Exhibit
99.2
 Sovello AG,
Bitterfeld-Wolfen




---



##### 



Sovello AG
 Income Statement for the years ended December 31,
 Notes
    
    
    2008
    
    
    2007(In thousands of EUR)
    
    
    
    
    
    (unaudited)
    
    
    (unaudited)Revenues
    
    
    2.1.
    
    
    
    219,296
    
    
    
    138,974Change in inventories of finished goods and work in progress
    
    
    
    
    
    
    3,952
    
    
    
    4,820Own work capitalized
    
    
    2.2.
    
    
    
    334
    
    
    
    2,355Other operating income
    
    
    2.3.
    
    
    
    10,754
    
    
    
    4,859Cost of materials and services
    
    
    2.4.
    
    
    
    -110,008
    
    
    
    -77,179Personnel expenses
    
    
    2.5.
    
    
    
    -37,835
    
    
    
    -25,511Amortization, depreciation and impairment of intangible
assets and property, plant and equipment
    
    
    2.6.
    
    
    
    -22,377
    
    
    
    -11,417Other operating expenses
    
    
    2.7.
    
    
    
    -31,440
    
    
    
    -25,472Profit from operating activities
    
    
    
    
    
    
    32,676
    
    
    
    11,429Interest and similar income
    
    
    2.8.
    
    
    
    867
    
    
    
    770Interest and similar expense
    
    
    2.8.
    
    
    
    -11,794
    
    
    
    -6,663Profit before tax
    
    
    
    
    
    
    21,749
    
    
    
    5,536Income tax expense
    
    
    2.10.
    
    
    
    -4,365
    
    
    
    -1,238Profit after tax
    
    
    
    
    
    
    17,384
    
    
    
    4,298




---



##### 



Sovello AG
 Balance Sheet
 Notes
    
    
    Dec 31, 2008
    
    
    Dec 31, 2007(In thousands of EUR)
    
    
    
    
    
    (unaudited)
    
    
    (unaudited)ASSETSNon-current assetsIntangible assets
    
    
    3.1.
    
    
    
    2,078
    
    
    
    1,226Property, plant and equipment
    
    
    3.2.
    
    
    
    258,716
    
    
    
    177,230Advance payments
    
    
    3.5.
    
    
    
    32,317
    
    
    
    61,327Deferred tax assets
    
    
    3.3.
    
    
    
    264
    
    
    
    602Total
    
    
    
    
    
    
    293,375
    
    
    
    240,385Current assetsInventories
    
    
    3.4.
    
    
    
    32,219
    
    
    
    22,094Advance payments
    
    
    3.5.
    
    
    
    24,564
    
    
    
    2,644Trade receivables
    
    
    3.6.
    
    
    
    48,857
    
    
    
    48,467Other financial assets
    
    
    3.7.
    
    
    
    2,686
    
    
    
    6Other assets
    
    
    3.8.
    
    
    
    53,919
    
    
    
    29,020Cash and cash equivalents
    
    
    3.9.
    
    
    
    11,525
    
    
    
    37,563Total
    
    
    
    
    
    
    173,770
    
    
    
    139,794Total assets
    
    
    
    
    
    
    467,145
    
    
    
    380,179EQUITY AND LIABILITIESEquityShare capital
    
    
    
    
    
    
    480
    
    
    
    480Capital reserve
    
    
    
    
    
    
    90,627
    
    
    
    90,627Revenue reserves
    
    
    
    
    
    
    48
    
    
    
    0Accumulated other comprehensive income
    
    
    
    
    
    
    -883
    
    
    
    -127Retained earnings
    
    
    
    
    
    
    17,524
    
    
    
    188Total
    
    
    3.10.
    
    
    
    107,796
    
    
    
    91,168Non-current liabilitiesBorrowings
    
    
    3.11.
    
    
    
    175,477
    
    
    
    142,240Deferred federal and state investment grants
    
    
    3.13.
    
    
    
    45,371
    
    
    
    43,789Other provisions
    
    
    3.14.
    
    
    
    1,224
    
    
    
    1,540Deferred tax liabilities
    
    
    3.3.
    
    
    
    606
    
    
    
    0Other financial liabilities
    
    
    3.15.
    
    
    
    1,147
    
    
    
    165Other liabilities
    
    
    3.17.
    
    
    
    77
    
    
    
    12Total
    
    
    
    
    
    
    223,902
    
    
    
    187,746Current liabilitiesBorrowings
    
    
    3.11.
    
    
    
    83,575
    
    
    
    57,276Trade payables
    
    
    3.12.
    
    
    
    34,030
    
    
    
    29,099Deferred federal and state investment grants
    
    
    3.13.
    
    
    
    8,087
    
    
    
    7,023Other provisions
    
    
    3.14.
    
    
    
    1,908
    
    
    
    3,070Current income tax liabilities
    
    
    3.16.
    
    
    
    3,603
    
    
    
    612Other liabilities
    
    
    3.17.
    
    
    
    4,244
    
    
    
    4,185Total
    
    
    
    
    
    
    135,447
    
    
    
    101,265Total liabilities
    
    
    
    
    
    
    359,349
    
    
    
    289,011Total equity and liabilities
    
    
    
    
    
    
    467,145
    
    
    
    380,179




---



##### 



Sovello AG
 Statement
of Changes in Equity for the years ended December 31, 2008 and 2007
 Accumulatedother compre-hensive incomeChange in marketShare
    
    
    Capital
    
    
    Revenue
    
    
    value of hedging
    
    
    Retained
    
    
    Total(In thousands of EUR)
    
    Notes
    
    
    capital
    
    
    reserve
    
    
    reserves
    
    
    instruments
    
    
    earnings
    
    
    equityChanges in 2007 (unaudited)Balance at January 1, 2007
    
    
    
    
    
    
    480
    
    
    
    71,058
    
    
    
    0
    
    
    
    0
    
    
    
    -4,110
    
    
    
    67,428Net profit for the year
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    4,298
    
    
    
    4,298Change in market value of hedging
instruments (less deferred tax)
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    -127
    
    
    
    0
    
    
    
    -127Shareholders payments into capital reserves
    
    
    
    
    
    
    0
    
    
    
    19,569
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    19,569Balance at December 31, 2007
    
    
    
    
    
    
    480
    
    
    
    90,627
    
    
    
    0
    
    
    
    -127
    
    
    
    188
    
    
    
    91,168Changes in 2008 (unaudited)Balance as at January 31, 2008
    
    
    
    
    
    
    480
    
    
    
    90,627
    
    
    
    0
    
    
    
    -127
    
    
    
    188
    
    
    
    91,168Net profit for the year
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    17,384
    
    
    
    17,384Transfer to the statutory reserve in
accordance with section 150 German Stock
Corporation Act
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    48
    
    
    
    0
    
    
    
    -48
    
    
    
    0Change in market value of hedging
instruments (less deferred tax)
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    -756
    
    
    
    0
    
    
    
    -756Balance at December 31, 2008
    
    
    3.10.
    
    
    
    480
    
    
    
    90,627
    
    
    
    48
    
    
    
    -883
    
    
    
    17,524
    
    
    
    107,796
 The accompanying notes are an integral part of these financial statements




---



##### 



Sovello AG
 Cash Flow Statement for the years ended December 31,
 2008
    
    
    2007(In thousands of EUR)
    
    Notes

    
    
    (unaudited)
    
    
    (unaudited)Profit before tax
    
    
    
    
    
    
    21,749
    
    
    
    5,536Net interest expense
    
    
    2.8.
    
    
    
    10,927
    
    
    
    5,893Amortization, depreciation and impairment of intangible
assets and property, plant and equipment
    
    
    2.6.
    
    
    
    22,377
    
    
    
    11,417Amortization of deferred federal and state investment grants
    
    
    2.3.
    
    
    
    -6,564
    
    
    
    -4,150Change in other provisions
    
    
    3.14.
    
    
    
    -1,478
    
    
    
    4,053Other non-cash income and expenses
    
    
    
    
    
    
    1,115
    
    
    
    330Change in inventories, trade receivables and other assets
    
    
    
    
    
    
    -38,085
    
    
    
    -63,197Change in trade payables and other liabilities
    
    
    
    
    
    
    2,347
    
    
    
    34,099Interest received
    
    
    
    
    
    
    867
    
    
    
    770Income taxes paid
    
    
    
    
    
    
    -157
    
    
    
    -214Net cash provided by/used in operating activities
    
    
    4.1.
    
    
    
    13,098
    
    
    
    -5,463Payments for investments in property, plant and equipment
and intangible assets (excluding borrowing costs
capitalized)
    
    
    3.1., 3.2.
    
    
    
    -90,258
    
    
    
    -82,933Proceeds from federal and state investment grants
    
    
    
    
    
    
    0
    
    
    
    13,903Advance payments made
    
    
    3.5.
    
    
    
    -2,000
    
    
    
    -63,971Repayments of advance payments
    
    
    3.5.
    
    
    
    9,090
    
    
    
    0Net cash used in investing activities
    
    
    4.1.
    
    
    
    -83,168
    
    
    
    -133,001Shareholders payments into equity
    
    
    3.10.
    
    
    
    0
    
    
    
    19,825Proceeds from borrowings
    
    
    3.11.
    
    
    
    87,822
    
    
    
    207,500Repayments of borrowings
    
    
    3.11.
    
    
    
    -30,000
    
    
    
    -83,029Loan financing costs paid
    
    
    
    
    
    
    -724
    
    
    
    -1,431Interest paid
    
    
    
    
    
    
    -13,293
    
    
    
    -11,011Net cash from financing activities
    
    
    4.1.
    
    
    
    43,805
    
    
    
    131,854Net change in cash and cash equivalents
    
    
    
    
    
    
    -26,265
    
    
    
    -6,610Effect of exchange rate changes on cash and cash equivalents
    
    
    
    
    
    
    227
    
    
    
    -330Cash and cash equivalents at beginning of period
    
    
    
    
    
    
    37,563
    
    
    
    44,503Cash and cash equivalents at end of period
    
    
    3.9.
    
    
    
    11,525
    
    
    
    37,563




---



##### 



Notes to the financial statements
 Sovello AG (formerly EverQ GmbH), Bitterfeld-Wolfen
 1 Summary of accounting policies
 1.1. Basis of preparation
  3.10.
Equity 4.10. Other disclosures on the Company
  Amendments to IAS 39 and IFRS 7
    
    Reclassification of Financial InstrumentsIFRIC 11
    
    IFRS 2  Group and Treasury Share TransactionsIFRIC 14
    
    IAS 19  The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their
Interaction.
   Amendment to IFRS 2 (2008)
    
    Share-based Payment: Vesting Conditions and CancellationsIFRS 3 (Revised 2008)
    
    Business CombinationsIFRS 8
    
    Operating SegmentsAmendments to IAS 1 (2007)
    
    Presentation of Financial Statements: A Revised PresentationAmendment to IAS 23
    
    Borrowing Costs




---



##### 



Amendments to IAS 27 (2008)
    
    Consolidated and Separate Financial StatementsAmendments to IAS 32 und IAS 1
    
    Puttable Financial Instruments and Obligations Arising on LiquidationAmendments to IFRS 1 und IAS 27
    
    Cost of an Investment in a Subsidiary, Jointly-Controlled Entity or AssociateAmendment to IAS 39
    
    Financial Instruments: Recognition and Measurement: Eligible Hedged ItemsAmendment to IAS 39
    
    Reclassification of Financial Assets: Effective Date and TransitionIFRIC 12
    
    Service Concession ArrangementsIFRIC 13
    
    Customer Loyalty ProgrammesIFRIC 15
    
    Agreements for the Construction of Real EstateIFRIC 16
    
    Hedges of a Net Investment in a Foreign OperationIFRIC 17
    
    Distributions of Non-Cash Assets to Owners.




---



##### 



1.2. Accounting policies
 1.2.1. Revenue recognition
   1.2.2. Interest income and expense
  1.2.3. Intangible assets
   1.2.4. Property, plant and equipment




---



##### 



(In Years)
    
    Useful lifeBuildings
    
    
    33Plant and machinery
    
    
    7Other installations; factory and office equipment
    
    
    3-7
  1.2.5. Impairment and reversals of impairment losses
   1.2.6. Income taxes




---



##### 



1.2.7. Inventories
     1.2.8. Advance payments
  1.2.9. Financial instruments
 1.2.9.1. Overview




---



##### 



1.2.9.2. Trade receivables and other financial assets
   1.2.9.3. Cash and cash equivalents
   1.2.9.4. Financial liabilities
  1.2.9.5. Derivative financial instruments and hedging




---



##### 



1.2.10. Government grants




---



##### 



1.2.11. Other provisions
    1.2.12. Other assets and liabilities
  1.2.13. Management estimates and judgments




---



##### 



1.2.14. Segment reporting




---



##### 



2
    
    Notes to the Income Statement2.1.
    
    Revenues
 (In thousands of EUR)
    
    2008
    
    
    2007Solar modules
    
    
    212,831
    
    
    
    135,319Off-spec cells and silicon waste
    
    
    6,465
    
    
    
    3,655Total
    
    
    219,296
    
    
    
    138,974
    2008
    
    
    2007EUR000
    
    
    %
    
    
    EUR000
    
    
    %Germany
    
    
    93,579
    
    
    
    42.7
    
    
    
    70,997
    
    
    
    51.1Rest of Europe
    
    
    46,536
    
    
    
    21.2
    
    
    
    20,217
    
    
    
    14.5USA
    
    
    77,977
    
    
    
    35.6
    
    
    
    45,903
    
    
    
    33.0Asia
    
    
    282
    
    
    
    0.1
    
    
    
    1,773
    
    
    
    1.3Rest of world
    
    
    922
    
    
    
    0.4
    
    
    
    84
    
    
    
    0.1Total
    
    
    219,296
    
    
    
    100
    
    
    
    138,974
    
    
    
    100
 2.2.
    
    Own work capitalized




---



##### 



2.3.
    
    Other operating income
  (In thousands of EUR)
    
    2008
    
    
    2007Amortization of deferred federal and state
investment grants
    
    
    6,564
    
    
    
    4,150Effect of exchange rate changes
    
    
    3,302
    
    
    
    0Recycling of scrap
    
    
    359
    
    
    
    0Reversal of accrued personnel-related expenses
    
    
    299
    
    
    
    0Refunds of customs and energy tax
    
    
    35
    
    
    
    0Grants related to personnel expenses
    
    
    2
    
    
    
    520Other
    
    
    193
    
    
    
    189Total
    
    
    10,754
    
    
    
    4,859
    2.4.
    
    Cost of materials and services
 (In thousands of EUR)
    
    2008
    
    
    2007Raw materials, consumables and supplies
    
    
    -99,154
    
    
    
    -68,923Purchased services
    
    
    -10,854
    
    
    
    -8,256Total
    
    
    -110,008
    
    
    
    -77,179




---



##### 



2.5.
    
    Personnel expenses
 (In thousands of EUR)
    
    2008
    
    
    2007Wages and salaries
    
    
    -31,995
    
    
    
    -21,608Social security expenses
    
    
    -5,840
    
    
    
    -3,903Total
    
    
    -37,835
    
    
    
    -25,511
  2.6.
    
    Amortization, depreciation and impairment of intangible assets and property, plant and
equipment
 3.1. 3.2.




---



##### 



2.7.
    
    Other operating expenses
  (In thousands of EUR)
    
    2008
    
    
    2007Royalties
    
    
    -7,711
    
    
    
    -5,926Selling expenses
    
    
    -5,327
    
    
    
    -3,493Repair and maintenance
    
    
    -4,430
    
    
    
    -1,462Legal and consultancy expenses
    
    
    -3,424
    
    
    
    -1,078Occupancy costs and other office expenses
    
    
    -2,721
    
    
    
    -2,009Other personnel-related costs
    
    
    -1,937
    
    
    
    -1,099Effect of exchange rate changes
    
    
    -1,207
    
    
    
    -2,470Other services
    
    
    -1,042
    
    
    
    -1,481Research and development
    
    
    -816
    
    
    
    -489Travel expense
    
    
    -811
    
    
    
    -490Insurance
    
    
    -636
    
    
    
    -535Training and education
    
    
    -537
    
    
    
    -370Other administrative expenses
    
    
    -444
    
    
    
    -305Product warranty
    
    
    -9
    
    
    
    -4,167Other
    
    
    -388
    
    
    
    -98Total
    
    
    -31,440
    
    
    
    -25,472
 4.3. Related party disclosures.




---



##### 



2.8.
    
    Interest and similar income/expense
 (In thousands of EUR)
    
    2008
    
    
    2007Interest and similar income
    
    
    867
    
    
    
    770Bank loans
    
    
    -7,684
    
    
    
    -4,419Shareholders loan and guarantees
    
    
    -6,649
    
    
    
    -5,491Capitalized financing costs
    
    
    2,539
    
    
    
    3,247Interest and similar expense
    
    
    -11,794
    
    
    
    -6,663Net financial income/expense(-)
    
    
    -10,927
    
    
    
    -5,893
  4.3. Related party disclosures
  2.9. Net gain/loss by measurement category
 (In thousands of EUR)
    
    2008
    
    
    2007Loans and receivables
    
    
    1,072
    
    
    
    18Financial liabilities measured at amortized cost
    
    
    -1,819
    
    
    
    -87Derivative financial assets  gains/losses(-)
on disposal and measurement recognized in profit
or loss
    
    
    3,270
    
    
    
    0Derivative financial liabilities  gains/losses(-)
on fair value changes recognized in equity
    
    
    -982
    
    
    
    -165Derivative financial liabilities  gains/losses(-)
on disposal and measurement recognized in profit
or loss
    
    
    0
    
    
    
    -2,370Total
    
    
    1,541
    
    
    
    -2,604




---



##### 



4.4.2.
Disclosures on derivative financial instruments and hedging
 2.10. Income tax expense
 (In thousands of EUR)
    
    2008
    
    
    2007Current income tax expense
    
    
    -3,195
    
    
    
    -842Deferred tax expense
    
    
    -1,170
    
    
    
    -396Total
    
    
    -4,365
    
    
    
    -1,238
     Dec 31, 2008
    
    
    Dec 31, 2007Deferred
    
    
    Deferred
    
    
    Deferred
    
    
    Deferredtax
    
    
    tax
    
    
    tax
    
    
    tax(In thousands of EUR)
    
    assets
    
    
    liabilities
    
    
    assets
    
    
    liabilitiesOther financial assets
    
    
    0
    
    
    
    598
    
    
    
    0
    
    
    
    0Borrowings
    
    
    0
    
    
    
    8
    
    
    
    0
    
    
    
    0Other financial liabilities
    
    
    264
    
    
    
    0
    
    
    
    38
    
    
    
    0Tax loss
    
    
    0
    
    
    
    
    
    
    
    564
    
    
    
    Total
    
    
    264
    
    
    
    606
    
    
    
    602
    
    
    
    0




---



##### 



(In thousands of EUR)
    
    2008
    
    
    2007Profit before tax
    
    
    21,749
    
    
    
    5,536Expected tax expense
    
    
    -4,964
    
    
    
    -1,830Reconciliation:Tax effects from tax-free income
    
    
    787
    
    
    
    742Tax effects from non-deductible expenses and
addbacks to and deductions from municipal
trade tax base
    
    
    -278
    
    
    
    -1,043Reduction in deferred tax expense from a
previously unrecognized tax loss
    
    
    0
    
    
    
    970Effect of changes in tax rates
    
    
    0
    
    
    
    -128Other tax effects
    
    
    90
    
    
    
    51Reported tax expense
    
    
    -4,365
    
    
    
    -1,238
 3
    
    Notes to the Balance Sheet3.1.
    
    Intangible assets
  Advance(In thousands of EUR)
    
    Software
    
    
    payments
    
    
    TotalCostBalance at Jan 1, 2008
    
    
    577
    
    
    
    819
    
    
    
    1,396Additions
    
    
    767
    
    
    
    403
    
    
    
    1,170Reclassifications
    
    
    529
    
    
    
    -529
    
    
    
    0Balance at Dec 31, 2008
    
    
    1,873
    
    
    
    693
    
    
    
    2,566Accumulated amortizationBalance at Jan 1, 2008
    
    
    170
    
    
    
    0
    
    
    
    170Amortization charge for 2008
    
    
    318
    
    
    
    0
    
    
    
    318Balance at Dec 31, 2008
    
    
    488
    
    
    
    0
    
    
    
    488Carrying amount at Dec 31, 2008
    
    
    1,385
    
    
    
    693
    
    
    
    2,078




---



##### 



Advance(In thousands of EUR)
    
    Software
    
    
    payments
    
    
    TotalCostBalance at Jan 1, 2007
    
    
    321
    
    
    
    363
    
    
    
    684Additions
    
    
    109
    
    
    
    617
    
    
    
    726Disposals
    
    
    14
    
    
    
    0
    
    
    
    14Reclassifications
    
    
    161
    
    
    
    -161
    
    
    
    0Balance at Dec 31, 2007
    
    
    577
    
    
    
    819
    
    
    
    1,396Accumulated amortizationBalance at Jan 1, 2007
    
    
    36
    
    
    
    0
    
    
    
    36Amortization charge for 2007
    
    
    148
    
    
    
    0
    
    
    
    148Disposals
    
    
    14
    
    
    
    0
    
    
    
    14Balance at Dec 31, 2007
    
    
    170
    
    
    
    0
    
    
    
    170Carrying amount at Dec 31, 2007
    
    
    407
    
    
    
    819
    
    
    
    1,226
 3.2. Property, plant and equipment
  Otherinstallations;
    
    
    Advancefactory and
    
    
    payments andLand and
    
    
    Plant and
    
    
    office
    
    
    construction(In thousands of EUR)
    
    buildings
    
    
    machinery
    
    
    equipment
    
    
    in progress
    
    
    TotalCostBalance at Jan 1, 2008
    
    
    46,635
    
    
    
    131,795
    
    
    
    4,105
    
    
    
    9,993
    
    
    
    192,528Additions
    
    
    25,403
    
    
    
    5,042
    
    
    
    1,140
    
    
    
    71,960
    
    
    
    103,545Disposals
    
    
    0
    
    
    
    0
    
    
    
    1
    
    
    
    0
    
    
    
    1Reclassifications
    
    
    5,657
    
    
    
    1,245
    
    
    
    431
    
    
    
    -7,333
    
    
    
    0Balance at
Dec 31, 2008
    
    
    77,695
    
    
    
    138,082
    
    
    
    5,675
    
    
    
    74,620
    
    
    
    296,072Accumulated
depreciationBalance at Jan 1, 2008
    
    
    1,209
    
    
    
    13,211
    
    
    
    878
    
    
    
    0
    
    
    
    15,298Depreciation charge
for 2008
    
    
    1,426
    
    
    
    19,257
    
    
    
    1,249
    
    
    
    0
    
    
    
    21,932Impairment losses
    
    
    0
    
    
    
    74
    
    
    
    53
    
    
    
    0
    
    
    
    127Disposals
    
    
    0
    
    
    
    0
    
    
    
    1
    
    
    
    0
    
    
    
    1Balance at
Dec 31, 2008
    
    
    2,635
    
    
    
    32,542
    
    
    
    2,179
    
    
    
    0
    
    
    
    37,356Carrying amount at
Dec 31, 2008
    
    
    75,060
    
    
    
    105,540
    
    
    
    3,496
    
    
    
    74,620
    
    
    
    258,716
 Annex 1.5 / 17




---



##### 



Otherinstallations;
    
    
    Advancefactory and
    
    
    payments andLand and
    
    
    Plant and
    
    
    office
    
    
    construction(In thousands of EUR)
    
    buildings
    
    
    machinery
    
    
    equipment
    
    
    in progress
    
    
    TotalCostBalance at Jan 1, 2007
    
    
    15,471
    
    
    
    47,657
    
    
    
    1,682
    
    
    
    42,855
    
    
    
    107,665Additions
    
    
    16,108
    
    
    
    57,017
    
    
    
    1,881
    
    
    
    9,988
    
    
    
    84,994Disposals
    
    
    0
    
    
    
    0
    
    
    
    131
    
    
    
    0
    
    
    
    131Reclassifications
    
    
    15,056
    
    
    
    27,121
    
    
    
    673
    
    
    
    -42,850
    
    
    
    0Balance at
Dec 31, 2007
    
    
    46,635
    
    
    
    131,795
    
    
    
    4,105
    
    
    
    9,993
    
    
    
    192,528Accumulated
depreciationBalance at Jan 1, 2007
    
    
    271
    
    
    
    3,626
    
    
    
    263
    
    
    
    0
    
    
    
    4,160Depreciation charge
for 2007
    
    
    938
    
    
    
    9,585
    
    
    
    746
    
    
    
    0
    
    
    
    11,269Disposals
    
    
    0
    
    
    
    0
    
    
    
    131
    
    
    
    0
    
    
    
    131Balance at
Dec 31, 2007
    
    
    1,209
    
    
    
    13,211
    
    
    
    878
    
    
    
    0
    
    
    
    15,298Carrying amount at
Dec 31, 2007
    
    
    45,426
    
    
    
    118,584
    
    
    
    3,227
    
    
    
    9,993
    
    
    
    177,230
   3.3. Deferred tax
 2.10. Income tax expense
 3.4. Inventories
 (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Raw materials, consumables and supplies
    
    
    20,544
    
    
    
    14,371Work in progress
    
    
    3,203
    
    
    
    4,387Finished goods
    
    
    8,472
    
    
    
    3,336Total
    
    
    32,219
    
    
    
    22,094
 Annex 1.5 / 18




---



##### 



3.5. Advance payments
   3.6. Trade receivables
 (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Trade receivables from related parties
    
    
    46,850
    
    
    
    47,663Trade receivables from unrelated parties
    
    
    2,007
    
    
    
    804Total
    
    
    48,857
    
    
    
    48,467
  Annex 1.5 / 19




---



##### 



4.3. Related party disclosures
   Of which
    
    
    Of which not impaired at year end but overdue fornot impaired
    
    
    not more
    
    
    between
    
    
    between
    
    
    moreCarrying
    
    
    or overdue
    
    
    than 30
    
    
    31 and 60
    
    
    61 and 90
    
    
    than 90(In thousands of EUR)
    
    amount
    
    
    at year end
    
    
    days
    
    
    days
    
    
    days
    
    
    daysDecember 31, 2008Related parties
    
    
    46,850
    
    
    
    30,847
    
    
    
    9,713
    
    
    
    4,738
    
    
    
    1,552
    
    
    
    0Unrelated parties
    
    
    2,007
    
    
    
    1,771
    
    
    
    28
    
    
    
    1
    
    
    
    24
    
    
    
    183Total
    
    
    48,857
    
    
    
    32,618
    
    
    
    9,741
    
    
    
    4,739
    
    
    
    1,576
    
    
    
    183
 Of which
    
    
    Of which not impaired at year end but overdue fornot impaired
    
    
    not more
    
    
    between
    
    
    between
    
    
    moreCarrying
    
    
    or overdue
    
    
    than 30
    
    
    31 and 60
    
    
    61 and 90
    
    
    than 90(In thousands of EUR)
    
    amount
    
    
    at year end
    
    
    days
    
    
    days
    
    
    days
    
    
    daysDecember 31, 2007Related parties
    
    
    47,663
    
    
    
    37,313
    
    
    
    8,435
    
    
    
    1,915
    
    
    
    0
    
    
    
    0Unrelated parties
    
    
    804
    
    
    
    780
    
    
    
    5
    
    
    
    0
    
    
    
    1
    
    
    
    18Total
    
    
    48,467
    
    
    
    38,093
    
    
    
    8,440
    
    
    
    1,915
    
    
    
    1
    
    
    
    18
  3.7. Other financial assets
  Annex 1.5 / 20




---



##### 



4.4.2. Disclosures on
derivative financial instruments and hedging
 3.8. Other assets
  (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Federal and state investment grants
receivable
    
    
    37,731
    
    
    
    28,521Recoverable value added tax on inputs
    
    
    15,252
    
    
    
    0Prepaid expenses
    
    
    534
    
    
    
    204Loan financing costs
    
    
    302
    
    
    
    247Other
    
    
    100
    
    
    
    48Total
    
    
    53,919
    
    
    
    29,020
     3.9. Cash and cash equivalents
  3.10. Equity
  (Umwandlungsgesetz), (Aktiengesellschaft) 4.10. Other disclosures on the Company
 Annex 1.5 / 21




---



##### 




    
    Q-Cells SE, Bitterfeld-Wolfen, Germany (Q-Cells) 160,000 no par value registered shares,
    
    Evergreen Solar Inc., Marlboro, USA (Evergreen) 160,000 no par value registered shares,
    
    Renewable Energy Corporation ASA, Sandvika, Norway (REC) 160,000 no par value registered
shares.
       Annex 1.5 / 22




---



##### 



3.11. Borrowings
  Dec 31, 2008
    
    
    Dec 31, 2007Non-
    
    
    
    
    
    
    
    
    
    
    Non-(In thousands of EUR)
    
    Current
    
    
    current
    
    
    Total
    
    
    Current
    
    
    current
    
    
    TotalLiabilities to banks
    
    
    83,575
    
    
    
    37,292
    
    
    
    120,867
    
    
    
    57,276
    
    
    
    52,240
    
    
    
    109,516Shareholders loans
    
    
    0
    
    
    
    138,185
    
    
    
    138,185
    
    
    
    0
    
    
    
    90,000
    
    
    
    90,000Total
    
    
    83,575
    
    
    
    175,477
    
    
    
    259,052
    
    
    
    57,276
    
    
    
    142,240
    
    
    
    199,516
 3.11.1. Liabilities to banks
 4.12. Subsequent events
  3.11.2. Shareholders loans
  Annex 1.5 / 23




---



##### 



4.3. Related party disclosures
 3.12. Trade payables
 (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Payables to unrelated parties
    
    
    32,234
    
    
    
    16,008Payables to shareholders
    
    
    1,796
    
    
    
    13,091Total
    
    
    34,030
    
    
    
    29,099
 4.3. Related party disclosures
   3.13. Deferred federal and state investment grants
  Dec 31, 2008
    
    
    Dec 31, 2007Non-
    
    
    
    
    
    
    
    
    
    
    Non-(In thousands of EUR)
    
    Current
    
    
    current
    
    
    Total
    
    
    Current
    
    
    current
    
    
    TotalFederal investment grants
    
    
    4,741
    
    
    
    26,983
    
    
    
    31,724
    
    
    
    3,712
    
    
    
    22,187
    
    
    
    25,899State investment grants
    
    
    3,346
    
    
    
    18,388
    
    
    
    21,734
    
    
    
    3,311
    
    
    
    21,602
    
    
    
    24,913Total
    
    
    8,087
    
    
    
    45,371
    
    
    
    53,458
    
    
    
    7,023
    
    
    
    43,789
    
    
    
    50,812
 Annex 1.5 / 24




---



##### 



3.14. Other provisions
  Product
    
    
    Individual(In thousands of EUR)
    
    warranty
    
    
    risks
    
    
    TotalBalance at Jan 1, 2008
    
    
    2,110
    
    
    
    2,500
    
    
    
    4,610Amounts added
    
    
    658
    
    
    
    0
    
    
    
    658Amounts used
    
    
    160
    
    
    
    1,327
    
    
    
    1,487Unused amounts reversed
    
    
    649
    
    
    
    0
    
    
    
    649Balance at Dec 31, 2008
    
    
    1,959
    
    
    
    1,173
    
    
    
    3,132Of which current
    
    
    735
    
    
    
    1,173
    
    
    
    1,908Of which non-current
    
    
    1,224
    
    
    
    0
    
    
    
    1,224
 Product
    
    
    Individual(In thousands of EUR)
    
    warranty
    
    
    risks
    
    
    TotalBalance at Jan 1, 2007
    
    
    557
    
    
    
    0
    
    
    
    557Amounts added
    
    
    1,667
    
    
    
    2,500
    
    
    
    4,167Amounts used
    
    
    114
    
    
    
    0
    
    
    
    114Balance at Dec 31, 2007
    
    
    2,110
    
    
    
    2,500
    
    
    
    4,610Of which current
    
    
    570
    
    
    
    2,500
    
    
    
    3,070Of which non-current
    
    
    1,540
    
    
    
    0
    
    
    
    1,540




---



##### 



3.15. Other financial liabilities
  3.16. Current income tax liabilities
  3.17. Other liabilities
  (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Bonuses
    
    
    2,549
    
    
    
    1,341Other personnel-related obligations
    
    
    941
    
    
    
    563Unused vacation entitlements and overtime
pay
    
    
    721
    
    
    
    873Value added tax
    
    
    0
    
    
    
    1,380Other payables
    
    
    110
    
    
    
    40Total
    
    
    4,321
    
    
    
    4,197Of which current
    
    
    4,244
    
    
    
    4,185Of which non-current
    
    
    77
    
    
    
    12




---



##### 



3.18. Additional disclosures on financial instruments
  Amount reported (IAS 39)Fair value,
    
    
    Fair Value2008
    
    Measurement
    
    
    Carrying amount
    
    
    
    
    
    
    recognized in
    
    
    through profit or
    
    
    Amount reported,
    
    
    Fair value(In thousands of EUR)
    
    category (IAS 39)
    
    
    Dec 31, 2008
    
    
    Amortized cost
    
    
    equity
    
    
    loss
    
    
    cash
    
    
    Dec 31, 2008AssetsTrade receivables
    
    LaR
    
    
    48,857
    
    
    
    48,857
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    48,857Derivative financial assets (without a hedging-relationsship)
    
    FAHfT
    
    
    2,601
    
    
    
    0
    
    
    
    0
    
    
    
    2,601
    
    
    
    0
    
    
    
    2,601Other non-derivative financial assets
    
    LaR
    
    
    85
    
    
    
    85
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    85Financial assets not classifiable under an IAS 39 category:Cash and cash equivalents
    
    
    n.a.
    
    
    
    11,525
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    11,525
    
    
    
    11,525LiabilitiesFinancial liabilities
    
    FLAC
    
    
    259,052
    
    
    
    259,052
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    257,783Trade payables
    
    FLAC
    
    
    34,030
    
    
    
    34,030
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    34,030Derivative financial liabilities (with a hedging relationship)
    
    
    n.a.
    
    
    
    1,147
    
    
    
    0
    
    
    
    1,147
    
    
    
    0
    
    
    
    0
    
    
    
    1,147Of which, aggregated by IAS 39 measurement category:Loans and receivables (LaR)
    
    
    
    
    
    
    48,942
    
    
    
    48,942
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    49,942Finacial assets held for trading (FAHfT)
    
    
    
    
    
    
    2,601
    
    
    
    0
    
    
    
    0
    
    
    
    2,601
    
    
    
    0
    
    
    
    2,601Financial liabilities measured at amortized cost (FLAC)
    
    
    
    
    
    
    293,082
    
    
    
    293,082
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    291,813
 Amount reported (IAS 39)Fair value,
    
    
    Fair Value2007
    
    Measurement
    
    
    Carrying amount
    
    
    
    
    
    
    recognized in
    
    
    through profit or
    
    
    Amount reported,
    
    
    Fair value(In thousands of EUR)
    
    category (IAS 39)
    
    
    Dec 31, 2007
    
    
    Amortized cost
    
    
    equity
    
    
    loss
    
    
    cash
    
    
    Dec 31, 2007AssetsTrade receivables
    
    LaR
    
    
    48,467
    
    
    
    48,467
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    48,467Other financial assets
    
    LaR
    
    
    6
    
    
    
    6
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    6Financial assets not classifiable under an IAS 39 category:Cash and cash equivalents
    
    
    n.a.
    
    
    
    37,563
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    37,563
    
    
    
    37,563LiabilitiesFinancial liabilities
    
    FLAC
    
    
    199,516
    
    
    
    199,516
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    198,624Trade payables
    
    FLAC
    
    
    29,099
    
    
    
    29,099
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    29,099Derivative financial liabilities (with a hedging relationship)
    
    
    n.a.
    
    
    
    165
    
    
    
    0
    
    
    
    165
    
    
    
    0
    
    
    
    0
    
    
    
    165Of which, aggregated by IAS 39 measurement category:Loans and receivables (LaR)
    
    
    
    
    
    
    48,473
    
    
    
    48,473
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    48,473Financial liabilities measured at amortized cost (FLAC)
    
    
    
    
    
    
    228,615
    
    
    
    228,615
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    227,723




---



##### 



4 Other explanatory comments
 4.1. Cash flow statement
     4.2. Capital management
   (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Balance sheet total
    
    
    467,145
    
    
    
    380,179Equity
    
    
    107,796
    
    
    
    91,168Equity in per cent of balance sheet total
    
    
    23.1
    
    
    
    24.0Net indebtedness
    
    
    247,527
    
    
    
    161,953




---



##### 



4.12. Subsequent events
 4.3. Related party disclosures
    3.5. Advance payments




---



##### 








---



##### 



4.8. Remuneration of the Members of the Management Board and the Supervisory
Board
  4.4. Financial risk management
 4.4.1. Financial risk factors
   Annex 1.5 /   31




---



##### 



4.4.1.1. Exchange rate risk
  4.4.2. Disclosures on derivative financial instruments and hedging
   (In thousands of EUR)
    
    Dec 31, 08
    
    
    Dec 31, 07Cash and cash equivalents
    
    
    5,495
    
    
    
    86Trade receivables
    
    
    24,203
    
    
    
    1,763Positive fair values from derivative financial instruments (foreign exchange forward contracts)
    
    
    2,601
    
    
    
    0Trade payables
    
    
    4,796
    
    
    
    1,771Financial liabilities (shareholders loans)
    
    
    16,870
    
    
    
    0
   Annex 1.5 /   32




---



##### 



4.4.1.2. Interest rate risk
       Annex 1.5 /   33




---



##### 



4.4.1.3. Other price risks
   4.4.1.4. Liquidity risk
   4.12. Subsequent events
   Annex 1.5 /   34




---



##### 



Dec 31, 2008
    
    
    
    
    
    
    
    
    
    2011
    
    
    2014 and(In thousands of EUR)
    
    2009
    
    
    2010
    
    
    - 2013
    
    
    beyondNon-derivative financial liabilitiesBank debt
    
    
    89,334
    
    
    
    38,783
    
    
    
    0
    
    
    
    0Shareholders loans
    
    
    7,315
    
    
    
    146,594
    
    
    
    0
    
    
    
    0Trade payables
    
    
    34,030
    
    
    
    0
    
    
    
    0
    
    
    
    0Derivative financial liabilitiesInterest rate swaps
    
    
    990
    
    
    
    244
    
    
    
    0
    
    
    
    0
 Dec 31, 2007
    
    
    
    
    
    
    
    
    
    2010
    
    
    2013 and(In thousands of EUR)
    
    2008
    
    
    2009
    
    
    -2012
    
    
    beyondNon-derivative financial liabilitiesBank debt
    
    
    62,600
    
    
    
    32,465
    
    
    
    23,172
    
    
    
    0Shareholders loans
    
    
    4,887
    
    
    
    94,887
    
    
    
    0
    
    
    
    0Trade payables
    
    
    29,099
    
    
    
    0
    
    
    
    0
    
    
    
    0Derivative financial liabilitiesInterest rate swaps
    
    
    -54
    
    
    
    205
    
    
    
    30
    
    
    
    0
 4.4.1.5. Credit risk
    4.4.2. Disclosures on derivative financial instruments and hedging
  Annex 1.5 /   35




---



##### 



4.5. Contingent liabilities and provision of security
   4.6. Other financial commitments
  Annex 1.5 /   36




---



##### 



2014
    
    
    Total2010
    
    
    and
    
    
    Dec 31,(In thousands of EUR)
    
    2009
    
    
    - 2013
    
    
    beyond
    
    
    2008Long-term procurement contracts for raw materials
    
    
    12,856
    
    
    
    270,252
    
    
    
    203,638
    
    
    
    486,746Purchase orders for materials
    
    
    39,963
    
    
    
    0
    
    
    
    0
    
    
    
    39,963Purchase commitments for non-current assets
    
    
    36,543
    
    
    
    0
    
    
    
    0
    
    
    
    36,543Other long-term procurement contracts
    
    
    5,175
    
    
    
    11,064
    
    
    
    0
    
    
    
    16,239Purchase orders for services
    
    
    2,555
    
    
    
    754
    
    
    
    0
    
    
    
    3,309Operating leases
    
    
    152
    
    
    
    175
    
    
    
    0
    
    
    
    327Total
    
    
    97,244
    
    
    
    282,245
    
    
    
    203,638
    
    
    
    583,127
 2013
    
    
    Total2009
    
    
    and
    
    
    Dec 31,(In thousands of EUR)
    
    2008
    
    
    - 2012
    
    
    beyond
    
    
    2007Long-term procurement contracts for raw materials
    
    
    14,963
    
    
    
    153,436
    
    
    
    60,227
    
    
    
    228,626Purchase orders for materials
    
    
    34,210
    
    
    
    0
    
    
    
    0
    
    
    
    34,210Purchase commitments for non-current assets
    
    
    37,239
    
    
    
    0
    
    
    
    0
    
    
    
    37,239Purchase orders for services
    
    
    1,787
    
    
    
    0
    
    
    
    0
    
    
    
    1,787Operating leases
    
    
    106
    
    
    
    129
    
    
    
    0
    
    
    
    235Total
    
    
    88,305
    
    
    
    153,565
    
    
    
    60,227
    
    
    
    302,097
  4.7. Litigation
   Annex 1.5 /   37




---



##### 



4.8. Remuneration of the Members of the Management Board and the Supervisory Board
  (In thousands of EUR)
    
    2008
    
    
    2007Fixed compensation
    
    
    599
    
    
    
    495Performance-related compensation
    
    
    433
    
    
    
    48Termination benefits
    
    
    137
    
    
    
    0Other compensation
    
    
    50
    
    
    
    39Total
    
    
    1,219
    
    
    
    582
   4.9. Number of employees
  Dec 31, 08
    
    
    Dec 31, 07Production
    
    
    1,110
    
    
    
    956Administration
    
    
    50
    
    
    
    32Total
    
    
    1,160
    
    
    
    988
 4.10. Other disclosures on the Company
  (Umwandlungsgesetz), (Aktiengesellschaft) 1
 
 1
    
    A combination of articles of incorporation
and bylaws Annex 1.5 /   38




---



##### 



3.10. Equity
 4.11. Auditors fees
  a)
    
    For audit services EUR 98 (2007 EUR 78) thousand,
 b)
    
    For tax services EUR 28 (2007 EUR 33) thousand,
 c)
    
    For other confirmatory or valuation services EUR 193 (2007 EUR 71) thousand,
  4.12. Subsequent events
   4.13. Authorization for issue
  Annex 1.5 /   39




---



##### 



signed
    
    signedDr. Theodor Scheidegger
    
    Hans-Jörg AxmannChief Executive Officer
    
    Chief Technology Officersigned
    
    signedJörg Baumheuer
    
    Christian LangenChief Operating Officer
    
    Chief Marketing and Sales Officer
 Annex 1.5 /   40