SolarWorld AG increases shipments by 32 percent in first quarter12-05-11
• Shipments go up by 32 percent
• Foreign quota of shipments is 77 percent
• Revenue grows by 3.3 percent
• EBIT increases to € 26.3 million
• EBIT margin amounts to 11.3 percent
• Consolidated net income for the quarter runs to € 12.5 million
In Q1 2011, SolarWorld AG increased its shipments of wafers and solar power modules significantly. Compared to the first three months of the previous year, the company boosted groupwide shipments by 32 percent to 185 (Q1 2010: 139) MW. A major contributing factor was the strong business abroad, above all in the United States. The groupwide foreign quota in shipments rose to 77 (Q1 2010: 49) percent.
Consolidated revenue went up by € 7.4 million to € 233.0 (Q1 2010: 225.6) million. The foreign quota of revenues rose to 71.2 (Q1 2010: 33.2) percent. The EBIT margin in Q1 2011 amounted to 11.3 (Q1 2010: 11.5) percent. Groupwide earnings before interest and tax (EBIT) rose to € 26.3 (Q1 2010: € 25.9) million in Q1 2011. Consolidated net income increased in the first three months of the year by € 7.2 to € 12.5 (Q1 2010: € 5.3) million.
“We got off to a good start into the international solar business 2011,“ explains Dr.-Ing. E.h. Frank Asbeck, Chairman and CEO of SolarWorld AG. “In the first two months of the year, it is above all the winter weather in Germany that somewhat delays our sales. However, we can compensate for this with our strong foreign markets such as the United States. Since March, the demand for our products has also picked up again in Germany.”
The group wants to strengthen its market position with highly efficient production facilities and expanded capacities. On May 20, 2011, SolarWorld AG will inaugurate the new module production facility Solar Factory III at the German production site in Freiberg in the presence of Stanislaw Tillich, the Minister-President of the Free State of Saxony. With the commissioning of the new factory, SolarWorld will increase its module capacity in Germany to 600 MW. Through this measure alone, the group will create more than 250 additional jobs.
About SolarWorld AG: The SolarWorld AG Group (ISIN: DE0005108401) is a worldwide leader in offering brand-name, high quality, crystalline solar-power technology. Its strength is its fully integrated solar production. From silicon as the raw material through wafers, cells and modules all the way to turn-key solar systems of all sizes, the group combines all stages of the solar value chain. The central business activity is selling quality modules into the installation and distribution trades and crystalline wafers to the international solar cell industry. Group headquarters are located in Bonn, Germany. The group´s largest production facilities operate in Freiberg, Germany and Hillsboro in the U.S. State of Oregon. Sustainability is the basis of the group strategy. Under the name Solar2World, the group supports care projects using off-grid solar-power solutions in developing countries, exemplifying sustainable economic development. Worldwide, SolarWorld employs more than 3,600 people. SolarWorld AG has been quoted on the stock exchange since 1999 and today is listed on, among others, the TecDAX and ÖkoDAX as well as in the sustainability index NAI.