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.
All sales are final - no refunds, exchanges or credits can be
given.
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.
