Annual forecast downgraded by approximately 20 %
- Annual revenue expected to reach EUR 330 - 380 million, with positive EBIT
- Revenue driven down by reduced market prices
- Provisional first-half figures: revenue EUR 150.5 million, EBIT EUR -4.9 million
- Core business in Europe remains profitable
- International expansion further promoted
Munich, July 22, 2011 – CENTROSOLAR Group AG is downgrading its revenue forecast for the current year from EUR 420 – 450 million to EUR 330 – 380 million, with EBIT positive. The main reason is the reduced market prices, which have come down more sharply than was anticipated in the annual planning.
At the same time, the company is able to look to the second half of 2011 with optimism. The lower prices have temporarily prompted a wait-and-see response among customers. However, they now offer the prospect of attractive rates of return to operators of photovoltaic (PV) systems; from the late summer on, this should translate into corresponding demand especially for roof-mounted solar systems – CENTROSOLAR’s core product. As prices for solar cells have also fallen, CENTROSOLAR can benefit from its flexible procurement strategy.
CENTROSOLAR has made further headway with its international expansion. It has increased revenue profitably in Belgium and the UK. In Italy, financial incentives for solar systems were effectively suspended between March and May, but from June onwards CENTROSOLAR registered a revival in interest in its roof systems now that European systems and roof-integrated configurations attract special financial incentives.
In the USA and Canada, the range of products and services has been further widened. Nevertheless, this area incurred start-up losses amounting to EUR 3.0 million in the first half. The launching of new products in the mounting systems area also weighed on earnings. The core business in Europe remains profitable. However, as a result of the price-driven reduction in revenues, the European business was unable to cover the costs of expansion as planned.
Overall, first-half revenue amounted to EUR 150.5 million, with EBIT reaching EUR minus 4.9 million (provisional, unaudited figures). The full First-Half Report will be published on Friday, August 12, 2011.
About CENTROSOLAR Group AG:
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 in excess of EUR 400 million (2010). Its product range comprises solar integrated systems, modules, inverters, mounting systems and solar glass. It generates around half its revenue 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 Fürth (Germany) and Huzhou (China) as well as photovoltaic modules at a production plant in Wismar (Germany). Over the past two 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 was also stepped up quite substantially in response to soaring demand. 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 currently of 250 MWp, and is to be upgraded to 350 MWp in the course of the year. For further information, visit: www.centrosolar-group.com.
For further information, please contact:
MetaCom Corporate Communications GmbH
Georg Biekehör Tel.: +49 (0)6181 9828030
E-mail: g.biekehoer(at)go-metacom.de