PV Crystalox Solar reported a rise in annual revenue on demand for its photovoltaic silicon wafers, used in solar panels.
The group achieved revenue of €71.4m in the year ended December 31st 2013, up from €46.3m the previous year. Wafer shipments and the trading of surplus polysilicon were 54% higher than 2012, while market prices of wafers continues to recover.
It helped the company swing from a loss of €30.7m to an earnings before tax on continuing operations of €6.6m.
Net cash from operating activities on continuing operations came to €4.4m, compared to €77.3m a year earlier, reflecting the return to shareholders of €36.3m, and the payment made to the management buy-in team at Bitterfeld of €12.3m for the disposal of its polysilicon production facility.
The firm ended the year with net cash €39.2m, down from €89.4m in 2012.
Chairman John Sleeman said: “The board continues to believe that our cash conservation strategy is the necessary response to current market conditions, enabling us to protect shareholder value whilst preserving the group’s core production capabilities.
“The board remains committed to the solar industry and believes that the medium term outlook for solar installations remains positive.”