Exhibit 99.1
  
     Deloitte & Touche GmbH
 /s/ J. Wegner
    
    
    
    /s/ ppa. Ch. Schwarz(J. Wegner)
    
    
    
    (ppa. Ch. Schwarz)Independent Auditor
    
    
    
    Independent Auditor[Wirtschaftsprüfer]
    
    
    
    [Wirtschaftsprüfer]




---



##### 



Sovello AG
 Statement of Comprehensive (Loss) Income for the years ended December 31,
 (In thousands of EUR)
    
    Notes
    
    
    2009
    
    
    2008(unaudited)Revenues
    
    
    2.1.
    
    
    
    111,731
    
    
    
    219,296Change in inventories of finished goods and work in progress
    
    
    
    
    
    
    995
    
    
    
    3,952Own work capitalized
    
    
    2.2.
    
    
    
    856
    
    
    
    334Other operating income
    
    
    2.3.
    
    
    
    11,748
    
    
    
    10,754Cost of materials and services
    
    
    2.4.
    
    
    
    -78,584
    
    
    
    -110,008Personnel expenses
    
    
    2.5.
    
    
    
    -37,455
    
    
    
    -37,835Amortization, depreciation and impairment of intangible
assets and property, plant and equipment
    
    
    2.6.
    
    
    
    -29,618
    
    
    
    -22,377Other operating expenses
    
    
    2.7.
    
    
    
    -26,166
    
    
    
    -31,440(Loss) Profit from operating activities
    
    
    
    
    
    
    -46,493
    
    
    
    32,676Interest and similar income
    
    
    2.8.
    
    
    
    76
    
    
    
    867Interest and similar expense
    
    
    2.8.
    
    
    
    -16,774
    
    
    
    -11,794(Loss) Profit before tax
    
    
    
    
    
    
    -63,191
    
    
    
    21,749Income tax benefit/(expense)
    
    
    2.10.
    
    
    
    312
    
    
    
    -4,365(Loss) Profit after tax
    
    
    
    
    
    
    -62,879
    
    
    
    17,384Other comprehensive income:Changes in fair values of derivatives designated as cash
flow hedges
    
    
    
    
    
    
    718
    
    
    
    -982Income taxes
    
    
    
    
    
    
    -165
    
    
    
    226Changes recognized outside profit or loss (cash flow hedges)
    
    
    4.3.2
    
    
    
    553
    
    
    
    -756Total comprehensive (loss) income
    
    
    
    
    
    
    -62,326
    
    
    
    16,628




---



##### 



Sovello AG
 Statement of Financial Position
 (In thousands of EUR)
    
    Notes
    
    
    Dec 31, 2009
    
    
    Dec 31, 2008(unaudited)ASSETSNon-current assetsIntangible assets
    
    
    3.1.
    
    
    
    1,790
    
    
    
    2,078Property, plant and equipment
    
    
    3.2.
    
    
    
    267,202
    
    
    
    258,716Advance payments
    
    
    3.5.
    
    
    
    32,369
    
    
    
    32,317Deferred tax assets
    
    
    3.3.
    
    
    
    0
    
    
    
    264Total
    
    
    
    
    
    
    301,361
    
    
    
    293,375Current assetsInventories
    
    
    3.4.
    
    
    
    35,574
    
    
    
    32,219Advance payments
    
    
    3.5.
    
    
    
    7,657
    
    
    
    24,564Trade receivables
    
    
    3.6.
    
    
    
    10,320
    
    
    
    48,857Other financial assets
    
    
    3.7.
    
    
    
    595
    
    
    
    2,686Other assets
    
    
    3.8.
    
    
    
    18,514
    
    
    
    53,919Cash and cash equivalents
    
    
    3.9.
    
    
    
    24,267
    
    
    
    11,525Total
    
    
    
    
    
    
    96,927
    
    
    
    173,770Total assets
    
    
    
    
    
    
    398,288
    
    
    
    467,145EQUITY AND LIABILITIESEquityShare capital
    
    
    
    
    
    
    480
    
    
    
    480Capital reserve
    
    
    
    
    
    
    109,127
    
    
    
    90,627Revenue reserves
    
    
    
    
    
    
    48
    
    
    
    48Accumulated other comprehensive income
    
    
    
    
    
    
    -330
    
    
    
    -883Retained earnings
    
    
    
    
    
    
    -45,355
    
    
    
    17,524Total
    
    
    3.10.
    
    
    
    63,970
    
    
    
    107,796Non-current liabilitiesBorrowings
    
    
    3.11.
    
    
    
    0
    
    
    
    175,477Deferred federal and state investment grants
    
    
    3.13.
    
    
    
    38,171
    
    
    
    45,371Other provisions
    
    
    3.15.
    
    
    
    1,355
    
    
    
    1,224Deferred tax liabilities
    
    
    3.3.
    
    
    
    125
    
    
    
    606Other financial liabilities
    
    
    3.16.
    
    
    
    0
    
    
    
    1,147Other liabilities
    
    
    3.19.
    
    
    
    117
    
    
    
    77Total
    
    
    
    
    
    
    39,768
    
    
    
    223,902Current liabilitiesBorrowings
    
    
    3.11.
    
    
    
    241,802
    
    
    
    83,575Trade payables
    
    
    3.12.
    
    
    
    24,777
    
    
    
    34,030Deferred federal and state investment grants
    
    
    3.13.
    
    
    
    8,621
    
    
    
    8,087Accrual for the repayment of federal and state
investment grants
    
    
    3.14.
    
    
    
    11,462
    
    
    
    0Other provisions
    
    
    3.15.
    
    
    
    1,062
    
    
    
    1,908Other financial liabilities
    
    
    3.16.
    
    
    
    429
    
    
    
    0Current income tax liabilities
    
    
    3.17.
    
    
    
    3,472
    
    
    
    3,603Other liabilities
    
    
    3.18.
    
    
    
    2,925
    
    
    
    4,244Total
    
    
    
    
    
    
    294,550
    
    
    
    135,447Total liabilities
    
    
    
    
    
    
    334,318
    
    
    
    359,349Total equity and liabilities
    
    
    
    
    
    
    398,288
    
    
    
    467,145
 The accompanying notes are an integral part of these financial statements




---



##### 



Sovello AG
 Statement of Changes in Equity for the years ended December 31, 2009 and 2008
 Accumulatedother compre-hensive incomeChange in fairShare
    
    
    Capital
    
    
    Revenue
    
    
    values of hedging
    
    
    Retained
    
    
    Total(In thousands of EUR)
    
    Notes
    
    
    capital
    
    
    reserve
    
    
    reserves
    
    
    instruments
    
    
    earnings
    
    
    equityChanges in 2008 (unaudited)Balance at January 1, 2008
    
    
    
    
    
    
    480
    
    
    
    90,627
    
    
    
    0
    
    
    
    -127
    
    
    
    188
    
    
    
    91,168Transfer to the statutory reserve in
accordance with section 150 German Stock
Corporation Act
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    48
    
    
    
    0
    
    
    
    -48
    
    
    
    0Total comprehensive (loss) income
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    -756
    
    
    
    17,384
    
    
    
    16,628Balance at December 31, 2008
    
    
    
    
    
    
    480
    
    
    
    90,627
    
    
    
    48
    
    
    
    -883
    
    
    
    17,524
    
    
    
    107,796Changes in 2009Balance at January 1, 2009
    
    
    
    
    
    
    480
    
    
    
    90,627
    
    
    
    48
    
    
    
    -883
    
    
    
    17,524
    
    
    
    107,796Shareholders payments into capital reserves
    
    
    
    
    
    
    0
    
    
    
    18,500
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    18,500Total comprehensive income (loss)
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    553
    
    
    
    -62,879
    
    
    
    -62,326Balance at December 31, 2009
    
    
    3.10.
    
    
    
    480
    
    
    
    109,127
    
    
    
    48
    
    
    
    -330
    
    
    
    -45,355
    
    
    
    63,970




---



##### 



Sovello AG
 Statement of Cash Flows for the years ended December 31,
 (In thousands of EUR)
    
    Notes
    
    
    2009
    
    
    2008(unaudited)(Loss) Profit before tax
    
    
    
    
    
    
    -63,191
    
    
    
    21,749Net interest expense
    
    
    2.8.
    
    
    
    16,698
    
    
    
    10,927Amortization, depreciation and impairment of intangible
assets and property, plant and equipment
    
    
    2.6.
    
    
    
    29,618
    
    
    
    22,377Gain/loss from disposal of property, plant and equipment
and intangible assets
    
    
    
    
    
    
    27
    
    
    
    0Amortization of deferred federal and state investment grants
    
    
    2.3.
    
    
    
    -6,900
    
    
    
    -6,564Change in accruals and other provisions
    
    
    3.14.,3.15.
    
    
    
    8,816
    
    
    
    -1,478Other non-cash income and expenses
    
    
    
    
    
    
    -1,104
    
    
    
    1,115Amortization of advance payments
    
    
    3.5.
    
    
    
    16,060
    
    
    
    0Change in inventories, trade receivables and other assets
    
    
    
    
    
    
    41,550
    
    
    
    -38,085Change in trade payables and other liabilities
    
    
    
    
    
    
    -2,032
    
    
    
    2,347Interest received
    
    
    
    
    
    
    76
    
    
    
    867Income taxes paid
    
    
    
    
    
    
    -221
    
    
    
    -157Net cash provided by/used in operating activities
    
    
    4.1.
    
    
    
    39,397
    
    
    
    13,098Payments for investments in property, plant and equipment
and intangible assets (excluding borrowing costs capitalized)
    
    
    3.1.,3.2.
    
    
    
    -44,385
    
    
    
    -90,258Proceeds from disposal of intangible assets and property,
plant and equipment
    
    
    
    
    
    
    7
    
    
    
    0Proceeds from federal and state investment grants
    
    
    3.13.
    
    
    
    30,567
    
    
    
    0Advance payments made
    
    
    3.5
    
    
    
    -7,662
    
    
    
    -2,000Repayments of advance payments
    
    
    3.5
    
    
    
    8,887
    
    
    
    9,090Net cash used in investing activities
    
    
    4.1.
    
    
    
    -12,586
    
    
    
    -83,168Shareholders payments into equity
    
    
    3.10.
    
    
    
    18,500
    
    
    
    0Proceeds from borrowings
    
    
    3.11.
    
    
    
    27,021
    
    
    
    87,822Repayments of borrowings
    
    
    3.11.
    
    
    
    -52,714
    
    
    
    -30,000Loan financing costs paid
    
    
    
    
    
    
    -150
    
    
    
    -724Interest paid
    
    
    
    
    
    
    -6,693
    
    
    
    -13,293Net cash from financing activities
    
    
    4.1.
    
    
    
    -14,036
    
    
    
    43,805Net change in cash and cash equivalents
    
    
    
    
    
    
    12,775
    
    
    
    -26,265Effect of exchange rate changes on cash and cash equivalents
    
    
    
    
    
    
    -33
    
    
    
    227Cash and cash equivalents at beginning of period
    
    
    
    
    
    
    11,525
    
    
    
    37,563Cash and cash equivalents at end of period
    
    
    3.9.
    
    
    
    24,267
    
    
    
    11,525Thereof curently not available for use by the Company
    
    
    3.9.
    
    
    
    2,779
    
    
    
    0




---



##### 



Notes to the financial statements
 Sovello AG, Bitterfeld-Wolfen
 1 Summary of accounting policies
 1.1. Basis of preparation
   Amendments to IAS 1 (2007)
    
    Presentation of financial statements: A revised presentationAmendments to IAS 23
    
    Borrowing costsAmendments to IFRS 7
    
    Improving disclosures about financial instrumentsVarious standards
    
    Improvements to IFRSs (May 2008).
    Annex 1.5 / 1




---



##### 



IFRS 1 (revised)
    
    First-time adoption of IFRSsAmendments to IAS 32 and IAS 1
    
    Puttable financial instruments and obligations arising on liquidationAmendments to IFRS 1 and IAS 27
    
    Cost of an investment in a subsidiary, jointly-controlled entity or associateAmendments to IFRS 2 (2008)
    
    Share-based payment: vesting conditions and cancellationsIFRS 8
    
    Operating segmentsAmendments to IFRIC 9 and IAS 39
    
    Embedded derivativesIFRIC 12
    
    Service concession arrangementsIFRIC 13
    
    Customer loyalty programmesIFRIC 14
    
    IAS 19  The limit on a defined benefit asset, minimum funding requirements and their
interactionIFRIC 15
    
    Agreements for the construction of real estateIFRIC 16
    
    Hedges of a net investment in a foreign operation.
  Amendments to IFRS 1
    
    Additional exemptions for first-time adoptersAmendment to IFRS 2
    
    Group cash-settled share-based payment transactionsIFRS 3 (revised 2008)
    
    Business CombinationsIFRS 9
    
    Financial instrumentsIAS 24 (revised)
    
    Related Party DisclosuresAmendments to IAS 27 (2008)
    
    Consolidated and separate financial statementsAmendments to IAS 32
    
    Classifications of Rights IssuesAmendments to IAS 39
    
    Financial instruments: Recognition and measurement: Eligible Hedged ItemsAmendments to IFRIC 14
    
    Prepayments of a minimum funding requirementIFRIC 17
    
    Distributions of non-cash assets to ownersIFRIC 18
    
    Transfer of assets from customersIFRIC 19
    
    Extinguishing Financial Liabilities with Equity InstrumentsVarious standards
    
    Improvements to IFRSs (April 2009).
  Annex 1.5 / 2




---



##### 



1.2. Going concern
     Annex 1.5 / 3




---



##### 



1.3. Accounting policies
 1.3.1. Revenue recognition
   1.3.2. Interest income and expense
  1.3.3. Intangible assets
   Annex 1.5 / 4




---



##### 



1.3.4. Property, plant and equipment
    (In Years)
    
    Useful lifeBuildings
    
    
    33Plant and machinery
    
    
    7Other installations; factory and office equipment
    
    
    3-7
   1.3.5. Impairment and reversals of impairment losses
   Annex 1.5 / 5




---



##### 



1.3.6. Income taxes
   1.3.7. Inventories
    Annex 1.5 / 6




---



##### 



1.3.8. Advance payments
  1.3.9. Financial instruments
 1.3.9.1. Overview
        Annex 1.5 / 7




---



##### 



1.3.9.2. Trade receivables and other financial assets
   1.3.9.3. Cash and cash equivalents
   1.3.9.4. Financial liabilities
  1.3.9.5. Derivative financial instruments and hedging
     Annex 1.5 / 8




---



##### 



1.3.10. Government grants
    1.3.11. Other provisions
    Annex 1.5 / 9




---



##### 



1.3.12. Other assets and liabilities
  1.3.13. Management estimates and judgements
     1.3.14. Segment reporting
   Annex 1.5 / 10




---



##### 



2 Notes to the Statement of Comprehensive Income
 2.1. Revenues
 (In thousands of EUR)
    
    2009
    
    
    2008Solar modules
    
    
    109,643
    
    
    
    212,831Other revenues
    
    
    2,088
    
    
    
    6,465Total
    
    
    111,731
    
    
    
    219,296
     2009
    
    
    2008EUR'000
    
    
    %
    
    
    EUR'000
    
    
    %Germany
    
    
    92,118
    
    
    
    82.4
    
    
    
    93,579
    
    
    
    42.7Rest of Europe
    
    
    8,526
    
    
    
    7.6
    
    
    
    46,536
    
    
    
    21.2USA
    
    
    8,755
    
    
    
    7.8
    
    
    
    77,977
    
    
    
    35.6Asia
    
    
    2,269
    
    
    
    2.0
    
    
    
    282
    
    
    
    0.1Rest of world
    
    
    63
    
    
    
    0.1
    
    
    
    922
    
    
    
    0.4Total
    
    
    111,731
    
    
    
    100
    
    
    
    219,296
    
    
    
    100




---



##### 



2.3. Own work capitalized
  2.4. Other operating income
  (In thousands of EUR)
    
    2009
    
    
    2008Amortization of deferred federal and state
investment grants
    
    
    6,900
    
    
    
    6,564Refunds of customs and energy tax
    
    
    1,169
    
    
    
    35Reversal of accrued personnel-related expenses
    
    
    964
    
    
    
    299Effect of exchange rate changes
    
    
    773
    
    
    
    3,302Breakup fee
    
    
    757
    
    
    
    0Unused provisions released
    
    
    388
    
    
    
    0Recycling of scrap
    
    
    290
    
    
    
    359Grants related to personnel expenses
    
    
    96
    
    
    
    2Other
    
    
    411
    
    
    
    193Total
    
    
    11,748
    
    
    
    10,754




---



##### 



2.6. Cost of materials and services
 (In thousands of EUR)
    
    2009
    
    
    2008Raw materials, consumables and supplies
    
    
    -67,854
    
    
    
    -99,154Purchased services
    
    
    -10,730
    
    
    
    -10,854Total
    
    
    -78,584
    
    
    
    -110,008
  2.7. Personnel expenses
 (In thousands of EUR)
    
    2009
    
    
    2008Wages and salaries
    
    
    -31,165
    
    
    
    -31,995Social security expenses
    
    
    -6,290
    
    
    
    -5,840Total
    
    
    -37,455
    
    
    
    -37,835
 2.8. Amortization, depreciation and impairment of intangible assets and property, plant and
equipment
 3.1. 3.2.




---



##### 



2.9. Other operating expenses
  (In thousands of EUR)
    
    2009
    
    
    2008Royalties
    
    
    -4,929
    
    
    
    -7,711Occupancy costs and other office expenses
    
    
    -3,952
    
    
    
    -2,721Repair and maintenance
    
    
    -3,809
    
    
    
    -4,430Repayment of federal and state investment grants
    
    
    -2,903
    
    
    
    0Legal and consultancy expenses
    
    
    -2,554
    
    
    
    -3,424Selling expenses
    
    
    -2,453
    
    
    
    -5,327Other personnel-related costs
    
    
    -1,672
    
    
    
    -1,937Insurance
    
    
    -844
    
    
    
    -636Other administrative expenses
    
    
    -717
    
    
    
    -444Training and education
    
    
    -501
    
    
    
    -537Other services
    
    
    -643
    
    
    
    -1,042Travel expense
    
    
    -359
    
    
    
    -811Research and development
    
    
    -367
    
    
    
    -816Effect of exchange rate changes
    
    
    -179
    
    
    
    -1,207Product warranty
    
    
    -27
    
    
    
    -9Other
    
    
    -257
    
    
    
    -388Total
    
    
    -26,166
    
    
    
    -31,440
 4.2. Related party
disclosures.
  3.15 Accrued liabilities from the repayment of federal and state investment
grants




---



##### 



2.10. Interest and similar income/expense
 (In thousands of EUR)
    
    2009
    
    
    2008Interest and similar income
    
    
    76
    
    
    
    867Bank loans
    
    
    -7,042
    
    
    
    -7,684Shareholders loan and guarantees
    
    
    -9,391
    
    
    
    -6,649Other interest expense
    
    
    -2,074
    
    
    
    0Capitalized financing costs
    
    
    1,733
    
    
    
    2,539Interest and similar expense
    
    
    -16,774
    
    
    
    -11,794Net financial income/expense(-)
    
    
    -16,698
    
    
    
    -10,927
  4.2. Related party disclosures




---



##### 



2.11. Net gain/loss by measurement category
 (In thousands of EUR)
    
    2009
    
    
    2008Loans and receivables
    
    
    -246
    
    
    
    1,072Financial liabilities measured at amortized cost
    
    
    927
    
    
    
    -1,819Derivative financial assets  gains/losses(-)
on disposal and measurement recognized in profit or
loss
    
    
    773
    
    
    
    3,270Derivative financial liabilities  gains/losses(-)
on fair value changes recognized in equity
    
    
    718
    
    
    
    -982Total
    
    
    2,172
    
    
    
    1,541
  4.3.2.
Disclosures on derivative financial instruments and hedging
 2.12. Income tax expense
 (In thousands of EUR)
    
    2009
    
    
    2008Current income tax expense
    
    
    -70
    
    
    
    -3,195Deferred tax income/expense
    
    
    382
    
    
    
    -1,170Total
    
    
    312
    
    
    
    -4,365




---



##### 



4.11. Subsequent events
  Dec 31, 2009
    
    
    Dec 31, 2008Deferred
    
    
    Deferred
    
    
    Deferred
    
    
    Deferredtax
    
    
    tax
    
    
    tax
    
    
    tax(In thousands of EUR)
    
    assets
    
    
    liabilities
    
    
    assets
    
    
    liabilitiesOther financial assets
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    598Borrowings
    
    
    0
    
    
    
    224
    
    
    
    0
    
    
    
    8Other financial liabilities
    
    
    99
    
    
    
    0
    
    
    
    264
    
    
    
    0Tax loss
    
    
    0
    
    
    
    
    
    
    
    0
    
    
    
    Offset
    
    
    -99
    
    
    
    -99
    
    
    
    0
    
    
    
    0Total
    
    
    0
    
    
    
    125
    
    
    
    264
    
    
    
    606
  (In thousands of EUR)
    
    2009
    
    
    2008Profit before tax
    
    
    -63,191
    
    
    
    21,749Expected tax expense
    
    
    14,423
    
    
    
    -4,964Reconciliation:Tax effects from tax-free income
    
    
    723
    
    
    
    787Tax effects from non-deductible expenses and
addbacks to and deductions from municipal trade tax
base
    
    
    -3,957
    
    
    
    -278Deferred tax on current year losses not recognized
as a deferred tax asset
    
    
    -10,812
    
    
    
    0Income taxes relating to other periods
    
    
    -70
    
    
    
    0Other tax effects
    
    
    5
    
    
    
    90Reported tax expense
    
    
    312
    
    
    
    -4,365




---



##### 



3 Notes to the Statement of Financial Position
 3.1. Intangible assets
  Advance(In thousands of EUR)
    
    Software
    
    
    payments
    
    
    TotalCostBalance at Jan 1, 2009
    
    
    1,873
    
    
    
    693
    
    
    
    2,566Additions
    
    
    261
    
    
    
    109
    
    
    
    370Disposals
    
    
    0
    
    
    
    10
    
    
    
    10Reclassifications
    
    
    658
    
    
    
    -654
    
    
    
    4Balance at Dec 31, 2009
    
    
    2,792
    
    
    
    138
    
    
    
    2,930Accumulated amortizationBalance at Jan 1, 2009
    
    
    488
    
    
    
    0
    
    
    
    488Amortization charge for 2009
    
    
    652
    
    
    
    0
    
    
    
    652Balance at Dec 31, 2009
    
    
    1,140
    
    
    
    0
    
    
    
    1,140Carrying amount at Dec 31, 2009
    
    
    1,652
    
    
    
    138
    
    
    
    1,790
 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




---



##### 



3.2. Property, plant and equipment
  Other
    
    
    Advanceinstallations;
    
    
    Paymentsfactory and
    
    
    andLand and
    
    
    Plant and
    
    
    office
    
    
    construction(In thousands of EUR)
    
    buildings
    
    
    machinery
    
    
    equipment
    
    
    in progress
    
    
    TotalCostBalance at Jan 1, 2009
    
    
    77,695
    
    
    
    138,082
    
    
    
    5,675
    
    
    
    74,620
    
    
    
    296,072Additions
    
    
    1,072
    
    
    
    30,545
    
    
    
    1,835
    
    
    
    4,028
    
    
    
    37,480Disposals
    
    
    0
    
    
    
    56
    
    
    
    111
    
    
    
    15
    
    
    
    182Reclassifications
    
    
    740
    
    
    
    64,167
    
    
    
    193
    
    
    
    -65,104
    
    
    
    -4Balance at
Dec 31, 2009
    
    
    79,507
    
    
    
    232,738
    
    
    
    7,592
    
    
    
    13,529
    
    
    
    333,366Accumulated
depreciationBalance at Jan 1, 2009
    
    
    2,635
    
    
    
    32,542
    
    
    
    2,179
    
    
    
    0
    
    
    
    37,356Depreciation charge
for 2009
    
    
    2,319
    
    
    
    25,308
    
    
    
    1,339
    
    
    
    0
    
    
    
    28,966Disposals
    
    
    0
    
    
    
    56
    
    
    
    102
    
    
    
    0
    
    
    
    158Balance at
Dec 31, 2009
    
    
    4,954
    
    
    
    57,794
    
    
    
    3,416
    
    
    
    0
    
    
    
    66,164Carrying amount at
Dec 31, 2009
    
    
    74,553
    
    
    
    174,944
    
    
    
    4,176
    
    
    
    13,529
    
    
    
    267,202




---



##### 



Other
    
    
    Advanceinstallations;
    
    
    paymentsfactory and
    
    
    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
   3.3. Deferred tax
 2.10. Income tax




---



##### 



3.4. Inventories
 (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Raw materials, consumables and supplies
    
    
    22,802
    
    
    
    20,544Work in progress
    
    
    4,540
    
    
    
    3,203Finished goods
    
    
    8,232
    
    
    
    8,472Total
    
    
    35,574
    
    
    
    32,219
   3.5. Advance payments




---



##### 



3.6. Trade receivables
 (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Trade receivables from third parties
    
    
    8,820
    
    
    
    2,007Trade receivables from related parties
    
    
    1,500
    
    
    
    46,850Total
    
    
    10,320
    
    
    
    48,857
  4.2. 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, 2009Third parties
    
    
    8,820
    
    
    
    5,554
    
    
    
    699
    
    
    
    963
    
    
    
    17
    
    
    
    1,587Related parties
    
    
    1,500
    
    
    
    12
    
    
    
    320
    
    
    
    18
    
    
    
    0
    
    
    
    1,150Total
    
    
    10,320
    
    
    
    5,566
    
    
    
    1,019
    
    
    
    981
    
    
    
    17
    
    
    
    2,737
 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, 2008Third parties
    
    
    2,007
    
    
    
    1,771
    
    
    
    28
    
    
    
    1
    
    
    
    24
    
    
    
    183Related parties
    
    
    46,850
    
    
    
    30,847
    
    
    
    9,713
    
    
    
    4,738
    
    
    
    1,552
    
    
    
    0Total
    
    
    48,857
    
    
    
    32,618
    
    
    
    9,741
    
    
    
    4,739
    
    
    
    1,576
    
    
    
    183




---



##### 



3.7. Other financial assets
  4.3.2. Disclosures on
derivative financial instruments and hedging
 3.8. Other assets
  (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Federal and state investment grants receivable
    
    
    14,028
    
    
    
    37,731Recoverable value added tax on inputs
    
    
    3,582
    
    
    
    15,252Prepaid expenses
    
    
    578
    
    
    
    534Loan financing costs
    
    
    150
    
    
    
    302Other
    
    
    176
    
    
    
    100Total
    
    
    18,514
    
    
    
    53,919
    3.9. Cash and cash equivalents




---



##### 



3.14. Accrual for the repayment of federal and state investment grants.
 3.10. Equity
   4.11. Subsequent events
 3.11.1. Liabilities to banks.




---



##### 



3.11. Borrowings
  Dec 31, 2009
    
    
    Dec 31, 2008Non-
    
    
    
    
    
    
    
    
    
    
    Non-(In thousands of EUR)
    
    Current
    
    
    current
    
    
    Total
    
    
    Current
    
    
    current
    
    
    TotalShareholders loans
    
    
    173,452
    
    
    
    0
    
    
    
    173,452
    
    
    
    0
    
    
    
    138,185
    
    
    
    138,185Liabilities to banks
    
    
    68,350
    
    
    
    0
    
    
    
    68,350
    
    
    
    83,575
    
    
    
    37,292
    
    
    
    120,867Total
    
    
    241,802
    
    
    
    0
    
    
    
    241,802
    
    
    
    83,575
    
    
    
    175,477
    
    
    
    259,052
 3.11.1. Liabilities to banks
    Annex 1.5 / 25




---



##### 



3.11.2. Shareholders loans
   4.2. Related party disclosures 4.11. Subsequent
events
 Trade payables
 (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Payables to third parties
    
    
    20,324
    
    
    
    32,234Payables to shareholders
    
    
    4,453
    
    
    
    1,796Total
    
    
    24,777
    
    
    
    34,030
 4.2. Related party disclosures
   Annex 1.5 / 26




---



##### 



3.13. Deferred federal and state investment grants
  Dec 31, 2009
    
    
    Dec 31, 2008Non-
    
    
    
    
    
    
    
    
    
    
    Non-(In thousands of EUR)
    
    Current
    
    
    current
    
    
    Total
    
    
    Current
    
    
    current
    
    
    TotalFederal investment grants
    
    
    5,316
    
    
    
    22,334
    
    
    
    27,650
    
    
    
    4,741
    
    
    
    26,983
    
    
    
    31,724State investment grants
    
    
    3,305
    
    
    
    15,837
    
    
    
    19,142
    
    
    
    3,346
    
    
    
    18,388
    
    
    
    21,734Total
    
    
    8,621
    
    
    
    38,171
    
    
    
    46,792
    
    
    
    8,087
    
    
    
    45,371
    
    
    
    53,458
   3.14. Accrual for the repayment of federal and state investment grants
   Annex 1.5 / 27




---



##### 



3.14. Accrual for the repayment of federal and state investment grants
 4.11. Subsequent events
 3.15. Other provisions
  Product
    
    
    Individual(In thousands of EUR)
    
    warranty
    
    
    risks
    
    
    TotalBalance at Jan 1, 2009
    
    
    1,959
    
    
    
    1,173
    
    
    
    3,132Amounts added
    
    
    27
    
    
    
    0
    
    
    
    27Amounts used
    
    
    0
    
    
    
    354
    
    
    
    354Unused amounts reversed
    
    
    0
    
    
    
    388
    
    
    
    388Balance at Dec 31, 2009
    
    
    1,986
    
    
    
    431
    
    
    
    2,417Of which current
    
    
    631
    
    
    
    431
    
    
    
    1,062Of which non-current
    
    
    1,355
    
    
    
    0
    
    
    
    1,355
 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
  Annex 1.5 / 28




---



##### 



3.16. Other financial liabilities
  3.17. Current income tax liabilities
  3.18. Other liabilities
  (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Bonuses
    
    
    1,449
    
    
    
    2,549Other personnel-related obligations
    
    
    781
    
    
    
    941Unused vacation entitlements and overtime pay
    
    
    592
    
    
    
    721Other payables
    
    
    220
    
    
    
    110Total
    
    
    3,042
    
    
    
    4,321Of which current
    
    
    2,925
    
    
    
    4,244Of which non-current
    
    
    117
    
    
    
    77
  Annex 1.5 / 29




---



##### 



3.19. Additional disclosures on financial instruments
  2009
    
    
    
    
    
    
    
    Amount reported (IAS 39)Measure-
    
    
    Carryingment
    
    
    amount
    
    
    
    
    
    
    Fair value,
    
    
    Fair Value
    
    
    Amount
    
    
    Fair valuecategory
    
    
    Dec 31,
    
    
    Amortized
    
    
    recognized
    
    
    through
    
    
    reported,
    
    
    Dec 31,(In thousands of EUR)
    
    (IAS 39)
    
    
    2009
    
    
    cost
    
    
    in equity
    
    
    profit or loss
    
    
    cash
    
    
    2009AssetsTrade receivables
    
    LaR
    
    
    10,320
    
    
    
    10,320
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    10,320Other non-derivative financial assets
    
    LaR
    
    
    595
    
    
    
    595
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    595Financial assets not classifiable under an IAS 39 category:Cash and cash equivalents
    
    
    n.a.
    
    
    
    24,267
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    24,267
    
    
    
    24,267LiabilitiesFinancial liabilities
    
    FLAC
    
    
    241,802
    
    
    
    241,802
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    241,748Trade payables
    
    FLAC
    
    
    24,777
    
    
    
    24,777
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    24,777Derivative financial liabilities (with a hedging relationship)
    
    
    n.a.
    
    
    
    429
    
    
    
    0
    
    
    
    429
    
    
    
    0
    
    
    
    0
    
    
    
    429Of which, aggregated by IAS 39 measurement category:Loans and receivables (LaR)
    
    
    
    
    
    
    10,915
    
    
    
    10,915
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    10,915Financial liabilities measured at amortized cost (FLAC)
    
    
    
    
    
    
    266,579
    
    
    
    266,579
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    266,525
 2008
    
    
    
    
    
    
    
    Amount reported (IAS 39)Measure-
    
    
    Carryingment
    
    
    amount
    
    
    
    
    
    
    Fair value,
    
    
    Fair Value
    
    
    Amount
    
    
    Fair valuecategory
    
    
    Dec 31,
    
    
    Amortized
    
    
    recognized
    
    
    through
    
    
    reported,
    
    
    Dec 31,(In thousands of EUR)
    
    (IAS 39)
    
    
    2008
    
    
    cost
    
    
    in equity
    
    
    profit or loss
    
    
    cash
    
    
    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 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
    
    
    
    48,942Financial 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
    Annex 1.5 / 30




---



##### 



4 Other explanatory comments
 4.1. Capital management
  4.11. Subsequent events
  (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Balance sheet total
    
    
    398,288
    
    
    
    467,145Equity
    
    
    63,970
    
    
    
    107,796Equity in per cent of balance sheet total
    
    
    16.1
    
    
    
    23.1Net indebtedness
    
    
    217,535
    
    
    
    247,527
 4.2. Related party disclosures
   Annex 1.5 / 31




---



##### 



3.5. Advance payments
  4.11. Subsequent events
 3.16
  Annex 1.5 / 32




---



##### 



4.7. Remuneration of the Members of the Management Board and the Supervisory
Board
   Annex 1.5 / 33




---



##### 



4.3. Financial risk management
 4.3.1. Financial risk factors
   4.3.1.1. Liquidity risk
  4.11. Subsequent events
 3.9. Cash and cash equivalents
 Annex 1.5 / 34




---



##### 



2015Dec 31, 2009
    
    
    
    
    
    
    
    
    
    2012
    
    
    and(In thousands of EUR)
    
    2010
    
    
    2011
    
    
    -2014
    
    
    beyondNon-derivative financial liabilitiesBank debt
    
    
    69,543
    
    
    
    0
    
    
    
    0
    
    
    
    0Shareholders loans
    
    
    178,319
    
    
    
    0
    
    
    
    0
    
    
    
    0Trade payables
    
    
    24,777
    
    
    
    0
    
    
    
    0
    
    
    
    0Derivative financial liabilitiesInterest rate swaps
    
    
    429
    
    
    
    0
    
    
    
    0
    
    
    
    0
 2014Dec 31, 2008
    
    
    
    
    
    
    
    
    
    2011
    
    
    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
 4.3.1.2. Exchange rate risk
  Annex 1.5 / 35




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4.3.2. Disclosures on derivative financial instruments and hedging
   (In thousands of EUR)
    
    Dec 31, 09
    
    
    Dec 31, 08Cash and cash equivalents
    
    
    3,314
    
    
    
    5,495Trade receivables
    
    
    324
    
    
    
    24,203Positive fair values from derivative
financial instruments
(foreign exchange forward contracts)
    
    
    0
    
    
    
    2,601Trade payables
    
    
    892
    
    
    
    4,796Financial liabilities (shareholders loans)
    
    
    26,294
    
    
    
    16,870




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##### 



4.3.1.3. Interest rate risk




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##### 



4.3.1.4. Other price risks
   4.3.1.5. Credit risk




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##### 



4.3.2. Disclosures on derivative financial instruments and hedging
    4.4. Contingent liabilities and provision of security




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##### 



4.5. Other financial commitments
  2015
    
    
    Total2011
    
    
    and
    
    
    Dec 31,(In thousands of EUR)
    
    2010
    
    
    -2014
    
    
    beyond
    
    
    2009Long-term procurement
contracts for raw materials
    
    
    39,687
    
    
    
    175,730
    
    
    
    14,321
    
    
    
    229,738Purchase orders for materials
    
    
    17,636
    
    
    
    0
    
    
    
    0
    
    
    
    17,636Other long-term procurement
contracts
    
    
    15,094
    
    
    
    27,757
    
    
    
    3,785
    
    
    
    46,636Purchase orders for services
    
    
    4,813
    
    
    
    420
    
    
    
    0
    
    
    
    5,233Purchase commitments for
non-current assets
    
    
    4,468
    
    
    
    0
    
    
    
    0
    
    
    
    4,468Operating leases
    
    
    121
    
    
    
    82
    
    
    
    0
    
    
    
    203Total
    
    
    81,819
    
    
    
    203,989
    
    
    
    18,106
    
    
    
    303,914




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##### 



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
  4.6. Ligitation
 4.11. Subsequent events




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##### 



4.7. Remuneration of the members of the Management Board and the Supervisory Board
  (In thousands of EUR)
    
    2009
    
    
    2008Fixed compensation
    
    
    738
    
    
    
    599Performance-related compensation
    
    
    298
    
    
    
    433Termination benefits
    
    
    0
    
    
    
    137Other compensation
    
    
    65
    
    
    
    50Total
    
    
    1,101
    
    
    
    1,219
   4.8. Number of employees
  Dec 31, 09
    
    
    Dec 31, 08Production
    
    
    1,004
    
    
    
    1,110Administration
    
    
    108
    
    
    
    50Total
    
    
    1,112
    
    
    
    1,160
 4.9. Other disclosures about the Company




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##### 



3.10. Equity
 4.10. Auditors fees
  a)
    
    For audit services EUR 101 thousand (2008: EUR 98 thousand),b)
    
    For tax services EUR 20 thousand (2008: EUR 28 thousand),c)
    
    For other confirmatory or valuation services EUR 77 thousand (2008: EUR 193 thousand),d)
    
    For other services EUR 0 thousand (2008: EUR 1 thousand).
 4.11. Subsequent events
 Sale of shares in Sovello AG
  TM




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##### 



Investigation of the European Commission
   4.12. Authorization for issue
   
 /s/ Theodor Scheidegger
    
    
    
    /s/ Hans-Joerg AxmannDr. Theodor Scheidegger
    
    
    
    Hans-Joerg AxmannChief Executive Officer
    
    
    
    Chief Technology Officer/s/ Joerg Baumheuer
    
    
    
    /s/ Christian LangenJoerg Baumheuer
    
    
    
    Christian LangenChief Operating Officer
    
    
    
    Chief Marketing and Sales Officer