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SolarWorld AG Increases Shipments by 58 Percent

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58 percent increase versus First Half of 2009 and Generates Operating Result of € 81.2 Million

Germany [WorldofRenewables.com]

SolarWorld AG continued the sustainable, international growth of the group in the second quarter of 2010. Group-wide shipments went up in comparison with the level of the same period of the previous year of 125 MW by 90 percent to 237 MW. At the same time, the company boosted its revenue by 68.6 percent from € 227.1 million in the second quarter of 2009 to € 382.8 million in the second quarter of 2010. EBIT rose in comparison to the second quarter of 2009 (€ 45.5 million) by € 10.9 million to € 56.4 million in the second quarter of 2010. EBIT margin amounted to 14.7 percent. Profit after tax went up from € 27.9 million (second quarter of 2009) to € 29.6 million in the second quarter of 2010.

In comparison with the first half of 2009 (239 MW), group-wide shipments increased by 58 percent to 377 MW in the first half of 2010. Revenue grew by 50.8 percent from € 403.4 million in the first half of 2009 to € 608.4 million in the first half of 2010. In the first half of 2010, EBIT amounted to € 81.2 million (first half of 2009: € 83.3 million). EBIT margin came to 13.3 percent. Profit after tax in the first half of 2010 amounted to € 34.8 (first half of 2009: € 51.7) million.

The expansion of the production capacities will be implemented as scheduled, and the worldwide production locations are working under full load.

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