Swiss Edisun Power widens net loss in 2012, plans revamp

Feb 27, 2013 - Swiss solar electricity producer Edisun Power Europe AG has decided to realign its operations and divest some of its assets, as preliminary figures indicated a deterioration of its net loss to between CHF 2.2 million (USD 2.4m/EUR 1.8m) and CHF 2.7 million in 2012 from a loss of CHF 900,000 a year ago, the company said today.

Edisun will focus on the sale of some of its 72 photovoltaic facilities in Switzerland, Germany, Spain and France with combined capacity of 14.9 MW. Meanwhile, the development of new solar projects will be temporary put on hold. Furthermore, shareholders will discuss a possible reduction of the equity at the annual meeting in May.

The company thus aims to generate annual cost savings of around CHF 1 million as of 2014 and return to black next year.

Edisun's profit in 2012 was held back by negative one-off effects resulting from regulatory changes. The company faced write-offs of CHF 870,000 in Spain on the cancellation of a planned photovoltaic project. However, it managed to raise its electricity sales by 18% in annual terms, helped by the commissioning of new facilities in Spain.

Edisun Power Europe will release its financial report for 2012 on April 10, 2013.

(CHF 1.0 = USD 1.074/EUR 0.821)

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