We will only be able to continue to reach our objective of expanding the SolarWorld market position worldwide successfully and, in so doing, push ahead the use of solar energy, if we manage to continuously make our business activities more efficient and secure our financial requirements through healthy business development. That is why we strive to cover the constant capital needs required for our rapid growth rate largely from our ongoing operations. Our “Corporate Technology” will strengthen our productivity and secure quality – our brand strategy “Corporate Brand” will generate reliable revenues by means of competitive prices.

The financing of the group is handled centrally through SolarWorld AG. In order to guarantee favorable financing of the group’s growth, the financing structure of the Holding is strengthened through profit and loss transfer agreements with the German wholly owned subsidiaries. In this way, the profits and losses of the subsidiaries go directly to SolarWorld AG. This also includes the control of liquidity and raising loans for the financing of corporate expansion. Also, our shareholder-oriented dividend policy that results from the stock corporation’s profit is placed on a group-wide foundation by this means.

The goal of our financing policy is to have an appropriate liquidity reserve at all times in order to provide the group with the necessary financial flexibility for any required growth steps, to limit financial policy risks, and also to optimize capital costs by way of an adequate capital structure. In addition to the financial requirements that we cover from the operating cash flow, we also make use of different financing instruments depending on the market situation – thus in 2010 we also used the bond market. In this context SolarWorld AG benefits from the strong position on the capital market that it has enjoyed since its IPO.

This stable capital structure permits us to grow under our own steam, constantly and with a sense of proportion.  Scheduled financing measures From today’s viewpoint, we are striving for a sound equity ratio in the region of 40 per cent. Even at a time of rapid economic change SolarWorld is capable of securing short and medium term investment projects through its careful financing.