SolarWorld AG: Preliminary financial results for first half of 201318-07-13
As expected, SolarWorld AG sold fewer solar power modules and kits in the first half of 2013 than in the same period last year. According to preliminary calculations, groupwide shipments including the solar wafer business reached 233 MW in the first half of 2013 (H1 2012: 334 MW). The company recorded a downturn above all in the domestic market of Germany, which is expected to decrease from about 7 GW to 4 GW. Here, customers’ hesitancy resulting from the necessary restructuring process of SolarWorld also affected SolarWorld’s business.
Declining shipments and persistent price pressure due to dumping modules have also led to a reduction in the consolidated revenue compared to the first half of last year. SolarWorld achieved a total revenue of about € 201 (H1 2012: € 340) million, including the solar wafer business. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose in the first half of the year to about € –37 (H1 2012: € –99) million. Consolidated earnings before interest and taxes (EBIT) improved to about € –69 (H1 2012: € –144) million.
As at June 30, 2013, liquid funds amounted to € 162 (December 31, 2012: € 224) million. The reduction can be mainly attributed to the payment of interests and investments in technologies of the future. Cash flow from operating activities amounted to € –9 (H1 2012: € –27) million.
As planned, SolarWorld AG is going to release its interim report on the first half of 2013 on August 14, 2013. Noteholders and shareholders of SolarWorld AG are expected to have passed the decisive resolutions to implement restructuring measures by August 7, 2013. Apart from duties on dumping modules, this should have a positive effect on sales in the further year.
Bonn, July 18, 2013