SolarWorld hit with €313 million write-off of production equipment

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SolarWorld has released preliminary 2011 financial results that include significant impairment charges of €313 million, primarily attributed to the write-off of out-dated production equipment. The company had also previously announced the closure of its wafering operations. Total losses for 2011 were reported at €233 million, due partially to declining prices on the back of industry-wide module overcapacity and dumping, as well as cancellation of wafer supply contracts, according to the company.

SolarWorld reported sales of €1,066 million in 2011, down from €1,322 million in 2010. Shipments of wafers and modules reached 795MW in 2011, down from 819MW in the previous year.

The company noted that sales outside Germany reached 68% of sales, up from 59% in 2010. SolarWorld said that due to the extraordinary effects, adjusted EBIT in 2011 was approximately €24 million, down from €193 million in 2010.

Correction and Clarification: SolarWorld had said in September, 2011 as part of ‘transformation measures that it would decommission older parts of its solar wafer operations in Freiberg, Saxony as it ramped its latest facility, nearby. SolarWorld’s state-of-the-art annual production capacity in Saxony was 1,000MW. Therefore closure of its wafering operations as described above was inaccurate. 
 
The charges are related to the decommissioning, though SolarWorld did not provide details of the costs involved at the time of announcement. 

 

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