Continued restructuring, inventory sell-off and higher than expected price declines in the fourth quarter, further impacted fourth quarter and full-year financial results at Conergy. Preliminary revenue results were reported to have reached €755 million in 2011 but losses are expected to be in the range of €80-€85 million, higher than previously guided losses of €50 to €55 million. Operating cash flow was said to be positive in the fourth quarter.
The shutdown of wafer and cell manufacturing operations at its advanced facility in Frankfurt (Oder) was said to have had had a negative impact on EBITDA. In early September 2011, Conergy noted that approximately 100 jobs would be lost with closure.
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Conergy also noted that write-downs on receivables and delays in PV project financing, especially in Greece, Spain and Italy had also impacted financial results. Losses for the first six months had totalled €41 million, highlighting that losses had stabilized but had proved difficult to improve during continued price declines and one-off items.
However, Conergy management said that it expected sales in 2012 to decline modestly but return to a small profit.