aleo solar AG announces substantial decline in revenue and earnings in the first nine months of 2012
"Our earnings are being depressed by weak markets, the continued erosion of prices and one-time effects," said York zu Putlitz, CEO and CFO of aleo solar AG. In response to the generally sombre business environment, aleo solar AG recognised an impairment loss on assets in the amount of EUR 12.9 million. This is compounded by a valuation allowance of EUR 11.3 million due to the decision to terminate the avim solar production Co. Ltd. joint venture.
For the remainder of the year, aleo solar AG expects demand to continue its weak trend, both for its domestic business and on the international markets. The general conditions for investment in photovoltaic systems have deteriorated in almost all core markets, with feed-in tariffs falling very drastically in some cases. As already announced in October 2012, aleo solar AG expects consolidated revenue to drop considerably to around EUR 280 million and its consolidated loss to increase further for the 2012 financial year.
aleo solar AG
aleo solar AG produces and distributes premium solar modules and systems for the international photovoltaic market. Since 2009, the Bosch Group has owned a majority of the company (DE000A0JM634), which was originally founded in 2001 and has been listed on the stock exchange since 2006. The premium manufacturer currently has 1,030 employees and is represented in the key photovoltaic markets all over the world. The aleo solar group has an annual production capacity of 280 megawatts at its plant in Prenzlau, Germany. The company generated a turnover of € 462 million in 2011.