Asset structure analysis

The balance sheet total increased versus 31 December 2009 by € 537.7 million to € 2,754.7 million (31 December 2009: € 2,217.1m).

The noncurrent assets rose in the first quarter of 2010 by € 39.4 million to € 921.2 million. This development is mainly attributable to the enhancement of the fixed assets by expansion investments. The working capital declined in the first quarter of 2010 by € 24.0 million to € 425.6 million (31 December 2009: € 449.6m). This was due mainly to the level of accounts receivable which in comparison with the same quarter of the previous year had dropped by € 50.7 million to € 160.7 million (31 December 2009: € 211.4m). Inventories in the first quarter increased to € 636.5 million (31 December 2009: € 598.2m). The scheduled higher module inventories at the beginning of the year due to weather-induced seasonal fluctuations contributed to this significantly. The down payments reported as part of the inventories added up to € 389.7 million (31 December 2009: € 384.3m). Trade accounts payable went up versus 31 December 2009 by € 11.7 million to € 95.7 million (31 December 2009: € 83.9m). Down payments received amounted to € 275.9 million (31 December 2009: € 276.0m) at the balance sheet date.