DGAP-News: SolarWorld AG increases shipments in 2014 more strongly than expected

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| Source: EQS Group AG
DGAP-News: SolarWorld AG / Key word(s): Half Year
Results/Miscellaneous
SolarWorld AG increases shipments in 2014 more strongly than expected

14.08.2014 / 09:00

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SolarWorld AG released its report on the first half of 2014 today. In the
first six months of the year, SolarWorld AG significantly increased
shipments, compared with the same period of the previous year. Overall,
groupwide shipments of solar wafers, cells, modules and kits rose by 53
percent to 357 (H1 2013: 233) megawatts (MW). Shipments of modules and kits
increased to 333 (H1 2013: 211) MW. In this segment, SolarWorld started the
year's second half with an order book of more than 400 MW. Today already,
shipments of modules and kits (including shipments in July of more than 90
MW) plus the order book exceed the target for the whole year 2014.
Management expected shipments of modules and kits to increase by more than
40 percent, compared with 2013, to more than 767 (2013: 548) MW.

"Products from SolarWorld are highly in demand worldwide. In July alone, we
sold more than 90 MW, a new record for our company. At all production sites
in Germany and the United States, we soon will partly re-activate
capacities that are not being utilized and further invest to grow
organically groupwide in line with demand," explains Dr.-Ing. E. h. Frank
Asbeck, CEO of SolarWorld AG.

As an internationally oriented company, SolarWorld was able to grow
primarily in markets such as the United States, Great Britain, France and
Japan. About 81 percent of sales came from outside of Germany.

SolarWorld customers primarily demanded high-performance modules, while,
contrary to expectations, shipments of complete systems declined
significantly. SolarWorld generally sells the largest share of its kits in
Germany. Due to the strong decrease of the German market, the group did not
succeed in reaching its shipment target for kits here. This shift in the
product mix and price reductions in the solar markets considerably affected
consolidated revenue, which rose by 13 percent to EUR 228 (H1 2013: 201)
million and remained below the group's expectations.

Earnings before interest, taxes, depreciation and amortization (EBITDA)
improved in the first half of 2014 to EUR 101 million. This result included
a one-time, non-cash impairment of EUR 36 million, which resulted from the
agreement with a raw-material supplier, as well as one-offs from financial
restructuring and initial consolidation of assets taken over from Bosch
Solar Energy AG. Adjusted for these one-offs mentioned above, EBITDA rose
to EUR 1 (H1 2013: -37) million.

Consolidated earnings before interest and taxes (EBIT) increased in the
first half of 2014 to EUR 81 (H1 2013: -59) million. Also adjusted for the
one-offs mentioned above, EBIT amounted to EUR -19 million.

After the company had made redemptions and payments of interest on debt
totaling EUR 34 million at the end of the second quarter as planned, the
company had liquid funds of EUR 159 million, a reduction of EUR 24 million,
compared with the end of the first quarter (March 31, 2014: EUR 183
million).

Outlook: Expectations for 2014 and 2015
While SolarWorld AG will exceed its shipment target for 2014, the company
probably will not reach its revenue target of more than EUR 680 million in
light of the shift in product mix and price reductions in the solar market.

For 2014, SolarWorld AG expects a positive EBITDA adjusted for the one-offs
mentioned above and the recognized impairment losses. Including all
one-offs, SolarWorld expects a positive consolidated result for the year in
a three digit million euro amount.

For 2015, SolarWorld AG confirms its forecast that it will be able to
achieve a positive operating result.

Consolidated Interim Report - first half 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 ‒ 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



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14.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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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, DE000A1YDDX6, DE000A1YCN14             
WKN:         A1YCMM, A1YDDX, A1YCN1                               
Listed:      Regulierter Markt in Düsseldorf, Frankfurt (Prime    
             Standard); Freiverkehr in Berlin, Hamburg, München,  
             Stuttgart                                            
 
 
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