Investors in beleaguered Munich solar manufacturer CentroSolar will have been more interested in the footnote to today’s second quarter figures than in the numbers themselves a familiar story of shrinking revenues and escalating losses.
At the foot of the press release announcing the April to June figures which feature an encouraging rise in shipping levels at least it has been announced the 2012 full year figures have been audited without any nasty surprises.
That means the planned debt to equity swap which shareholders agreed to in a bid to restructure the company and reduce debts by more than 60 per cent, can go ahead as planned, in late September according to today’s release.
Improved sales in France and to third party developers saw the second quarter shipment levels rise to 31.7 MWp, a rise of 55 per cent on the 20.4 MWp shipped from January to March even if it represented a fall from 38.6 MWp on the year to year comparative.
With negative numbers caused by a contraction of the Italian and German markets, the biggest headache for CentroSolar is the continuing fall in module prices which means, regardless of shipping levels, second quarter revenues fell to 33 million, down from 53.8 million, year on year.
With mention made of CentroSolar’s efforts to ‘reduce personnel and other operating costs’, the operating loss for the second quarter grew to 4.3 million from a 1.2 million loss in Q2, 2012.
As far as the balance sheet is concerned, September’s reorganization looks like a last-chance saloon with the company’s available cash and credit lines coming in to just 7.2 million from the previous year’s 22.4 million. Roll on September.