DGAP-Adhoc: SolarWorld AG: Preliminary financial results of 2013 and expectations for 2014

| Source: EQS Group AG
SolarWorld AG  / Key word(s): Preliminary Results/Forecast

05.03.2014 20:29

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Ad-hoc notification pursuant to § 15 Securities Trading Act (WpHG) 

March 5, 2014
Ad-hoc-Service of SolarWorld AG
(Securities Code No. Shares: WKN A1YCMM and WKN A1YDED)
(International Securities Identification Numbers of new bonds: 
DE000A1YDDX6 und DE000A1YCN14)

According to provisional information, SolarWorld AG recorded group-wide
shipments of 588 (2012: 608) MW in 2013.

Whilst it was possible to increase sales figures in the group chiefly in
the European export markets and also in the United States, Japan and South
Africa, business in Germany experienced a decline. The financial
restructuring process of SolarWorld AG, which was completed on Feb. 24,
2014, led to a reluctance to buy during the last fiscal year. This was
particularly evident on the German market. As a result, the share of kits
in total sales also decreased compared with pure module sales that account
for a lower share of revenue. In addition to the continuing low price
level, this was the main reason why consolidated revenue for 2013 fell
noticeably. Reaching EUR 456 (2012: 606) million in 2013, they were
approximately 25 percent below the level of the previous year.

The consolidated result before interest, tax and depreciation (EBITDA)
improved in 2013 to EUR - 147 (2012: -203) million. The consolidated result
before interest and tax (EBIT) of EUR - 192 (2012:-620) million was above
the previous year's level. The improvements in the result are primarily due
to comprehensive operational restructuring measures to reduce costs, e.g. a
reduction in material costs. In 2013, impairments on fixed assets according
to IAS 36 is expected to be substantially lower than in the previous year
and amount to approximately EUR -5 (2012: -330) million.

On December 31, 2013, SolarWorld held liquid funds totaling EUR 163.7
(December 31, 2012: EUR 224.1) million.

For the current 2014 fiscal year, SolarWorld AG is expecting to increase
its group-wide shipments of modules and kits by at least 40 percent
compared with 2013 through higher shipments in all core markets. SolarWorld
AG also reckons on growth in consolidated revenue to more than EUR 680
million in 2014. The expected trend in sales and revenue already takes the
acquisition of production lines belonging to Bosch Solar Energy AG at the
Arnstadt/Thuringia (Germany) site into account, which is planned for March
12, 2014.

In addition, SolarWorld AG is expecting a positive result before interest,
tax and depreciation (EBITDA) in 2014 of more than EUR 10 million. This
does not take into account the special effects from the successfully
completed financial restructuring as well as the positive special effects
from the initial consolidation of assets that are to be taken over from
Bosch Solar Energy AG. The operating result (EBIT) before consideration of
these special effects is likely to range between EUR -35 million and EUR
-20 million. Cash flow from on-going business activity is expected to be
positive again in 2014.

The SolarWorld Group is expecting to return to a positive operating result
(EBIT) in fiscal year 2015 and to reach revenues above one billion euros in
fiscal year 2016.

SolarWorld AG 
Investor Relations 
Phone: +49 228 55920-470; Fax: +49 228 55920-9470,
Email: placement@solarworld.de; Web:

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Language:     English
Company:      SolarWorld AG
              Martin-Luther-King-Straße 24
              53175 Bonn
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 Announcement                             DGAP News-Service