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.
At the end of March, Germanys Centrosolar also announced a loss of more than half its share capital. Before that, Conergy and Q.Cells which was taken over by Hanwha shared this fate.
Translated and edited by Becky Beetz.
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.
Share
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.