DGAP-Adhoc

SolarWorld AG announces preliminary business results of first half of 2014

SolarWorld AG / Key word(s): Preliminary Results/Change in Forecast

28.07.2014 14:55

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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According to preliminary information, SolarWorld AG raised its group-wide
shipments as planned in the first half of 2014, i. e. by 53 percent to 357
(H1 2013: 233) MW. This increase was mainly influenced by the dynamic
business development in the United States, the United Kingdom and France.

While shipments of solar power modules grew strongly on an international
level, sales of complete systems were below plan, particularly because of
the weakness of the German solar market. Due to its strong module business,
SolarWorld was able to increase group revenues in the first half of 2014 by
13 percent to EUR 228 (H1 2013: 201) million. However, the revenue level
remained slightly below the company's expectations because of the shift
within the product mix.

Earnings before interest, taxes, depreciation and amortization (EBITDA)
improved in the first half of 2014 to EUR 101 million. This includes a
one-off, non-cash impairment of EUR 36 million, which results from an
agreement with raw-material suppliers, as well as one-offs from the
financial restructuring and the initial consolidation of assets that were
taken over from Bosch Solar Energy AG. Adjusted for all 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 Group had made repayments of credits and payments of interests
totalling 34 million as planned, it had liquid funds of EUR 159 (March 31,
2014: 183) million at the end of the quarter.

SolarWorld AG is having a high order backlog and dynamic order intake.
Therefore, the Group expects to fulfill its growth forecast with regard to
shipments. If shipments in the second half of 2014 continue to shift
towards the module delivery business as in the previous course of the year,
it will be likely from today's point of view that the target to raise the
consolidated revenue in 2014 to more than EUR 680 million in the second
half of 2014 will not be fully reached.

Excluding the one-offs and the impairment mentioned above, SolarWorld AG
expects to reach a positive EBITDA. Including the one-offs, all in all
SolarWorld expects a positive result of a three-digit million Euro amount
in 2014.

SolarWorld AG confirms its forecast for 2015 to be able to reach a positive
operating result again.

Contact:
SolarWorld AG
Investor Relations
Phone: [phone]; Fax: [phone],
Email: [e-mail];
Web: www.solarworld.de/en/investor-relations


28.07.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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: [e-mail]
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

End of Announcement DGAP News-Service

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