aleo solar has released its 2010 annual report demonstrating a strong year for the company, which posted revenue of €553.5 million, a 47.2% increase over 2009’s €376.1 million revenue. Additionally, as all of the company’s plants were operating at full capacity, aleo solar nearly doubled its solar module production from 139MW to 267MW leading the company to hypothesize that it will fulfill its projected production capacity growth of 250MW to 390MW by the end of this year.
Earnings before interest and tax (EBIT) for 2010 totaled to €43 million, almost triple 2009’s EBIT of €16 million, and resulting in an EBIT margin of 7.8%. aleo solar’s earnings per share also climbed from 2009’s €0.78 to 2010’s €2.41. The company noted that the first part of 2010 saw revenues in Germany improve due to the German Renewable Energy Act however, half of its revenue in the second six months of 2010 came from international operations in Italy, France and Greece, which made up 35.8% of the company’s profits.
“This shows just how successfully we were able to implement our internationalization strategy,” said York zu Putlitz, CEO and CFO of aleo solar. “A systematic expansion of our international business is on the agenda for 2011. We intend to step up our activities outside Europe in the future.” Aleo solar looks to continue expanding its international business with worldwide sales contracts already being implemented and module deliveries being made to the U.S, Australia, Israel and Mexico.
In its outlook for 2011, aleo solar is not backing down from its further expected growth of revenue and module shipments. Even though feed-in tariffs have been cut, the company anticipates reaching at least €560 million in revenue this year in addition to its reaching its expanded solar module production capacity of 390MW.