DGAP-News: SolarWorld Boosts First Quarter 2010 Revenue by 28 Per Cent
(firmenpresse) - SolarWorld AG / Miscellaneous
11.05.2010 07:56
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Sales in Core Markets Up - Worldwide Capacities Expanded as Scheduled
As an established quality manufacturer SolarWorld was able to benefit from
the development of the international solar markets in the first quarter of
2010. Shipments rose versus the same period of the previous year by 22 per
cent to 139 (first quarter of 2009: 114) MW. Consolidated revenue increased
by 28 per cent and EUR 49.3 million to EUR 225.6 million (first quarter
2009: EUR 176.3m). Thus, SolarWorld succeeded in compensating the
industry-wide drop in prices in revenue terms by higher shipments and
shifts in the product mix. Earnings before interest and taxes (EBIT)
amounted to EUR 24.8 million (first quarter of 2009: EUR 37.8m). Earnings
before interest, taxes, depreciation and amortization (EBITDA) ran to EUR
44.0 million (first quarter of 2009: EUR 52.5m). The EBIT margin in the
first quarter of 2010 was 11.0 (first quarter of 2009: 21.4) per cent. The
cash flow from ongoing business activities amounted to EUR 28.5 million
(first quarter of 2009: EUR -83.7m). As per 31 March 2010 our free
liquidity reached EUR 911.0 million (31 December 2009: EUR 428.1m).
In the presence of the Federal Environment Minister Dr. Norbert Röttgen
SolarWorld AG will celebrate the inauguration of the new wafer production
facility at the German site in Freiberg on 31 May 2010. This will give
SolarWorld a total capacity of 750 MW at this location. For the further
expansion to 1 GW the buildings and the infrastructure are already in
place. With a volume of EUR 350 million this investment project is one of
the largest in the history of SolarWorld. This capacity enhancement will
not only expand SolarWorld's international market position as an integrated
vendor but also help meet the rising demand from the company's own module
production facilities. These are also to be enlarged continuously: The
target at the German site in Freiberg is a nominal year-end capacity of 500
MW and at the US sites in Hillsboro and Camarillo taken together another
500 MW. SolarWorld Korea Ltd. already has a capacity of 300 MW. There, too,
a ramp-up to500 MW is possible. Thus, SolarWorld will maintain its speed
of growth worldwide. The SolarWorld Group has also secured for itself the
long-term raw material supply for the planned stages of expansion. Together
with the Qatar Foundation SolarWorld recently established the Joint Venture
Qatar SolarTechnologies. From the end of 2012 SolarWorld will have access
to this additional silicon supply right at the sources of energy. Qatar
produces its electricity on the basis of natural gas. With the conversion
of natural gas via electricity into solar-grade silicon the reach of the
gas virtually increases by a factor of more than 25, for as long as
SolarWorld modules generate, as guaranteed, clean power from the sun.
'Thanks to the planned capacity increases we consider ourselves well
positioned to benefit from the growing demand in the international retail
markets,' explains Frank H. Asbeck,Chairman and CEO of SolarWorld AG.
'Yet, unlike other competitors our development focus is not on quantity
alone but mainly on quality.' Only recently did SolarWorld modules receive
the accolade for the second time in a row of being the highest yield
modules of all the modules tested in an independent test by Photon trade
magazine. In addition they were also rated 'very good' byÖko-Test
magazine.
At the same time costs are to be cut further along the entire value chain.
To this end, the SolarWorld Group invests continuously in Research&Development. In March the new Technology Center was commissioned at the
German production site in Freiberg. In the wafer, cell and module labs new
process variants and materials are tested under production conditions.
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, including recycling, 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. Production sites are to be
found in Germany, the United States and South Korea. 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 emerging economies and developing countries,
exemplifying sustainable economic development. Worldwide, SolarWorld
employs more than 2,700 people. SolarWorld AG has been quoted on the stock
exchange since 1999 and today is listed on, among others, the TecDAX,ÖkoDAX, Dow Jones STOXX 600 as well as in the sustainability indices
DAXglobal Alternative Energy and NAI.
Kontakt SolarWorld AG
Investor Relations: Tel.-Nr.: 0228/55920-470; Fax-Nr.: 0228/55920-9470,
E-Mail: placement(at)solarworld.de
Press: Tel.-Nr.: 0228/55920-400, E-Mail: press(at)solarworld.deInternet: www.solarworld.de
11.05.2010 07:56 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: SolarWorld AG
Martin-Luther-King-Straße 24
53175 Bonn
Deutschland
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 99
E-mail: placement(at)solarworld.de
Internet: www.solarworld.de
ISIN: DE0005108401
WKN: 510840
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Düsseldorf;
Freiverkehr in Berlin, München, Hamburg, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
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Datum: 11.05.2010 - 07:56 Uhr
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