SolarWorld AG / Miscellaneous
25.03.2010 12:03
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Production Capacities Will Be Massively Expanded
In fiscal year 2009 SolarWorld AG was able to increase group revenue by
12.5 per cent or EUR 112.3 million to EUR 1,012.6 million (previous year:
EUR 900.3m) thus exceeding its own forecast. The operating result before
interest and taxes (EBIT) was characterized by the strong decline in module
prices amounting as it did to EUR 151.8 million (previous year: EUR
263.3m). The consolidated net income for the year, which had been adjusted
for deferred taxes worth EUR 32.4 million in the context of a conservative
reporting policy, amounted to EUR 91.4 million (previous year: EUR 135.2m).
'Thanks to the full utilization of our production capacities throughout the
year we were able to exceed our revenue target even in the difficult year
2009 and managed to generate a satisfactory overall result,' said Frank H.
Asbeck, Chairman and CEO of SolarWorld AG. 'We want our shareholders to
participate in this, which is why the Management Board and the Supervisory
Board will propose a dividend increased to 16 Cent to the Annual General
Meeting.'
Financial basis strengthened for further corporate growth - increase of
module capacities to 1.25 GW planned by the end of 2011
SolarWorld was able to enhance the financial basis for its planned
corporate growth. A bond with a volume of EUR 400 million was successfully
floated in January 2010. Free liquidity currently amounts to about EUR 900
million. At the balance sheet date (31 December 2009) the equity ratio was
39.0 (previous year: 39.7) per cent. 'Owing to our financial strength we
can and we will implement our short and medium term growth objectives as
scheduled,' declared the Chief Financial Officer of SolarWorld AG, Philipp
Koecke.
The production capacities along the entire value chain from the wafer via
the cell to the module are to be massively increased. The emphasis of the
expansion will be on the module production in Freiberg/Germany and
Hillsboro/USA. 'That is our strategic answer to the worldwide growth in
retail customer markets that we as an established solar manufacturer will
profit from with a strong brand,' points out Chairman and CEO Frank H.
Asbeck. By the end of 2011 SolarWorld will have a group-wide total module
capacity of 1.25 GW.
Frank H. Asbeck: 'To strengthen our competitiveness we will additionally
invest more intensively in our Research & Development and also sustainably
expand our raw materials base.' In March SolarWorld had announced the
establishment of the Joint Venture Qatar Solar Technologies together with
the Qatar Foundation. A total of US$ 500 million is to be invested in the
build-up of a silicon production located in the Emirate of Qatar. 'The
proposed amendment of the Renewable Energy Sources Act (EEG) in Germany
spells tremendous pressure for the entire industry which we will also have
to shoulder,' said Frank H. Asbeck. 'But we see ourselves well positioned
for the future and will redouble our efforts to optimize costs. The new
silicon production in Qatar is another component in the long-term and
cost-efficient raw materials supply to our group.'
In 2010 SolarWorld wants to sustainably exceed last year's revenue level of
EUR 1 billion.
Sustainability reporting continued - First progress report published on
Global Compact
SolarWorld is again setting standards in the German stock market scene with
its reporting on fiscal year 2009. For the first time the group published a
progress report on the principles of the Global Compact of the United
Nations, which SolarWorld had joined in 2009. The integrated sustainability
report additionally contains the core performance indicators for the
environment, social affairs and corporate governance of the Deutsche
Vereinigung für Finanzanalyse und Asset Management (DVFA) and was rated A+
by the Global Reporting Initiative as well as an external auditing company.
About SolarWorld AG: The SolarWorld AG group of companies (ISIN:
DE0005108401) is a world leader in offering high quality crystalline solar
power technology. Its strength is the fully integrated solar production.
The group combines all stages of the solar value chain from the raw
material silicon via wafers, cells and modules all the way to turn-key
solar power plants including recycling. The central business activity is
the distribution of quality modules to the specialist trade and of
crystalline wafers to the international solar cell industry. Corporate
headquarters are located in Bonn. Production locations are in Germany, the
USA and South Korea. The group operates the largest production facilities
in Freiberg/Germany and Hillsboro/USA. Sustainability is the very basis of
the group strategy. Under the name Solar2World the group promotes aid
projects in threshold and development countries with off-grid solar power
solutions that are role models for sustainable economic development.
Worldwide SolarWorld employs more than 2,700 people. Since 1999 SolarWorld
AG has been quoted at the stock exchange including the technology index
TecDAX, ÃkoDAX, Dow Jones STOXX 600 as well as the sustainability indices
DAXglobal Alternative Energy and NAI.
Contact SolarWorld AG
Investor Relations: Tel.-No.: 0228/55920-470; Fax-No.: 0228/55920-9470,
E-Mail: placement@solarworld.de
Presse: Tel.-No.: 0228/55920-400, E-Mail: press@solarworld.de
Internet: www.solarworld.de
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Language: English
Company: SolarWorld AG
Martin-Luther-King-StraÃe 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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DGAP-News: SolarWorld AG: Revenue of EUR 1 Billion to Be Sustainably Exceeded
| Source: EQS Group AG