Solarstrom announces financial results and forecasts installation volume growth

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SAG Solarstrom, the German PV developer, has announced financial results for the first half of 2013 and forecast a positive operating result for the year as it turns to markets beyond Europe.

The company stated its view that it would surpass the previous year’s installation volume of 117MW in 2013.

This positive forecast was made in spite of a downturn in business in Europe for Solarstrom, with the company citing the establishment of an international project pipeline outside Europe in the first half of 2013 and the closure of a loss-making department in favour of a newly established one, as reasons for its optimism.

Overall, while there was a hefty growth in sales of 64.6% during the period, €62.9 million (US$84.2 million), compared to the 2012 first half figure of €38.2 million (US$51.1 million), the group period result was -€6.3 million (-US$8.43 million) compared to -€3.5 million (-US$4.7 million) for the equivalent period of 2012.

The company also closed the loss-making business area partner sales, replacing it instead with the newly established project sales department, which would deal with integrated energy products, power production projects and the company’s secondary market interests. Solarstrom’s partner sales business area made €1.8 million in sales for the first half of this year, compared to €15.1 million (US$20.2 million) for the equivalent period last year.

Another department, previously known as project planning and plant construction, will now simply be known as plant construction in order to be distinguishable from the new project sales group.

In the first half of 2013, Solarstrom installed 44.4MW of solar power capacity through plant construction, compared to 14.5MW in the first half of 2012. Around two-thirds of overall sales were in the UK, approximately a quarter in Germany and the rest spread across other territories.

The company’s chief executive officer Dr Karl Kuhlman, who PV Tech interviewed at Intersolar Europe this year, stated that “mistakes in political decisions in Europe have led to a prosperous market being stifled”, but reiterated that in his opinion success in internationalisation and moving into markets outside Europe as well as the company’s internal reorganisation would contribute to an upturn.

“Despite the changed framework conditions in Europe, and based on our success in internationalization, we are anticipating that we will achieve our goals for 2013,” said Kuhlman.

Kuhlman has been outspoken on the topic of responses to the issue of the EU-China anti-dumping dispute.

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