SolarWorld AG increases shipments in stagnating total market14-11-11
EBIT-margin of 8.7 percent in third quarter
• Shipments of 195 MW (Q3 2010: 191 MW)
• Revenue of € 238 million (Q3 2010: € 342 million)
• EBIT of € 21 million (Q3 2010: € 50 million)
• EBIT-margin of 8.7 percent (Q3 2010: 14.6 percent)
In the third quarter of 2011, SolarWorld AG was able to report an increase in shipments over the same quarter of the previous year. Revenue amounted to € 237.8 (Q3 2010: € 342.1) million. EBIT was at € 20.6 (Q3 2010: € 49.8) million. The consolidated net income ran to € -9.0 (Q3 2010: € +19.9) million due to losses in the United States that did not reduce our taxes.
In the first nine months of the year, SolarWorld AG also increased its shipments to 576 (Q1-Q3 2010: 568) MW. Revenues of € 772.9 (Q1-Q3 2010: € 958.3) million fell short of the previous year’s level. The operating profit (EBIT) in the first nine months amounted to € 88.7 (Q1-Q3 2010: € 133.6) million. Consolidated net income amounts to € 13.4 (Q1-Q3 2010: € 54.7) million.
“In the entire market, the demand in the third quarter of 2011 developed worse than expected,“ explained Dr.-Ing. E. h. Frank Asbeck, Chairman and CEO of SolarWorld AG. “We did not remain unscathed by the price declines caused by the strong surplus supply mainly from state-subsidized low-price providers. Therefore, we welcome the official initiation of the investigation against unfair trade practices by Chinese manufacturers in the United States.”
In spite of declining prices, the overall market failed to pick up again. “In Germany, for example, the market is expected to decline by about one third from 7.5 GW to probably 5.0 GW for the entire year 2011,“ says Dr.-Ing. E. h. Frank Asbeck.
Despite the weakening global markets, SolarWorld AG was able to slightly increase its shipments and will easily exceed the 1 billion € revenue mark in 2011. Due to the negative price framework, however, SolarWorld AG will probably not reach prior year's revenue level of € 1.3 billion.
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 around 3,300 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.