German module manufacturer Centrosolar is restructuring its business after reporting a fall in revenue in its 2012 provisional results.
The company reported that, after a difficult year for the global PV industry, its revenue for the financial year was €228 million, down from €293 million last year.
That represents a 22% decrease, which Centrosolar said was caused by falling world prices even though in volume terms its sales have remained unchanged.
The company’s net financial liabilities amounted to €90 million compared to €69 million last year.
In response to the results, the Centrosolar management board said it had put forward a three-point restructuring plan.
This will include an operational reorganisation, including centralisation of administrative functions and a deferral by senior management of a “significant proportion” of their remuneration package.
The company is also planning to restructure its balance sheet by reducing its financial liabilities to below half their current level. This will be achieved by converting a €50 million bond into shareholder equity.
The third part of the restructuring plan will involve raising fresh capital through shares.
The Centrosolar Glas division, which manufactures solar glass, will also undergo a similar restructuring.
Centrosolar said the measures would give the company the necessary “clout” as the PV industry enters the consolidation phase, and would enable it to grow again once the market of the regains stability.