Sunways AG said Monday it slipped to a loss for the fiscal year 2011, as shift in demand in target markets as well as price declines for components of photovoltaic systems led to a nearly 50 percent drop in sales.
Moving forward, the company said the situation in the global photovoltaics markets will not be mitigated in the current year.
For the fiscal year 2011, Sunways reported a net loss of EUR 62.1 million or EUR 5.35 per share, compared to net income of EUR 9.3 million or EUR 0.80 per share last year.
The company reported sales of EUR 116.2 million, compared to EUR 222.7 million in the prior year.
Operating loss for the year was EUR 66.1 million, compared to profit of EUR 15.0 million in the previous year.
"2011 was an extremely difficult year for the entire German solar industry, a fact which is also clearly reflected in our financial statements," said MichaelWilhelm, chairman of the Management Board of Sunways AG.
"Non-recurrent expenses in the context of the transaction with the LDK Solar Group also had a negative impact on the operating result of Sunways. However, we have won a strategic investor for the future who will open up new growth prospects for our company," added Wilhelm.
Additionally, Sunways said that in the context of a capital increase resolved in December 2011, LDK Solar Germany Holding GmbH became the major individual shareholder of Sunways.
Last February, the German unit of the LDK Solar Group submitted a voluntary public takeover offer to all Sunways shareholders. Upon expiration of the acceptance period on April 12, LDK Solar Germany Holding GmbH held about 70.88 percent of the share capital. LDK Solar Co. Ltd. (LDK) is among the ten largest photovoltaic companies worldwide in terms of sales revenues.
Further, Sunways said that on June 26, 2012, its Supervisory Board approved a resolution on a transfer of the listing of the Sunways shares from the Prime Standard to the General Standard trading segment of the Frankfurt Stock Exchange.
The company said the change in trading segment serves to reduce the additional expenses in connection with a listing in the Prime Standard. Trading of the Sunways shares in the General Standard will commence on October 12, 2012.
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