SolarWorld scraps 2013 forecasts

Embattled German PV group SolarWorld has scrapped its estimate for the group’s 2013 revenue and shipments, as it released the bulk of its key financial figures two days earlier than the scheduled announcement of its nine-month results.

“Provisioning of loan capital for large-scale projects is not feasible at the moment since the initiated financial restructuring has not been fully implemented yet. Moreover, sales in our core market Germany have developed weaker than planned,” the company said in an ad-hoc statement to the stock market.

“As a result, SolarWorld currently expects that shipments of modules and kits as well as group revenue in 2013 will fall below previous year’s level, which means a deviation from SolarWorld’s previous forecasts.”

SolarWorld previously had expected to surpass last year’s shipments of solar modules and kits of 567MW, and also forecast to exceed its 2012 revenue of €606m ($811m) this year.

In the first nine months of this year, both shipments and revenue have already gone down considerably.

Group-wide shipments of modules and kits fell by 9.5% to 390MW in the first nine months of 2013 compared to the year-earlier period, pushing down revenue by 26.3% to €345.6m.

While shipments in Germany are going down, they are improving abroad. SolarWorld says it was able to raise shipments of modules outside Germany by 57% to 180MW in the third quarter compared to the year-earlier period.

That helped push the overall foreign sales quota to 76% in the first three quarters of 2013, from 61% a year earlier.

“Due to the ongoing restructuring of SolarWorld AG, especially private customers in the German market showed reluctance to buy. That is why SolarWorld’s business with solar kits declined heavily and mere sales of modules with its weaker margins prevailed in the reporting period,” the company said.

The loss in earnings before interest, taxes, depreciation and amortization (Ebitda) narrowed in the first nine months to €60.2m, from a loss of €123.2m in the previous year.

SolarWorld’s net loss amounted to €148.6m in the period, from a loss of €230m in the first nine months of 2012.