EANS-News: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten / Solar-Fabrik AG finishes 2011 with positive EBIT and considers completed restructuring as a good

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Financial Figures/Balance Sheet

Freiburg (euro adhoc) - Freiburg, March 30, 2012 - Solar-Fabrik AG
(ISIN: DE0006614712), an independant PV solar company offering solar
modules and system components as well as installation and operation
of turn-key systems, managed to stabilize the 2011 volume at the 2010
record level, despite the increased worldwide competition.

|Key financial data | |FY 2011 |FY 2010 |% changes |
|Revenue 1) |EUR´000 |176,899 |227,279 |-22% |
|Overall performance 1) |EUR´000 |178,229 |227,915 |-22% |
|Cost of material 1) |EUR´000 |153,769 |187,595 |-18% |
|Gross margin |% |13.7 |17.7 |-22% |
|EBITDA 1) |EUR´000 |4,624 |14,888 |-89% |
|EBIT 1) |EUR´000 |776 |11,349 |-93% |
|Net result 1) |EUR´000 |-360 |8,428 |n/a |
|Net result |EUR´000 |-4,150 |7,667 |n/a |
|Earnings per share |EUR |-0.28 |0.64 |n/a |
|Cash flow from operation |EUR´000 |3,099 |13,047 |-76% |
|Cash at hand |EUR´000 |38,756 |31,086 |25% |

1) Data for the continued operations, only

In 2011 Solar-Fabrik Group reached 127 MWp (2010: 128.1 MWp) sales
volume of solar modules, despite continuous reduction of
feed-in-tariffs in all major target markets. Due to much stronger
international sales the export ratio reached another high of 60.3%
(2010: 41.3%). The Group revenue decreased from TEUR 227,279 in 2010
by 22.2% to TEUR 176,899 in 2011 due to price erosion. Increased
global competition and oversupply decreased the average sales price
by 37.8%.

The continuous price reductions on the sales side could be
compensated on the supply side, however, due to the time delay
between purchase and sales, the gross margin was squeezed to 13.7%
(2010: 17.7%).

The 2011 earnings before interest and tax (EBIT) of the continued
operations of Solar-Fabrik Group reached TEUR 776 (2010: TEUR
11,349). The 2011 net result of the continued operations was slightly
negative at TEUR -360 (Vj. TEUR 8,428). The total net result is
heavily impacted by the decision to discontinue the Solar Cell
Production, leading to one time charges mainly from write-offs from
fixed assets and working capital, particularly prepayments for a
wafer supply contract.

The net cash flow from operations in 2011 was TEUR 3,099 (2010: TEUR
13,047) and cash and cash equivalents of TEUR 38,756 at year´s end
represent an increase of TEUR 7,765.

Guenter Weinberger, CEO of Solar-Fabrik AG, considers the company a
winner of the 2011 PV solar crisis. "Our key success factor in 2011
was our flexibility to adapt swiftly to the ever changing market
environment. Adjustments in organisation and cost structure helped us
to stabilize our volume at the year 2010 record level. After
discontinuing the cell production we are strategically well
positioned and our focus is operational excellence in every single
aspect of our business, from sourcing through production to sales and
support. Our comfortable cash position allows us to invest into the
new business of turn key system installation and operation and to
further expand abroad. Our 2011 results are a great platform to
deliver on the right strategy and encourage us for the future."

Further inquiry note:
Investor Relations
Tel.: +49 (0)761-4000 0
E-Mail: investor@solar-fabrik.de

end of announcement euro adhoc
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company: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten
Munzinger Str. 10
D-79111 Freiburg
phone: +49(0)761 4000 0
FAX: +49(0)761 4000 199
mail: info@solar-fabrik.de
WWW: http://www.solar-fabrik.de
sector: Alternative energy
ISIN: DE0006614712
indexes:
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
dealing/prime standard: Frankfurt
language: English