SolarWorld Groupwide earnings before interest and tax (EBIT) grew in fiscal year 2010 by 26.1 percent and € 40.0 million to € 192.8m (2009: € 152.8m).In spite of the renewed industry-wide decline in prices, SolarWorld AG managed to keep its EBIT margin constant. It amounted to 14.8 (2009: 15.1) percent. Consolidated profits went up in 2010 by € 28.3 million, or 48.0 percent, to € 87.3m (2009: € 59.0m).
The Management Board and the Supervisory Board will propose a dividend increase to € 0.19 (2009: € 0.16) at the next Annual General Meeting.
In 2010, the group increased its shipments of wafers and solar power modules by 42 percent to 819 (2009: 578) MW and as a result considerably boosted its revenue. This went up by 28.8 percent over the previous year or by € 292.1 million to € 1,304.7m (2009: € 1,012.6m). Thus, SolarWorld AG has met its forecast of substantially exceeding the billion-euro mark in revenue.
Dr.-Ing. E.h. Frank Asbeck on the fiscal year under review: “The year 2010 was turbulent. Our sales developed vigorously in the international solar markets and, above all in the second half of the year, shifted from our core market, Germany, to other European markets and the United States.”
Consequently, the foreign sales quota in 2010 increased by 14 percentage points to 59 (2009: 45) percent.
“We aligned ourselves internationally at a very early point in time and can therefore flexibly use developments in individual markets for our purposes by simply shifting sales volumes,” says the CEO.
The group increased its production capacities along the entire value chain at its international locations in Germany, the U.S. and South Korea, all according to schedule. In the area of solar power module production, for example, the company boosted its capacities groupwide from 500 to 940 MW in 2010. All in all, the group invested € 216.1 million in intangible assets and tangible fixed assets in fiscal year 2010.
“In doing so, we succeeded in significantly undercutting the in-house investment budget through more efficient project management and better purchase terms,” explained Philipp Koecke, Chief Financial Officer of SolarWorld AG. “Moreover, in ongoing production processes, we have achieved major cost-cutting effects. In this way, we substantially strengthened our competitiveness.”
“We will do everything in our power to reduce our costs and to strengthen our quality brand. We will develop new storage technologies for the self-consumption of solar power. With these technologies, we will further strengthen our good market position,” says Dr.-Ing. E.h. Frank Asbeck.
In 2011, SolarWorld AG will continue its capacity expansion in module production to reach 1,400 (2010: 940) MW so that the group can place larger product volumes in the final customer business. On the whole, the group is expecting a growth rate in its shipments of more than 30 percent. For the United States, SolarWorld even considers it possible to more than double its sales – thanks to the logistical advantages of local production and already established sales and distribution networks. Within the next two years, the foreign quota is to be further enhanced to 75 percent. In 2011, the group wants to exceed last year’s revenue of € 1.3 billion.
Dr.-Ing. E.h. Frank Asbeck: “We make this forecast subject to the development of international background conditions, which right now nobody can predict in detail. We are in favor of a steady further development of renewable energies and want to grow organically as a company.”
Great way to start out with Solar Energy ~ Get a Free Report: http://www.solarpanelsenergysystems.com/
No comments:
Post a Comment