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SolarWorld announces 2013 results, outlook for upcoming fiscal years
By Caroline Salls
Pittsburgh, March 5 - SolarWorld AG said its financial restructuring process, which was completed on Feb. 24, led to a reluctance to buy during the 2013 fiscal year, particularly in the German market, according to a news release.
As a result, the company said the share of kits in total sales also decreased compared with pure module sales that account for a lower share of revenue.
Sales were €456 million in 2013, or about 25% below the previous year.
SolarWorld said EBITDA improved in 2013 to negative €147 million, and EBIT of negative €192 million was also above the previous year's level.
The company said these improvements primarily resulted from comprehensive operational restructuring measures to reduce costs.
As of Dec. 31, SolarWorld held €163.7 million in liquid funds, the release said.
For the current 2014 fiscal year, SolarWorld said it is expecting to increase its group-wide shipments of modules and kits by at least 40% compared with 2013 through higher shipments in all core markets.
Consolidated revenue is expected to grow to more than €680 million in 2014.
In addition, SolarWorld said it is expecting a positive EBITDA in 2014 of more than €10 million, which does not take into account the special effects from the successfully completed financial restructuring or the positive special effects from the initial consolidation of assets that are to be taken over from Bosch Solar Energy AG.
The company said cash flow from ongoing business activity is expected to be positive again in 2014.
According to the release, the SolarWorld Group is expecting to return to a positive operating result in fiscal year 2015 and to reach revenue above €1 billion in fiscal year 2016.
SolarWorld is a Bonn, Germany, solar panel maker.
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