aleo solar AG recently announced that its shareholders on this Wednesday very clearly endorsed the Management Board's strategy at the Company's sixth Annual General Meeting (AGM). The actions of both the Management Board and the Supervisory Board were formally approved by the necessary majority of votes. Christoph Kübel, Member of the Board of Management and Director of Industrial Relations of the Robert Bosch GmbH, was elected as a new member of the supervisory board. He thus succeeds Dr. Wolfgang Malchow, who laid down his supervisory board mandate on 31 December 2011. In addition, PricewaterhouseCoopers Wirtschaftsprüfungsgesellschaft AG was again appointed as the Company's auditors for the financial year 2012.
„The fact that we recorded a loss in 2011 shows that aleo solar AG is not immune to trends in the sector“, informed York zu Putlitz, aleo solar AG's Chief Executive Officer, shareholders about the actual business performance. Since prices are expected to continue falling, further consolidation in the industry is likely to be seen for as long as there is such a pronounced surplus capacity in the photovoltaic market. “Nevertheless, we firmly believe that we will survive these difficult economic times. In addition to the reduction of surplus capacity, we are aiming at cost reductions: we are renegotiating existing cell contracts, increasing potential for non-cell materials and devising measures for reducing administrative and overhead costs.”