Centrosolar sells solar glass division; suffers devastating 2012 losses


The Munich-based photovoltaics company recorded provisional 2012 revenues of €€227 million, down 22% on the €293 million reaped in 2011, despite "slightly" increased module shipments. Of this, its solar glass operations achieved just €38.5 million on the back of increased competition, and lower market prices and volumes.

As such, Centrosolar has said it will sell the division off, meaning it will be reported as discontinued operations in the Consolidated Financial Statements. "In order to realise synergies in the latter area through the closer linking-up of the glass finishing lines to raw glass melting furnaces, it is intended to dispose of this division," said Centrosolar in a statement released.

After this adjustment, 2012 revenues totaled €188.9 million, again a loss of 19.5% on 2011’s revenues, for the relevant operations, of €234.7 million. Falling prices were blamed for the decrease. 2012 EBITDA, meanwhile, tumbled from €-10.4 million in 2011 to €-16.4 million.

Net loss consequently slipped from €16.8 million to a very negative €73.6 million. After taxes, this hit €89.4 million. Cash and cash equivalents also fell from €25.9 million in 2011, to just €18.3 million in 2012; and group equity significantly from €79.2 million to €6.1 million.

Centrosolar has postponed the publication of its annual report. However, it said that the restructuring program announced on February 19, will continue. At the time, the company said it aimed to reduce debt burden of around €90 million by reducing staff numbers, closing sales offices, deferring upper management salaries and reorganizing finances.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.