuation of the Estelux project activities and from
the goodwill impairment loss. Net income after minority interests
adjusted for one-time effects amounted to EUR-143.4 million (2008:
EUR30.9 million). This corresponds to adjusted earnings per share of
EUR-11.45 (2008: EUR2.46). In fiscal year 2009, SOLON generated a
positive operating cash flow of EUR93.1 million.

The Components segment accounted for 72% of Group revenue in 2009
(2008: 45%); the System Technology segment's percentage declined to
28% (2008: 55%). Approximately 52% of Group revenue was generated in
Germany in 2009. Photovoltaic systems with a total capacity of 132
MWp were produced in 2009, a 25% decline from the previous year
(2008: 176 MWp).

The SOLON Group maintains five production sites in Germany, Austria,
Italy and the US. At year-end, the number of employees at all Group
locations was 901.

Agreement was recently achieved concerning all major conditions in
the negotiations with the banks for restructuring the medium-term
Group financing. The planned syndicated loan under the lead
management of Deutsche Bank AG includes commitments for cash credit
facilities and facilities by way of bank guarantees totaling EUR275
million. Also included is a combined 80% default guarantee from the
German federal government and the federal states of Berlin and
Mecklenburg-Vorpommern on a partial loan amount of EUR146 million.
"This indicates the willingness of the banks to make a significant
scope of unguaranteed lending available to SOLON SE," commented
Simone Prüfer, CFO. The agreement, which includes the participation
of seven German banks in addition to the lead manager, will expire in
late 2011.

For the current fiscal year, the Management Board presumes that
global demand for solar technology will increase robustly while
selling prices will decline more slowly than in the previous year.
Now that Group funding has been secured, the Company's position with
respect to suppliers and customers has significantly improved. This
improvement constitutes the basis for the intended return to revenue
growth in the double-digit percentage range and achievement of a
break-even operating result.

The complete 2009 annual report of SOLON SE is available for download
from the company's website at www.solon.de.

SOLON SE
Therese Raatz
Investor Relations
Telefon: +49 / 30 / 818 79 - 9305
Telefax: +49 / 30 / 818 79 - 9300
E-Mail: therese.raatz@solon.com

end of announcement euro adhoc
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ots Originaltext: SOLON SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Therese Raatz

Head of Corporate Communications

Tel.: +49 30 818 79-9305

E-Mail: therese.raatz@solon.com

Branche: Energy
ISIN: DE0007471195
WKN: 747119
Index: Midcap Market Index, CDAX, HDAX, Technology All Share, GEX,
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Börsen: Frankfurt / regulated dealing/prime standard
Berlin / regulated dealing
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