DGAP-Adhoc: SolarWorld AG: Preliminary financial results for third quarter 2013

DGAP-Adhoc: SolarWorld AG: Preliminary financial results for third quarter 2013

SolarWorld AG  / Key word(s): Preliminary Results/Change in Forecast

11.11.2013 17:59

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SolarWorld AG will release its consolidated interim report on the third
quarter 2013 on November 14, 2013. According to preliminary figures,
SolarWorld's groupwide shipments of solar modules and kits amounted to 390
(Q1-Q3 2012: 431) MW in the first nine months of 2013, a reduction of 9
percent compared with the same period last year. In the third quarter,
however, SolarWorld was able to raise shipments in its 'Trade' segment by
57 percent to 180 (Q3 2012: 115) MW compared with prior-year quarter. Main
driver of this development was growing business in European export markets
and in the United States, whereas shipments in Germany continued to fall
because of the ongoing restructuring. Consequently, SolarWorld's groupwide
foreign sales quota stood at 76 (Q1-Q3 2012: 61) percent in the first three
quarters 2013, i. e. 15 percentage points above last year's level.
Groupwide shipments including external wafer business totaled 427 (Q1-Q3
2012: 470) MW in the reporting period 2013.

Due to the ongoing restructuring of SolarWorld AG, especially private
customers in the German market showed reluctance to buy. That is why
SolarWorld's business with solar kits declined heavily and mere sales of
modules with its weaker margins prevailed in the reporting period. Mainly
because of this, group revenue decreased considerably in the first nine
months 2013. Having reached EUR 345.6 (Q1-Q3 2012: EUR 468.9) million,
group revenue was about 26 percent below previous year's level.

Provisioning of loan capital for large-scale projects is not feasible at
the moment since the initiated financial restructuring has not been fully
implemented yet. Moreover, sales in our core market Germany have developed
weaker than planned. As a result, SolarWorld currently expects that
shipments of modules and kits as well as group revenue in 2013 will fall
below previous year's level, which means a deviation from SolarWorld's
previous forecasts.

Consolidated earnings before interest, taxes, depreciation and amortization
(EBITDA) improved in the first nine months of 2013 to EUR -60.2 (Q1-Q3
2012: EUR -123.2) million. Consolidated earnings before interest and taxes
(EBIT) was also above previous year's level totaling EUR -107.2 (Q1-Q3
2012: EUR -189.6) million. The consolidated net result for the first nine
months of 2013 amounted to EUR -148.6 (Q1-Q3 2012: EUR -230.0) million. The
improvement of results can mainly be attributed to a reduction of the cost
of materials as well as lower depreciations and impairments in comparison
to the same period in 2012.

As at September 30, 2013, SolarWorld had liquid funds of EUR 163.8
(December 31, 2012: EUR 224.1) million at its disposal. Cash flow from
operating activities was positive again in the first nine months of 2013
and amounted to EUR +6.5 (Q1-Q3 2012: EUR -45.7) million.

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Language:     English
Company:      SolarWorld AG
              Martin-Luther-King-Straße 24
              53175 Bonn
Phone:        +49 (0)228 - 559 20 470
Fax:          +49 (0)228 - 559 20 9470
E-mail:       placement@solarworld.de
Internet:     www.solarworld.de
ISIN:         DE0005108401, XS0641270045, XS0478864225
WKN:          510840
Listed:       Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard);
              Freiverkehr in Berlin, Hamburg, München, Stuttgart;
              Terminbörse EUREX
End of Announcement                             DGAP News-Service
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