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ersol Solar Energy AG, now owned by the Bosch Group has lowered its revenue forecasts for both 2009 and 2010 due to the poor market conditions. Ersol also announced consolidated revenue of €32.4 million in the first quarter of 2009 compared to €52.4 million in the corresponding period of the previous year. The revenue decline was attributed to weak demand, module price declines due to oversupply and more pronounced seasonal weather effects than in previous years.
“The weak first quarter of 2009 and only hesitant recovery of the market have caused us to adjust our overall forecast for 2009,” noted Holger von Hebel, CEO of ersol Solar Energy AG. “Contrary to our sales forecast exceeding €420 million and an EBIT of €80–90 million, we are now anticipating sales of €330–380 million and an EBIT of €30–60 million.”
Ersol also reduced its forecast for 2010 with revenue expectations of over €700 million and EBIT of over €150 million.
“The main reasons for the correction of our forecast are the generally adverse market situation and slacking in demand, combined with a significant drop in prices for solar modules and cells and the weaker project business due to the financial market crisis,” added von Hebel.
With weak demand and production expansions, ersol saw its module inventory and work in progress reach €40.1 million in value. The company also noted that due to the fall in module prices, consumers had become reticent on solar installations in the current period as they expected further price reductions to be made.
