DGAP-News: SolarWorld AG - Miscellaneous/Miscellaneous

 
DGAP-News: SolarWorld AG confirms its quarterly figures in its First Half 2006
report
 
SolarWorld AG / Miscellaneous/Miscellaneous
 
14.08.2006
 
Corporate news transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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SolarWorld is as only German solar company in the DAXglobal Alternative
Energy Index
 
With the admission of SolarWorld AG (ISIN DE0005108401) to the Deutsche
Börse’s newly founded index for renewable energies the company is the only
German representative from the photovoltaic business. The DAXglobal
Alternative Energy Index (ISIN DE000A0C4B67) shows the stock price
development of the 15 largest companies worldwide in the areas of natural
gas, wind energy, solar energy, ethanol and geothermal energy. Within the
index the five sectors are weighted with 20 per cent each and they each
contain three companies. In their various business segments the companies
must be at the top in terms of market capitalization and average trading
volume at the stock exchange. In order to be accepted they also have to
have their major sales share in one of the five sectors of the renewable
energies business.
 
“The strategy of vertical integration along the entire solar value chain
has propelled us to the top,” says Frank H. Asbeck, Chairman and CEO of
SolarWorld AG. “With our strong growth in sales and earnings SolarWorld AG
represents the German solar industry in this international index.”
 
The high potential of solar energy is given renewed recognition by the
DAXglobal Alternative Energy Index. The solar sector is currently
represented by Motech Industries Inc./Taiwan, Tokuyama Corp./Japan and
SolarWorld AG/Germany.
 
With the submission of its interim report for the second quarter SolarWorld
AG confirmed its previously provisional figures. Accordingly, the quarterly
profits more than doubled in comparison with the same period last year to
23.6 (previous year: 11.1) million EUR. For the first half net earnings
rose to 40.1 (previous year: 18.5) million EUR. Return on sales in the
first half thus exceeded the 20 per cent mark for the first time growing by
8.2 percentage points to 21.7 per cent. Earnings per share in second
quarter amounted to 0.42 (previous year: 0.22) EUR. Consolidated sales went
up by 28.8 per cent to 101.3 (previous year: 78.7) million EUR. From
January through June they rose by 35.1 per cent to 184.6 (previous year:
136.6) million EUR. In the pure trading business with solar kits and
modules sales increased in the first half to 123 (previous year: 79)
million EUR. The rate of the group’s foreign business as at 30 June 2006
was 38.7 per cent clearly exceeding that of the previous year of 27.7 per
cent. The share of foreign business in trading in the first half amounted
to 25.3 per cent. In the domestic market the solar technology and
production group reported a growth rate of 14.6 per cent. Group-wide
earnings before interest and taxes (EBIT) more than doubled in the second
quarter to 38.0 (previous year: 18.0) million EUR and in the first half to
64.8 (previous year: 31.4) million EUR. The EBIT margin accelerated in
second quarter to 37.5 (previous year: 22.9) per cent. Earnings before
interest, taxes, depreciation and amortization (EBITDA) shot up in the
second quarter by 94.8 per cent to 43.9 (previous year: 22.6) million EUR
and in the first half by 89.6 per cent to 76.4 (previous year: 40.3)
million EUR.
 
The equity ratio rose versus the end of the year to 64.0 (48.6) per cent.
Free liquidity (securities and liquid funds) amounted on 30 June 2006 to
332.3 (31 December 2005: 118.1) million EUR. With an indicator of 2.92
(previous year: 0.85) the resulting first degree liquidity on the due date
of 30 June 2006 illustrates the very sound basis of the group. The ratio of
long-term assets (280 million EUR) to short-term assets (514 million EUR)
as well as equity capital (509 million EUR) to borrowed capital (286
million EUR) is also exceptionally strong by international standards.
 
The operating cash flow of SolarWorld AG increased to 73.1 million EUR in
the first half. The liquid funds at the end of the period of 234.3 million
EUR are clearly above those of the previous year of 48.8 million EUR.
 
In the First Half 2006 the group had invested a total of 70.7 million EUR.
 
About SolarWorld AG: The SolarWorld Group is among the three largest solar
power companies in the world. The group is dedicated exclusively to the
core business of solar energy combining all stages of the solar value chain
from the raw material silicon to turn-key solar power plants. The company
operates production facilities in Germany, Sweden and the USA. In the
United States SolarWorld AG is the leading producer and provider of solar
power technology. In addition sales offices operate in South Africa and
Singapore completing the international alignment of the group. The
responsibility of these offices includes the sale of rural solar power
solutions that can make an important contribution to the sustainable
economic development of the southern hemisphere.
 
In Freiberg, Saxony, the group operates one of the world’s most advanced
integrated solar production facilities where the SolarWorld Group turns
solar grade silicon into high quality solar wafers, solar cells and solar
modules. SolarWorld AG offers a broad and diverse range of products from
modules for grid-coupled and grid-independent power generation all the way
to a whole class of complete solar power systems for decentralized and
centralized electricity generation. After the IPO at the end of 1999 the
company developed within a few years from a solar trading house to a fully
integrated solar technology group. The workforce has doubled itself from
684 employees by mid-year 2005 to more than 1,300 employees by mid-year
2006. SolarWorld AG is listed at the stock exchange in the technology index
TecDAX, in DAXglobal Alternative Energy Index and in the Dow Jones STOXX
600 as well as in the international MSCI World Index among others.
 
 
Contact:
SolarWorld AG Investor Relations / Marketing Communications
telephone number : +49 228 55920 -470; fax number: +49 228 55920-9470
E-mail: placement@solarworld.de;
Internet: www.solarworld.de
 
 
 
DGAP 14.08.2006
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Language:     English
Issuer:       SolarWorld AG
              Kurt-Schumacher-Straße 12-14
              53113 Bonn Deutschland
Phone:        +49 (0)228 - 559 20 470
Fax:          +49 (0)228 - 559 20 99
E-mail:       placement@solarworld.de
WWW:          www.solarworld.de
ISIN:         DE0005108401
WKN:          510840
Indices:      TecDAX
Listed:       Geregelter Markt in Frankfurt (Prime Standard), Düsseldorf;
              Freiverkehr in Berlin-Bremen, Hamburg, München, Stuttgart
 
End of News                                     DGAP News-Service
 
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