Centrosolar's revenue drops 20% Y/Y in Q2 2012

Aug 10, 2012 - German solar energy systems maker Centrosolar Group AG (ETR:C3O) today posted a 20% year-on-year decline in second-quarter revenue to EUR 119.9 million (USD 147.1m) due to feed-in tariff cuts in Germany and falling module sales prices.

Yet, Centrosolar confirmed its full-year revenue outlook for more than EUR 250 million.

The share of international sales in total revenue during the second quarter increased considerably to 69% on the back of strong growth in Italy, the UK, the USA and Greece, while sales in Germany and France fell due to regulatory restrictions, the company said.

Sales volume rose 5% on the year to 38.6 MWp thanks to increased sales of module systems abroad. First-half product sales increased 6% to 65.9 MWp, while the average selling price declined 38% on the year.

Operating loss before interest, taxes, depreciation and amortisation narrowed to EUR 1.9 million from EUR 3 million. But cumulative loss before interest, taxes, depreciation and amortisation expanded to EUR 4.4 million from EUR 600,000.

Centrosolar said its operating loss was driven by EUR 1.6 million in start-up losses of Gecko Energies, acquired in January, some EUR 1 million in impairments of advanced payments and receivables due to the bankruptcies of Q-Cells and Sovello, and EUR 900,000 loss due to the need to change the production partner in China.

Los per share widened to EUR 0.52 from EUR 0.32 for the prior-year quarter.

(EUR 1 = USD 1.229)

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