Aleo solar has reported negative operational earnings of almost 74% in its full-year report for 2013 while revenues have fallen by over 55%, as the company prepares to enter liquidation.
Full-year figures published by the company revealed operational earnings, also represented as earnings before interest and tax (EBIT), stood at €-92 million (US$127 million) for the year. In 2012 the figure had been €-77 million (US$106 million).
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These results are marginally better than preliminary figures for the year, released by the company earlier in the month, which stated that aleo solar expected losses for 2013 to total as much as €100 million (US$136.7 million).
Full-year revenue stood at €124.9 million (US$172.64 million) for the year, while in 2012 the full-year revenue was €279.9 million (US$386.9 million) . Earnings per share fell to €-7.46 (US$10.31), which again saw a drop from the previous year, when earnings per share was €-6.48 (US$8.96).
The preliminary results announcement had triggered an extraordinary general meeting on 15 April. At this meeting it was resolved that aleo, the main shareholder of which is German engineering multinational Bosch, will face liquidation, a measure which was first mooted as a possibility in February.
The company has agreed to sell the aleo solar brand, its module production site in Prenzlau, Germany and other portions of the business to Hamburg-based consortium SCP Solar. At the time the agreement was made, 5 February, the buyer had agreed to retain 200 members of the aleo workforce.
In a statement accompanying the results, aleo solar referred to sharply contracting European markets for photovoltaics (PV), including Italy, France and Germany which the company said had “dominated” its business in 2013.