SolarWorld AG Continues International Growth 2011 - Revenue to Exceed Level of Previous Year24-03-11
- CEO Dr.-Ing. E.h. Frank Asbeck comments on global energy debate
- Forecast met: Revenue of € 1.3 billion reached in fiscal year 2010
- Further growth planned for 2011: Expansion of production capacities, increasing foreign quota, revenue to exceed level of 2010
“Japan is experiencing a disaster of biblical proportions. This shows that we have to leave behind the aberration of nuclear power and move step by step toward full energy supply from renewable resources. SolarWorld will show technologically pioneering ways of using solar energy and will continue to grow as a global company,” said Dr.-Ing. E.h. Frank Asbeck, chairman and CEO of SolarWorld AG, in presenting the consolidated financial statements for fiscal year 2010 in Bonn.
2010 forecast met
The worldwide leader in crystalline solar power technology managed to expand its business successfully and sustainably in 2010. SolarWorld AG confirmed and further detailed its provisionally reported figures: In 2010, the group increased its shipments of wafers and solar power modules by 42 percent to 819 (2009: 578) MW and as a result considerably boosted its revenue. This went up by 28.8 percent over the previous year or by € 292.1 million to € 1,304.7m (2009: € 1,012.6m). Thus, SolarWorld AG has met its forecast of substantially exceeding the billion-euro mark in revenue. Groupwide earnings before interest and tax (EBIT) grew in fiscal year 2010 by 26.1 percent and € 40.0 million to € 192.8m (2009: € 152.8m). In spite of the renewed industry-wide decline in prices, SolarWorld AG managed to keep its EBIT margin constant. It amounted to 14.8 (2009: 15.1) percent. Consolidated profits went up in 2010 by € 28.3 million, or 48.0 percent, to € 87.3m (2009: € 59.0m). Because of the sound business development, the Management Board and the Supervisory Board will propose a dividend increase to € 0.19 (2009: € 0.16) at the next Annual General Meeting.
Foreign business grow in importance – competitiveness strengthened
Dr.-Ing. E.h. Frank Asbeck on the fiscal year under review: “The year 2010 was turbulent. Our sales developed vigorously in the international solar markets and, above all in the second half of the year, shifted from our core market, Germany, to other European markets and the United States.” Consequently, the foreign sales quota in 2010 increased by 14 percentage points to 59 (2009: 45) percent. “We aligned ourselves internationally at a very early point in time and can therefore flexibly use developments in individual markets for our purposes by simply shifting sales volumes,” says the CEO. The group massively increased its production capacities along the entire value chain at its international locations in Germany, the U.S. and South Korea, all according to schedule. In the area of solar power module production, for example, the company boosted its capacities groupwide from 500 to 940 MW in 2010. All in all, the group invested € 216.1 million in intangible assets and tangible fixed assets in fiscal year 2010. “In doing so, we succeeded in significantly undercutting the in-house investment budget through more efficient project management and better purchase terms,” explained Philipp Koecke, Chief Financial Officer of SolarWorld AG. “Moreover, in ongoing production processes, we have achieved major cost-cutting effects. In this way, we substantially strengthened our competitiveness.”
Outlook 2011: Growth to be promoted globally
“We will do everything in our power to reduce our costs and to strengthen our quality brand. We will develop new storage technologies for the self-consumption of solar power. With these technologies, we will further strengthen our good market position,” says Dr.-Ing. E.h. Frank Asbeck. In 2011, SolarWorld AG will continue its capacity expansion in module production to reach 1,400 (2010: 940) MW so that the group can place larger product volumes in the final customer business. On the whole, the group is expecting a growth rate in its shipments of more than 30 percent. For the United States, SolarWorld even considers it possible to more than double its sales – thanks to the logistical advantages of local production and already established sales and distribution networks. Within the next two years, the foreign quota is to be further enhanced to 75 percent. In 2011, the group wants to exceed last year’s revenue of € 1.3 billion. Dr.-Ing. E.h. Frank Asbeck: “We make this forecast subject to the development of international background conditions, which right now nobody can predict in detail. We are in favor of a steady further development of renewable energies and want to grow organically as a company.”
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 3,300 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.
Online version of the consolidated annual report 2010: annualgroupreport2010.solarworld.de
Indicators 2010: annualgroupreport2010.solarworld.de/indicators
SolarWorld AG Investor Relations / Corporate Communications, Thorsten Meyer
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