euro adhoc: ErSol Solar Energy AG / quarterly or semiannual financial statement / ErSol publishes results of the first nine months 2006 and full year outlook 2006 (E)

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15.11.2006

ErSol publishes results of the first nine months 2006 and full year outlook 2006

The results of ErSol Solar Energy AG (ErSol) for the first nine months of 2006 are again showing strong growth in sales and profits. In comparison with the same period last year (43,216 thousand euros), consolidated sales grew by 122.3 per cent to 96,049 thousand euros, due to the Group's sustained expansion. ErSol's operating result (EBIT) actually grew in the first nine months by 178.2 per cent and totalled 16,840 thousand euros (previous year: 6,054 thousand euros).The EBIT margin was increased to 17.5 per cent, up from 14 per cent in 2005. Consolidated earnings were significantly increased year-on-year. With an increase of 127.4 per cent, these amounted to 10,732 thousand euros during the reporting period - in the first nine months of 2005 this figure was only 4,720 thousand euros.

During the third quarter of 2006, delayed deliveries from external wafer manufacturers with which ErSol has binding contractual arrangements led to higher than planned costs for purchasing wafers, and thus only a moderate growth in earnings. For 2006 as a whole, ErSol continues to anticipate its forecast sales of between 120 and 125 million euros. The operating result (EBIT) and earnings before tax (EBT) are likely to fall in the range of 20 to 23 million euros in 2006. Accordingly, the EBIT margin will fall below the 20 per cent previously forecast. The reason for this, as was already the case in Q3, are continued delays with multicrystalline wafer deliveries in the current fourth quarter. However, since it is anticipated that the bulk of these agreed deliveries have only been temporarily postponed, ErSol should benefit from these wafer deliveries next year. However, the ErSol Group's earlier than planned capacity expansion has also contributed to the lower than anticipated operating result for financial year 2006. Additional start-up costs for thin-film production and further investments in the crystalline area will be carried in the current year. These earlier than planned expansion activities will allow, among other things, a faster move into the production of thin-film modules.

Further inquiry note:
Sonja Teurezbacher
Investor Relations Manager
+49 (0)361 219 5130
sonja.teurezbacher@ersol.de

end of announcement euro adhoc

emitter: ErSol Solar Energy AG
Wilhelm-Wolff-Straße 23
D-99099 Erfurt
phone: +49(0)361 21 95-0
FAX: +49(0)361 21 95-133
mail: info@ersol.de
WWW: http://www.ersol.de
ISIN: DE0006627532
indexes: CDAX, TecDAX, HDAX, Midcap Market Index, Prime All Share, Technologie All Share
stockmarkets: official dealing/prime standard: Frankfurter Wertpapierbörse, free trade: Börse Berlin-Bremen, Hamburger Wertpapierbörse, Baden-Württembergische Wertpapierbörse, Börse Düsseldorf, Bayerische Börse
sector: Alternative energy
language: English

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