The German solar company has reaped reveunes worth 1.06 billion in 2011. While positive, the figure has declined on the previous year, which saw 1.32 billion. The drop has been attributed to global excess capacities and, as SolarWorld stresses, dumping of module prices. It has also cut its dividend to 0.09 per share, a fall from 0.19 last year.
Meanwhile, the company said that based on current estimates, shipments worth 794 megawatts of photovoltaic wafers and modules were recorded. A majority of the growth in shipments took place in its business outside of Germany.
The preliminary EBITDA is 218 million, a drop from 2010’s 281 million. Pursuant to the Impairment of Assets (IAS) 36, SolarWorld made impairment charges to its fixed assets for around 313 million. These impairment charges mostly involved technologically outdated production equipment. The resulting EBIT for the previous fiscal year is, therefore, a paltry -233 million, compared to 2010’s 193 million.
The EBIT has also been influenced by other factors, such as termination of wafer agreements and impairments to current assets, said SolarWorld. The adjusted EBIT is, consequently, approximately 24 million, compared to the 193 million seen in 2010.