EANS-News: aleo solar AG records a drop in revenue and negative earnings in
financial year 2012
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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annual report
Prenzlau/Oldenburg (euro adhoc) - aleo solar AG [ISIN: DE000A0JM634] today
published its 2012 annual report, confirming the preliminary revenue of EUR
279.9 million announced earlier, which represents a decline of 39 percent
compared to the previous year (EUR 461.8 million). The 2012 financial year
closed with earnings before interest and taxes (EBIT) of EUR -77.0 million
(2011: EUR -30.5 million; the preliminary announcement was approx. EUR -74
million). The EBIT margin dropped to -27.5 percent (2011: -6.6 percent) and
earnings per share fell to EUR -6.48 (2011: EUR -2.47).
aleo solar AG had to contend with an extremely difficult industry environment in
financial year 2012. Demand in many of its European core markets contracted and
there was no let-up in the massive erosion of solar module prices. aleo solar AG
responded to this development by restructuring the company: The avim solar joint
venture with module production in China was dissolved and the Spanish plant was
closed. This generated high one-off expenses, which depressed EBIT. "We had to
close two plants in order to produce more efficiently," said York zu Putlitz,
CEO of aleo solar AG. "Now we are concentrating module production on our
Prenzlau plant." At Prenzlau, aleo solar AG has been producing its new High
Efficiency modules since the beginning of 2013.
Last Friday, aleo solar AG was informed by its majority shareholder Robert Bosch
GmbH that Bosch intends to withdraw from the crystalline photovoltaic market and
therefore will be disposing of its holding in aleo solar AG. Bosch currently
holds a 90.7% stake in aleo solar. Independently of this sale, Robert Bosch GmbH
has assured aleo solar AG of financing until the end of March 2014.
Despite the Bosch Group's announced withdrawal from photovoltaics, aleo solar AG
has strengths that are valuable for the future, emphasised York zu Putlitz: "We
enhanced our productivity with the help of the Bosch Group's expertise in
manufacturing. We will continue to offer quality modules made in Germany through
our own sales network." Besides Germany, Italy, France and Greece remain the
company's most important sales markets. Business in the USA is scheduled to grow
further. Foreign business accounted for around 58 percent of revenue in 2012. In
order for our more than 2,100 specialist dealers and fitters to be able to
succeed in the increasingly complex photovoltaic business, aleo solar provides
its partners with comprehensive services and training courses.
aleo solar AG expects 2013 to be another difficult year. Radical cuts in feed-in
tariffs were made in some key European markets. For this reason, aleo solar AG
expect to see the number of new installations fall in its most important sales
markets accompanied by a decrease in revenue. In addition, the company
anticipates that competition will remain intense even though the erosion in
solar module prices is likely to abate. aleo solar AG therefore expects to
record a substantial net loss again for financial year 2013.
The Supervisory Board elected Dr Stefan Hartung as its new chairman on 19 March
2013. Due to his leaving the management of Robert Bosch GmbH, the previous
chairman, Dr Siegfried Dais, had stepped down from the Supervisory Board. Dr
Jens Sabotke will be leaving the Management Board of aleo solar AG effective 31
March 2013. His responsibilities will be assumed by the current plant manager in
Prenzlau: Günter Schulze will be joining the Management Board of aleo solar AG
as CTO effective 1 April 2013. The Chairman of the Management Board of aleo
solar AG wishes to thank Dr Siegfried Dais and Dr Jens Sabotke for their
valuable and constructive cooperation.
Further inquiry note:
Hermann Iding
Corporate Communications
Tel.: +49 (0)441-21988-390
E-Mail: Invest@aleo-solar.de
end of announcement euro adhoc
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company: aleo solar AG
Marius-Eriksen-Straße 1
D-17291 Prenzlau
phone: +49(0)441 21988-0
FAX: +49 (0)441 21988-690
mail: invest@aleo-solar.de
WWW: http://www.aleo-solar.de
sector: Alternative energy
ISIN: DE000A0JM634
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English