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SolarWorld suffers massive 2011 loss

22 Mar 2012

SolarWorld has suffered a massive decline in its company earnings over 2011 recording a loss of €299.3m, down from a positive €87.3m in 2010.

The company’s CEO Ing Asbeck said the drop could be attributed to macro conditions in the solar market.

‘The year 2011 was difficult for the solar industry and, for SolarWorld, an unsatisfactory one. Our 2011 earnings were affected primarily by global excess capacities and the tremendous decline in prices that ensued.

‘In addition, we were confronted by the insecure conditions of the regulatory framework and economies in our core markets, in general.’

However, the company remains hopeful that profits will begin to rise from its activities in the small- and mid-sized roof-integrated systems sector in its home markets of Germany and the US.

Asbeck blames falling market prices on the recent controversy surrounding Chinese solar power products. ‘China’s dumping prices for modules and its illegal subsidies are to blame for the massive decline in prices,’ he said.

Once a final decision in the US has been made on anti-subsidy duties on Chinese solar products – expected in May – SolarWorld is confident of bucking its 2011 downward trend.

Asbeck added, ‘We are confident that we can restore the conditions of fair competition in this manner.’

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