DGAP-News: SolarWorld AG / Key word(s): Quarter Results/Miscellaneous
SolarWorld AG: Business results for first quarter of 2014 released
14.05.2014 / 09:07
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Today, SolarWorld AG released its consolidated interim report for the first
quarter of 2014, confirming its preliminary business results. The quarter
was influenced by positive one-off effects resulting from the successful
closing of its financial restructuring as well as the acquisition of
production facilities and other assets of Bosch Solar Energy AG in
Arnstadt, Germany.
In the first three months of 2014, the group increased its shipments
compared to last year's period by 41 percent to 154 (Q1 2013: 109) MW. The
company achieved growth in the United States, France, UK, Japan and
Germany, among other places. While in the first quarter of 2014 the German
market as a whole fell by 41 percent compared to previous year's quarter,
SolarWorld was able to increase shipments there by 12 percent.
Despite the growth in shipments, the company recorded a decrease in revenue
to EUR 99.4 (Q1 2013: EUR 112.2) million. The decline in prices in
international solar markets had a negative impact on group revenue. Main
reason for the drop in revenue was also a one-off effect from the
particularly large revenue generated by two large-scale projects in the
first quarter of 2013. Adjusted for these projects, revenue increased by
more than 50 percent to EUR 99.4 million.
Consolidated earnings before interest, taxes, depreciation and amortization
(EBITDA) improved in the first quarter of 2014 by EUR 159.2 million to EUR
137.2 (Q1 2013: EUR -22.0) million. This includes a preliminary profit from
the initial accounting of production facilities and other assets acquired
from Bosch Solar Energy AG amounting to EUR 135.6 million.
Consolidated earnings before interest and taxes (EBIT) in the first three
months of the year 2014 grew to EUR 127.4 (Q1 2013: EUR -32.3) million.
The consolidated financial result amounted to EUR 535.4 (Q1 2013: EUR
-16.6) million. It was influenced by the successful closing of SolarWorld's
financial restructuring (amounting to EUR 555.7 million) in the first
quarter of 2014.
Consolidated income after taxes grew to EUR 550.1 (Q1 2013: EUR -â44.1)
million.
At the cut-off date of March 31, 2014, SolarWorld AG had a positive equity
of EUR 321.4 (December 31, 2013: EUR -243.1) million. At the end of the
period, SolarWorld's equity ratio increased to 31.8 percent.
"SolarWorld AG improved its basis in the first quarter 2014," said Dr.-Ing.
E. h. Frank Asbeck of the company's development. "We have set ambitious
goals for the entire year 2014 and we are well on target up to now. The
journey is not yet over. We will continue to work hard to further optimize
products and processes. Furthermore, it remains important to ensure a fair
competition both in the EU and in the United States."
Consolidated Interim Report - first quarter of 2014:
http://www.solarworld.de/financial-reports
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. More
information at www.solarworld.de/en
Contact:
SolarWorld AG Investor Relations
Phone: +49 228 55920-470; Fax: +49 228 55920-9470,
Email: placement@solarworld.de; Internet:
www.solarworld.de/en/investor-relations
End of Corporate News
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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
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268302 14.05.2014
DGAP-News: SolarWorld AG: Business results for first quarter of 2014 released
| Source: EQS Group AG