SolarWorld AG's Shipment in 2014 Considerably Exceed its Forecast- EnergyTrend

SolarWorld AG's Shipment in 2014 Considerably Exceed its Forecast

2015-02-04 17:23

SolarWorld boosted groupwide shipments of solar modules and kits in fiscal year 2014 by 55 percent to 849 (2013: 548) MW. Thus, the company considerably exceeded its forecast to raise groupwide shipments by at least 40 percent in 2014.

SolarWorld achieved strong growth above all in the United States, where the group nearly doubled shipments compared with the previous year. The United States were SolarWorld’s biggest market, reaching a share of 41 percent of total shipments of modules and kits. In France, the United Kingdom and Japan, SolarWorld was able to expand its business strongly, too. The German solar market decreased significantly; against this market trend, SolarWorld managed to increase shipments in its core business, i.e. sales of modules and kits excluding turnkey large-scale projects.

Consolidated revenue in fiscal year 2014 increased by 26 percent to € 573 (2013: € 456) million.

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) improved in 2014 to € 109 (2013: € –147) million. Adjusted for one-off effects, EBITDA rose to € 2 million and thus turned positive again, as forecasted. One-off effects resulted from the initial accounting of assets acquired from Bosch Solar Energy AG and from impairments in connection with supply contracts renegotiated on better terms.

Consolidated earnings before interest and taxes (EBIT) improved accordingly and rose to € 64 million in 2014. Adjusted for the one-off effects mentioned above, EBIT grew considerably, too, by € 146 million to € –43 (2013: € –189) million.

Consolidated earnings before taxes (EBT) went up to € 574 (2013: € –265) million. EBT included in addition a positive result from the successful financial restructuring amounting to € 556 million.

SolarWorld was able to raise liquid funds during 2014 to € 177 (December 31, 2013: € 164) million.

Together with the whole Management Board of SolarWorld AG, CEO Dr.-Ing. E. h. Frank Asbeck expects further strong growth for the group and an increase of worldwide shipments to more than one gigawatt in 2015. After the successful restructuring in 2014, SolarWorld will also turn operating EBIT (previous year: € –43 million) back into positive territory in fiscal year 2015.