DGAP-News: SolarWorld AG / Key word(s): Half Year Results
SolarWorld AG increases shipments and revenue
11.08.2011 / 08:00
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11.08.2011
Corporate News SolarWorld AG
(Securities Code No.: WKN 510 840)
(International Securities Identification Number: ISIN DE0005108401)
SolarWorld AG increases shipments and revenue
from first to second quarter 2011
- Shipments of 196 MW (Q1 2011: 185 MW)
- Revenue of EUR 302.1 million (Q1 2011: EUR 233.0 million)
- EBIT of EUR 40.2 million (Q1 2011: EUR 27.9 million)
- Quarterly net income of EUR 9.9 million (Q1 2011: EUR 12.5 million)
In the course of the first six months of 2011, SolarWorld AG expanded its
business continuously. The group increased the shipment of wafers, solar
power modules and kits from 185 MW in the first quarter of 2011 to 196 MW
in the second quarter of 2011. Revenue went up by 29.7 percent from EUR
233.0 million in Q1 to EUR 302.1 million in Q2. EBIT rose from EUR 27.9
million in the Q1 to EUR 40.2 million in Q2. EBIT margin improved from 12.0
percent in Q1 to 13.3 percent in Q2. The group generated a net income of
EUR 12.5 million in Q1 and of EUR 9.9 million in Q2.
SolarWorld succeeded in increasing its groupwide shipments from 377 MW in
the first half of 2010 to 381 MW in the first half of 2011. 'We have stood
our ground well,' explained Dr.-Ing. E. h. Frank Asbeck, Chairman and CEO
of SolarWorld AG. 'You have to remember that the German solar market in
2010 was characterized by a politically induced special demand with strong
pull-forward effects.' In 2010, Germany experienced a boom of additional
installations with a capacity of some 7.4 GW. While in the first half of
2010 more than 3.8 GW was newly installed, the German solar market was less
than 2 GW in the same period of 2011 according to estimates by SolarWorld
AG. 'For the full year of 2011, we are expecting additional installations
in Germany of more than 4 GW,' said Dr.-Ing. E. h. Frank Asbeck.
The dynamic business in the United States made a significant contribution
to the success of the group in the first half of 2011. In terms of
shipments, SolarWorld AG reached a foreign quota of 69 percent (H1 2010: 47
percent).
Groupwide revenue in the first half of 2011 amounted to EUR 535.0 million
(H1 2010: EUR 608.4 million). EBIT amounted to EUR 68.1 million in the
first half of the year (H1 2010: EUR 83.7 million). In the first six months
of 2011, the group generated an EBIT margin of 12.7 percent (H1 2010: 13.8
percent) and a net income of EUR 22.4 million (H1 2010: EUR 34.8 million).
From today's point of view, SolarWorld will meet its expectation for the
year 2011 with an expected increase of demand in the second half of the
year. The political and macroeconomic background conditions may, however,
lead to cyclical industrial surplus volumes and corresponding undercut
prices in the solar market in the second half of the year, which in turn
may influence the revenue and earnings development.
About SolarWorld AG: The SolarWorld AG Group (ISIN: DE0005108401) is a
worldwide leader in offering brand-name, high quality, crystalline
solar-power technology. Its strength is its fully integrated solar
production. From silicon as the raw material through wafers, cells and
modules all the way to turn-key solar systems of all sizes, the group
combines all stages of the solar value chain. The central business activity
is selling quality modules into the installation and distribution trades
and crystalline wafers to the international solar cell industry. Group
headquarters are located in Bonn, Germany. The group's largest production
facilities operate in Freiberg, Germany and Hillsboro in the U.S. State of
Oregon. Sustainability is the basis of the group strategy. Under the name
Solar2World, the group supports care projects using off-grid solar-power
solutions in developing countries, exemplifying sustainable economic
development. Worldwide, SolarWorld employs about 3,800 people. SolarWorld
AG has been quoted on the stock exchange since 1999 and today is listed on,
among others, the TecDAX and ÃkoDAX as well as in the sustainability index
NAI.
End of Corporate News
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11.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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: DE0005108401
WKN: 510840
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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135270 11.08.2011
DGAP-News: SolarWorld AG increases shipments and revenue
| Source: EQS Group AG