SolarWorld expects losses of more than €0.5 billion18. April 2013 | Industry & Suppliers, Investor news | By: Sandra Enkhardt
SolarWorld AG has said it expects a loss of more than half a billion euros. The German company has also reported the loss of around half its share capital.
Based on current estimates, the German photovoltaic company will record losses after tax of €520 million to €550 million.
The management board also announced the loss of one half of its share capital last night. As such, 2012 equity capital is expected to total between €-20 million to €-50 million.
SolarWorld blames one fifth of its poor performance on negative effects on earnings in connection with business developments in 2012; the remaining losses were attributed to adjusted valuations for shares in affiliated businesses and for subsidiaries/loans.
In light of its expected losses, the company has announced an extraordinary general meeting. The date has not been published, however. "It is expressly noted that any balance sheet adjustments in the context of the annual audit may significantly modify the estimates noted above," it said in a statement released.
SolarWorld is currently under enormous pressure. In January, the Bonn-based company announced a number of severe cuts and extensive restructuring of its finances. Since then, it has been negotiating with the banks to restructure its debts. Early this month, the Dutch fund of the SolarWorld management set the company the deadline of April 15 to publish its plans. After the deadline, there were no further consequences, however.
Translated and edited by Becky Beetz.
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