Solarworld Sees Sales Growth This Year Leading to Profit in 2015

Feb 19, 2014 10:22 am ET

Feb. 19 (Bloomberg) -- Solarworld AG expects higher sales this year and a return to operating profit in 2015 as Germany’s biggest solar-panel producer restructures its debt.

Solarworld sees module and kit shipments expanding at least 40 percent from last year’s 548 megawatts. It targets sales of 680 million euros ($935 million) and expects a loss before interest and taxes of 20 million to 35 million euros this year, the Bonn-based company said today in a statement.

The company needs to implement its restructuring by the end of this month, as planned, to achieve a sales goal of more than 1 billion euros in 2016, according to Solarworld.

“While global demand for solar energy products is likely to continue to grow in 2014, prices will probably remain at the current level,” it said. “SolarWorld is planning to increase the share of sales of complete solar systems both in the private household segment as well as in international project business.”

More than a dozen German companies including Q-Cells SE, once the world’s largest cell maker, and Solar Millennium AG have filed for insolvency in the past two years, with Chinese rivals blamed for selling below cost. Solarworld last week won backing from the U.S. International Trade Commission for its complaint against panel imports from Taiwan and China. Qatar Solar S.P.C. is seeking to acquire 29 percent of Solarworld.

--Editors: Tony Barrett, Amanda Jordan