DGAP-News: SolarWorld AG with leap in operating profits in 2008

SolarWorld AG / Final Results

26.03.2009 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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In fiscal year 2008 SolarWorld AG achieved a group-wide increase in profit
and sales according to plan. Due to an expansion of production capacity and
strong demand both in Germany and abroad, group sales rose by 30.6 per cent
or 210.7 million euro to 900.3 (previous year: 689.6) million euro.
Operating earnings before interest and taxes (EBIT) climbed by 31.1 per
cent or 61.9 million euro to 260.8 (previous year: 198.9) million euro.
Group profit grew by 31.3 per cent or 35.4 million euro to 148.7 (previous
year: 113.3) million euro. This increase was primarily driven by the
positive development of business operations, a lower tax burden due to the
2008 corporate tax reform in Germany and the proceeds from the disposal of
the 65 per cent stake in Gällivare PhotoVoltaic AB (GPV) of 13.4 million
euro.

'Due to the increase in our operating profit we again wish to let our
shareholders participate in our business success this year', said
Dipl.-Ing. Frank H. Asbeck, CEO of SolarWorld AG. 'The Board of Management
and the Supervisory Board will jointly propose therefore an increase in the
dividend to 15 euro cents to the Annual General Meeting.'

In fiscal year 2008 the group successfully continued its international
expansion. The group-wide share of foreign business grew by 5 percentage
points year-on-year to 54 (previous year: 49) per cent. With the
commissioning of the group's own ultramodern production facilities in
Hillsboro, USA, and South Korea, the group significantly expanded its
international market position in the year under review.

Financial flexibility for further international growth of the group 

The group continued to expand its solid liquidity: at year-end liquid funds
totalled 836.1 (previous year: 792.9) million euro. A high equity ratio of
39.7 (previous year: 40.6) per cent additionally creates a reliable basis
for further group growth. 'Due to the sustainable profitability of
SolarWorld we are well positioned in an international comparison. Our
short- to medium-term growth targets will be implemented as scheduled. At
the same time, we intend to preserve a strategic liquidity reserve,'
commented CFO Dipl.-Kfm. tech. Philipp Koecke on the company's solid
financial position.

SolarWorld AG uses its good credit rating to raise additional outside
capital. On 24 March 2009 a consortium loan of 200 million euro was raised.
SolarWorld concluded this long-term loan with a consortium comprised of
German commercial banks.

The Executive Board expects the group-wide growth to continue in the
current year. 'We will retain our pace of growth and continue the approved
projects for an expansion of production capacity as scheduled,' said Frank
H. Asbeck, CEO of SolarWorld. The Hillsboro site in the USA, opened last
year, will thus be further expanded. A new building covering 200,000 sq.m. 
is to be built for logistics, distribution and production purposes on the
premises by the end of November 2009. The surface of the previous building
will thus be increased by 44 per cent. SolarWorld is already the largest
manufacturer of crystalline solar power technology producing in the USA. By
2011 the Hillsboro site is to reach a capacity of 500 MW and employ around
1,000 people working for SolarWorld. In the USA the group expects further
market growth as of 2009 due to the turnaround in the energy sector
announced by US President Barack Obama.

'In order to strengthen our competitiveness we will also invest more
intensely in research and the development of our powerful SolarWorld
brand', said CEO Frank H. Asbeck. From the SolarWorld management's point of
view, prices will inevitably fall on the path towards achieving the goal of
grid parity. Against this backdrop and assuming that the macroeconomic
development will stabilise in the second half of 2009, the Board plans to
generate sales over previous year's level with 1 billion euro as next
stage's goal.

Integrated annual and sustainability report again obtains A+ rating 
by the Global Reporting Initiative

In fiscal year 2008 SolarWorld prepared a sustainability report integrated
in the consolidated annual report for the second time, applying the
international standard of the Global Reporting Initiative (GRI). The report
was again rated reporting level A+ since the completeness and accuracy of
disclosures was audited externally by an auditing company and in a second
instance by GRI. Moreover, the sustainability indicators of the German
Association for Financial Analysis and Asset Management (DVFA) were
included in reporting for the first time.

Alongside its economic objectives, the group increasingly includes
ecological and social aspects aimed at contributing to the sustainable
design of products and processes in its corporate strategy and control. The
goal is to improve anticipation of opportunities and risks via
multi-faceted sustainability management and to generate crucial innovation
and competitive edges for the tapping of new markets.

About SolarWorld AG: The SolarWorld AG group of companies (ISIN:
DE0005108401) is a world leader in high-quality solar power technology. The
company is exclusively dedicated to its core business of photovoltaic power
generation and combines all activities of the solar industry from silicon
as the raw material to turn-key solar power systems including recycling.
SolarWorld is represented in all the world's solar growth markets and
predominantly produces in Germany and the USA. Its largest sites are
located in Freiberg, Saxony, and Hillsboro, USA. The central group office
is in Bonn. Worldwide sales of solar modules are secured by five sales
offices in Germany, Spain, USA, South Africa and Singapore. The central
element of the business in addition to the sale of turn-key solar systems
and solar modules to the trade is the distribution of solar silicon wafers
to the international solar cell industry. Apart from grid-coupled (on-grid)
products, the SolarWorld Group sells off-grid solar power solutions. Under
the name Solar2World the Group takes its ethical commitment to fair
development also to emerging economies and developing countries, promoting
in particular off-grid solar power solutions exemplary of sustainable
economic development.

Sustainability is an integral element of SolarWorld's corporate strategy.
The corporate management is committed to sustainable, economically,
ecologically and socially compatible growth. SolarWorld AG employs around
2,500 people worldwide. The company is listed at the stock market, among
others in the technology index TecDAX, in the ÖkoDAX, in the Dow Jones
STOXX 600, in the international MSCI-Index and in the sustainability
indices DAXglobal Alternative Energy and NAI.

Contact:
SolarWorld AG Investor Relations / Corporate Communications,
Phone no. +49 (0) 228/55920-470; fax no. +49 (0) 228/55920-9470,
Email: placement@solarworld.de   
Internet: www.solarworld.de


DGAP 26.03.2009 
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Language:     English
Issuer:       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@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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