SolarWorld Announces Preliminary Business Results For Q3 2016

In Q3 2016, SolarWorld AG increased groupwide shipments in a difficult market situation by 5 percent versus previous year's quarter to 345 (Q3 2015: 328) megawatts. In the first three quarters 2016, SolarWorld raised its shipments by 31 percent to 1,027 (Q1-Q3 2015: 784) megawatts.
Consolidated revenue was € 204 million in Q3 2016 and thus almost on level with previous year's quarter (Q3 2015: € 212 million). From January to September 2016, the group increased its revenue by 20 percent to € 639 (Q1-Q3 2015: 532) million.
The global price erosion in Q3 2016, which resulted from increasing dumping by Chinese manufacturers, made a write-down of inventories in an amount of € 13 million necessary. Because of this write-down, earnings before interest, taxes, depreciation and amortization (EBITDA) decreased to € –12 (Q3 2015: 5) million in Q3 2016. In the first three quarters 2016, EBITDA was € 7 (Q1-Q3 2015: 15) million. In line with EBITDA, earnings before interest and taxes (EBIT) went down to € –25 (Q1-Q3 2015: –6) million in Q3 2016. In the first three quarters 2016, EBIT amounted to € –30 (Q1-Q3 2015: –18) million.
The negative market environment led to a build-up of inventories so that liquid funds decreased to € 84 million as at the cut-off date Sept. 30, 2016 (June 30, 2015: € 148 million). The group has taken measures to adapt its production volume more flexibly to demand, lower costs further and thus to improve liquidity in Q4.