Through the newly formedBond enhances flexibility. The successful placement of our bond, which will mature in seven years, strengthens our financial flexibility for our planned growth.  Future liquidity

EEG amendment increases cost pressure. The announced amendment to the German Renewable Energy Sources Act (EEG) has created additional consolidation pressure within the solar sector. It will not be possible to directly offset the additional decline (on top of the reduction of 9 per cent already effected in January), in full through cost reductions. Nevertheless, SolarWorld will push ahead with its cost cutting program.  Strategy and action

Quality leadership confirmed. The renewed good rating of our solar modules in an independent test confirms our quality strategy. This gives us a key edge in international competition and strengthens our positioning as quality leader.

SolarWorld benefits from presence in European markets. Europe will remain a major sales market for SolarWorld. The amendment to the feed-in tariff in France and the new act in the UK will open up new potential in these young European markets for solar power technology. Demand in these two countries is expected to continue to grow over the next few years; this will benefit SolarWorld with its strong presence in Europe and its regional flexibility.

Strong employer brand secures growth. We will only be able to continue to grow successfully if we win and retain highly qualified employees. A strong public employer brand will give us a competitive edge over our competition.

Joint Venture partner buys stake in SolarWorld Korea Ltd. Thus, both SolarWorld AG and our partner again hold 50 per cent each in the Joint Venture.

Raw material supply supplemented. Through the newly formed joint venture Qatar Solar Technologies SolarWorld AG will have access, probably from the end of 2012 onwards, to a supplementary, inexpensive source of raw material for further expansion.