Aleo Solar Closes First Nine Months of 2013 with a Decline in Both Revenue and Earnings

Published November 14th 2013 at 2:21pm
Aleo Solar 
Nov. 14, 2013 - Aleo solar AG today announced that it generated revenue of EUR 99.1 million in the first nine months of 2013, which means that aleo solar's revenue decreased by 55.5 percent compared with the first nine months of 2012 (EUR 222.4 million).

Earnings before interest and taxes (EBIT) came in at EUR -38.0 million (EUR -51.5 million), and the EBIT margin was -38.3 percent (-23.2 percent). Earnings per share amounted to EUR -3.30 (EUR -4.88); production output fell to 113.4 megawatts (258.2MW).

Revenue decreased by around 40 percent because demand in the key European photovoltaic markets was very weak: In Germany, only around 2.7 gigawatts of photovoltaic output were installed in the first nine months of the year, compared with 6.2 gigawatts in the corresponding prior-year period. This sharp decline is mainly attributable to cuts in feed-in tariffs for solar power. Newly installed capacity in Italy and France decreased even more. aleo solar AG generated 59.8 percent of its revenue outside of Germany (58.7 percent). In addition to the weak market, the erosion of prices continued to put severe pressure on the revenue and margins of Aleo solar AG. Sales prices in the third quarter of 2013 were down about 20 percent year on year. In contrast, module prices have been more stable in the current year.

Robert Bosch GmbH, which holds 90.7 percent of Aleo solar AG as its main shareholder, had announced at the end of March that it was exiting the crystalline photovoltaic sector. An investor process is currently underway regarding the takeover of the majority shareholding. The most advanced talks with one of the investors had disrupted in early October on account of the increasingly challenging situation on the European solar energy market. This led to the resumption of talks with other potential buyers. Talks with investors are therefore likely to continue at least until the first quarter of 2014. We are also examining to sell parts of the Company. Whether or not there will be a transaction is currently uncertain. Independent of a transaction, Robert Bosch GmbH has assured Aleo solar AG of financing until the end of March 2014.

Source: Aleo Solar
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