CORRECTED - Centrotherm Photovoltaics 2011 figures in deep red

Mar 6, 2012 - German PV equipment maker Centrotherm Photovoltaics AG (ETR:CTN) slipped into loss before interest and tax of EUR 19.8 million (USD 26.2m) in 2011 hit by a number of cancelled orders and the general downturn in the PV sector.

A year earlier Centrotherm booked an operating profit of EUR 75.4 million.

The company did not include information about its net loss in today's preliminary financial statement but said its earnings before interest, tax, amortisation and depreciation (EBITDA) plunged nearly ten times year-on-year to EUR 10.2 million from EUR 101.3 million.

Centrotherm's operating performance was hit by EUR 75 million write-offs on big projects and the tough situation in the PV sector.

The 12% increase in revenue to EUR 698.5 million did not provide enough counterweight to tip the scales towards profitability in 2011.

Centrotherm missed its own target for revenue of EUR 710 million and a positive EBIT margin in 2011.

The company is responding to its diminished performance with a large-scale restructuring aimed at cost reduction and further adjustment of capacities based on the current situation. The programme, called ct focus, is aimed at reaching annual savings of EUR 22 million from 2013 on.

(EUR 1.0 = USD 1.325)

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