On May 15th, 2015 SolarWorld AG (Bonn, Germany) released its group interim report on Q1, 2015 and confirmed its preliminary figures and forecast for 2015. According to the interim report, in the first three months of this year, the company increased groupwide shipments of solar photovoltaic (PV) modules and kits by 44 percent to 202 megawatts (Q1 2014: 140 MW).
United States PV market accounts for 57 percent of SolarWorld’s total shipments
A major contributing factor in this development was the business in the United States where SolarWorld increased shipments by 170 percent to 116 MW (Q1 2014: 43 MW). This market had a share of 57 percent of SolarWorld’s total shipments of modules and kits. In Japan, Australia and South Africa, SolarWorld achieved growth, too.
Average PV module sales prices increased on a Euro basis
SolarWorld managed to increase its share of high efficiency PV modules in groupwide shipments, the company notes. In conjunction with exchange rate effects, SolarWorld was able to increase average sales prices of its products on a Euro basis, resulting in a disproportionately large increase in revenues compared with the increase in shipments. In the first quarter of 2015, consolidated revenue grew by 50 percent to EUR 149.1 million (Q1 2014: € 99.4 million).
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose to EUR 2.9 million (Q1 2014 adjusted for one-off effects: € 1.6 million). This positive trend can be attributed, among other factors, to operative measures to improve efficiency and the cost structure at all locations. Consolidated earnings before interest and taxes (EBIT) reached EUR -8.0 million (Q1 2014 adjusted for one-off effects: € -8.2 million).
Earnings of previous year’s first quarter included positive one-off effects amounting to EUR 135.6 million, which resulted from the initial accounting of the acquisition of the solar activities from Bosch Solar Energy AG. Including these one-off effects, EBITDA in the first quarter of 2014 amounted to EUR 137.2 million and EBIT to EUR 127.4 million.
At the end of the first quarter 2015, the group had liquid funds in an amount of EUR 148.4 million (December 31st, 2014: € 177.1 million). The reduction can mainly be attributed to interest payments, repayments including an unscheduled partial repayment as well as investments in the expansion of production capacities and changes in working capital.
Gigawatt solar wafers and cells shipment guidance 2015 confirmed
As announced earlier this year, SolarWorld expects to increase its shipments including sales of solar wafers and cells in 2015 by at least 25 percent compared with 2014 and thus to exceed the mark of one gigawatt for the first time. Consolidated revenue 2015 is also expected to rise by at least 25 percent in comparison with previous year to more than EUR 700 million.
“The signs point to growth. We will boost shipments and revenue, expand our capacities to this end and will further increase our efficiency and cost structure, not least by investing in new technologies,” comments Dr.-Ing. E. h. Frank Asbeck, CEO of SolarWorld AG.
“On this basis, we will achieve a positive EBIT without potential one-off effects in the entire fiscal year 2015 as planned.”
2015-05-18 | Courtesy: SolarWorld AG | solarserver.com © Heindl Server GmbH
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