SolarWorld AG increases revenue by 50 percent in Q1 2015
In the first quarter of 2015, SolarWorld AG increased group wide shipments of solar power modules and kits by 44 percent to 202 (Q1 2014: 140) MW. The company achieved strong growth above all in the United States, where SolarWorld boosted shipments by 170 percent to 116 (Q1 2014: 43) MW.
This market had a share of 57 percent of total shipments of modules and kits. In Japan, Australia and South Africa, SolarWorld managed to grow, too. While export business outside the euro zone benefited from the low rate of the euro, the European market including Germany decreased. Thus, the foreign quota of shipments further increased to 90 (Q1 2014: 81) percent.
Consolidated revenue in Q1 2015 grew by 50 percent, thus increasing disproportionally compared with shipments to EUR 149 (Q1 2014: 99) million.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose to EUR 3 (2013: 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. EBITDA of previous year's first quarter included positive one-off effects amounting to EUR 136 million which resulted from the initial accounting of the acquisition of the solar activities from Bosch Solar Energy AG. Including this one-off effect, EBITDA in Q1 2014 amounted to EUR 137 million.
Consolidated earnings before interest and taxes (EBIT) reached EUR -8 (Q1 2014: 127) million. Previous year's quarter also included the one-off effects mentioned above.
At the end of the quarter, the group had liquid funds in an amount of EUR 148 (Dec. 31, 2014: 177) million. The reduction can mainly be attributed to interest payments and repayments including an unscheduled partial repayment as well as investments in the expansion of production capacities.
