Solarpraxis AG 2011 still on track for success
Annual surplus EUR 1.1 million / Company very well positioned / Market environment remains uncertain
Solarpraxis AG, the international knowledge service provider for the solar industry, posted sales growth, stable profit and high cash and cash equivalents for 2011, despite the uncertain market environment. Equity was strengthened further with the equity ratio reaching almost 69%.
Sales increased in 2011 by 18% year-over-year to almost EUR 7 million. Growth was greatest for the biggest division Publishing. Conferences also managed to post significant growth and expand international business in Europe as well as in new markets in Asia and the Middle East. The Engineering division managed to defend its market position at a high level.
Solarpraxis AG generated an annual surplus of more than EUR 1.1 million. As the balance-sheet loss was significantly further reduced, the company's equity increased to EUR 2.6 million. With total assets of EUR 3.8 million, the equity ratio now stands at around 69%. The company has practically no bank liabilities.
"Irrespective of the zigzag political course taken in individual countries, solar energy will remain a driving force in the change in energy policy, both in Germany and worldwide, and will also play a key role in the battle against climate change," Board Chairman Karl-Heinz Remmers stresses. "We provide the entire industry with good arguments and platforms to push forward with the expansion of photovoltaic technology and therefore see ourselves well positioned for the difficult phase in the development of the sector."
Und CFO Oliver Ludwigs adds: "The solid balance sheet also provides a solid foundation to pull through stormy times. We will continue to push forward with consistent claims management and maintain focus on internal process efficiency."
Framework conditions in 2012 will be extremely difficult. Further reductions to feed-in tariffs for photovoltaic systems in Germany have resulted in much weaker market performance. Insolvencies among customers to solar companies are certain to impact on business by Solarpraxis AG. The company will face this possible impairment on the domestic market by continuing and intensifying efforts to internationalise business with the strategy began in 2010.
Balance sheet and notes to Annual Report 2011 will be published shortly on the electronic Federal Gazette. The full Annual Report 2011 for Solarpraxis AG is expected to be available on June 18, 2012.
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