Having indefinitely postponed releasing full-year 2012 financial results as it engaged in talks with creditors over restructuring its debts, SolarWorld has warned that it expected to report losses of between €520 million and €550 million for the year.
The company also noted that it expected to report an equity capital loss of between €20 million and €50 million.
Non-cash relevant losses were said to account for four fifths of the total, due to being related to valuation adjustments of affiliated businesses and for subsidiaries and other financial assets, including loans.
However, SolarWorld also stated that any balance sheet adjustments may be still be significantly modified, which could lead to further loss adjustments.
The company had previously posted revenue for the first nine-months of 2012 of €468.9 million, down 37.7% compared to the same period a year ago. EBITDA was reported as negative €23.7 million and consolidated net result negative €68.7 million. SolarWorld had reported shipments of solar wafers and modules that totalled 470MW for the first nine-months of 2012, down from 576MW in the same period of 2011.
Excluding Suntech Power Holdings, due to its main subsidiary’s bankruptcy, SolarWorld’s expected losses for 2012 exceed those of PV market leader, Yingli Green, which reported 2012 losses of almost €500 million, slightly less than the losses reported in 2011.
However, Yingli Green reported full-year net revenues of US$1.8 billion and module shipments of 2.2GW.
SolarWorld said that instead of a normal Annual General Meeting it would at a future date convene an extraordinary meeting of shareholders.