Sale of Serenissima project to be concluded


The project has been sold to a European financial investor at the end of last year. Because the company’s management have been busy with the closing of the sale of Serenissima, its publication of the annual statements will be delayed by a few days, to April 11. The Q1 report for 2012 and the Annual General Meeting are not affected by this.

The company announced that the sales for the fiscal year 2011 will range between €260 million and €280 million, and the EBIT is expected to be positive. After outstanding receivables have been settled and the project bridging loan of approximately €80 million has been repaid, the company will receive liquid funds in the amount of over €50 million.

The balance sheet total that S.A.G. Solarstrom AG will disclose is still at a very high level at this key date, due to the large amount of trade receivables and the high amount of the project bridging loan. The balance sheet total will be almost halved after the inflow of funds from the sale and the equity ratio will once again rise to over 30 percent.