Planned financing measures
In 2009 we are planning to benefit from the low interest rate phase and the good credit rating of SOLARWORLD AG by raising additional outside funds in the order of magnitude of a low three digit million € amount. Taking into consideration the current level of liquidity and the sustainable earnings power of SOLARWORLD we have sufficient funds from today’s point of view to finance our short and medium term growth targets and to be able to maintain a strategic liquidity reserve at the same time.
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worth of planned investment volume 2009 |
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From the present point of view we will continue the approved projects for the expansion of production capacities in 2009 as planned. The majority of the investment expenditure will therefore be accounted for by the sites of Freiberg, Germany, as well as Hillsboro, USA. In Freiberg we will promote the expansion of the local wafer production while in Hillsboro we will increase the production capacity of the local integrated cell and wafer manufacturing facility. By making further investments we plan to more than double the current capacity of the module production of our Joint Venture in South Korea by the end of 2009.
The establishment of our central Research and Technology Center at the Freiberg location should also be continued as scheduled in 2009.
For 2009 we are presently expecting a group-wide investment volume of around € 300 million.
As per 31 December 2008, the free liquidity (liquid funds and other financial assets) amounted to € 834.8 million (Dec 31, 2007: € 792.9m). Under the assumption of stable market development we are expecting to generate a positive operating cash flow which, based on this premise, we will then use to finance a major portion of our corporate growth.