Centrotec sheds Centrosolar stake in EUR-6.3m deal

Oct 4, 2012 - German solar thermal and energy-saving systems supplier Centrotec Sustainable AG (ETR:CEV) today said it had disposed of its entire 26.14% interest in solar firm Centrosolar (ETR:C3O) for EUR 6.3 million (USD 8m).

The deal marks Centrotec’s exit from the photovoltaic (PV) sector and is in line with a company plan to divest peripheral businesses.

The seller said it expected to incur marginally negative overall contribution to its annual earnings per share (EPS) from the book profit and the portion of the first-half result of Centrosolar that are allocable to it. Yet it noted that it would get liquid funds from the sale.

Centrosolar, which separated from Centrotec in 2005, widened its attributable net loss to EUR 10.6 million in the first half of 2012 from EUR 6.5 million a year earlier. As a result, Centrotec also slumped into a slight net loss in the first six months of 2012 after a profit of EUR 1.9 million in the prior-year period.

Centrotec’s core Climate Systems division now focuses on heating, climate control, ventilation and solar thermal technology. The other core segment -- gas flue systems -- includes gas flue systems for condensing boilers as well as air ducting systems and accessories for ventilation systems.

(EUR 1.0 = USD 1.294)

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