SolarWorld AG (SWV.DE) announced increased profits for fiscal year 2008.
The company said group sales rose on strong demand by 30.6% to EUR 900 million, up from previous year: 690 million.
Profit grew by 31.3% to EUR 148.7, up from EUR 113.3 million in 2007.
SolarWorld said the increase was driven by the development of business
operations, a lower tax burden due to the 2008 corporate tax reform in
Germany and the proceeds from the disposal of the 65% stake in
Gällivare PhotoVo! ltaic AB (GPV) of EUR 13.4 million.
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Frank
H. Asbeck, CEO of SolarWorld AG said the Board of Management and the
Supervisory Board will jointly propose an increase in the dividend to
15 euro cents at the company’s next General Meeting.
During 2008 the company commissioned new production facilities in the U.S. and South Korea.
SolarWorld said at year-end the company had liquid funds totalling EUR 836 million.
"Due to the sustainable profitability of SolarWorld we are well
positioned in an international comparison. Our short- to medium-term
growth targets will be implemented as scheduled. At the same time, we
intend to preserve a strategic liquidity reserve," CFO Philipp Koecke
said.
SolarWorld raised additional outside capital this month,
securing a loan of EUR 200 million euro from a consortium of German
commercial banks.
The Executive Board said in a release that it expects group-wide growth to continue in the current year.
"In order to strengthen our competitiveness we will also invest
more intensely in research and the development of our powerful
SolarWorld brand." Asbeck said.
SolarWorld said prices will inevitably fall on the path towards
achieving the goal of grid parity. If macroeconomic conditions
stabilise in the second half of 2009, the companies Board plans to
generate sales over previous year’s level with EUR 1 billion as a goal.
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