SolarWorld AG: Revenue of € 1 Billion to Be Sustainably Exceeded - Production Capacities Will Be Massively Expanded25-03-10
In fiscal year 2009 SolarWorld AG was able to increase group revenue by 12.5 per cent or € 112.3 million to € 1,012.6 million (previous year: € 900.3m) thus exceeding its own forecast. The operating result before interest and taxes (EBIT) was characterized by the strong decline in module prices amounting as it did to € 151.8 million (previous year: € 263.3m). The consolidated net income for the year, which had been adjusted for deferred taxes worth € 32.4 million in the context of a conservative reporting policy, amounted to € 91.4 million (previous year: € 135.2m).
„Thanks to the full utilization of our production capacities throughout the year we were able to exceed our revenue target even in the difficult year 2009 and managed to generate a satisfactory overall result,” said Frank H. Asbeck, Chairman and CEO of SolarWorld AG. „We want our shareholders to participate in this, which is why the Management Board and the Supervisory Board will propose a dividend increased to 16 Cent to the Annual General Meeting.“
Financial basis strengthened for further corporate growth – increase of module capacities to 1.25 GW planned by the end of 2011
SolarWorld was able to enhance the financial basis for its planned corporate growth. A bond with a volume of € 400 million was successfully floated in January 2010. Free liquidity currently amounts to about € 900 million. At the balance sheet date (31 December 2009) the equity ratio was 39.0 (previous year: 39.7) per cent. “Owing to our financial strength we can and we will implement our short and medium term growth objectives as scheduled,“ declared the Chief Financial Officer of SolarWorld AG, Philipp Koecke.
The production capacities along the entire value chain from the wafer via the cell to the module are to be massively increased. The emphasis of the expansion will be on the module production in Freiberg/Germany and Hillsboro/USA. “That is our strategic answer to the worldwide growth in retail customer markets that we as an established solar manufacturer will profit from with a strong brand,” points out Chairman and CEO Frank H. Asbeck. By the end of 2011 SolarWorld will have a group-wide total module capacity of 1.25 GW.
Frank H. Asbeck: „To strengthen our competitiveness we will additionally invest more intensively in our Research & Development and also sustainably expand our raw materials base.” In March SolarWorld had announced the establishment of the Joint Venture Qatar Solar Technologies together with the Qatar Foundation. A total of US$ 500 million is to be invested in the build-up of a silicon production located in the Emirate of Qatar. “The proposed amendment of the Renewable Energy Sources Act (EEG) in Germany spells tremendous pressure for the entire industry which we will also have to shoulder,” said Frank H. Asbeck. „But we see ourselves well positioned for the future and will redouble our efforts to optimize costs. The new silicon production in Qatar is another component in the long-term and cost-efficient raw materials supply to our group.“
In 2010 SolarWorld wants to sustainably exceed last year’s revenue level of € 1 billion. Sustainability reporting continued – First progress report published on Global Compact
SolarWorld is again setting standards in the German stock market scene with its reporting on fiscal year 2009. For the first time the group published a progress report on the principles of the Global Compact of the United Nations, which SolarWorld had joined in 2009. The integrated sustainability report additionally contains the core performance indicators for the environment, social affairs and corporate governance of the Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA) and was rated A+ by the Global Reporting Initiative as well as an external auditing company.
About SolarWorld AG
The SolarWorld AG group of companies (ISIN: DE0005108401) is a world leader in offering high quality crystalline solar power technology. Its strength is the fully integrated solar production. The group combines all stages of the solar value chain from the raw material silicon via wafers, cells and modules all the way to turn-key solar power plants including recycling. The central business activity is the distribution of quality modules to the specialist trade and of crystalline wafers to the international solar cell industry. Corporate headquarters are located in Bonn. Production locations are in Germany, the USA and South Korea. The group operates the largest production facilities in Freiberg/Germany and Hillsboro/USA. Sustainability is the very basis of the group strategy. Under the name Solar2World the group promotes aid projects in threshold and development countries with off-grid solar power solutions that are role models for sustainable economic development. Worldwide SolarWorld employs more than 2,700 people. Since 1999 SolarWorld AG has been quoted at the stock exchange including the technology index TecDAX, ÖkoDAX, Dow Jones STOXX 600 as well as the sustainability indices DAXglobal Alternative Energy and NAI.
Contact SolarWorld AG
Investor Relations: Tel.-No.: 0228/55920-470;
Presse: Tel.-No.: 0228/55920-400,