centrotherm photovoltaics AG: scope for financial maneuver restricted
Due to the continued poor market environment, and the resultant strained financing situation, merchandise credit insurance companies have today informed centrotherm photovoltaics AG that they will no longer insure merchandise deliveries to the centrotherm photovoltaics Group. Based on this information, the Management Board anticipates a negative liquidity effect in a low double-digit amount in millions of euros.
In coordination with its banks, centrotherm photovoltaics AG has mandated a renowned management consultancy company to prepare a reorganization report that is to form the basis for further discussions with banks to secure the Group's financing. Until further notice, open credit and guarantee lines can no longer be utilized given current financing discussions with banks.
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About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is a globally leading technology and equipment provider for the photovoltaics sector. The company equips well-known solar companies and new sector entrants with turnkey production lines and single equipment to manufacture silicon, and crystalline solar cells and modules. As a consequence, the Group possesses a broad and well-founded technological basis, as well as key equipment at practically all steps of the photovoltaics value chain. centrotherm photovoltaics guarantees its customers important performance parameters such as production capacity, efficiencies, and completion deadlines. The Group employed around 1,900 staff as of the December 31, 2011 reporting date, and operates globally in Europe, Asia and the USA. centrotherm photovoltaics achieved revenue in the 2011 financial year of around EUR 700 million. The company is listed in the Prime Standard on the Frankfurt Stock Exchange.
centrotherm photovoltaics AG
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities Exchange
Corporate domicile: Germany
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
Dr. Torsten Knödler
Manager Public Relations
Tel: +49 7344 918-8898