SolarWorld AG (SWV.BE), based in Germany, reported third quarter and nine month results:
Earnings before interest and taxes (EBIT) grew 198% to 77.4 million EUR (2005: 26M) and rose 148% to 142.2 million EUR (2005: 57.4) from January through September.
The consolidation of the former Shell companies generated one-off income of 53.9 million EUR. Adjusted for extraordinary effects, the SolarWorld Group increased its EBIT by 40% to 36.5 million EUR in the third quarter and by 76% to 101.3 million EUR in the first nine months.
Group profits climbed by 319% year-on-year to 63.3 million EUR (2005: 15.1M) for the quarter. In the first nine months, profits more than tripled to 103.4 million EUR(2005: 33.6M) .
Due to the expansion, group sales grew along the entire value chain by 29% to 142.0 million EUR(2005: 110.5M) in Q3 and by 32% to 326.5 (2005: 247.1M) million EUR in the period from January to September.
SolarWorld AG confirmed its sales forecast of about 40% growth year-on-year for 2006. Due to the significant one-off effect of the Shell transaction and the positive development of the group’s operating business, the Board of Management of SolarWorld AG has lifted its profit forecast for the 2006 fiscal year. The Board of Management now expects group profits to more than double year-on-year.
The SolarWorld Group is among the three largest solar companies in the world. The group is active in all stages of the solar value chain, from the raw material silicon to turn-key solar power plants. The company operates production facilities in Germany, Sweden and the U.S.
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