31.10.2013
centrotherm photovoltaics AG DE000A1TNMM9
DGAP-News: centrotherm reports on 2012 and 2013 abbreviated financial years
DGAP-News: centrotherm photovoltaics AG / Key word(s): Final Results
centrotherm reports on 2012 and 2013 abbreviated financial years
31.10.2013 / 08:33
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centrotherm reports on 2012 and 2013 abbreviated financial years
- Revenue mirrors collapse in photovoltaic capital goods market
- High impairment charges and extraordinary items burden results
- Restructuring and efficiency program cuts fixed costs
- Strengthened liquidity and equity base
Blaubeuren, October 31, 2013 - The revenue of the centrotherm Group
amounted to EUR 69.2 million in its 2013 reporting period (October 1, 2012
until May 31, 2013), compared with EUR 149.2 million during the first nine
months of 2012 ('2012 reporting period'). This marked revenue decline is
due to the sharp contraction in the photovoltaic equipment market that
impacted not only centrotherm but also its competitors. The export share
dropped to 80.2 % in the 2013 reporting period and 67.1 % in the 2012
reporting period, compared with 95.4 % in the 2011 financial year. Total
operating performance amounted to EUR 68.6 million in the 2013 reporting
period, compared with EUR 128.2 million in the 2012 reporting period.
Earnings before interest, tax, depreciation and amortization (EBITDA) stood
at a loss of EUR 25.3 million in the 2013 reporting period. Besides the
lower operating performance, EBITDA was especially burdened by
extraordinary items connected with the achieved restructuring. EBITDA in
the 2012 reporting period was also principally burdened by a high level of
valuation adjustments applied to inventories, and amounted to a loss of EUR
107.8 million. The Group incurred an operating loss before interest and tax
(EBIT) of EUR 29.7 million in the 2013 reporting period, and a loss of EUR
375.8 million in the 2012 reporting period. EBIT in the 2012 reporting
period was particularly hit by a high level of depreciation, amortization
and impairment charges totaling EUR 268.0 million. Most of this amount
reflected EUR 243.7 million of impairment charges. These impairment charges
arose from a new appraisal in the measurement of intangible assets and of
property, plant and equipment following the significant collapse in the
photovoltaic market. The Group incurred a total consolidated net loss of
EUR 77.4 million in the 2013 reporting period, compared with a total
consolidated net loss of EUR 372.1 million in 2012 reporting period.
New order intake and order book position
Total new order intake amounted to EUR 163.2 million in the 2013 reporting
period. Of this amount, EUR 123.2 million was attributable to the Silicon
segment, EUR 35.4 million to the Photovoltaics & Semiconductors segment and
EUR 4,5 million to the Thin Film & Customized Systems segment. The order
book position amounted to EUR 305.7 million as of May 31, 2013 reporting
date.
Emergent success of the restructuring
The centrotherm Group restructured itself in the 2012 and 2013 reporting
period, focusing on its strengths in production technology and processes
for the photovoltaic, semiconductor and microelectronics industry. 'With
our concentration on our core competencies, we aim to return centrotherm to
a strong position for the future, and to further expand our market
position: as a technology leader for the photovoltaic industry and as a
specialist for the semiconductor and microelectronics industry,' emphasized
the members of the Management Board. In this context, the semiconductor and
microelectronics area is to be further diversified and expanded as the
Group's second pillar in order to better offset future negative market
trends, as currently in photovoltaics. centrotherm has also utilized this
reorganization and restructuring phase to create a streamlined and
efficient structure and organization with optimized corporate processes for
future operations.
Positive equity and available liquidity form basis for the future
With the coming into legal force of the insolvency plan, creditors assigned
70 % of their receivables (determined as unconditional and without
restriction) to Sol Futura Verwaltungsgesellschaft mbH in mid-May 2013. Sol
Futura contributed these receivables as non-cash capital contributions to
centrotherm photovoltaics AG. These receivables have expired as a
consequence, allowing the company to deleverage considerably. The remaining
30 % of the receivables are deferred until the end of 2015 on a
non-interest-bearing basis. Mainly due to the contribution of these
insolvency receivables, equity improved considerably, by EUR 56.7 million,
from EUR -7.3 million as of September 30, 2012 to EUR 49.4 million as of
May 31, 2013.
The Group has liquidity of around EUR 110.0 million as of October 21, 2013
(May 31, 2013: EUR 108.4 million), which is available to finance the
operating business as well as for planned investments, especially in
research & development. R&D work remains for centrotherm one of the most
important pillars to retain and extend its market position.
'As soon as the global market for production technology for the
photovoltaic industry starts to show a significant recovery we are
confident that centrotherm will benefit accordingly, and that a positive
earnings trend is possible over the next two years,' is how the Management
Board summarized the outlook, before noting: 'We are convinced of the
photovoltaic market's positive long-term trend as electricity derived from
solar plant will enjoy a fixed share of the energy mix over the coming
decades. A significant target of our strategy is to help to structure this
trend technologically, and to drive it further ahead.'
Note: Due to the opening of insolvency proceedings in the company's own
administration in October last year and the termination of these
proceedings at the end of May 2013, the company reports on the basis of
abbreviated financial years from January 1 until September 30, 2012 and
October 1, 2012 until May 31, 2013. The report for both periods can be
downloaded from our website www.centrotherm.de within the Investor
Relations area.
About centrotherm photovoltaics AG
centrotherm has been developing and realizing innovative thermal solutions
for over 50 years. As a leading and globally operating technology group, we
offer production solutions for the photovoltaic, semiconductor and
microelectronic industries.
The continuous further development of our successful solutions in thermal
processing and coating, such as for manufacturing crystalline solar cells
and power semiconductors, form the basis for our successful partnerships
with industry, research and development.
Our customers worldwide appreciate our production systems' process
stability, scalability and availability in mass production. Above and
beyond this, our work is distinguished by the fact that we create high-end
process technology solutions which are specific for our customers and
tailored to their requirements, and the fact that we are outstanding in
system building.
We jointly confront the daily challenges of setting new trends, maximizing
the efficiency of producing, for example, solar cells and semiconductors,
and, coupled with our long machine durations, of securing investments.
In this way, we generate valuable competitive advantages for our customers
through targeted innovations to processes and production solutions.
Our more than 800 staff worldwide are committed to the further development
of high-tech solutions for key markets.
Johannes-Schmid-Str. 8
89143 Blaubeuren
Internet: www.centrotherm.de
German Securities Identification Number (WKN): A1TNMM (bearer shares);
A1TNMN (unlisted shares from the non-cash capital increase)
ISIN: DE000A1TNMM9 (bearer shares); DE000A1TNMN7 (unlisted shares from the
non-cash capital increase)
Admitted to the Regulated Market/General Standard, Frankfurt Stock Exchange
Corporate domicile: Germany
Contact:
Nathalie Albrecht
Manager Public & Investor Relations
Tel: +49 7344 918-6304
E-mail: [email protected]
End of Corporate News
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Language: English
Company: centrotherm photovoltaics AG
Johannes-Schmid-Strasse 8
89143 Blaubeuren
Germany
Phone: +49 7344 918-0
Fax: +49 7344 918-8388
E-mail: [email protected]
Internet: www.centrotherm.de
ISIN: DE000A1TNMM9
WKN: A1TNMM
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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237033 31.10.2013
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