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SolarWorld AG Increases Shipments and Revenue in Q1 2016

Published on 4 May 2016
Preliminary business results for Q1 2016

In Q1 2016, SolarWorld AG boosted groupwide shipments by 62 percent, compared with previous year's quarter, to 341 (Q1 2015: 210) MW, according to preliminary information. Shipments grew strongly in the United States, in Germany even against the market trend and in European export markets. Furthermore, SolarWorld won orders for large-scale projects, for example in Sri Lanka, France and the United States. Consolidated revenue increased to EUR 212.6 (Q1 2015: 149.1) million in the first three months of the year.

Due to improvements in its operating performance, SolarWorld was able to keep its earnings before interest, taxes, depreciation and amortization (EBITDA) almost stable at EUR 2.1 (Q1 2015: 2.9) million, although currency results were EUR 13.3 million below previous year's quarter. If EBITDA was adjusted by this effect, it would amount to EUR 6.9 (Q1 2015: -5.6) million.

Earnings before interest and taxes (EBIT) amounted to EUR -9.7 (Q1 2015: -8.0) million in Q1 2016. Without taking the currency result into account, EBIT would be EUR -4.9 (Q1 2015: -16.6) million.

At the cut-off date March 31, 2016, the group had liquid funds of EUR 182.7 (December 31, 2015: 188.6) million, after it had made repayments of loans and interest payments in a total amount of EUR 13.7 million in Q1 2016.

SolarWorld started Q2 2016 with an order backlog of more than 540MW. Together with shipments in Q1 (341MW), SolarWorld had thus more than 880MW on its books in early April.

The group confirms its forecast for the year 2016: SolarWorld will increase groupwide shipments by more than 20 percent, compared with previous year (2015: 1,159MW). Consolidated revenue will rise in line with shipments by more than 20 percent (2015: EUR 763 million). SolarWorld is striving to reach up to EUR 1 billion of revenue in 2016. For the whole year 2016, SolarWorld expects to reach a positive EBIT in the lower double-digit million range.

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