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SolarWorld preliminary results show increased first-half 2013 EBITDA
By Caroline Salls
Pittsburgh, July 18 - SolarWorld AG's consolidated EBITDA increased in the first half of 2013 to about negative €37 million on total revenue of €201 million, according to preliminary results released Thursday.
Consolidated EBITDA for the first half of 2012 were negative €99 million.
The company said declining shipments and persistent price pressure stemming from dumping modules led to a reduction in the consolidated revenue compared to €340 million of revenue posted for the first half of last year.
As at June 30, SolarWorld said liquid funds amounted to €162 million, down from €224 million at Dec. 31, 2012.
The company said the reduction can be mainly attributed to the payment of interests and investments in technologies of the future. Cash flow from operating activities amounted to negative €9 million, improving from negative €27 million in the first half of 2012.
As expected, SolarWorld said it sold fewer solar power modules and kits in the first half of 2013 than in the same period last year.
The company said it recorded a downturn above all in the domestic market of Germany, where customers' hesitancy resulting from the company' restructuring process affected its business.
SolarWorld said it plans to release its interim report on the first half of 2013 on Aug. 13.
The company's noteholders and shareholders are expected to have passed the decisive resolutions to implement restructuring measures by Aug. 7, which, apart from duties on dumping modules, is expected to have a positive effect on sales in the rest of the year.
SolarWorld is a Bonn, Germany, solar panel maker.
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