Centrotherm records positive H1, despite orders falling short

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Overall, the centrotherm photovoltaics Group recorded a net income of €6.7 million in the first half of 2015, significantly up on the loss of €-8.2 million seen in H1 2014, and marking positive progress for the company, which managed to pull itself out of insolvency back in 2013.

Equally positive were the group’s H1 revenue, up from €78.1 million to €86 million, and operating results of €91.7 million, compared to €82.2 million in H1 2014. At €12.3 million and €10.6 million EBITDA and EBIT, respectively, also recorded increases, from the €1.8 million and €-0.2 million seen last year.

The uptick was contributed to the progress made at centrotherm’s polysilicon factory project in Qatar, payment from a silicon customer and its cost-cutting measures, announced last September.

New orders in the first half of the year, however, slipped from €61.5 million to €46.6 million. Meanwhile, order book position as of June 2015 was €120.2 million, down from €150.3 million in H1 2014.

Management had expected a stronger orders on the back of expansion plans with Asian solar cell manufacturers. "A more intense competitive situation and cost pressure in the photovoltaic industry also affected new order intake," added centrotherm in a statement released. It aims to improve the situation by strengthening sales activities for new PV and semiconductor products.

Despite the worse-than-expected order situation, centrotherm has confirmed its full year guidance of revenues between €150 million and €200 million. Overall, it expects to break even. This is dependent, however, on the Qatar project and higher demand.