Centrosolar to dispose of PV glass operations; 2012 revenue down 22%

Facebook
Twitter
LinkedIn
Reddit
Email

PV manufacturer and project developer Centrosolar is to dispose of its solar glass operations due to falling market prices and sales volumes.

The company last month indicated its glass business would be targeted in a restructuring plan aimed at halting declining revenues.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The main determining factor for Centrosolar's final decision to dispose of its glass operation was its deterioration from €2.2 million in the previous year to negative €12.6 million (US$16 million) in 2012.

The company said in a press statement: “These impairments have been necessitated by the downward revision of the group companies’ targets as a result of the difficult situation in the industry, and also because the cost of capital underlying the valuations have been raised.”

Centrosolar continues to delay the publication of its annual results “due to the exceptionally high compilation and auditing requirements”, said the company. The company is continuing with its other restructuring measures announced in February.

The revenue of Centrosolar reached €227 million (US$290 million), down approximately 22% on the previous year’s total of €293 million, though it noted sales of its modules were up slightly on last year.

The mainly price-driven fall in revenue was behind the reduced gross profit, which is by and large responsible for the downturn in the operating result at EBITDA level from negative €10.4 million (US$13.3 million) in the previous year to negative €16.4 million (US$21 million) in 2012.

The net result was significantly down on the previous year’s negative €16.8 million at negative €73.6 million (US$94 million).

The company also said it had cash and cash equivalents of €18.3 million (US$23.4 million) from €25.9 million in the previous year. Group equity fell from €79.2 million to €6.1 million (US$7.8 million) as a result of the high goodwill impairment, the negative contribution from the discontinued glass operations and the negative operating result for the continuing operations.

“The company cannot be satisfied with the earnings and financial situation,” said Centrosolar.

“Centrosolar will pull through this industry crisis and that there will once again be very good business opportunities in the future market of photovoltaics.”

Read Next

July 4, 2025
Chinese PV provider Skycorp Solar Group has announced a solar plant acquisition and development strategy following unanimous board approval.
July 4, 2025
Germany’s latest innovation tender has awarded 488MW of co-located capacity, with all the projects being solar PV tied with energy storage.
July 4, 2025
Risen Energy’s mass-produced heterojunction (HJT) modules have reached a cell conversion efficiency of 26.61%, a record figure for the company.
July 4, 2025
The US House of Representatives has passed the final version of the reconciliation bill that is now going to US President Donald Trump’s desk for his signature before its passing.
July 4, 2025
Australian retailer AGL Energy has confirmed its acquisition of South Australia’s Virtual Power Plant (SAVPP) from Tesla.
July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK