Centrotherm, SolarWorld and Phoenix Solar cause big investor losses

27. March 2013 | Industry & Suppliers, Investor news, Markets & Trends | By:  Mirco Sieg

A German association for private investors has published its latest Top 50 list of "capital destroyers" in Germany. In 2013, every second company in the top 10 comes from the solar industry.

Money

DWS’ Watch List has been published annually since 2001.

The biggest capital destroyer in 2013 is equipment manufacturer, centrotherm photovoltaics, says the Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW), with the company suffering a capital loss of nearly 92% in the past year.

Centrotherm is already in the midst of insolvency proceedings. According to DSW, the company has nevertheless been included in the list, because it is expected to be reorganized under the insolvency plan, voted on by its creditors and shareholders in January.

Overall, centrotherm is not only number one on the 2013 Watch List, but also the highest newest entry. It was not represented on the list in 2012.

Bonn-based SolarWorld AG has been placed number 2 on the list, with a capital loss of 68.4% in comparison to the previous year. It has risen from number 16 on the 2012 Watch List.

This January, SolarWorld announced an extensive restructuring program and placed a number of its workforce on shorter working hours.

Third place on DSW’s 2013 Watch List is occupied by Phoenix Solar AG. As a consequence of its poor 2012 business performance, Phoenix Solar announced in February its intention to withdraw from the photovoltaic project business in Germany, and instead focus on international markets and new business models.

Last year’s winner, Conergy, has only ranked 6th in 2013. Other photovoltaic companies on DSW's most recent Watch List include: Centrosolar in 10th place (2012: 21st); Manz in 13th place (new in the index); Singulus Technologies in 24th place (2012: 28th); Wacker Chemie in 28th place (new to the index); and Solar Fabrik in 47th place (2012: 22nd).

Two of Germany’s biggest energy companies have also been hit: Eon has seen a capital loss of 19%, thus landing it at number 35 on the DSW list; while RWE is at number 43 with a 9.2% capital loss.

DWS’ Watch List has been published annually since 2001. It is limited to the values listed in the Prime Standard, since, according to DSW, private investors in general invest their money there.

DSW stressed that a place on the list should not necessarily be a signal to investors to sell. With a functioning business model, the opposite could also be the case. It is, in any instance, a warning signal that shareholders should take seriously.

Translated by Becky Beetz.


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