Sunways’ CEO slams German Government's handling of energy policy while announcing losses


At the AGM, Sunways forecast losses of less than €10 million for quarter two (Q2) and did not provide a full fiscal year forecast, again blaming German regulatory uncertainty.

Describing the changes to federal government policy as being nothing short of a "solar phase out", Wilhelm singled out the focus on electricity network expansion as only favoring the utility companies as opposed to decentralized production such as solar. His strongly critical comments were made despite the unscheduled yet mooted July 1 subsidy reductions being abandoned.

Despite Wilhelm’s gloomy statements, Sunways’ board remains optimistic its solar modules and solar inverters businesses can achieve sales at the level of Q2 2010. "In view of a massive price decline in these two segments, this would constitute a strong performance, which will only be possible on the basis of a significant increase in sales volumes," said Wilhelm. Solar cell sales are expected to decline, while collaborations with manufacturers such as LDK Solar are forecast to have a positive impact on sales and earnings.

Sunways Q2 losses are expected to be offset by the second purchase price portion for MHH Solartechnick reflected in after-tax earnings. MHH Solartechnick was sold to BayWa AG in 2009. Overall Q2 sales and sales volumes increases were expected, in comparison to first quarter 2011, despite falling prices bringing down revenue per unit earnings.

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