DGAP-Adhoc
Centrosolar Group AG: Sales volume increased slightly - drive to internationalise continues
Centrosolar Group AG / Key word(s): Quarter Results
11.05.2012 07:43
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
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Munich, May 11, 2012 - CENTROSOLAR succeeded in increasing its sales volume
of solar modules by 6 % year on year, to 27.4 MWp (previous year 25.7 MWp).
Following weak weather-related sales figures in January and February, the
high cuts to the feed-in tariff in Germany with effect from April 1
prompted short-lived anticipatory effects in March. The company succeeded
in increasing its sales volume significantly in the USA, Greece and the UK.
However, the prices of solar modules and systems continued to deteriorate
in the first quarter. The average sales price of a standard module compared
to Q4 2011 was down 17 %, and compared to the first quarter of the previous
year it was all of 42 % lower. This change is also reflected in the revenue
performance of CENTROSOLAR Group AG. The group´s overall revenue of EUR
56.5 million was 21 % down on the prior-year figure (EUR 71.1 million),
despite the volume increase mentioned above.
Despite the anticipatory effects in Germany, the 65 % share of revenue
generated internationally is actually slightly higher than the average for
the 2011 financial year. The sales basis was moreover diversified: While
the three highest-revenue countries (Germany, France and Italy) still
generated over three-quarters of consolidated revenue in the first quarter
of 2011, the concentration on individual sales markets was significantly
reduced in the first quarter of the current financial year. The UK, Italy,
France and the USA each brought in between 9 and 14 % of total revenue.
The external revenue share of the Solar Key Components segment rose from 26
% to 32 %. The mounting systems area in particular enjoyed healthy revenue
growth.
Whereas a special boom in the Italian market in 2011 led to an
exceptionally positive profit performance for the first quarter, the
seasonally weaker revenue and the huge pressure on prices and margins
adversely affected the earnings performance in Q1 2012. The gross profit
for the quarter of EUR 18.0 million was EUR 5.5 million or 23 % down on the
prior-year level (EUR 23.5 million). Operating costs were actually reduced
slightly in the past quarter compared with the prior-year quarter, despite
higher sales volumes and production capacities, the start-up costs for
Gecko Energies GmbH following its acquisition in January and the write-off
of an advance payment to a now-bankrupt cell supplier. There nevertheless
remained an operating loss before interest and taxes (EBIT) of EUR 4.8
of solar modules by 6 % year on year, to 27.4 MWp (previous year 25.7 MWp).
Following weak weather-related sales figures in January and February, the
high cuts to the feed-in tariff in Germany with effect from April 1
prompted short-lived anticipatory effects in March. The company succeeded
in increasing its sales volume significantly in the USA, Greece and the UK.
However, the prices of solar modules and systems continued to deteriorate
in the first quarter. The average sales price of a standard module compared
to Q4 2011 was down 17 %, and compared to the first quarter of the previous
year it was all of 42 % lower. This change is also reflected in the revenue
performance of CENTROSOLAR Group AG. The group´s overall revenue of EUR
56.5 million was 21 % down on the prior-year figure (EUR 71.1 million),
despite the volume increase mentioned above.
Despite the anticipatory effects in Germany, the 65 % share of revenue
generated internationally is actually slightly higher than the average for
the 2011 financial year. The sales basis was moreover diversified: While
the three highest-revenue countries (Germany, France and Italy) still
generated over three-quarters of consolidated revenue in the first quarter
of 2011, the concentration on individual sales markets was significantly
reduced in the first quarter of the current financial year. The UK, Italy,
France and the USA each brought in between 9 and 14 % of total revenue.
The external revenue share of the Solar Key Components segment rose from 26
% to 32 %. The mounting systems area in particular enjoyed healthy revenue
growth.
Whereas a special boom in the Italian market in 2011 led to an
exceptionally positive profit performance for the first quarter, the
seasonally weaker revenue and the huge pressure on prices and margins
adversely affected the earnings performance in Q1 2012. The gross profit
for the quarter of EUR 18.0 million was EUR 5.5 million or 23 % down on the
prior-year level (EUR 23.5 million). Operating costs were actually reduced
slightly in the past quarter compared with the prior-year quarter, despite
higher sales volumes and production capacities, the start-up costs for
Gecko Energies GmbH following its acquisition in January and the write-off
of an advance payment to a now-bankrupt cell supplier. There nevertheless
remained an operating loss before interest and taxes (EBIT) of EUR 4.8