Centrotherm cuts H1 net loss by one-third

Aug 15, 2014 - German solar machinery maker Centrotherm Photovoltaics AG (ETR:CTN) said yesterday it had reduced its first-half loss to EUR 8.2 million (USD 11m) from EUR 12.4 million in the period from June 1 to November 30, 2013.

The company, which makes equipment for the manufacturing of crystalline solar cells and power semiconductors, still expects to break even in terms of consolidated profit for 2014, regardless of the projected difficult market environment in the second half of the year.

Centrotherm filed for creditor protection in July 2012 and in January 2013 its creditors and shareholders approved its restructuring plan. The insolvency was terminated in August 2013. Because of that development, the firm's previous fiscal year was abbreviated and ran from June to December 2013.

During the six months through June 30, 2014, Centrotherm saw its loss before interest and tax shrink to a near breakeven result at around EUR 200,000 from a deficit of EUR 13.1 million in the comparable period of 2013. It managed to turn to positive earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 1.8 million from a negative result of EUR 10.8 million before.

Total revenue rose by EUR 28.2 million to EUR 78.1 million. The company noted that nearly half of the total amount comes from progress made at its project to build a polysilicon factory in Qatar.

First-half order intake more than trebled to EUR 61.5 million from EUR 18 million, with about 90% of orders registered by the photovoltaic (PV) and semiconductor unit. As at the end of the six-month period, the company’s order backlog amounted to EUR 217.4 million.

Assuming that the progress at the Qatar project continues and the performance of the PV and semiconductor business does not weaken, the company believes it is possible to achieve full-year revenues of between EUR 150 million and EUR 200 million.

(EUR 1.0 = USD 1.338)

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