DGAP-News

SolarWorld AG Releases Annual Group Report 2013

DGAP-News: SolarWorld AG / Key word(s): Final Results/Miscellaneous
SolarWorld AG Releases Annual Group Report 2013

27.03.2014 / 10:37

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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