Exiting solar cell production drags Solar-Fabrik into small annual loss

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Revenue at Solar-Fabrik fell 22% in 2011 due to increased competition and falling average selling prices while shipments remained flat at 127MW with 2010. Revenue reached €176.89 million, down from €227.27 million in 2010. Gross margin was 13.7%, down from 17.7% in the prior year. Net loss was €360,000 due mainly to impairment charges related to permanently stopping solar cell production in Singapore and cancellation of a wafer supply contract.

Shipments in 2010 were 127MW flat with the prior year figure of 128.1MW but ASPs declined 37.8%. Solar-Fabrik increased international sales to 60.3% of revenue, up from 41.3% in 2010. Modules accounted for 96.6% of 2011 sales, up from 95.8% in 2010.

“Our key success factor in 2011 was our flexibility to adapt swiftly to the ever changing market environment,” commented Guenter Weinberger, CEO of Solar-Fabrik AG. “Adjustments in organisation and cost structure helped us to stabilize our volume at the year 2010 record level. After discontinuing the cell production we are strategically well positioned and our focus is operational excellence in every single aspect of our business, from sourcing through production to sales and support. Our comfortable cash position allows us to invest into the new business of turn key system installation and operation and to further expand abroad. Our 2011 results are a great platform to deliver on the right strategy and encourage us for the future.”

The company said in its annual report that it had one long-term solar cell supply contract while other cell supply deals were on short-term contracts.

Solar-Fabrik reported it had a nameplate capacity of 210MW per annum. Management noted in the annual report that key markets for sales in 2012 would be Italy, France, Belgium, Switzerland and Austria.

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