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On 11th May 2017, the Solarworld management filed for insolvency proceedings to the detriment of the shareholders and employees who had believed in Mr. Asbeck, the company’s CEO. Even after the first capital restructuring in January 2013 investors did not lose faith, with Mr. Asbeck having successfully convinced them to believe in the story. From a technological point of view the product offering was convincing but some developments might have been too late to change the mindset. The green techn
Companies: SolarWorld AG
AlphaValue
On 11 May, management of the company filed for insolvency proceedings. The subsidiaries of the company also filed for insolvency. The court has appointed the attorney at law Piepenburg as the preliminary insolvency administrator. On 28 April, the company reported Q1 17 results. Solarworld sold 382MW compared to 340MW in Q1 16. Revenues, however, declined 12.7% to €186m due to ongoing fierce price competition. EBITDA reached minus €18m compared to a positive €2m in Q1 16. According to management
Solarworld has announced its second insolvency. According to the German stock corporations act, the company has to announce insolvency if 50% of the nominal share capital of the individual accounts has been lost. Equity plummeted from €30.8m to €2.8m in 2016 due to losses, e.g. impairments and provisions. The equity ratio of the group’s accounts is hovering at around 18% or €120.5m. Due to this announcement, an extraordinary general meeting has to be held. The auditors will again give a positive
In 2011, Solarworld invested in a Lithium project in Zinnwald, part of the Eastern Ore Mountains. The company expected to start exploration in 2014 but Solarworld and Bacanora Minerals are still discussing and waiting for the completion of the feasibility study. This study will be analysed in depth within the next 18 to 24 months. The exploration activities are expensive because the ore is around 100-300 metres below the surface. According to Solarworld, the total expected output will range bet
The company reported preliminary 2016 results. Total shipments increased 19% to 1,375MW compared to 1,150MW in 2015. Revenues, however, improved only 5.2% to €803m (estimate: €969m). EBITDA reached a loss of €26m and the EBIT loss jumped from €-4m to €99m (estimate: €74m) including an impairment of €25m. Liquid funds reached €88m in December 2016.
After the supervisory board meeting yesterday, management of Solarworld has decided to invest a double-digit million euro amount (estimate: €10m). The company will buy diamond wire saws from Meyer Burger to increase output and production speed of high quality solar wafers in Arnstadt. The strategy is to reduce costs and to produce products for high efficiency cells. Simultaneously, Meyer Burger reported a contract worth CHF8m for the delivery and installation of the newest generation DW 288 Seri
In the last week, the share price of the company has increased from €2.50 to around €6.40 and dropped to €3.71 yesterday. This increase was accompanied by rumours. The first rumour was a possible agreement between Hemlock and Solarworld. The second rumour was a possible takeover bid from a utility company. We do not believe these rumours will become reality. According to our estimates, the company is facing severe financial problems.
The company reported final Q3 16 results. Revenues declined 3.5% to €204.5m. EBITDA turned from a small profit of €4.7m to a loss of €11.9m. EBIT losses increased from €6.1m to €24.5m. Shipments of modules and systems increased by only 5.2% to 345MW. Revenues in Germany dropped 36.5% to €34.3m but increased in Asia by 60.6% to €15.1m. In the US, the main market for Solarworld, revenues increased 12% to €108.3m. The price decline continued further. In the first nine months, revenues increased 20
Preliminary Q3`16 results. The Final Q3`16 results will be published on 14th November 2016. On 21st October management had already released a profit warning. The numerous reports indicate that the company is facing severe problems. In Q3`16 volume increased by only 5% to MW345 and revenues remained flat at €204m. EBIT plummeted to minus €25m and, excluding the inventory write-off of €13m, EBIT reached a negative €12m. Management experienced serious price dumping from Chinese manufacturers lead
Solarworld announced it is reducing around 500 temporary workers to adjust production to demand. Around 300 people will be reduced in Freiberg and 200 temporary workers in Arnstadt. According to management, the number of permanent employees will not be reduced. Production will be reduced due to the overcapacity in the market caused by Chinese suppliers. In the last few months, prices have declined further by around 10%.
Solarworld reported final Q2 16 results. Revenues increased 29.6% to €221.5m and shipments jumped 39% to 342MW. The operating result improved from a loss of €4.2m to an operating profit of €4.5m. Net losses reached €2.2m compared to a net loss of €15.4m. Revenues in the first half year 2016 jumped 35.7% to €434.2m, of which 86.5% was generated abroad. The US-market contributed €226.6m (+29.2%) or 52.2% to total revenues. Total shipments increased 49.6% to 682GW. Operating losses declined from
Solarworld reported preliminary Q2 16 results. Total volume jumped 39% to 342MW and total revenues 29.8% to €222m (estimate €225m) compared to €177m in Q2 15. EBIT increased from a loss of €4.2m to a profit of €6.6m (estimate €4m) and the EBIT margin reached 3%. Cash and cash equivalents declined from €183m (end of March) to €148m.
According to the latest news, the US district court of Michigan will decide on the claims made by Hemlock Semiconductor on its own. A jury will not be involved and the final date of the announcement still has to be set by the court. Solarworld made it clear the company will appeal against this judgment in the first instance. In addition, Solarworld’s management assumes that Hemlock will not be able to actually enforce any claims in Germany.
The company reported Q4`15 results ending in December. Revenues increased 40.8% to €231m and shipments 52.4% to 375MW. EBIT turned round form a loss of €18.4m to a small profit of €8m. Total EBIT remained negative at around €10.4m over the whole year. In financial year 2015, revenues increased 33.2% to €763m and exceeded our expectations (€720m). Shipments jumped 32.8% to 1,159MW. Around 50% of total revenues were generated in the USA. The company profited from favourable exchange rates, high ca
The company reported final Q3 15 results. Revenues jumped 17.1% to €211.8m and EBIT losses increased from €4.3m to €6.1m. Net losses also increased from €8.7m to €13.4m. Revenues in Germany jumped 72.5% to €54m but declined 72.8% to €9.4m as expected due to the ongoing trade conflict. Revenues in the US jumped 34.5% to €96.7m. The US market is still the strongest market and contributed 45.7% to total revenues. The contribution from Asia however declined from 19.1% to 4.4%. In the first nine m
Research Tree provides access to ongoing research coverage, media content and regulatory news on SolarWorld AG. We currently have 16 research reports from 1 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
Companies: Yu Group PLC
Liberum
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Cavendish
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: Luceco PLC
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
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Canaccord Genuity
Companies: Flowtech Fluidpower plc
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
Companies: BILN IGP RBN SBTX
Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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