DGAP-News: SolarWorld AG invests in innovations
(firmenpresse) - DGAP-News: SolarWorld AG / Key word(s): Half Year Results
SolarWorld AG invests in innovations
13.08.2012 / 07:59
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13.08.2012
Corporate News SolarWorld AG
(Securities Code No.: WKN 510 840)
(International Securities Identification Number: ISIN DE0005108401)
SolarWorld AG invests in innovations
- Shipments increased to 316 megawatts
- Successful project business thanks to Solarparc integration
- Group revenue dropped to EUR 340.1 million because of price dumping
- EBIT dropped to EUR -143.8 million due to impairments
Groupwide shipments of modules and kits grew to 316 (H1 2011: 269)
megawatts in the first half of 2012. While the first quarter saw
pull-forward effects in the German market, the largest volume of shipments
was abroad in the second quarter. Shipments outside Germany accounted for
60.0 (H1 2011: 69.1) percent in the first half of 2012. Demand in Germany
for kits for roof-mounted systems dropped noticeably in the second quarter
for political reasons. An increase in sales abroad, particularly in Italy,
was only partially able to offset this reluctance. The full integration of
Solarparc AG in the SolarWorld Group paid off in the area of large-scale
projects.
The drop in prices caused by price dumping is the main reason why group
revenue decreased in the first half to EUR 340.1 (H1 2011: EUR 533.6)
million. As a result of the drop in prices, impairments of EUR 33.5 million
had to be made on our inventories. In addition, we had to make an
impairment of EUR 80.8 million on advance payments. Neither impairment
influenced the group's cash position. These factors had a negative impact
on the group's earnings before interest and taxes (EBIT). In the first half
of 2012, EBIT amounted to EUR -143.8 (H1 2011: EUR 70.5) million.
From today's perspective, SolarWorld AG will not generate a positive EBIT
in the 2012 fiscal year in light of the aggressive market situation
characterized by illegal trade practices.
The financial result improved overall in the first half of 2012 to EUR
-26.9 (H1 2011: EUR -31.3) million. In the first half of 2012, SolarWorld's
earnings totaled EUR -159.3 (H1 2011: EUR 22.2) million. As of the
reporting date, liquid funds amounted to EUR 320.1 million, after
SolarWorld bought back U.S. private placement senior notes totaling $ 175
million.
'We have to fight price dumping with technological innovations,' explained
Dr.-Ing. E. h. Frank Asbeck, CEO of SolarWorld AG. The group will invest an
additional EUR 50 million, primarily in new products specifically for
highly efficient self-consumption of solar power as well as in bringing
research results and patented innovations to German and American cell
production. These new processes will improve the performance of solar
modules while decreasing material consumption and thus production costs.
About SolarWorld AG: The SolarWorld AG Group (ISIN: DE0005108401) is a
worldwide leader in offering brand-name, high quality, crystalline
solar-power technology. Its strength is its fully integrated solar
production. From silicon as the raw material through wafers, cells and
modules all the way to turn-key solar systems of all sizes, the group
combines all stages of the solar value chain. The central business activity
is selling quality modules into the installation and distribution trades
and crystalline wafers to the international solar cell industry. Group
headquarters are located in Bonn, Germany, with sales sites in Singapore,
South Africa, Spain, France as well as in the U.S. state of California. The
group's largest production facilities operate in Freiberg, Germany and
Hillsboro in the U.S. state of Oregon. Sustainability is the basis of the
group strategy. Under the name Solar2World, the group supports care
projects using off-grid solar-power solutions in developing countries,
exemplifying sustainable economic development. Worldwide, SolarWorld
employs about 3,000 people. SolarWorld AG has been quoted on the stock
exchange since 1999 and today is listed on, among others, the TecDAX andÖkoDAX as well as in the sustainability index NAI.
Contact:
SolarWorld AG Investor Relations
Phone: +49 22855920-470; Fax: +49 228 55920-9470,
Email: placement(at)solarworld.de; Internet: www.solarworld.de
End of Corporate News
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13.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: SolarWorld AG
Martin-Luther-King-Straße 24
53175 Bonn
Germany
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 9470
E-mail: placement(at)solarworld.de
Internet: www.solarworld.de
ISIN: DE0005108401
WKN: 510840
Indices: TecDAX
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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