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.