aleo solar has raised it 2010 revenue forecast for the third time this year as strong pull-forward effects of the German feed-in tariff cuts and growth in other European markets are expected to see revenue reach €500 million, up from an initial forecast of €420 million, earlier this year. Revenue for the first nine months of 2010 was €412 million, an 86.6% increase over the same period in 2009.
Earnings before interest and taxes (EBIT) reached €40.3 million a significant increase over the previous year when EBIT was only €0.3 million. Higher production capacity and utilization boosted profits. Total module production in the first nine months reached 187.4MW, up from 78.4 MW compared to the same period a year ago.
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Revenue in Italy almost doubled to €61.4 million, while revenue in France increased more than tenfold to €25.7 million. aleo solar also reported revenue nearly tripled to €14.4 million in Greece.
The company said that 28.8% of revenue was generated outside Germany and around 30% of revenue for 2010 would be outside Germany.
“While the first six months of the year were dominated by pull-forward effects caused by the amendment of the Erneuerbare-Energien-Gesetz (German Renewable Energy Act – EEG) and correspondingly high revenue in our domestic market, in the third quarter over half of our revenue was generated outside Germany”, commented York zu Putlitz, Chief Executive Officer and Chief Financial Officer of aleo solar AG. “In view of the positive development of business in our European core markets, we are raising our 2010 revenue forecast to at least EUR 500 million, with a very solid EBIT margin.”