SolarWorld AG presents quarterly results
Significant profit growth following the acquisition
SolarWorld AG (ISIN: DE0005108401) has continued its positive earnings trend in the third quarter of 2006. The group benefited from the good development of exports in the wafer segment. Earnings additionally benefited from the acquisition of the Shell assets.
Earnings before interest and taxes (EBIT) grew 198 per cent to 77.4 (2005: 26.0) million EUR in the third quarter and rose 148 per cent to 142.2 (2005: 57.4) million EUR in the period January to September. The first-time consolidation of the former Shell companies generated extraordinary positive one-off income of 53.9 million EUR. Adjusted for extraordinary effects, the SolarWorld Group managed to increase its EBIT by 40 per cent to 36.5 million EUR in the third quarter and by 76 per cent to 101.3 million EUR in the first nine months.
Group profits climbed by 319 per cent year-on-year to 63.3 (2005: 15.1) million EUR in the third quarter. In the first nine months, profits more than tripled to 103.4 (2005: 33.6) million EUR.
Due to the expansion, group sales grew along the entire value chain by 29 per cent to 142.0 (2005: 110.5) million EUR in the third quarter and by 32 per cent to 326.5 (2005: 247.1) million EUR in the period from January to September.
The Board of Management of SolarWorld AG confirmed its sales forecast of around 40 per cent growth year-on-year for the entire year. Due to the significant one-off effect of the Shell transaction and the positive development of the group's operating business, the Board of Management of SolarWorld AG has lifted its profit forecast for the 2006 fiscal year. The Board of Management now expects group profits to more than double year-on-year.