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SolarWorld AG announces preliminary financial results of first quarter 2014

May 8, 2014

ENP Newswire - 08 May 2014

Release date- 07052014 - SolarWorld AG announces preliminary financial results of first quarter 2014.

According to preliminary information, SolarWorld AG raised its group-wide shipments by 41 percent to 154 MW.

In spite of this increase, the consolidated revenue went down to EUR 99.4 (Q1 2013: EUR 112.2) million. The reduction of revenues can mainly be attributed to one-off effects from the sale of two large-scale projects with high revenues in the first quarter of 2013 as well as the price reduction in the international solar market.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) improved in the first quarter 2014 by EUR 159.2 million to EUR 137.2 (Q1 2013: EUR -22.0) million. This includes preliminarily calculated earnings from the initial accounting of production lines and further assets acquired from Bosch Solar Energy AG amounting to EUR 135.6 million. Adjusted for this one-off, EBITDA reached EUR 1.6 million.

Consolidated earnings before interest and taxes (EBIT) rose in the first three months 2014 to EUR 127.4 (Q1 2013: EUR -32.3) million. Adjusted for the one-off from the acquisition mentioned above, EBIT amounted to EUR -8.2 million.

Consolidated financial earnings were strongly influenced by the successful completion of the financial restructuring in the first quarter 2014 and included profits from the restructuring of EUR 555.7 million. Consolidated result after tax increased by EUR 594.2 million to EUR 550.1 (Q1 2013: EUR -44.1) million.

At the balance sheet date March 31, 2014, SolarWorld AG had a positive equity of EUR 321.4 (December 31, 2013: -243.1) million. The equity ratio at the balance sheet date increased to 31.8 percent.

At the end of the quarter, the group had liquid funds of EUR 183.3 (December 31, 2013: EUR 163.7) million at its disposal.

The Management Board of SolarWorld AG has decided to sell its 6,164 treasury old shares (ISIN: DE000A1YCMM2) within the next five days via the stock exchange in order to adjust its balance sheet. SolarWorld AG acquired these shares in 2010 within a share repurchase program.

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Source: ENP Newswire

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