Solar Millennium confirms financial results, records significant loss due to Blythe delays

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Solar Millennium has confirmed its preliminary figures for the 2009/2010 consolidated financial year, including consolidated operating earnings before interest and tax (EBIT) of €0.7 million. Consolidated net income after minority interests amounted to €-10.4 million, down from €34.6 million in the previous year. Earnings per share came out at €-0.85, compared with €2.77 the year before. 

The company’s EBIT of approximately €0.7 million, which is an adjusted figure of €52.3 million from the previous year, slightly exceeded the forecast, which had been revised on October 13th, 2010. This decline in EBIT was primarily the result of a delay in the financial close for two U.S. power plant projects in Blythe, where the investment volume comes out to approximately US$2.8 billion in total. This is now expected in the current reporting period.

After €220.0 million in the 2008/2009 reporting period, Solar Millennium generated total operating performance of €186.4 million, which is 15% lower than in the previous year. The operating cash flow for the past fiscal year is positive for the first time at €7.4 million, coming up from €-51.6 million the year before. Cash and cash equivalents remained almost unchanged for the period, recording in at €115.9 million (previous year: €117.0 million). The company’s equity ratio was also almost on a par with the previous year, coming in at 28%, while it was 33% the year before.

Most of the sales contributions in the total operating performance came from the sale of stakes and of participation rights in the Spanish solar power plant project Ibersol and the engineering and power plant construction of the Andasol 3 solar-thermal power plant. Additional sales were generated in the scope of realizing the parabolic trough solar field in Egypt and with other projects and feasibility studies in various countries.

Oliver Blamberger, CFO of Solar Millennium said, “The Solar Millennium Group’s operating performance was good. The reason we had to deviate from the original guidance was mostly the project delays for the U.S. power plants. We now aim to close the outstanding financing for these plants in the current fiscal year.”

“The introduction of total operating performance as a new key figure makes it easier to compare the individual reporting periods, and therefore further contributes to better transparency,” concludes Blamberger.

Christoph Wolff, CEO of Solar Millennium commented, “In the U.S. we’ve begun building the world’s largest solar power plant. We’re also realizing our fourth parabolic trough power plant in Spain. Moreover, we’re active in other regions such as the Middle East, North Africa, South Africa, India and China, while our project pipeline is well filled.”

The executive board expects to close all financing in late summer 2011, however no details have been revealed on what the company expects for this period. The target figures for the current fiscal year will be announced as soon as the milestones in the approval and financing process have been reached, the company revealed.

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