The year 2013 presented several challenges at PV industry such as the continued trends of decreased margins jointly with price volatility and consolidation of mature markets.
In this context, MARTIFER SOLAR accomplished strong revenue performance, posting the 2ndhighest revenues in its history (=274.7 M€). This accomplishment is due to the significant achievements in terms of track-record, where 208 MW was added to the company’s total capacity across the globe.
However, 2013 was also a year to learn, addressing some improvement areas: the U.S. EPC subsidiary of MARTIFER SOLAR filed for Chapter 11 restructuring very early in 2014, which has imposed additional impairments on the company.
The efforts in the United States subsidiary have been an additional investment for the corporation and without these specific country issues, 2013 would have presented the best profits ever of MARTIFER SOLAR.
Therefore, the Board of Martifer Solar took significant measures to improve the financial standings in the current year, via the following actions:
Fully restructure the U.S. EPC subsidiary;
Reduction of Net Debt; 30% of debt had already decreased in 2013;
Non-core assets to be sold from the balance sheet.
The backlog of 270 M€ of PV projects enables the clear path set for 2014. It regards streamlining the consolidation efforts, so MARTIFER SOLAR can become a world-class Developer and O&M; provider, determined to drive down LCoE of Solar Energy, committed to provide outstanding price-performance PV business plans that maximizes the value of our Client’s investments while risks are mitigated.
