SolarWorld posts positive H1 EBIT on one-offs

Aug 14, 2014 - German solar equipment maker SolarWorld AG (ETR:SWV) today posted EBIT of EUR 81 million (USD 108.2m) for the first half of 2014, against a loss of EUR 59 million a year back.

When excluding certain one-offs, EBIT, which stands for earnings before interest and tax, was actually a negative EUR 19 million.

The photovoltaics (PV) maker reported a net profit of EUR 497.9 million for the first half of 2014, as against a loss of EUR 71.4 million a year back. The result includes EUR 555.7 million in gains from the successful wrap-up of the company’s financial restructuring that were also included in its first-quarter net profit of EUR 550.1 million. Meanwhile, the group's second-quarter result was a net loss of EUR 52.3 million compared to a deficit of EUR 27.2 million a year earlier.

Thanks to the above-mentioned one-off items, SolarWorld recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 101 million in the first six months of the year, against a loss of EUR 37.3 million a year back. Excluding these items, EBITDA amounted to EUR 1 million.

Consolidated January-June revenues went up by 13% year-on-year to EUR 228 million, but did not meet the company’s expectations. The PV company noted that some 81% of its sales were generated outside of Germany.

At the same time, SolarWorld said its first-half shipments of solar wafers, cells, modules and kits have increased more than anticipated, by 53% to 357 MW. Shipments of modules and kits alone reached 333 MW, up from 211 MW in the first half of 2013.

The company entered the second half of the year with an order book of over 400 MW. “In July alone, we sold more than 90 MW, a new record for our company,” said CEO Frank Asbeck.

(EUR 1.0 = USD 1.336)

Choose your newsletter by Renewables Now. Join for free!