In fiscal year 2016, SolarWorld AG increased groupwide shipments by 19 percent to 1,375 (2015: 1,159) megawatts, compared with the previous year. Consolidated revenue rose by 5 percent to € 803 (2015: 763) million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was € -26 (2015: 41) million, including provisions amounting to € 12 million for measures to focus operating activities until 2019. Preliminary earnings before interest and taxes (EBIT) amounted to € -99 (2015: -4) million. This includes one-off effects from impairments on fixed assets amounting to € -25 million, which are not cash relevant. As at December 31, 2016, SolarWorld had liquid funds of € 88 (December 31, 2015: 189) million. Liquidity improved in Q4 2016 versus the previous quarter (September 30, 2016: € 84 million).
In the course of 2017, SolarWorld AG will focus its business activities on monocrystalline high-efficiency products. This will considerably decrease expenses in production, sales and overhead and lead to a reduction of the number of employees by about 400 by 2019. Simultaneously, module shipments shall increase to about 2 gigawatts in the same time period.
On the assumption that the solar market will remain fiercely competitive, but will not be subject to extreme price reductions, the company expects EBIT in 2017 to rise compared with 2016, although it will still be negative. 2017 shipments are expected to grow and consolidated revenue should lie at approximately previous year’s level.