7C Solarparken AG

Board/Management Information • Nov 11, 2006

News Details

Ad-hoc | 11 November 2006 00:36

Reinecke + Pohl Sun Energy AG: Preliminary Figures Q3 and Change in Executive Board

Ad hoc announcement transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. —————————————————————————— Hamburg, 10.11.06. Reinecke + Pohl Sun Energy AG has achieved a turnover of 38,8 m. euros in the first three quarters of the current business year. The company specialized in turnkey solar plants remains below its own planning. With a result of -3,8 m. euros, the company could not realize a positive ebit in the first nine months until 30 September 2006. Reasons for the lower than expected results are in particular the declining demand for crystalline modules, an inflated cost structure and write-offs on projects. The auditing company Ernst & Young mandated by the Executive Board has assessed that irregularities occurred in the second quarter 2006. Firstly, a turnover of 1.7 m. euros has been entered, although the corresponding orders had not been placed. Due to accounting errors, other turnover of 3.2 m. euros shown so far has to be corrected. Against the background of the unsatisfactory turnover and yield situation, the Speaker of the Executive Board, Mr Martin Schulz-Colmant, has resigned from office with immediate effect by mutual consent with the Supervisory Board. At the same time, Mr Thorsten Preugschas, Manager of the RPSE subsidiary Maaß Regenerative Energien GmbH, Wesel, has been appointed member of the Executive Board of the company. Based on the new planning, the Executive Board now estimates a turnover of 58,1 m. euros and an ebit of -3,8 m. euros for the business year 2006. The Executive Board has set up a restructuring programme, which will be implemented shortly. Therefore, the company expects a positive result for the following business year. (c)DGAP 11.11.2006 ————————————————————————— Language: English Issuer: Reinecke + Pohl Sun Energy AG Große Elbstraße 45 22767 Hamburg Deutschland Phone: +49(0)40696528-134 Fax: +49(0)40696528-159 E-mail: kostorz@rpse.de WWW: www.rpse.de ISIN: DE0005250708 WKN: 525070 Indices: Listed: Geregelter Markt in Frankfurt (Prime Standard), Düsseldorf; Freiverkehr in Berlin-Bremen, Stuttgart, München End of News DGAP News-Service —————————————————————————