FRANKFURT (Dow Jones) – SolarWorld AG has sought exceeded the previous year as its revenue with the mark of 1 billion euros. The income of the solar energy specialists laid in 2009 on a provisional basis at 1,010 billion, as the Bonn-based group announced on Tuesday. The year before, more than 900 million had flowed into its coffers.
Thus, SolarWorld has met in a difficult year, struggled in the industry with excess capacity, pricing pressures and financial difficulties, the revenue objective. Investors are rewarding the rich with a gain of almost 5%. The stock in the early afternoon to as high as 16,43 EUR least mid-October, after the currency crash in 2008, but not much higher than at the beginning of 2006.
In the third quarter was the SolarWorld sales had yet been made, and thus achieving the target for the full year infested. After nine months, had revenues totaled EUR 634.1 million to just over EUR 30 million less than in 2008. Solar World had recorded on presentation of these figures in November, but in its sales forecast for this year.
In the final quarter, SolarWorld, therefore, the revenues increased sharply by 60%, which also highlights analyst Sven Diermeier of the WGZ Bank. His colleague, Theo Kitz von Merck Finck & Co believed the main driver of growth in Germany. Already in the first nine months, less than one third of its sales came from abroad, where Solar World had previously made in just under 60% of the business.
The local law to promote environmentally friendly energy sources has proven to the industry as a lifeline. The Renewable Energies Act (EEG), with its fixed remuneration rates for solar electricity fed by waiving makes a lot of limitation for a growing demand in this country.
This weakness was offset in other countries. Thus, Spain, this was still 2008, with more than 2 gigawatts (GW) of installed photovoltaic capacity is the largest market in the world, established in 2009 to support demand subsidies, a cap of 500 megawatts (MW).
In Germany, however, the market is booming like never before. The specialist magazine "Photon" anticipates for 2009, published in early December after a sample with a Zubau 3 to 4 GW. The forecast of the Solar Industry Federation, however still amounts to 2.5 GW, but this would still imply an increase of over 50% to 2008. Thus, Germany is according to an estimate by JP Morgan, more than half of the world market to bear.
It has the growth not only in the year, SolarWorld accelerated. In addition to the gradual reduction of the feed-in tariffs set out in the EEG of the year also contributed to this change of government in Berlin. The black-yellow coalition sets different priorities in the energy mix and has repeatedly argued against an over-funding of specific areas. An adaptation of the funding is in the room.
The uncertainty of the SCM framework, called SolarWorld than one reason, why did you communicate with the turnover figure for 2009 is not a new goal for this year. In the remuneration of solar electricity for 2010 is already clear. In mid-October had decided the agency responsible for setting Federal Network Agency because of the large number of installations that the tariffs imposed fall more in new plant 2010 by one percentage point as the EEG.
This will stream of new plants from this year, depending on the performance contribute 9% or 11% less money than the 2009 built. For investors reduced so that one part of the incentive to build new plants. On the other hand, prices for solar technology have fallen sharply. This is due to the strong expansion of production capacity in recent years, as manufacturers had expected a continued market growth. Analysts at J.P. Morgan have forecast for 2009 instead, despite the boom in Germany, a worldwide decline.
The uncertainty of the price is the other reason why SolarWorld hesitant with a new sales forecast. For Profit said the company is not at all, neither to the expectation for this year to results in the past year. A specific goal was as early as 2009 having regard to the price decline is not unforeseeable. After nine months, the margin before interest and taxes (EBIT) to below 19% had shrunk from 31.5% last year. Enlightenment is on the 25th Enter March, when the full figures will be published.