CENTROSOLAR Group AG expects its overall revenue for 2011 to reach EUR 294 million (unaudited; previous year EUR 403 million). This is just short of the target figure of EUR 300 million. The downturn in revenue compared with the previous year is attributable to the significant fall in the prices of modules by around 35 % over the past year.
This deterioration in prices, which continued into December, coupled with non-recurring effects, also means that the target of achieving a neutral operating result is likely to be missed. According to initial calculations the 2011 financial year will show a negative operating result before interest and taxes (EBIT) of an anticipated EUR 11 to 14 million (previous year EUR +26.6 million). This loss is mainly attributable to the costs of expansion in North America, costs for adjusting the mounting systems product range, the impairment of an advance payment to a cell supplier and the impairment of a project in Southern Europe. At the end of the year, stocks of modules were in addition reduced to the minimum level needed to be able to fulfil orders.
For the coming financial year, CENTROSOLAR will continue to focus on optimising its cost and liquidity position. The long-awaited consolidation phase in the industry is now in full swing. Thanks to its above-average financial reserves and its long-standing use of continuous improvement processes, CENTROSOLAR will emerge from this phase of consolidation in a stronger position. The business model that it has established over a number of years of supplying local installers internationally with high-quality integrated systems is proving to be trend-setting and sustainable. This strategic leading position will be further extended and will incorporate systems to optimise own consumption for the user.
The audited financial statements for 2011 will be published at the Annual Press Conference on March 28, 2012.