DGAP-News

SolarWorld AG achieves strong Q1 2015

DGAP-News: SolarWorld AG / Key word(s): Quarter Results/Miscellaneous
SolarWorld AG achieves strong Q1 2015

15.05.2015 / 08:59

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SolarWorld releases group interim report on first quarter of 2015 and
confirms its preliminary figures and forecast for 2015

In the group interim report on the first quarter of 2015 released today,
SolarWorld AG confirms its preliminary figures. In the first three months
of this year, the company increased groupwide shipments of solar power
modules and kits by 44 percent to 202 (Q1 2014: 140) MW. A major
contributing factor in this development was the business in the United
States where SolarWorld increased shipments by 170 percent to 116 (Q1 2014:
43) MW. This market had a share of 57 percent of SolarWorld's total
shipments of modules and kits. In Japan, Australia and South Africa,
SolarWorld achieved growth, too.

SolarWorld managed to increase its share of high efficiency modules in
groupwide shipments. In conjunction with exchange rate effects, the company
was able to increase average sales prices of its products on a euro basis,
resulting in a disproportionately large increase in revenues compared with
the increase in shipments. In the first quarter of 2015, consolidated
revenue grew by 50 percent to EUR 149.1 (Q1 2014: 99.4) million.

Consolidated earnings before interest, taxes, depreciation and amortization
(EBITDA) rose to EUR 2.9 (Q1 2014 adjusted for one-off effects: 1.6)
million. This positive trend can be attributed, among other factors, to
operative measures to improve efficiency and the cost structure at all
locations. Consolidated earnings before interest and taxes (EBIT) reached
EUR -8.0 (Q1 2014 adjusted for one-off effects: -8.2) million. Earnings of
previous year's first quarter included positive one-off effects amounting
to EUR 135.6 million, which resulted from the initial accounting of the
acquisition of the solar activities from Bosch Solar Energy AG. Including
these one-off effects, EBITDA in the first quarter of 2014 amounted to EUR
137.2 million and EBIT to EUR 127.4 million.

At the end of the first quarter 2015, the group had liquid funds in an
amount of EUR 148.4 (Dec. 31, 2014: 177.1) million. The reduction can
mainly be attributed to interest payments, repayments including an
unscheduled partial repayment as well as investments in the expansion of
production capacities and changes in working capital.