centrotherm photovoltaics AG, Blaubeuren, continued to report growth in the 2011 financial year, which was a difficult year for the solar sector: revenue generated by the globally leading provider of technology and equipment to the photovoltaic sector grew by 11.9 % to EUR 698.5 million according to preliminary figures (previous year: EUR 624.2 million). Earnings before interest, tax, depreciation and amortization (EBITDA) fell from EUR 101.3 million to EUR 10.2 million in the 2011 reporting period. The company reported a EUR 19.8 million operating loss at the earnings before interest and tax (EBIT) level (previous year: EUR 75.4 million profit). Continued tensions within the sector, in particular, tangibly affected the 2011 earnings trend. One-offs amounting to a loss off EUR 75.0 million arose from adjustments to individual large-scale projects, and a weak third- and fourth-quarter operating profit and corresponding adjustments, which reflected market trends. Due to the surprisingly drastic deterioration in market and financial circumstances, the Group failed to achieve its guidance for the 2011 financial year of EUR 710 million of consolidated revenue, and a slightly positive EBIT margin.
Segment trends In the Solar Cell & Module segment, revenue was up from EUR 404.5 million in the previous year to EUR 607.9 million in 2011, thereby running counter to a generally difficult trend in the sector. The strained market situation, particularly in the fourth quarter of 2011, resulted in the postponement and cancellation of some projects, and necessitated a revaluation of inventories, which fed through to a fall in segment earnings to EUR 71.9 million (previous year: EUR 91.6 million). In the Silicon & Wafer segment, revenue stood at EUR 57.9 million (previous year: EUR 201.7 million), and EBIT reported a loss of EUR 70.3 million (previous year: EUR 21.2 million profit). This segment’s business trend
