DGAP-News

SolarWorld AG increases shipments in 2014 more strongly than expected

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