With today’s publication of its 2011 annual report, centrotherm photovoltaics AG confirms the preliminary results it announced on March 6, 2012, and presents further figures. Revenue advanced by 11.9 percent to EUR 698.5 million (2010: EUR 624.2 million), with the export share standing at 95.4 percent (2010: 94.7 percent). Total operating performance grew by 11.1 percent to EUR 757.0 million (2010: EUR 681.2 million). Earnings before interest, tax, depreciation and amortization (EBITDA) fell from EUR 101.3 million to EUR 10.2 million. The Group incurred an operating loss before interest and tax (EBIT) of EUR 19.8 million (2010: operating profit of EUR 75.4 million), and a consolidated net loss of EUR 15.9 million (2001: net income of EUR 51.1 million).
The equity ratio fell to 41.1 percent due to the consolidated net loss and the dividend payout (2010: 49.2 percent). Our liquidity position amounted to EUR 137.6 million as of the December 31, 2011 balance sheet date. “2011 was no easy year for us. While the first half of the year was still characterized by a thoroughgoing order boom that prompted us to expand our production capacities, we were confronted by price falls and a deteriorating market from the third quarter of 2011.
Overcapacities and ruinous price declines burdened polysilicon manufacturers, from wafers through to modules. This difficult sector environment, coupled with the late-summer European debt crisis, the banking crisis and uncertainties on financial markets demanded much of our customers and us,” commented Dr. Thomas Riegler, CFO of centrotherm photovoltaics AG, at today’s publication of the 2011 annual report. “These overall circumstances severely curbed our customers’ propensity to invest and their financing possibilities, which fed through to modest new order intake in the third quarter. The sector
