DGAP-News: SolarWorld AG / Key word(s): Final Results/Forecast
SolarWorld AG will continue upward trend in 2015
26.03.2015 / 10:30
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- Shipments of 1 gigawatt to be exceeded in 2015
- Consolidated revenue to exceed EUR 700 million in 2015, and company
strives for a positive operating result in 2015
- Shipments in first quarter of 2015 increased by more than 30 percent,
compared with previous year's quarter
Today, the Management Board of SolarWorld AG presented the Annual Group
Report 2014 as part of a financial statements press conference in Bonn,
Germany. The largest solar manufacturer in Europe and the U.S. confirmed
its preliminary figures and provided a forecast for 2015.
After the successful conclusion of the financial restructuring and the
acquisition of the production facilities of the Bosch Solar Energy AG in
Arnstadt in Thuringia, Germany, SolarWorld was able to embark on a
significant growth course in international solar markets. In 2014,
groupwide shipments of solar power modules and kits grew significantly by
55 percent to 849 (2013: 548) MW. In the largest single market, the United
States, the group was able to nearly double shipments. SolarWorld also
achieved strong growth in France, the UK and Japan. In the declining German
solar market, the company registered gains in its core business, the sale
of modules and kits without large-scale turnkey projects.
Dr.-Ing. E. h. Frank Asbeck, CEO of SolarWorld AG: "2014 was a year of
milestones. In a short period of time, we have made considerable progress
in sustainably leading the group back to the path of growth and
profitability. We were also able to secure Qatar Solar S.P.C. as a new
anchor investor, which holds 29 percent of shares in our company. "
Consolidated revenue increased in 2014 by 26 percent to EUR 573 (2013: EUR
456) million. Operating earnings before interest, taxes, depreciation and
amortization (EBITDA) improved to EUR 108 (2013: EUR -147) million. Effects
that resulted from the initial accounting of the assets acquired from Bosch
Solar Energy AG and impairment losses from renegotiated supply contracts at
better conditions contributed to this. Adjusted EBITDA amounted to EUR 2
million and turned back into positive territory again as expected.
Consolidated earnings before interest and taxes (EBIT) increased in 2014 to
EUR 62 million too. Earnings before taxes (EBT) grew to EUR 574 (2013: EUR
-265) million. This includes the positive result from the successful
financial restructuring amounting to EUR 556 million. As at December 31,
2014, SolarWorld's liquid funds had increased to EUR 177 (December 31,
2013: EUR 164) million.
Philipp Koecke, CFO at SolarWorld AG: "As expected, on the operational side
before depreciation and amortization, we achieved a turnaround in 2014.
EBITDA was again positive also without one-off effects. With this, we have
achieved an important goal in the previous fiscal year. This was mainly a
result of the many operational activities within the group to increase
efficiency and reduce costs."
Forecast for fiscal year 2015
In the current fiscal year, SolarWorld will continue the upward trend and
profit from expected growth in the global solar market. The company had a
good start into 2015 and increased its groupwide shipments in the first
quarter of 2015 by more than 30 percent versus previous year's quarter.
For 2015 as a whole, the group plans to increase its shipments including
the business with solar wafers and cells by at least 25 percent, and in
this way for the first time exceed the 1 gigawatt mark. In 2015, more than
50 percent of group shipments should be achieved in the strongly-growing
U.S. solar market. In Europe, the group is also striving for an increase in
shipments and market share, despite difficult conditions. The largest
European sales market will likely remain Germany, followed by the UK and
France. In the Asia/Pacific region, SolarWorld wants to continue to make
gains especially in Japan, where the group is represented by its own sales
office.
To achieve the planned sales growth, the group will continue to increase
capacity at the production sites Freiberg (Saxony), Arnstadt (Thuringia)
and Hillsboro (Oregon, United States). The goal is a groupwide module
capacity of 1.6 GW. In addition, SolarWorld is switching its entire cell
production to the high-efficiency process PERC (Passivated Emitter Rear
Cell). This will allow SolarWorld to offer its customers even higher
performance, as well as to further improve the efficiency of its
production, thus strengthening international competitiveness.
Worldwide, SolarWorld will continue to serve the quality segment of the
solar market and create added value for customers using high-performance
technology and offering a range of complete solar power solutions. On this
basis, consolidated revenue is expected to rise in 2015 in line with the
sales trend by at least 25 percent compared with 2014, to more than EUR 700
million.
The Management Board of SolarWorld AG also anticipates that the
implementation of additional operational measures to increase efficiency
and cut costs will continue as successfully as before, and that the company
- as forecast in early 2014 - will achieve a positive EBIT in 2015,
excluding any potential one-off effects. CFO Philipp Koecke: "Just as we
successfully mastered our financial restructuring in 2014, so we are
confident of achieving a positive operating result as the next milestone in
2015."
Annual Group Report 2014 of SolarWorld AG:
www.solarworld.de/financial-reports
SolarWorld REAL VALUE: SolarWorld manufactures and sells high-tech solar
power solutions and in doing so contributes to a cleaner energy supply
worldwide. The group, headquartered in Bonn, Germany, employs approximately
3,400 people and carries out production in Freiberg, Germany; Arnstadt,
Germany; and Hillsboro, USA. From raw material silicon to solar wafers,
cells and modules, SolarWorld manages all stages of production â including
its own research and development. Through an international distribution
network with locations in Europe, USA, Singapore and South Africa,
SolarWorld supplies customers all over the world. The company maintains
high social standards at all locations across the globe, and has committed
itself to resource- and energy-efficient production. SolarWorld was founded
in 1998 and has been publically traded on the stock market since 1999. More
information at www.solarworld.de/en
Contact:
SolarWorld AG, Press
Phone: +49 228/55920-409; Fax: +49 228/55920-9409
Email: press@solarworld.de
Internet: www.solarworld.de
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Language: English
Company: SolarWorld AG
Martin-Luther-King-StraÃe 24
53175 Bonn
Germany
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 9470
E-mail: placement@solarworld.de
Internet: www.solarworld.de
ISIN: DE000A1YCMM2, DE000A1YDDX6, DE000A1YCN14
WKN: A1YCMM, A1YDDX, A1YCN1
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime
Standard); Regulated Unofficial Market in Berlin, Hamburg,
Munich, Stuttgart
End of News DGAP News-Service
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337581 26.03.2015
DGAP-News: SolarWorld AG will continue upward trend in 2015
| Source: EQS Group AG