SolarWorld AG has released its financial results for the first quarter of 2015. The company shipped 202MW of PV modules in the quarter, representing a 44% increase compared to the 140MW shipment in 1Q14. Its performance therefore led to a rapid revenue growth of 50%.
In the quarter, the company achieved strong growth above all in the United States, where SolarWorld boosted shipments by 170% to 116 MW compared to 43MW shipment in 1Q14. This market had a share of 57% 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% compared to the 81MW shipment in 1Q14.
Consolidated revenue in Q1 2015 grew by 50% compared to 1Q14 (€99 million), thus increasing disproportionally compared with shipments to € 149million.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose to € 3 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 € 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 € 137 million.
Consolidated earnings before interest and taxes (EBIT) reached € –8 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 € 148 million, reduced from previous year’s €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.