News Column

DGAP-News: SolarWorld AG: Business results for first quarter of 2014 released

May 14, 2014

DGAP-News: SolarWorld AG / Key word(s): Quarter Results/Miscellaneous SolarWorld AG: Business results for first quarter of 2014 released 14.05.2014 / 09:07 --------------------------------------------------------------------- Today, SolarWorld AG released its consolidated interim report for the first quarter of 2014, confirming its preliminary business results. The quarter was influenced by positive one-off effects resulting from the successful closing of its financial restructuring as well as the acquisition of production facilities and other assets of Bosch Solar Energy AG in Arnstadt, Germany. In the first three months of 2014, the group increased its shipments compared to last year's period by 41 percent to 154 (Q1 2013: 109) MW. The company achieved growth in the United States, France, UK, Japan and Germany, among other places. While in the first quarter of 2014 the German market as a whole fell by 41 percent compared to previous year's quarter, SolarWorld was able to increase shipments there by 12 percent. Despite the growth in shipments, the company recorded a decrease in revenue to EUR 99.4 (Q1 2013: EUR 112.2) million. The decline in prices in international solar markets had a negative impact on group revenue. Main reason for the drop in revenue was also a one-off effect from the particularly large revenue generated by two large-scale projects in the first quarter of 2013. Adjusted for these projects, revenue increased by more than 50 percent to EUR 99.4 million. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) improved in the first quarter of 2014 by EUR 159.2 million to EUR 137.2 (Q1 2013: EUR -22.0) million. This includes a preliminary profit from the initial accounting of production facilities and other assets acquired from Bosch Solar Energy AG amounting to EUR 135.6 million. Consolidated earnings before interest and taxes (EBIT) in the first three months of the year 2014 grew to EUR 127.4 (Q1 2013: EUR -32.3) million. The consolidated financial result amounted to EUR 535.4 (Q1 2013: EUR -16.6) million. It was influenced by the successful closing of SolarWorld's financial restructuring (amounting to EUR 555.7 million) in the first quarter of 2014. Consolidated income after taxes grew to EUR 550.1 (Q1 2013: EUR -?44.1) million. At the cut-off date of March 31, 2014, SolarWorld AG had a positive equity of EUR 321.4 (December 31, 2013: EUR -243.1) million. At the end of the period, SolarWorld's equity ratio increased to 31.8 percent. "SolarWorld AG improved its basis in the first quarter 2014," said Dr.-Ing. E. h. Frank Asbeck of the company's development. "We have set ambitious goals for the entire year 2014 and we are well on target up to now. The journey is not yet over. We will continue to work hard to further optimize products and processes. Furthermore, it remains important to ensure a fair competition both in the EU and in the United States." Consolidated Interim Report - first quarter of 2014: http://www.solarworld.de/financial-reports SolarWorld REAL VALUE: SolarWorld manufactures and sells solar power solutions and in doing so contributes to a cleaner energy supply worldwide. The group, headquartered in Bonn, Germany, employs approximately 3,200 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 ? 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 Investor Relations Phone: +49 228 55920-470; Fax: +49 228 55920-9470, Email: placement@solarworld.de; Internet: www.solarworld.de/en/investor-relations End of Corporate News --------------------------------------------------------------------- 14.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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@solarworld.de Internet: www.solarworld.de ISIN: DE000A1YCMM2, DE000A1YDED6, DE000A1YDDX6, DE000A1YCN14 WKN: A1YCMM, A1YDED, A1YDDX, A1YCN1 Listed: Regulierter Markt in DÜsseldorf, Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, MÜnchen, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 268302 14.05.2014


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: DGAP Corporate News


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters