DGAP-News: SolarWorld AG / Key word(s): Miscellaneous
SolarWorld AG successfully closes financial negotiations
23.07.2012 / 10:55
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July 23, 2012
Corporate News SolarWorld AG
(Securities Code No.: WKN 510 840)
(International Securities Identification Number: ISIN DE0005108401)
SolarWorld AG successfully closes financial negotiations
The challenging market situation in the solar industry increased the risk
of SolarWorld AG during the second quarter not to meet its financial
covenants. For this reason, SolarWorld AG has renegotiated loan agreements
amounting to EUR 375 million with its lenders. Covenants were adjusted,
enabling SolarWorld AG to have greater flexibility.
'SolarWorld has strengthened financial stability for the company by means
of these agreements. At the end of the second quarter, we had liquid funds
worth EUR 320 million at our disposal. In addition, we have paid off over
EUR 130 million of our loans,' points out Philipp Koecke, CFO of SolarWorld
AG.
Dr.-Ing. E. h. Frank Asbeck, founder and CEO of SolarWorld AG, who holds
27.84 percent of company shares, added: 'Moreover, I will make my personal
financial contribution to the success of SolarWorld by waiving my salary
and dividend until the company becomes profitable again.'
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, with sales sites in Singapore,
South Africa, Spain, France as well as in the U.S. state of California. 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 3,000 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.
Contact:
SolarWorld AG Investor Relations
Phone: +49 22855920-470; Fax: +49 228 55920-9470,
Email: placement@solarworld.de; Internet: www.solarworld.de
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: DE0005108401
WKN: 510840
Indices: TecDAX
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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178765 23.07.2012
DGAP-News: SolarWorld AG successfully closes financial negotiations
| Source: EQS Group AG