SolarWorld AG has announced the preliminary financial results for the second quarter and the first half of 2016. The growth of shipments led to improvements of revenue, EBIT, and EBITDA. Nonetheless, the company expects to be influenced by the increasing price pressure on the international solar market.
According to the preliminary results, SolarWorld’s groupwide PV module shipments in 2Q16 grew by 39% to 342MW, compared with 246MW in 2Q15. The total shipments in 1H16 increased 50% y-o-y to 682MW.
The rapid shipment growth drove consolidated revenue to rise. In 2Q16, the consolidated revenue grew to€222 million, compared with €171 million in 2Q15. And in 1H16, the group consolidated revenue rose to €434 million from €320 million in 1H15.
SolarWorld’s EBITDA increased to €18.5 million in 2Q16 and to €20.5 million in 1H16. The EBIT also improved from €-4.2 million in 2Q15 to €6.6 million in 2Q16 along with the y-o-y EBIT increase from €-12.2 million to €-3.1 million in 1H16.
In addition, SolarWorld expects to had liquid funds of €148 million at the cut-off date June 30, after it had made repayments of loans and interest payments in an amount of € 27 million and invested € 9 million in production plants in 2Q16.
As for the outlook to the full year 2016, SolarWorld is expecting to be influenced by the increasing global price pressure on the solar market. The EBIT therefore is expected to reach €-10 ~ +10 million for the full year 2016.
SolarWorld aims to raise its PV module shipments by over 20% in 2016, compared with 1,159MW in 2015. Simultaneously, the consolidated revenue is expected to grow by over 20% from €763 million in 2015. The total revenue target for 2016 is €1 billion.