DGAP-News: SolarWorld AG Releases Annual Group Report 2013

        Print
| Source: EQS Group AG
DGAP-News: SolarWorld AG / Key word(s): Final Results/Miscellaneous
SolarWorld AG Releases Annual Group Report 2013

27.03.2014 / 10:37

---------------------------------------------------------------------

Group strengthens position in international competition with enlarged
Management Board and new brand identity

Today, the Management Board of SolarWorld AG presented the Annual Group
Report 2013 in Bonn. SolarWorld AG also confirmed and substantiated its
preliminary figures and reaffirmed its forecast.

Despite a year-on-year decrease of the whole German solar market by almost
60 percent, SolarWorld AG was able to maintain its shipments in 2013 at
nearly the same level as in the previous year. This was owed particularly
to growth in its European export, Japanese and U.S. markets. The group's
shipments amounted to 588 (2012: 608) MW. Group revenue in 2013 decreased
to EUR 455.8 (2012: 606.0) million.

Consolidated earnings before interest and taxes (EBIT), however, improved
by EUR 431.6 million to EUR -188.7 (2012: -620.3) million. The main reason
for this development was the fact that, following the impairment tests on
fixed assets in accordance with IAS 36, no need for impairments was
determined in 2013. By comparison, these tests had resulted in impairment
losses of EUR 330.0 million in 2012. Extensive operational restructuring
measures also contributed to the improved result in 2013.

As of December 31, 2013, SolarWorld AG's liquid funds amounted to EUR 163.7
(December 31, 2012: 224.1) million.

The group's consolidated net result for 2013 improved to EUR -228.3
(2012:-606.3) million.

The successful closing of the financial restructuring on February 24, 2014,
allowed the group to significantly improve key balance sheet items:

Pro forma overview of selected balance sheet items following the
implementation of the financial restructuring measures

                          As at March 12, 2014*     As at December 31, 2013
Equity                          EUR 333 million            EUR -243 million
Financial Liabilities           EUR 469 million           EUR 1,022 million
Balance Sheet Total           EUR 1,006 million             EUR 932 million
Equity Ratio                               33 %                       -26 %

*Following the completion of the financial restructuring process and the
acquisition of assets from Bosch Solar Energy AG, excluding the effects
from business operations since January 1, 2014

"In the challenging year 2013, we were able to see the first positive
effects of our operational measures and start the rebound. The successful
closing of our financial restructuring process in February 2014 means that
we are now operating on a firmer financial footing. On this basis, we will
do everything to return our company to profitability. The start to 2014 has
been a promising one and we are on track," commented Philipp Koecke, Chief
Financial Officer (CFO) of SolarWorld AG.

SolarWorld plans to significantly increase sales and revenue during the
coming years and improve its result through growth in all core markets and
its share in complete solar power solutions. The group's strategy aims to
provide its customers with real added value and assume a leading
technological role internationally. "The takeover of the cell and module
production in Arnstadt two weeks ago emphasizes this strategic approach.
SolarWorld is committed to values such as quality and reliability more than
ever," stated Dr.-Ing. E. h. Frank Asbeck, Chief Executive Officer (CEO).
Based on this, SolarWorld has further developed its brand identity to
differentiate itself better from competitors. With a new international logo
the company will target its customers with the message: "SolarWorld - REAL
VALUE".

SolarWorld AG has also enlarged its Management Board in its quest to better
seize the opportunities presenting themselves on the solar power market in
the future. As of April 1, 2014, Jürgen Stein will be assuming the newly
created position of Chief Product Officer (CPO) and be in charge of product
management and development, quality management, logistics, purchasing and
supply chain management on the group's Management Board. Jürgen Stein (48)
has worked as head of procurement for SolarWorld since 2011, an area in
which the company was able to considerably reduce its costs during 2012 and
2013. "Direct and indirect material costs are an important lever when it
comes to increasing international competitiveness. Headed by Mr. Stein, we
have already achieved a lot in this department. By creating the new
position of Chief Product Officer, we will develop this management task
further strategically. Our aim is to pool our innovative power across the
complete product creation process and to engage our partners in a better
way," commented Frank Asbeck.

In addition to the appointment of Jürgen Stein to the Management Board by
the Supervisory Board of SolarWorld AG, the company today also announced
that it has extended the appointments of Philipp Koecke and Colette
Rückert-Hennen. Philipp Koecke has been the group's Chief Financial Officer
(CFO) since 2003 and Colette Rückert-Hennen has been Chief Information,
Brand and Personnel Officer (CIBPO) since 2013, prior to which she was
Chief Human Resources and Brand Officer from 2011.

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, where it is
noted in various indices, including ÖkoDAX and Photon-Photovolaik
Aktienindex (PPVX). More information at www.solarworld.de/en

PDF file of Annual Group Report 2013: www.solarworld.de/ financialreports
Photos from the 2013 Financial Statements Press Conference (after 2 p.m.
CET): http://www.solarworld.de/en/press/visual-material/current-photos/


End of Corporate News

---------------------------------------------------------------------

27.03.2014 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  
---------------------------------------------------------------------  
259985 27.03.2014