The centrotherm Group was able to secure new orders totalling €163.2 million during its restructuring period through October 2012 and May 2013.
New orders booked included €123.2 million within its silicon segment, which accounted for the majority of backlog. The company did not provide expected shipment schedules on its order intake.
The company said it had also received new orders in its photovoltaics and semiconductors segment, totalling €35.4 million, while centrotherm also received new orders totalling €4.5 million in its Thin Film & Customized Systems segment, reflecting the industry-wide collapse in production equipment capital spending due to overcapacity.
Total order backlog to 31 May 2013 stood at €305.7 million, down from over €500 million when the company last produced full quarterly financial reports. The company had recently suffered the cancellation of a €255 million order from CEEG in Algeria, which had been included in its order backlog from the first quarter 2012 reporting period.
Sales for the period were therefore significantly down on previous years at just €69.2 million, compared to €149.2 million during the first nine months of 2012.
Restructuring lowers losses
Centrotherm reported an operating loss before interest and tax (EBIT) of €29.7 million in the 2013 reporting period, compared to a loss €375.8 million in the 2012 reporting period.
Total consolidated net loss was €77.4 million, compared with a total consolidated net loss of €372.1 million in the 2012 reporting period.
Centrotherm noted that due to its successful restructuring efforts it has liquidity of around approximately €110.0 million as of 21 October 2013, enabling it to continue operations and investment in R&D in anticipation of a recovery in equipment purchases from the PV industry.