SolarWorld AG released its consolidated interim report for the first quarter of 2014. Although the company shipped more products compared to the same quarter of 2013, its revenue slightly decreased. SolarWorld AG blames this on the market change.
In SolarWorld AG’s press release, the first quarter of 2014 was influenced by positive one-off effects resulting from the successful closing of its financial restructuring as well as the acquisition of production facilities and other assets of Bosch Solar Energy AG in Arnstadt, Germany. The reconstruction helped the company to achieve a 41% shipment increase comparing to 1Q13, up to 154MW. This even led a 12% shipment increase in the German market, where the demand fell by 41% compared to previous year’s quarter.
However, the company recorded a decrease in revenue to € 99.4 million compared to € 112.2 million in 1Q13. The press blames this decline on a negative impact on international solar market. Also, SolarWorld AG’s drop was partially caused by a one-off effect from the particularly large revenue generated by two large-scale projects in the first quarter of 2013. The revenue increased by more than 50% when adjusted for these projects.
The EBITA improved by € 159.2 million to € 137.2 million, involving a preliminary profit from the initial accounting of production facilities and other assets acquired from Bosch Solar Energy AG amounting to € 135.6 million. Consolidated (EBIT) grew to € 127.4 million. The consolidated financial result amounted to € 535.4 million. It was influenced by the successful closing of SolarWorld’s financial restructuring in the first quarter of 2014. Consolidated income after taxes grew to € 550.1 million.
At the cut-off date of March 31, 2014, SolarWorld AG had a positive equity of € 321.4 million, and its equity ratio increased to 31.8%.
