Centrosolar Group AG will sell its solar glass division off, following a year of devastating financial losses. The Germany-based company has also postponed the publication of its annual report and announced the continuation of its restructuring measures.

The Munich-based photovoltaics company recorded provisional 2012 revenues of €€227 million, down 22% on the €293 million reaped in 2011, despite "slightly" increased module shipments. Of this, its solar glass operations achieved just €38.5 million on the back of increased competition, and lower market prices and volumes.

As such, Centrosolar has said it will sell the division off, meaning it will be reported as discontinued operations in the Consolidated Financial Statements. "In order to realise synergies in the latter area through the closer linking-up of the glass finishing lines to raw glass melting furnaces, it is intended to dispose of this division," said Centrosolar in a statement released.

After this adjustment, 2012 revenues totaled €188.9 million, again a loss of 19.5% on 2011’s revenues, for the relevant operations, of €234.7 million. Falling prices were blamed for the decrease. 2012 EBITDA, meanwhile, tumbled from €-10.4 million in 2011 to €-16.4 million.

Net loss consequently slipped from €16.8 million to a very negative €73.6 million. After taxes, this hit €89.4 million. Cash and cash equivalents also fell from €25.9 million in 2011, to just €18.3 million in 2012; and group equity significantly from €79.2 million to €6.1 million.

Centrosolar has postponed the publication of its annual report. However, it said that the restructuring program announced on February 19, will continue. At the time, the company said it aimed to reduce debt burden by around €90 million by reducing staff numbers, closing sales offices, deferring upper management salaries and reorganizing finances.