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 â 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 ÃkoDAX 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-StraÃe 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
DGAP-News: SolarWorld AG Releases Annual Group Report 2013
| Source: EQS Group AG