EANS-News: aleo solar AG records a drop in revenue and negative earnings in financial year 2012

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annual report

Prenzlau/Oldenburg (euro adhoc) - aleo solar AG [ISIN: DE000A0JM634]
today published its 2012 annual report, confirming the preliminary
revenue of EUR 279.9 million announced earlier, which represents a
decline of 39 percent compared to the previous year (EUR 461.8
million). The 2012 financial year closed with earnings before
interest and taxes (EBIT) of EUR -77.0 million (2011: EUR -30.5
million; the preliminary announcement was approx. EUR -74 million).
The EBIT margin dropped to -27.5 percent (2011: -6.6 percent) and
earnings per share fell to EUR -6.48 (2011: EUR -2.47).

aleo solar AG had to contend with an extremely difficult industry
environment in financial year 2012. Demand in many of its European
core markets contracted and there was no let-up in the massive
erosion of solar module prices. aleo solar AG responded to this
development by restructuring the company: The avim solar joint
venture with module production in China was dissolved and the Spanish
plant was closed. This generated high one-off expenses, which
depressed EBIT. "We had to close two plants in order to produce more
efficiently," said York zu Putlitz, CEO of aleo solar AG. "Now we are
concentrating module production on our Prenzlau plant." At Prenzlau,
aleo solar AG has been producing its new High Efficiency modules
since the beginning of 2013.

Last Friday, aleo solar AG was informed by its majority shareholder
Robert Bosch GmbH that Bosch intends to withdraw from the crystalline
photovoltaic market and therefore will be disposing of its holding in
aleo solar AG. Bosch currently holds a 90.7% stake in aleo solar.
Independently of this sale, Robert Bosch GmbH has assured aleo solar
AG of financing until the end of March 2014.

Despite the Bosch Group's announced withdrawal from photovoltaics,
aleo solar AG has strengths that are valuable for the future,
emphasised York zu Putlitz: "We enhanced our productivity with the
help of the Bosch Group's expertise in manufacturing. We will
continue to offer quality modules made in Germany through our own
sales network." Besides Germany, Italy, France and Greece remain the
company's most important sales markets. Business in the USA is
scheduled to grow further. Foreign business accounted for around 58
percent of revenue in 2012. In order for our more than 2,100
specialist dealers and fitters to be able to succeed in the
increasingly complex photovoltaic business, aleo solar provides its
partners with comprehensive services and training courses.

aleo solar AG expects 2013 to be another difficult year. Radical cuts
in feed-in tariffs were made in some key European markets. For this
reason, aleo solar AG expect to see the number of new installations
fall in its most important sales markets accompanied by a decrease in
revenue. In addition, the company anticipates that competition will
remain intense even though the erosion in solar module prices is
likely to abate. aleo solar AG therefore expects to record a
substantial net loss again for financial year 2013.

The Supervisory Board elected Dr Stefan Hartung as its new chairman
on 19 March 2013. Due to his leaving the management of Robert Bosch
GmbH, the previous chairman, Dr Siegfried Dais, had stepped down from
the Supervisory Board. Dr Jens Sabotke will be leaving the Management
Board of aleo solar AG effective 31 March 2013. His responsibilities
will be assumed by the current plant manager in Prenzlau: Günter
Schulze will be joining the Management Board of aleo solar AG as CTO
effective 1 April 2013. The Chairman of the Management Board of aleo
solar AG wishes to thank Dr Siegfried Dais and Dr Jens Sabotke for
their valuable and constructive cooperation.

Further inquiry note:
Hermann Iding
Corporate Communications
Tel.: +49 (0)441-21988-390
E-Mail: Invest@aleo-solar.de

end of announcement euro adhoc
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company: aleo solar AG
Marius-Eriksen-Straße 1
D-17291 Prenzlau
phone: +49(0)441 21988-0
FAX: +49 (0)441 21988-690
mail: invest@aleo-solar.de
WWW: http://www.aleo-solar.de
sector: Alternative energy
ISIN: DE000A0JM634
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English