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Centrotherm Photovoltaics Takes Stock of Financial Year 2016

Published on 31 Mar 2017
centrotherm 
- Group revenue up 4 % to EUR 144.4 million

- Order intake increases by 55 % to EUR 141.8 million

- Group achieves EBITDA of EUR 2.8 million

- Core businesses of Photovoltaics & Semiconductor and Thin Film & Customized Equipment generate positive EBITDA of EUR 6.0 million

- Silicon segment weighs on the consolidated result in an amount of EUR -3.2 million

In the financial year 2016, centrotherm photovoltaics AG raised its revenue in its core segment of Photovoltaics & Semiconductor by 31 % to EUR 103.6 million (2015: EUR 79.3 million). The high level of new orders, particularly from Asia, is reflected by the significant increase in revenue. Earnings be-fore interest, taxes, depreciation and amortization (EBITDA) in this segment was again positive at EUR 4.7 million. Order intake almost doubled to EUR 121.7 million (2015: EUR 68.8 million).

Revenue in the Thin Film & Customized Equipment segment also rose to EUR 16.1 million in 2016, up from EUR 15.5 million in the previous year. Segment EBITDA that came in at EUR 1.3 million developed well compared with EUR 0.1 mil-lion in 2015. Order intake in this segment stood at EUR 20.1 million at year-end 2016.

As forecast, revenue of EUR 24.7 million in the Silicon segment dropped considerably below the year-earlier figure (EUR 43.7 million). Revenue resulted mainly from progress made with the construction of a polysilicon factory under a major project in Qatar. In the previous year, the final billing of an old project, among other things, resulted in higher segment revenue. Owing to the strategic concentration on the performance of existing business, no new orders were received by this segment in 2016. In the reporting period, the Silicon segment weighed on group EBITDA in an amount of EUR -3.2 million.

At group level, centrotherm achieved its forecast for a revenue target of between EUR 120 and 150 million with revenue of EUR 144.4 million. Consolidated earnings of EUR 114.6 million were attributable to Asia, with Germany in second place (EUR 19.1 million). The export rate came in at 86.8 % in 2016. Broken down by product, business in single equipment at 75.8 % accounted for a major portion of reve-nues, while service and spare parts contributed 15.8 % to revenue. The Group generated 7.5 % of its revenue through turnkey production lines. In 2016, total operating performance advanced by 12.6 % to EUR 158.9 million compared with EUR 141.1 million in the previous year.

Despite the negative result of the Silicon segment, the encouraging performance of the Photovoltaics & Semiconductor and the Thin Film & Customized Equipment segments generated a positive group EBITDA of EUR 2.8 million overall. In 2015, Group EBITDA posted EUR 22.5 million due to other operating income from one-off effects.

Taking account of taxes on income of EUR 4.2 million, the consolidated result came in at EUR -6.0 million (2015: EUR +7.0 million).

In the financial year 2016, centrotherm acquired orders totaling EUR 141.8 million and therefore raised order intake by 55 % in a year-on-year comparison (2015: EUR 91.4 million).

"The competitive environment remains challenging for us in all areas in the years ahead. The development of new technologies, flanked by improved productivity, forms the focus of our investments and measures. To this end, we have developed a strategy road map for the next few years that we will be rigorously implementing together," emphasized Jan von Schuckmann, CEO of centrotherm photovoltaics AG.


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