EANS-News: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von
solartechnischen Produkten
Solar-Fabrik AG finishes 2011 with positive EBIT
and considers completed restructuring as a good platform for future success
- Stabelised high ...
30.03.2012 – 07:49
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Financial Figures/Balance Sheet Freiburg (euro adhoc) - Freiburg, March 30, 2012 - Solar-Fabrik AG (ISIN: DE0006614712), an independant PV solar company offering solar modules and system components as well as installation and operation of turn-key systems, managed to stabilize the 2011 volume at the 2010 record level, despite the increased worldwide competition. |Key financial data | |FY 2011 |FY 2010 |% changes | |Revenue 1) |EUR´000 |176,899 |227,279 |-22% | |Overall performance 1) |EUR´000 |178,229 |227,915 |-22% | |Cost of material 1) |EUR´000 |153,769 |187,595 |-18% | |Gross margin |% |13.7 |17.7 |-22% | |EBITDA 1) |EUR´000 |4,624 |14,888 |-89% | |EBIT 1) |EUR´000 |776 |11,349 |-93% | |Net result 1) |EUR´000 |-360 |8,428 |n/a | |Net result |EUR´000 |-4,150 |7,667 |n/a | |Earnings per share |EUR |-0.28 |0.64 |n/a | |Cash flow from operation |EUR´000 |3,099 |13,047 |-76% | |Cash at hand |EUR´000 |38,756 |31,086 |25% | 1) Data for the continued operations, only In 2011 Solar-Fabrik Group reached 127 MWp (2010: 128.1 MWp) sales volume of solar modules, despite continuous reduction of feed-in-tariffs in all major target markets. Due to much stronger international sales the export ratio reached another high of 60.3% (2010: 41.3%). The Group revenue decreased from TEUR 227,279 in 2010 by 22.2% to TEUR 176,899 in 2011 due to price erosion. Increased global competition and oversupply decreased the average sales price by 37.8%. The continuous price reductions on the sales side could be compensated on the supply side, however, due to the time delay between purchase and sales, the gross margin was squeezed to 13.7% (2010: 17.7%). The 2011 earnings before interest and tax (EBIT) of the continued operations of Solar-Fabrik Group reached TEUR 776 (2010: TEUR 11,349). The 2011 net result of the continued operations was slightly negative at TEUR -360 (Vj. TEUR 8,428). The total net result is heavily impacted by the decision to discontinue the Solar Cell Production, leading to one time charges mainly from write-offs from fixed assets and working capital, particularly prepayments for a wafer supply contract. The net cash flow from operations in 2011 was TEUR 3,099 (2010: TEUR 13,047) and cash and cash equivalents of TEUR 38,756 at year´s end represent an increase of TEUR 7,765. Guenter Weinberger, CEO of Solar-Fabrik AG, considers the company a winner of the 2011 PV solar crisis. "Our key success factor in 2011 was our flexibility to adapt swiftly to the ever changing market environment. Adjustments in organisation and cost structure helped us to stabilize our volume at the year 2010 record level. After discontinuing the cell production we are strategically well positioned and our focus is operational excellence in every single aspect of our business, from sourcing through production to sales and support. Our comfortable cash position allows us to invest into the new business of turn key system installation and operation and to further expand abroad. Our 2011 results are a great platform to deliver on the right strategy and encourage us for the future." Further inquiry note: Investor Relations Tel.: +49 (0)761-4000 0 E-Mail: investor@solar-fabrik.de end of announcement euro adhoc -------------------------------------------------------------------------------- company: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten Munzinger Str. 10 D-79111 Freiburg phone: +49(0)761 4000 0 FAX: +49(0)761 4000 199 mail: info@solar-fabrik.de WWW: http://www.solar-fabrik.de sector: Alternative energy ISIN: DE0006614712 indexes: stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English