There were no surprises in aleo solar’s full-year 2011 results, having provided preliminary figures in January. However, an expansion of the market served in 2011 is behind expected sales momentum this year, resulting in full module capacity utilization. The company guided sales to be at least €440 million in 2012.
“The 2011 financial year saw an unprecedented level of price erosion in the photovoltaic industry,” said York zu Putlitz, CEO and CFO of aleo solar AG. “Triggered by a global oversupply, prices for cells and modules fell massively. We, too, were forced to reduce our selling prices by over a third in the course of the year. This put considerable pressure on our revenue and margins and prevented us from achieving the targets we had originally set for ourselves.”
In 2011, aleo solar reported revenue of €461 million, down 16.6% from €553.5 million in 2010. EBIT loss was €30.5 million, inline with previous guidance. The EBIT margin dropped to -6.6%.
The company reported sales volume of 297MW, up from 255MW in 2010. Module production increased from 267MW in 2010 to 303MW in 2011. Production at its module plant in Prenzlau, Germany was expanded to a capacity of 280MW in 2011, up from 180MW in 2010.
Production at its Spanish plant was maintained at 20MW, while capacity at its JV facility in China, increased from 50MW to 90MW in 2011. Total combined capacity reached 390MW by the end of the year.
On a regional basis, aleo solar said that it had generated €223.3 million in sales outside Germany, almost half of sales in 2011.
Key markets included United Kingdom, Italy, France, Greece and Belgium as well as US, Australia, Mexico and Israel.
However, management cited in its 2011 annual report that despite expected manufacturing cost reduction plans, intense competition is expected to lead to continued pricing pressure which will result in continued losses in 2012.