SolarWorld has released its preliminary financial results for 2012 today with a 42% plunge in sales revenues and an EBIT loss of 492.4 million (US$ 643.9 million), down from -243.9 million in 2011. Meanwhile, consolidated net result decreased to -476.9, compared to -307.1 million in 2011.
The group currently has a net debt of 780.7 million. Last year, it boasted a total workforce of 2,355 employees; compared to 2011, it has lost 350 (150 in the U.S. and 200 in Germany).
Furthermore, due to a 40% price decline in the solar market and a decrease in shipments volumes, consolidated revenue went down by about 42% to 606 million (US$ 793 million) in 2012, compared to 1,044.9 (US$ 1,366) in 2011.
With respect to impairment losses, SolarWorld recorded a total of 176.1 million, after a series of impairment tests on fixed assets were conducted. It also registered a negative net result not covered by equity capital, which amounted to -38 million. This figure is unaudited and might be subject to amendments.
The group's liquid funds amounted to 224.1 million. In 2011, it had 553.3 million. The release date of the final financial results has not been revealed.
Looking ahead, SolarWorld expects 2013 to be "another difficult year for the solar industry." The photovoltaic manufacturer announced it would adapt its capacity according to demand needs. Although an increase in sales is expected in 2013, it will continue to post losses.
"Nevertheless, the company aspires to increase its sales in its module and photovoltaic components, in order to generate more revenues," said the company in a statement released.
In addition, it is also intends to enter new markets and expand its international presence, and to work on the consistent implementation of its restructuring plan to ensure its ability to act.
In other news, SolarWorld has started restructuring its debt through a debt and capital write-down. A preliminary agreement has been signed with creditors of about 80% of the companys assignable loans. However, it still has to be approved by the committee.
The deal will help reduce 60% of the photovoltaic manufacturers noncurrent liabilities via a debt-to-equity-swap. This means that the owners would be losing almost all of their assets, according to a report from German business news agency dpa-AFX.
Another significant aspect mentioned in the agreement, but which still remains open for discussion in an upcoming extraordinary shareholders meeting, was a capital reduction of about 95% in combination with a capital increase against contribution in kind. The date of this meeting was not revealed.
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: firstname.lastname@example.org.
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.