Centrosolar Group AG / Key word(s): Final Results
28.03.2012 07:50
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Munich, March 28, 2012 - With the presentation of its Annual Report today,
CENTROSOLAR Group AG broadly confirms the figures for the 2011 financial
year that were provisionally announced in January. The company achieved
total revenue of EUR 293 million (previous year EUR 403 million). The main
factor driving down revenue compared with 2010 was the sharp fall in prices
in the course of the year. The prices of standard modules declined by 35 %
on average over the period under review.
CENTROSOLAR pressed ahead with the internationalisation of its business
model in the past financial year. The export revenue share thus increased
further from 59 % in the previous year to 62 %. The company's main
international sales markets are France, Italy and the USA.
The steady decline in prices also weighed on earnings. The past financial
year closed with a slight operating loss before interest, taxes,
depreciation and amortisation (EBITDA) of EUR 3.7 million (previous year:
profit of EUR 34.7 million). EBIT, which reached EUR -13.2 million
(previous year EUR +26.6 million), was within the corridor anticipated in
the announcement in January. In addition to falling prices, non-recurring
effects such as start-up losses in the USA and the renewal of the product
range of the subsidiary Renusol pushed down the company's operating result.
Earnings per share were EUR -0.83, as opposed to EUR 0.78 in the previous
year.
As a result of the extensive expansion and modernisation of production
capacities in the past financial year, investment activity climbed from EUR
13.5 million in the previous year to EUR 19.6 million. This is also
reflected in a more marked net financial position of EUR -68.8 million
(previous year EUR -39.9 million), which consists mainly of non-current
borrowings. At the balance sheet date, all contractual loan arrangements
involving compliance with certain financial ratios (covenants) were
satisfied. Over and above that, the company had cash and cash equivalents
of EUR 25.9 million (previous year EUR 8.2 million).
The defining characteristic of the current market environment is very
aggressive competition, which is pushing what the company considers to be
an essential process of consolidation in the industry. CENTROSOLAR believes
itself to be well-placed to corner a larger share of the industry's growth
following this phase of consolidation. Thanks to having built up an
international-scale sales organisation over a number of years, along with
its flexible purchasing policy and its continuous improvement processes
aimed at optimising costs, the company has long been prepared for tackling
an intensely competitive environment. CENTROSOLAR is moreover able to set
itself apart from the competition by focusing on roof systems and being
able to offer patented key components such as its anti-reflective coated
solar glass. With its broad-based financing structure, the company has
furthermore given itself room for manoeuvre.
Depending on the actual terms of the financial incentives available in the
various different markets, the company expects to see revenue for 2012
reach between EUR 250 and 300 million and an improvement in the earnings
position compared with last year.
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Information and Explaination of the Issuer to this News:
About CENTROSOLAR Group AG:
The listed company CENTROSOLAR Group AG, Munich, (stock exchange code WKN
514850) is one of the leading suppliers of photovoltaic (PV) systems for
roofs and key components, with over 1,000 employees in Europe and North
America and annual revenue of almost EUR 300 million (2011). Its product
range comprises solar integrated systems, modules, inverters, mounting
systems and solar glass. Over half of revenue is generated internationally.
There are CENTROSOLAR branches in Spain, Italy, France, Greece,
Switzerland, the Netherlands, the UK, Canada and the USA.
CENTROSOLAR manufactures solar glass at plants in Germany and China as well
as photovoltaic modules at a production plant in Wismar (Germany). Over
recent years, the production lines for the finishing of glass have been
substantially extended in response to rising demand and now have an annual
production capacity of eight million square metres. Module manufacturing,
too, has seen a considerable increase. The module plant certified to DIN
ISO 9001:2008 in Wismar is one of the largest and most efficient such
plants in Europe, with an annual capacity of 350 MWp. For further
information, visit: www.centrosolar-group.com.
For more information, please contact:
MetaCom Corporate Communications GmbH,
Georg Biekehör, tel.: +49 (0)6181 9828030,
e-mail: g.biekehoer@go-metacom.de
28.03.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Centrosolar Group AG
Walter-Gropius-Str. 15
80807 München
Germany
Phone: +49 (0)89 20 1800
Fax: +49 (0)89 20 180 555
E-mail: info@centrosolar.com
Internet: http://www.centrosolar-group.de
ISIN: DE0005148506
WKN: 514850
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Centrosolar Group AG: Result for year confirmed - CENTROSOLAR well placed for solar industry's consolidation phase
| Source: EQS Group AG