Solar Millennium AG generated an operating result (EBIT) of roughly €8 million and annual net profits (after tax) of about €6 million in the last fiscal year.

Consolidated sales for fiscal year 2007/2008 slightly exceeded the previous year's level (€31.1 million) at about €32 million.

The company mentioned that there has been a deviation from the targeted result due to the postponement of stake sales into the current fiscal year. As a result of the postponed sales of stakes, preliminary annual net profits decreased by around 50 percent compared to the previous year (€11.9 million) and thus missed the targeted result of €18 million and sales of €80 million. (The company had planned to sell stakes in power plants and project companies, which, however, could not be realised by the end of the reporting period on 31 October 2008 due to outstanding board approvals among other reasons).

For the ongoing fiscal year 2008/2009, the board is planning an EBIT of €30 million plus an additional effect of about €12 million and sales amounting to €150 million plus an additional effect of approx. €48 million at group level.

Solar Millennium generated the majority of revenues and profits in the operating business fields Project development and Technology, which is mainly attributable to orders for the projects of the solar thermal power plants Andasol 1, 2 and 3 in Spain as well as the solar field of the Egyptian hybrid power plant in Kuraymat.

Outlining the strategy for project financing, Thomas Mayer, CFO, Solar Millennium said the company has adjusted to the changed financial market conditions and has developed adequate strategies.

"Apart from bank-supported project financing, we are pursuing two more concepts: direct equity investment on the part of major investors and the placement of funds for the financing of further projects. These strategies can be flexibly used and will also be applied with regard to our power plant projects Andasol and Ibersol," said Mayer.