Aleo Solar Announces Fiscal Decline
aleo solar has announced that it generated revenue of EUR 222.4 million in the first nine months of 2012. This means that aleo solar's revenue decreased by 35.4 percent compared with the first nine months of 2011 (EUR 344.6 million). Earnings before interest and taxes (EBIT) came in at EUR -51.5 million (EUR 7.4 million), and the EBIT margin was -23.2 percent (2.2 percent). Earnings per share amounted to EUR -4.88 (EUR 0.37); production output rose to 258.2 megawatts (246.2 MW). aleo solar AG generated 58.7 percent of its revenue outside of Germany (53.3 percent).
"Our earnings are being depressed by weak markets, the continued erosion of prices and one-time effects," said York zu Putlitz, CEO and CFO of aleo solar AG. In response to the generally sombre business environment, aleo solar AG recognised an impairment loss on assets in the amount of EUR 12.9 million. This is compounded by a valuation allowance of EUR 11.3 million due to the decision to terminate the avim solar production Co. Ltd. joint venture.
For the remainder of the year, aleo solar AG expects demand to continue its weak trend, both for its domestic business and on the international markets. The general conditions for investment in photovoltaic systems have deteriorated in almost all core markets, with feed-in tariffs falling very drastically in some cases. As already announced in October 2012, aleo solar AG expects consolidated revenue to drop considerably to around EUR 280 million and its consolidated loss to increase further for the 2012 financial year.
