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SolarWorld AG drives focusing on high power technology in 2017

DGAP-News: SolarWorld AG / Key word(s): Miscellaneous/Miscellaneous SolarWorld AG drives focusing on high power technology in 2017 29.03.2017 / 11:00 The issuer is solely responsible for the content of this announcement. SolarWorld AG drives focusing on high power technology in 2017 Annual Group Report 2016 presented at press conference in Bonn, Germany

At today's press conference on financial statements in Bonn, Germany, SolarWorld AG presented its Annual Group Report 2016 and confirmed its preliminary financial figures for the last year as well as its forecast for 2017.

Dr.-Ing. E. h. Frank Asbeck, CEO of SolarWorld AG, said, "There has been no shortage of challenges in the international solar business. The second half of 2016 was influenced by market turbulences and increased dumping. This development clearly left its mark on our company, too. To strengthen our leading technology position and to improve our cost structure decisively we are going to focus our activities entirely on monocrystalline high-efficiency products with the PERC concept."

In the course of the focusing process, SolarWorld has begun to bundle its German production activities: Crystal growing and cell manufacturing will take place at Arnstadt, in Thuringia, while SolarWorld's site in Freiberg, Saxony, will concentrate on wafer and module production. This year, SolarWorld will respectively shut down and relocate the smaller production facilities for modules in Arnstadt and for cells in Freiberg.

"2017 is a year of transition. It is key to implement focusing measures quickly and well. 2017 will also be a year of further investments into the future of our company. We will mainly invest into diamond wire saws in our wafer production and into the further expansion of PERC capacities," said Dr.-Ing. E. h. Frank Asbeck.

With regard to his expectations of the future development of SolarWorld's business, Dr.-Ing. E. h. Frank Asbeck added, "Groupwide shipments are expected to rise in the current year. We expect that the price pressure on the solar market will continue. In 2017, consolidated revenue should be at about previous year's level. We will improve earnings before interest and taxes (EBIT), but it will still be negative. By 2019, we want to be operatively in the black again and remain there."