First published on the Quoted Cleantech website, October 2010. Copyright Cleantech Investor 2010

Spanish solar energy firm Solaria Energia y Medio Ambiente reported a large increase in sales across its operations for the first half of 2010. Although the company made a one-off, non-recurring €39.1 million sale of plant built in 2008 and sold in H1 2009, Solaria’s ongoing operations produced total revenues of €63.1 million during the first half of this year, compared to €14.2 million in H1 2009 – an increase of 343%.

H1 sales of photovoltaic modules increased by 1,102% to €43.1 million, while Solaria produced revenues from its turnkey projects line of business of €13.3 million (H1 2009: €0). Sales from its electricity generation business came to €6.3 million – representing a decline of 41% over H1 2009.

Despite the strong increase in its sales, Solaria’s net first-half profit fell to €438,000 (H1 2009: €3.1 million). On an EBITDA level, the company’s profit decreased from €10.1 million to €6.8 million.

Solaria said that, despite a slump in local sales activity, the company’s overall revenues had been driven by international sales, which make up around 70% of total turnover. According to the firm, its previous guidance of estimated sales of €200 million for the entire year, with an EBITDA margin of 15.5%, remains unchanged.

Solaria has also said that it is to start paying dividends to shareholders this month in compliance with a decision taken by its directors in June.

During August Solaria’s shares, which are listed in Madrid, fell by just one euro cent to €1.58, valuing the business at €160 million.

 

Market: Madrid

Symbol: SLR

Price: €1.58

12-month high/low: €3.09/€1.46

Market cap: €160m

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