German Centrosolar confirms prelim Q2 2013 figures

Aug 30, 2013 - German Centrosolar Group AG (ETR:C3O) confirmed today its preliminary financial results for the second quarter of 2013, showing a loss before interest, tax, depreciation and amortisation of EUR 4.2 million (USD 5.6m), which was more than the negative result of EUR 1.2 million booked a year earlier.

Centrosolar said that the cost reduction stemming from its revamp programme are still to show their full effect.

Revenue went down by 38.7% year-on-year to EUR 33 million.

For the first six months of 2013, Centrosolar's revenue decreased by 41.9% in annual comparison to EUR 57.5 million due to the falling solar module prices. The firm, however, said that sale prices have stabilised in the course of the first six months of 2013.

Centrosolar's loss before interest, tax, depreciation and amortisation widened to EUR 13.8 million between January and June 2013 from EUR 3.9 million a year earlier.

As of June 30 Centrosolar had cash and cash equivalents as well as unutilised credit lines worth EUR 7.2 million, down from EUR 22.4 million a year ago.

The company further said that it is adjusting its full-year revenue range forecast to between EUR 125 million and EUR 150 million from EUR 135 million to EUR 150 million seen before. This was necessary due to the still sluggish sales in the summer season. However, the company expects the anti-dumping measures approved by the European Union at the start of August to "fundamentally change the game", it said in its press release.

(EUR 1 = USD 1.32)

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