Asset situation

Asset structure analysis

The balance sheet total increased by € 416.2 million to € 2,120.6 million (Dec 31, 2007: € 1,704.5m) as compared to 31 December 2007.

The increase in non-current liabilities by € 244.2 million to € 666.9 million can be attributed to the increase in property, plant and equipment due to expansion-related investments and the increase in participating interests, recognized at equity, where for the first-time 35 per cent of the shares in GPV were recognized. Investment analysis

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balance sheet total, 2008

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long-term assets, 2008

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In comparison to 31 December 2007 working capital decreased by 8.9 per cent to € 237.6 million. These changes are due to the € 41.7 million decrease in trade receivables, despite the fact that fourth quarter sales exceeded those of the prior year, as well as the fact that trade liabilities increased by € 38.1 million. Inventories increased by € 42.5 million, whereas this figure does not consider prepayments included in this item. Prepayments recognized within the inventory item make for a total of € 377.9 million (previous year: € 246.6m).

Other receivables and assets increased by € 16.2 million to € 21.2 million (previous year: € 5.0m). Mainly for reason of the increased proportion of current prepayments received, other current liabilities increased by € 25.7 million to € 65.5 million (previous year: € 39.8m).

Off-balance assets

As at the balance sheet date, our group does not have any financially invisible assets.

Significance of off-balance financing instruments for the financial standing

Off-balance financial instruments do not influence the financial standing of our group in any way

Other intangible values

We strengthen our capital market contacts by way of transparent and comprehensible strategic positioning. We assess our international investor relations as stable. The SOLARWORLD Stock

We significantly generate process advantages regarding current and future business by way of our integrated research and development activities at all levels of value creation. In this respect, we refer to the respective sections of the group management report Research and development Future products and services

The expansion of customer relations that are of value is part of our sales strategy. Our increased groupwide sales are an indicator for stable and improved customer relations. In the face of increased brand awareness, the value of the SOLARWORLD brand increased in 2008. The brand

Multi-period overview of the asset situation // in k€

Assets	31.12.2004	31.12.2005	31.12.2006	31.12.2007	31.12.2008
Noncurrent assets	184,955	219,776	362,514	422,725	666,884
Current assets	91,334	226,803	641,896	1,281,741	1,453,738
Total assets	276,289	446,579	1,004,410	1,704,466	2,120,622

Equity and liabilities
Equity	124,488	217,056	597,321	691,546	841,075
Noncurrent liabilities	91,984	144,284	273,722	899,266	1,093,559
Current liabilities	59,817	85,239	133,367	113,654	185,988
Total equity and liabilities	276,289	446,579	1,004,410	1,704,466	2,120,622

Indicators

	31.12.2004	31.12.2005	31.12.2006	31.12.2007	31.12.2008
Equity ratio (equity/total assets); in %	45.1	48.6	59.5	40.6	39.7
Investment intensity (noncurrent assets/ total assets); in %	66.9	49.2	36.1	24.8	31.4

1st degree investment cover (equity/noncurrent assets)	0.7	1	1.6	1.6	1.3

2nd degree investment cover (equity plus noncurrent liabilities/ noncurrent assets)	1.2	1.6	2.4	3.8	2.9

China

Germany

Vatican

Africa

Spain

USA

Asset structure analysis

Multi-period overview of the asset situation // in k€

Indicators