According to its 2008 Annual Report, SOLON continues to be among the fastest growing solar companies in Germany, but due to an unstable market, is expecting moderate growth in 2009.
While the company sees potential for further growth, the economic crisis creates a lack of predictability in terms of how much SOLON could potentially grow in 2009. Since performance in the U.S. and southern Europe cannot be estimated clearly, SOLON has decided not to make public any fiscal targets until later in the year.
In terms of 2008, revenues improved by 62% to €815.1 million, with the System Technology segment responsible for 55%. The company experienced a production increase of 49% at 176MWp, with the total operating performance increasing by 70% to €875.3 million. SOLON earned €60 million before interest and taxes, up from €35.2 in 2007. Earnings per share went up from €2.16 to €2.46. The company, as a whole, increased those employed from 706 to 943. While the company has presence in over 20 countries, the majority of the revenue in 2008 was made in Spain and Italy.
The Spanish market became the largest for the first and possible last time as PV installations topped 2.5GW in 2008, before the Spanish Government imposed a 500MW cap and refocused FiT’s to rooftops and away from large-scale solar energy plants.
Although recent market projections point to further rapid growth in Italy, potentially reaching nearly 1GW of installations for 2009, the hole left by Spain could prove difficult to fill and would seem to affect SOLON’s ability to grow at similar rates seen in 2008.