After announcing last October that it was halting polysilicon production at its German facility and cutting wafer jobs in the UK, it is perhaps no surprise that PV Crystalox Solar has posted some rather dreary numbers for 2011. Group revenue was €210.4 million, 17% lower than 2010, due to what the company stated was the effect of lower average selling prices. EBIT, before exceptional items, was €4.1 million, a 1.9% margin. The company did note that shipment volumes of 384MW were reached in 2011, compared to 378MW in 2010.
The company saw charges of €71.6 million in 2011, which stem from a €27.9 million impairment charge for its polysilicon facility at Bitterfeld, a €22.9 million inventory write down and a €20.9 million write down in relation to “difficult contracts with external suppliers.” Loss after taxes was finalized at €60.9 million, but PV Crystalox advised that it had kept positive net cash position of €22.6 million.
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The board advised that due to continued difficult market conditions during the first three months of this year, it will not declare a dividend. However, it acknowledged that dividends are important to shareholders and the directors will review the potential to reestablish dividends based on future performance and prospects.
