Struggling SolarWorld has issued a few key preliminary consolidated financial figures, before disclosing full-year unaudited results.
SolarWorld said that consolidated revenue plummeted by around 42% to € 606 million, down from €1.04 billion in 2011. The decline in sales was attributed to PV product ASP declines of around 40%.
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The company reported a negative EBIT of €492.4 million, more than double 2011 negative EBIT of €243.9 million. The consolidated net loss was reported at €476.9 million, up from a consolidated loss of €307.1 million in 2011.
In accordance with IAS 36, impairment tests showed SolarWorld had generated impairment losses of €176.1 million.
With a burn rate of €329 million in 2012, the average burn rate was €81 million per quarter. Based on the 2012 average quarterly burn rate and no injection of significant amounts of new capital, SolarWorld would run out funds early in the third quarter of 2013.
The company had previously stated that it would not announce full-year financial results until talks with its banks and creditors had been conducted over restructuring its debts. The company did not say in releasing key financial data what the outcome if any was from those talks.
The preliminary financial statements have not yet been audited and no audit opinion has yet been made, which means the final figures could change.
