SolarWorld sales slump to €89 million in Q2

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Beleaguered SolarWorld reported preliminary first-half year results of €201 million, just €89 million for the second quarter of 2013, down from €112 million in the previous quarter.

The company blamed the declining German PV market, its own financial woes and Chinese module producers dumping in Europe for the continued slump in sales.

SolarWorld reported shipments including solar wafers and modules of 233MW, compared to 334MW in the same period a year ago.

The company reported a negative EBITDA of approximately €37 million, down from a negative €99 million in 2012 and a negative EBIT of €69 million, compared to a negative EBIT of €144 million in the same period a year ago.

However, SolarWorld reported a negative EBIT in the first quarter of 2013 of €36.2 million,

SolarWorld said it had had liquid funds of €162 million at the end of June, 2013 down from €224 million in the prior year period.

The company is planning to release an interim financial report on August 14, 2013 while its noteholders and shareholders will vote on its restructuring strategy by August 7, 2013.

SolarWorld had recently announced that Qatar Solar Technologies had undertaken  to purchase a 29% stake in the company for around €50 million, while SolarWorld’s two major bonds with some of the bondholders had agreed to converting some of the debt (60%) into equity, with creditors gaining a 45% holding in the PV module manufacturer.

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