COPYRIGHT:
© Solar Verlag GmbH 2007. All rights reserved. Neither this publication nor any portion hereof may be reprinted, sold, stored in an electronic database system or redistributed in any form without written consent by the publisher. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject Solar Verlag GmbH, PHOTON Consulting, Rogol Energy Consulting, LLC or Michael Rogol to any additional registration or licensing requirement within such jurisdiction. 


DISCLAIMER:
Our estimates are based largely on outside-in analysis and are prone to inaccuracies. While we strive for an accurate assessment of the sector based on rigorous analysis of available data, we recognize that our analysis comes up short in some cases. Especially with private companies for which there is little public information disclosure, our volume, price and margin assumption have potential to be significantly out-of-line with actual volume, price and margins. Because of the volume of information we synthesize and the constraints of confidentiality, the estimates published in this report are prone to inaccuracy. Thus readers should take our evaluation of volumes, prices and profit margins as »ballpark« estimates intended to be a starting point for evaluating the growth prospects of the solar power sector and of specific solar power companies. Despite the inaccuracies and imprecision, we hope that the information provided in this report is a useful contribution to a dialogue about the growth prospects for the solar power sector and its leading players.

The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representations or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of RE Consulting at the date of publication and are subject to change at any time without notice. This is not a solicitation or any offer to buy or sell. This publication is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. Solar Verlag GmbH, PHOTON Consulting, Rogol Energy Consulting, LLC and/or Michael Rogol do not accept any responsibility and cannot be held liable for any person‘s use of or reliance on the information and opinions contained herein.


NOTE:
This report builds on a series of reports on the solar power sector published by CLSA Asia-Pacific Markets. These reports include Sun Screen (July 2004) and Sun Screen II (July 2005). The authors express their appreciation to CLSA for supporting research on the solar power sector. 

All estimates in this report are as of the close of business February 1, 2007 unless otherwise stated. Assumes exchange rates of US$1.3/euro for 2010 and 120 yen/US$1.