PV CRYSTALOX SOLAR PLC (PVCS)

PV Crystallox Solar (PVCS) has had a difficult few years because of the decline in the prices of solar chips, mainly because of over production in China. Although the company had strong cash balances it has had to significantly restructure and downsize of late because solar wafer manufacturers simply could not sell their products at a profits (the cost of the raw materials and production exceeded what they could sell their products for in the global market place, ignoring the overhead ...

As shareholders in PV Crystalox Solar (PVCS) will no doubt be aware, the business of this company has been devastated by the collapse in the open market price of solar wafers. As a result the company has incurred heavy losses in the last two years (€122m last year alone) and has been rapidly downsizing. The share price has collapsed from about 100p in early 2009 to about 12p today, only slightly perking up of late on the announcement of a return ...

PV Crystalox Solar is a supplier to the world’s photovoltaic companies, producing multicrystalline silicon wafers for use in solar electricity systems with over 20 years manufacturing experience. This year’s figures are indicative of the industry as a whole - a small profit of €4.1m before exceptional items but after write-downs and provisions the company shows a EBIT loss of €67.5m (2010 profit of €33.3m). I attended the Annual General Meeting of the company today (24th May) in London with 15 or so ...