Centrotherm cancels 2014, 2015 forecast

Oct 22, 2013 - German solar equipment maker Centrotherm Photovoltaics (ETR:CTN) said on Monday it had withdrawn its outlook for 2014 and 2015 due to the delay of the assumed photovoltaic (PV) market growth.

The company previously expected a turnaround in 2014 and projected positive earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 37 million (USD 50.6m) for both the next two years. Net income was seen at EUR 22 million in 2014 and EUR 23 million in 2015.

Following an evaluation of its current project pipeline, Centrotherm now said that achieving positive results in 2014 is still possible. The company completed successfully its restructuring in August with a debt-to-equity swap and thus emerged from insolvency.

Centrotherm had to file for creditors protection proceedings in July 2012 as it was hit by the crisis in the solar sector. The company reported an operating loss of EUR 19.8 million for 2011 compared with a EUR 75.4 million profit the year before.

(EUR 1.0 = USD 1.367)

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