Development of Revenues and Profit or Loss

In the first quarter of 2010 SolarWorld Group was able to increase shipments of wafers and solar modules by 22 per cent over the same quarter of the previous year to 139 (first quarter 2009: 114) MW. As a recognized quality provider SolarWorld could thus benefit specially from the persistently high demand in the international solar market.

In comparison with the first quarter of 2009 consolidated revenues increased by 28 per cent or € 49.3 million to € 225.6 million (first quarter 2009: € 176.3m). This enabled SolarWorld to compensate for the industry-wide drop in prices by way of increased shipments and a shift in the product mix.

The group-wide foreign quota amounted to 33.2 (first quarter 2009: 49.5) per cent.

Earnings before interests and taxes (EBIT) in the first quarter of 2010 amounted to € 24.8 million (first quarter 2009: € 37.8m). Earnings before interests, taxes, depreciation and amortization (EBITDA) amounted to € 44.0 million (first quarter 2009: € 52.5m). The first quarter EBIT margin for the whole group amounted to 11.0 (first quarter 2009: 21.4) per cent.

Our noncurrent financial liabilities rose by € 503 million to € 1.3 billion during the first quarter 2010. This increase had material impact on the financial result, which amounted to € -13.0 million (first quarter 2009: € -2.8m).

The consolidated net income was negatively influenced by the non-capitalization of deferred taxes and amounted to € 5.3 million (first quarter 2009: € 23.8m) in the period under review.