Result for year confirmed - CENTROSOLAR well placed for solar industry's consolidation phase

Munich, (PresseBox) - With the presentation of its Annual Report today, CENTROSOLAR Group AG broadly confirms the figures for the 2011 financial year that were provisionally announced in January. The company achieved total revenue of EUR 293 million (previous year EUR 403 million). The main factor driving down revenue compared with 2010 was the sharp fall in prices in the course of the year. The prices of standard modules declined by 35 % on average over the period under review.

CENTROSOLAR pressed ahead with the internationalisation of its business model in the past financial year. The export revenue share thus increased further from 59 % in the previous year to 62 %. The company's main international sales markets are France, Italy and the USA.

The steady decline in prices also weighed on earnings. The past financial year closed with a slight operating loss before interest, taxes, depreciation and amortisation (EBITDA) of EUR 3.7 million (previous year: profit of EUR 34.7 million). EBIT, which reached EUR -13.2 million (previous year EUR +26.6 million), was within the corridor anticipated in the announcement in January. In addition to falling prices, non-recurring effects such as start-up losses in the USA and the renewal of the product range of the subsidiary Renusol pushed down the company's operating result. Earnings per share were EUR -0.83, as opposed to EUR 0.78 in the previous year.

As a result of the extensive expansion and modernisation of production capacities in the past financial year, investment activity climbed from EUR 13.5 million in the previous year to EUR 19.6 million. This is also reflected in a more marked net financial position of EUR -68.8 million (previous year EUR -39.9 million), which consists mainly of non-current borrowings. At the balance sheet date, all contractual loan arrangements involving compliance with certain financial ratios (covenants) were satisfied. Over and above that, the company had cash and cash equivalents of EUR 25.9 million (previous year EUR 8.2 million).

The defining characteristic of the current market environment is very aggressive competition, which is pushing what the company considers to be an essential process of consolidation in the industry. CENTROSOLAR believes itself to be well-placed to corner a larger share of the industry's growth following this phase of consolidation. Thanks to having built up an international-scale sales organisation over a number of years, along with its flexible purchasing policy and its continuous improvement processes aimed at optimising costs, the company has long been prepared for tackling an intensely competitive environment. CENTROSOLAR is moreover able to set itself apart from the competition by focusing on roof systems and being able to offer patented key components such as its anti-reflective coated solar glass. With its broad-based financing structure, the company has furthermore given itself room for manoeuvre.

Depending on the actual terms of the financial incentives available in the various different markets, the company expects to see revenue for 2012 reach between EUR 250 and 300 million and an improvement in the earnings position compared with last year.


The listed company CENTROSOLAR Group AG, Munich, (stock exchange code WKN 514850) is one of the leading suppliers of photovoltaic (PV) systems for roofs and key components, with over 1,000 employees in Europe and North America and annual revenue of almost EUR 300 million (2011). Its product range comprises solar integrated systems, modules, inverters, mounting systems and solar glass. Over half of revenue is generated internationally. There are CENTROSOLAR branches in Spain, Italy, France, Greece, Switzerland, the Netherlands, the UK, Canada and the USA.

CENTROSOLAR manufactures solar glass at plants in Germany and China as well as photovoltaic modules at a production plant in Wismar (Germany). Over recent years, the production lines for the finishing of glass have been substantially extended in response to rising demand and now have an annual production capacity of eight million square metres. Module manufacturing, too, has seen a considerable increase. The module plant certified to DIN ISO 9001:2008 in Wismar is one of the largest and most efficient such plants in Europe, with an annual capacity of 350 MWp. For further information, visit:

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