Centrosolar revenue plummets; revises FY forecast

At €55.5 million, Q3 revenue was significantly down on the €119.9 million reaped in Q2 2012, and the €72.9 million seen in Q3 2011. The decrease was attributed to losses in its solar glass division totaling €7.8 million and project sales’ revenue of just €9 million.

Its core business, however – the production and sale of photovoltaic modules, systems and components for roof systems – was said to have performed constantly and thus, falling module prices were said to have been cancelled out by higher sales, which increased 29% between Q3 2012 and Q3 2011.

The company declined to divulge exactly how many sales had been made in Q3. In Q2, it sold 38.6 MWp worth of modules and systems, which at the time was up 41% sequentially and 5% annually.

Centrosolar’s consolidated result also took a tumble, from €4.2 million in Q3 2011, to €-4.2 million this year. "This development can again be largely attributed to the reduced earnings of Centrosolar Glas and the project income booked in the prior-year period, which together account for some EUR 4.8 million of the difference from last year," it said in a statement released.

The company did not provide its Q2 consolidated results. EBITDA, meanwhile, was said to have remained neutral. Again, it did not disclose any figures, however, in Q2, it achieved a negative EBITDA of €-1.9 million.

Overall, Centrosolar does not expect to see an end-of year rally and, as such, has reduced its revenue guidance for the full year down from €250 million, to between €215 million to €225 million.

"Because of the anticipated weak overall demand for solar glass, but also bearing in mind that business for modules tails off in the winter, the fourth quarter is expected to bring further losses, albeit not quite as sharp as the previous year’s. Nevertheless, for the year as a whole the losses will be up on the previous year’s figure," it added.