S.A.G. Solarstrom reports strong growth for 2010

S.A.G. has announced that their EBIT (earnings before interest and taxes) has rose to 7.5 million euros, compared to 2009’s first nine months earnings of €2.4 million. Sales grew as well by 82.5 percent to €139.5 million. According to the company, all business sectors comtributed to this positive sales and earnings growth.

The main drivers were the business areas Partner Sales and Plant Operation and Services, but the business area Project Planning and Plant Construction was also able to close the first nine months on a positive basis, despite considerable start-up costs for major projects abroad, with an EBIT of €2.5 million as opposed to the first three quarter earnings of minus €0.3 million in 2009.

According to the company, this was due firstly to the pull-forward effects of the reductions in the feed-in tariff as part of the Renewable Energy Act (EEG) in Germany, which were implemented on July 1 and October 1, 2010. Secondly, however, the well-filled project pipeline in other European countries is becoming increasingly important.

"We deliberately relinquished windfall gains in the German market and continued to forge ahead with our foreign projects", says Karl Kuhlmann, CEO of S.A.G. Solarstrom. "This is now paying off. The foreign share of our sales is already 48 percent after nine months."