DGAP-News: SolarWorld AG publishes third quarter business figures
(firmenpresse) - DGAP-News: SolarWorld AG / Key word(s): Quarter Results/Miscellaneous
SolarWorld AG publishes third quarter business figures
14.11.2012 / 07:53
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14.11.2012
Corporate News SolarWorld AG
(Securities Code No.: WKN 510 840)
(International Securities Identification Number: ISIN DE0005108401)
SolarWorld AG publishes third quarter business figures
Significant negative effect on earnings due to the ongoing decline in
prices
- Shipments of solar modules and kits increase to 431 MW
- Group revenue falls below the previous year's level to EUR 468.9
million due to ongoing pressure on prices
- Operative earnings are negative at EUR -189.6 million
- The group expands measures to increase competitiveness
SolarWorld AG increased its groupwide shipments of solar modules and kits
in the 'Trade' segment in the first three quarters of 2012 by 13.3 percent
to 431 (Q1-Q3 2011: 381) MW, but was not able to achieve its revenue goals
due to the market distortions. Demand in the private rooftop segment in
Germany did not pick up in the third quarter.
Shipments including the external wafer business amounted to 470 (Q1-Q3
2011: 576) MW. The weak demand led to under-utilization of production
capacity in Germany and the United States.
The foreign sales quota was 61 (Q1-Q3 2011: 71) percent in the first nine
months.
Shipments were not enough to compensate for the roughly 40 percent drop in
prices industry wide since the beginning of the year. Thus, the group's
revenue dropped 37.7 percent to EUR 468.9 (Q1-Q3 2011: EUR 752.4) million
in the first three quarters of 2012. Consolidated earnings before interest
and taxes (EBIT) totaled EUR -189.6 (Q1-Q3 2011: EUR 89.7) million in the
first nine months of the year.
The group expects revenue to be far below the previous year's level for the
entire year of 2012. Earnings before interests and taxes will be
significantly negative.
'SolarWorld has demonstrated that it can satisfy its customers in an
increasingly difficult environment, but the ongoing price decline and
surplus supply have taken their toll,' said Dr.-Ing. E. h. Frank Asbeck,
Chairman and CEO of SolarWorld AG. 'Dumping of Chinese solar manufacturers
and illegal subsidies in China are the primary reason. Establishing fair
competition in the international solar markets is an important prerequisite
for our business development and for the future of the entire solar
industry.'
The group expands measures to increase competitiveness
SolarWorld has already taken measures to increase the group's
competitiveness and will now expand them:
- Bringing innovations along the entire solar value chain to German and
American production, beginning in the fourth quarter
- Continuously increasing module efficiency by implementing innovations
- Developing further solutions that enable customers to cut their
electricity costs by self-consumption
- Additional measures to strengthen the SolarWorld brand
- Entering new solar markets in Europe, the Middle East, and Asia
- Optimizing internal processes and additional cost cutting by improved
procurement, reduction of production costs and savings on staff
The financial report for the first three quarters of 2012 is available at
www.solarworld.de/en/financialreports.
About SolarWorld AG: SolarWorld AG manufactures solar power systems and in
doing so contributesto a cleaner energy supply worldwide. The company,
located in Bonn, employs approximately 3,000 people and carries out
production in Freiberg, Germany, and Hillsboro, USA. From raw material
silicon to the solar module, SolarWorld manages all stages of production
including its own research and development. Through an international
distribution network, SolarWorld supplies customers all over the world with
solar modules and complete systems. The company maintains high social
standards at all locations across the globe, and has committed itself to
resource- and energy-efficient production. SolarWorld has been publically
traded on the stock market since 1999 and is quoted in the technology index
TecDax. SolarWorld achieved sales of about one billion euros for the fiscal
year 2011. More information at www.solarworld.de/en.
Contact:
SolarWorld AG Investor Relations
Phone: +49 228 55920-470; Fax: +49 228 55920-9470,
Email: placement(at)solarworld.de; Internet: www.solarworld.de
End of Corporate News
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14.11.2012 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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