- Sun at Work
- Group management report
- Consolidated financial statements
- Details on sustainability performance
Asset Backed Securities
Accruals and deferrals are expenditure and income items that have been incurred before the financial statements (balance sheet date) but are not due until after the time of the annual financial statements.
These are balance sheet items in which amounts are accrued for uncertain liabilities that can, however, already be estimated at the present time (e.g. pension payments, taxes).
German Stock Corporation
Survey to identify brand awareness in which the answers, i.e. the brand names, are offered for selection in a multiple choice mode.
German Stock Corporation Act
In 2009 the Swiss SGS material testing institute proved the ammonia resistance of SolarWorld modules in an ageing test. The items tested were all the materials used in the construction of the modules, especially backing film, cables, plugs and silicones. The ammonia resistance of modules is a prerequisite for the durable and hitch-free use of solar power plants in agriculture, e.g. on the roofs of sheds and stables where they are frequently exposed to ammonia emissions.
Shareholdings in associated companies and Joint Venture companies of more than 20 per cent.
German Financial Services Agency
Yardstick used to compare performance features of several objects or processes in order to improve them.
Total of the par value of all stocks issued by a company.
Odorless, invisible gas consisting of carbon and oxygen; the increase of its concentration in the atmosphere is caused by the use of fossil energy sources and contributes to global warming.
Global cooperation of more than 475 institutional investors with investment capital of more than US$ 55 trillion. Its goal is to disclose greenhouse gas emissions by companies and their respective strategies concerning climate change and its implications. The CDP thus constitutes the world’s largest, freely available emissions inventory for corporate CO2 emissions. The fourth German CDP Report was published in October 2009. SolarWorld has been regularly participating in this project since 2006.
Cash surplus generated from ordinary business activities, an indicator of a company’s self-financing strength.
Carbon Disclosure Project
The (solar) cells combined into modules serve to generate power from solar energy by means of the photovoltaic effect. Cells consist of two layers, both of which are impure (doped). An electrical field is produced at the interface between the two layers. When a light beam hits an electron in the upper layer, it can move freely and migrates outside. This creates an electrical voltage which can then be tapped by outer contacts.
Chief Executive Officer
Chief Financial Officer
Greenhouse gas emissions
Contribution of a greenhouse gas to the greenhouse gas effect: The greenhouse gas potential of a carbon dioxide is used as a comparative value to describe the earth warming effect of different greenhouse gases uniformly over a certain period of time.
Observation of laws, guidelines and voluntary codes by companies.
Officer in charge of a company’s consistent implementation of and compliance with the German Corporate Governance Code (GCGC).
The group of consolidated companies comprises the companies included in the consolidated financial statements. As a matter of principle, all subsidiaries have to be included, besides the parent company.
Chief Operating Officer
Comprehensive strategically structured corporate communications internally and externally that are derived from the corporate vision and the corporate objectives.
The fundamental convictions, values and attitudes shared by the members of a company concerning the purpose of the company; corporate culture expresses, for example, the value notions that management holds, the way they deal with one another and with employees. (Source: German Federal Agency for Civic Education).
German Corporate Governance Code (GCGC).
Customer Relationship Management
Process during which liquids or molten materials (e.g. silicon chunks molten at high temperatures) cool down slowly and under specific conditions and solidify in the form of crystals.
Chief Sales Officer
Describes the totality of customer care measures from acquisition via communication all the way to checking customer satisfaction using software systems. In this way the overall process can be designed more systematically.
Directors and Officers
Shows the performance of the world’s 15 largest companies operating in the alternative energies sector. The companies have to generate the bulk of their sales in natural gas, solar, wind, ethanol or geothermal energy.
Bank Sarasin has developed a process, the so-called Sarasin Sustainability Matrix, to be able to assess not only the financial analysis but also the environmental and social analysis of companies. The index computed by Deutsche Börse represents the 100 largest and most liquid German companies that meet the criterion of sustainability according to the matrix. The SolarWorld stock has been listed in the index since its start in 2007.
Performance of German and international companies from the Prime Standard of the Frankfurt Stock Exchange in which the founder family holds at least 25 per cent of the voting stock or is represented on the Management Board or the Supervisory Board with a share of the voting stock of five per cent. Currently, the index contains 113 companies. The SolarWorld stock has been listed in the index since its start in January 2010.
This is a declaration by the Management Board and the Supervisory Board pursuant to paragraph 161 AktG on the implementation of the recommendations of the Government Commission on the German Corporate Governance Code (GCGC).
Result from differences in tax burdens where taxable profit differs from earnings in the commercial-law financial statements due to tax provisions.
(for wear and tear)
Gradual reduction in the value of a fixed asset or investment through the systematic write-down of the costs over an extended period of time.
Portion of the earnings of a stock corporation distributed to the shareholders on an annual basis. The distribution of these earnings is resolved by the Annual General Meeting.
German Institute for Economic Research
Stock index comprising the 600 largest European companies, measured in terms of the capitalization of the free float. The SolarWorld stock has been listed in this index since February 2006.
German Association for Financial Analysis and Asset Management
Group earnings divided by the weighted number of shares.
(Earnings before Interests and Taxes)
Earnings Before Interest, Taxes, Depreciation and Amortization. This indicator facilitates international comparisons as it does not include national taxes.
Shows the percentage of operating Earnings Before Interest, Taxes and financial result generated by a company per sales unit, thus providing information about the company’s profitability.
Earnings before Interests, Taxes, Depreciation and Amortization
Earnings before Taxes
The economies of scale (size/volume advantages) resulting from mass production are reflected in a reduction in unit costs.
(German Law on Renewable Energies)
Acronym for Erneuerbare-Energien-Gesetz (German Renewable Energies Act). It governs the purchase of and compensation for power exclusively generated from renewable energies by utilities operating universal power supply grids. The Act aims to increase the proportion of renewable energies by 25 to 30 per cent by 2020 and continuously thereafter.
The degree of efficiency of a cell and/or a module is defined by performance per unit of area; it reflects the effectiveness of energy conversion.
Energy Information Administration
Award presented by SolarWorld AG to personalities with particular merits in advancing the use of solar energy.
Profit-oriented employee profit-sharing model by the SolarWorld Group, establishing a distribution factor for the employees’ pay structure. This factor is based on earnings by the individual company and the group.
SolarWorld brand; it involves special type of assembly by which frameless modules are inserted into a profile system so that no additional roof tiling is required. This TÜV-certified roof integration system is particularly suitable for new buildings or roof rehabilitations.
Attempt by companies to systematically reduce the environmental damage caused by them. The corporate strategy should balance economic growth and ecological compatibility. The reduction of harmful emissions, waste avoidance and use of renewable energies are combined into a set of environmental measures to be implemented, comprising the corporate environmental policy, environmental audits and standards such as ISO 14001.
European Photovoltaic Industry Association
Balance sheet item consisting of the capital stock, reserves and accumulated results that are available to the company for financing (among other things).
Indicator depicting equity as a proportion of the total capital stock. Used to assess the financial strength of a company.
Environmental, Social, Governance
World’s largest association for companies operating in the photovoltaic industry.
The index covers companies that generate their sales mainly in the areas of solar, wind, water, biomass, geothermal energy and tidal energy. The SolarWorld stock has been listed in the index since 2005.
The compensation fixed by the EEG for 20 years for power from renewable energies fed into the public grid.
Identification and reporting of income and expenditure generated or consumed by a company within a specific period of time from ongoing business, investment and financing activities.
(Environmental Opportunities All-Share)
The FTSE Environmental Opportunities Index Series measures the performance of worldwide groups of companies that are primarily active in the ecology sector. SolarWorld stock has been listed in the index since its start in 2008.
Combining upstream and downstream production stages of a product under uniform corporate management. SolarWorld covers the entire supply chain, all the way from raw material extraction to finished modules.
German Corporate Governance Code
Gross Domestic Product
The code is designed to make transparent the rules applying to corporate management and supervision in Germany so as to promote the trust of international and national investors, of customers, employees and the public in the management of German companies. SolarWorld has been complying with the code since 2002.
Index for owner-managed companies (i.e. members of Management Board, Supervisory Board own between 25 and 75 per cent) listed in the Prime Standard. IPO does not date back more than ten years. The SolarWorld stock has been listed on the index since its start in 2005.
Equals 1,000,000,000 Watt.
The index includes companies that actively and responsibly face seven global challenges such as climate change, for example. The index contains 50 stocks of companies with worldwide operations. The SolarWorld stock has been listed in the index since its start in the year 2007.
Also „United Nations Global Compact“; is concluded between companies and the UN with the objective of making globalization more ecologically and socially compatible.
Global multi-stakeholder network of experts to define a global standard for the preparation of sustainability reports. The GRI reporting framework serves to ensure systematic presentation of the economic, ecological and social performance of companies in order to facilitate comparisons between companies (benchmarking) and a transparent presentation of the development over time.
(SolarWorld Employee Profit Sharing Scheme)
Employee profit-sharing model.
Greenhouse gases interfere with the natural balance of the atmosphere which may lead to climate change. The most important man-made greenhouse gases are carbon dioxide (CO2) from the combustion of fossil energy sources (about 60 per cent) and methane from agriculture and mass animal husbandry (about 20 per cent).
Global Reporting Initiative
Cost parity for solar power and household rates. Is achieved when solar power is less expensive than the consumer price for household power from the grid.
Measure of the entire economic performance of an economy. The GDP is the total of all consumer expenditure, capital expenditure, government expenditure on purchases of goods and export proceeds minus import expenditure.
German Commercial Code
Health, Safety, Security and Environment
International Accounting Standards
Internal Control System
International Energy Agency
International Electrotechnical Commission
International Financial Reporting Standards
Summary of the revenues and expenses of a company during an accounting period.
Intangible assets comprise, among others, concessions, industrial property rights, licenses, goodwill and patents.
Intellectual property describes protected knowledge in the form of protective rights. IP is also deemed to be the law on intangible goods.
Collection of standards and interpretations in which the rules of external reporting for capital-market-oriented companies are listed.
International standard-setting body fixing standards in the electrotechnical and electronics areas.
Collection of standards and interpretations that lists the rules guiding the external reporting of capital-market oriented companies.
Converts the direct current (DC) generated by the solar cells into grid-compatible alternating current (AC), stores the operating data and monitors the grid connection.
International Organization for Standardization
International standard on environmental management that determines the generally accepted requirements to be met by an environmental management system; it refers to the questions regarding production processes and services.
International standard on quality management that determines the generally accepted requirements to be met by a quality management system.
Series of standards outlining the requirements which the management of a company has to satisfy in order to comply with a specific standard in implementing Quality Management (QM).
Economic cooperation between companies aimed at taking better advantage of each party’s know-how and resources.
Process to generate poly-crystalline silicon, so-called “solar-grade silicon” of the Sunsil® brand; development, production and marketing by JSSi GmbH (Joint Solar Silicon), a Joint Venture of Evonik Degussa GmbH (51 per cent) and SolarWorld AG (49 per cent); the basis of the process is a gas called monosilan from which silicon is precipitated in a unique, patented process. Energy savings of up to 90 per cent over conventional processes are possible. Sunsil® is upgraded into Sunbricks®, Sunballs® and Sunpearls® by the SolarWorld subsidiary Sunicon AG.
Equals 1,000 Watt
Index for stock corporations operating activities with the potential to mitigate the causes of climate change in the short and long term. The index comprises 100 international companies offering solutions against global warming. SolarWorld has been listed since start of index 2005.
Key Performance Indicators
Kilowatt per hour
Large photovoltaic plant mostly installed in open-air sites, primarily these are plants with a rated output of more than 100 kilowatt.
Limited Liability Company
(Mergers and Acquisitions)
Acquisition and combination of companies.
Worldwide index that includes strongly growing companies of the solar industry. SolarWorld has been listed since start of the index 2008.
Survey of persons on brand awareness during or immediately after the airing of a television commercial.
Difference or market margin between producer (production) price and sales (consumer) price of a tradable product. The margin can cover the overhead costs included in production and distribution.
Measurement referring to the number of shares times the stock price.
Equals 1,000,000 Watt
Acquisition and combination of companies.
The index covers 31 companies that are active in the sector of renewable energies. SolarWorld has been listed in this index since its start in 2007.
A (solar) module comprises a multitude of cells interconnected in groups with weatherproof sealing in an aluminium frame behind a glass pane.
Conditions prevailing during crystallization result in the solidification of the in a single large and homogeneous, cylindrical crystal.
The conditions prevailing during crystallization cause the solar silicon to solidify in a silicon block consisting of several small crystals which overall does not show a completely homogeneous arrangement of atoms.
Includes 30 international, ecologically acting companies that are selected as successful eco-pioneers according to particularly stringent standards. SolarWorld has been listed since 2003.
(Organisation for Economic Cooperation and Development)
Alliance of currently 30 governments (established in 1961) with the objective of identifying „Best Practice“ concerning sustainable economic development, employment, living standards and financial stability and to draw up appropriate guidelines. In addition, a contribution is to be made to the growth of world trade.
Solar systems not directly connected to the power grid; the power generated is directly consumed or stored locally (so-called stand-alone system).
Solar systems connected to the regional power grid. The operator of the system can feed electricity into the grid when electricity production is high (strong solar radiation) and take electricity out of the grid if necessary.
rganization of Petroleum Exporting Countries
Process-oriented parameter. An improved performance in the leading indicators influences the future development of the lagging indicators in a positive manner. The leading indicators thus have an early warning character concerning the achievement of key strategic goals.
(PPVX, photon photovoltaic share index)
Worldwide index of the Photon trade journal listing the companies that generated more than 50 per cent of the previous year’s revenues with products or services directly or indirectly associated with the installation or use of photovoltaic systems. SolarWorld AG has been listed in this index since its start in 2001.
Describes the direct conversion of solar radiation into electrical energy.
Quality feature of the SolarWorld brand Sunmodule® Plus; the output of the modules is measured individually. Only modules meeting at least the rated output are delivered. When installing the modules, time-consuming output measurements and module sorting operations are therefore not required.
Balance sheet item carrying expenses incurred or income received before the closing date (balance sheet date) but allocatable to periods after the balance sheet date.
In the energy industry primary energy describes that energy which is available in the naturally occurring energy forms or energy sources, like for example coal, gas, solar radiation or wind. Primary energy consumption is the result of the final energy consumption and the losses incurred in generating the final energy from primary energy.
Application of measures serving to improve products, processes or services of any kind. QM is considered part of functional management, aiming to enhance the efficiency of a transaction or workflow.
Research & Development
Ratings serve to assess the future ability of a company to meet its payment obligations punctually and completely and result from the analysis of quantitative and qualitative factors.
Returning used materials into the economic cycle and processing them into new products. Recycling offers the advantages of a reduction in waste volumes as well as the conservation of raw materials.
Energies from non-depleting sources including sun, water, wind, geothermal and biomass sources.
Index of the 30 most important worldwide stocks of companies active in wind energy, solar energy, hydropower, bio-energy, geothermal energy and fuel cells. SolarWorld has been listed in this index since its start in 2006.
Procedure for the identification, measurement and avoidance/reduction of risks or the implementation of corresponding measures.
Restriction of Hazardous Substances
(Restriction of Hazardous Substances)
EU Directive limiting the use of specific substances such as lead and mercury in the manufacture and processing of electrical and electronic devices and components. It aims to eliminate the hazardous substances from throwaway electronic products.
The index covers 30 “Clean Energy Companies” worldwide. SolarWorld has been listed in this index since its start in 2007.
Sustainability Balanced Scorecard
An „intelligent“ power grid that is created by networking and controlling by way of communications technology power generating and storage facilities, electrical consumers and grid operating facilities. This makes it possible to monitor and optimize the components that are linked with one another. The objective is to secure energy supplies on the basis of an efficient and reliable systems operation.
Complete system of solar modules generating direct current through the photovoltaic effect direct current to be fed into the power grid is converted into alternating current by an inverter.
As Solar Grade Silicon we describe silicon crystals with a high degree of purity sufficient for solar applications. The chemical element of silicon is a semiconductor that forms crystals with a stable diamond structure. After oxygen silicon is the second most frequent element in the earth crust. For the processing in the solar field the raw silicon has to be purified into solar-grade silicon and is cast into blocks for cutting into wafers.
Under the umbrella “Solar2World”, the SolarWorld group pools its ethical activities to promote solar power, in particular in threshold and developing countries.
A racer (“SolarWorld No. 1”) specifically produced in cooperation with Bochum University and exclusively powered with solar energy. The racer is driven by a highly efficient solar generator.
World Solar Energy Index
SolarWorld wafer brand.
General term for markets in which the purchase price is paid immediately upon delivery.
Bezeichnet die Differenz zwischen zwei einheitsgleichen Größen, die miteinander verglichen werden.
Socially Responsible Investing
Groups or individuals that may influence the goals achieved by a company or are affected by these goals. The key stakeholder groups include employees, shareholders, investors, suppliers, customers, consumers, authorities and non-governmental organizations.
These are conditions under which the current and voltage indicators of a cell and/or a module are measured (1,000 W/m², 25°C cell temperature, solar spectrum AM 1.5).
Designation of several solar cells switched in series within a module.
SolarWorld branded product, developed and produced by the Sunicon AG subsidiary; the products are produced by pressing powdery Sunsil® into shape according to a self-developed process. The silicon becomes meltable and can thus be further processed into wafers. Alternative products are Sunballs® and Sunpearls®.
Carport with a solar roof of SolarWorld brand. The solar power of the carport can be fed into the grid, in Germany at the same compensation rates as roof systems according to the EEG. In the future, the Carport can also be used as a “power filling station”.
SolarWorld branded product; this is a solar kit for solar roof systems consisting of the selected module type, an inverter adjusted to the module, an assembly rack and further accessories. The kits are calculated according to the current norms and standards and individually put together to meet the specific requirements of the building situation of the customer.
SolarWorld branded product; an innovative module concept for which the plus grade among other things is a characteristic feature.
SolarWorld brand name for highly-pure solar-grade silicon produced in accordance with the JSSI process.
Product series of the SolarWorld brand to monitor the yield data of a solar power plant; it consists of a data display, a data logger as well as an internet portal www.suntrol-portal.com
Intangible assets such as, for example, licences or contracts with suppliers that constitute a certain value.
Term used to designate the value added of a product on every stage of production processes. The stages of SolarWorld’s supply chain range from silicon to modules.
1) lasting; it describes a system lasting in the long term; 2) scientific concept concerning the objective limits to the use of environmental resources; 3) ethical normative concept hinging upon the question of justice and a balance between value added and ecological damage added.
This is based on the Balanced Scorecard by Kaplan/Norton (1992) and constitutes an indicator-based control instrument that systematically takes into consideration economic, ecological and social factors. The basic structure of the Balanced Scorecard includes not only the financial perspective but also the customer perspective, the process perspective as well as the innovation, potential and employee perspectives. In the case of a Sustainability Balanced Scorecard another perspective – the social perspective – can be added. By way of control variables and performance drivers the instrument establishes cause-and-effect relationships and is designed to provide structural early indicators.
Control of ecological, social and economic effects in order to 1) achieve a sustainable corporate and business development and 2) ensure a positive contribution made by the company to the sustainable development of society at large.
An effect designed to express the fact that the total resulting from an optimum combination of individual elements is more than the sum of the individual elements.
Contract in which the seller undertakes to supply a certain quantity and the buyer undertakes to pay for the contracted amount irrespective of whether he takes delivery of this quantity or not.
Index of medium-sized German companies from the technology industry; in addition to the DAX, the MDAX and the SDAX the TecDAX belongs to the Prime Standard of Deutschen Börse AG. The SolarWorld stock has been listed in this index since 2004.
Total of all assets and liabilities in a balance sheet.
This concept originates from Quality Management (QM). The overriding objectives are the increase of plant availability, the minimization of losses, the integration of employees and the avoidance of redundances.
Total Productive Management
Underwriters Laboratories Inc.
In a survey on brand awareness no multiple answers are given when unaided recall is measured. The respondents have to remember the brand names without help.
Adjustment item to cover the impairment of a fixed or current asset item carried under assets in the balance sheet, for example accounts receivable.
Thin discs made of solar silicon, used to produce solar cells. They could be mono- as well as multi-crystalline.
International measuring unit for output, named after James Watt, standard sign “W”.
Waste Electrical and Electronic Equipment
(Waste Electrical and Electronic Equipment)
EU Directive relating to the collection, treatment and disposal of electrical and electronic scrap and formulating requirements concerning the design of such equipment from a waste management perspective.
The NEX contains worldwide companies whose technologies and services take into consideration future generations and that promote the use of clean and renewable energies. The SolarWorld stock has been listed in this index since its start in 2006.
Current assets minus current liabilities, i.e. the portion of current assets financed with long-term schemes. It provides information about the company’s financial stability and flexibility.
The index contains the ten largest companies worldwide in the solar industry. The SolarWorld stock has been listed in this index since its start in 2006.
German Securities Trading Act
Confirmation of facts within the framework of the internal control system (IKS); defined processes are thus verified both in terms of their compliance and also in terms of whether they make sense.
The ÖkoDAX represents the value development of the ten most liquid German companies from the Prime IG Renewable Energy Index. It covers companies from the renewable energies industry.