for the year ended 31 December 2012
2012 2011
Note EUR'000 EUR'000
---------------------------------------------- ----- --------- --------
Earnings before taxes (110,794) (67,085)
Adjustments for:
Net interest income 6 695 (451)
Depreciation and amortisation 15,16 16,834 16,107
Impairment charge 15,16 82,604 27,874
Inventory writedown 12 41,507 22,866
Charge for retirement benefit obligation
and share based payments 27,29 435 19
Increase in provisions 22 35,581 18,910
Derecognition of grants and subsidies 5,812 -
Loss from the disposal of property, plant
and equipment and intangibles 114 249
Losses in foreign currency exchange 500 2,784
Change in deferred grants and subsidies (9,026) (2,862)
---------------------------------------------- ----- --------- --------
64,262 18,411
---------------------------------------------- ----- --------- --------
Changes in working capital
Increase in inventories 12 (33,176) (19,117)
Decrease in accounts receivables 11,13 21,946 26,734
Decrease in accounts payables and deferred
income 20,21 (21,087) (17,088)
Decrease in other assets 17 25,278 976
Decrease in other liabilities 25 (222) (151)
---------------------------------------------- ----- --------- --------
57,001 9,765
---------------------------------------------- ----- --------- --------
Income taxes received /(paid) 14 9,248 (9,063)
Interest received 820 855
---------------------------------------------- ----- --------- --------
Net cash from operating activities 67,069 1,557
---------------------------------------------- ----- --------- --------
Cash flow from investing activities
Proceeds from sale of property, plant
and equipment 25 60
Proceeds from investment grants and subsidies 23 4 1,097
Payments to acquire property, plant and
equipment and intangibles 15,16 (1,286) (21,867)
---------------------------------------------- ----- --------- --------
Net cash used in investing activities (1,257) (20,710)
---------------------------------------------- ----- --------- --------
Cash flow from financing activities
Repayment of bank and other borrowings 19 (43,350) (3,101)
Dividends paid 35 - (8,120)
Interest paid 6 (190) (404)
Net cash used in financing activities (43,540) (11,625)
---------------------------------------------- ----- --------- --------
Net change in cash and cash equivalents
available 22,272 (30,778)
Effects of foreign exchange rate changes
on cash and cash equivalents 744 1,142
---------------------------------------------- ----- --------- --------
Cash and cash equivalents at beginning
of the year 71,664 101,300
---------------------------------------------- ----- --------- --------
Cash and cash equivalents at end of the
year 94,680 71,664
---------------------------------------------- ----- --------- --------
The accompanying notes form an integral part of these financial
statements.
Consolidated financial statements:
Notes to the consolidated financial statements
For the year ended 31 December 2012
1. Group accounting policies
Basis of preparation
The Consolidated Financial Statements of the Group have been
prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the European Union, IFRIC
interpretations and the Companies Act 2006 applicable to companies
reporting under IFRS. The financial information has also been
prepared under the historical cost convention except that it has
been modified to include certain financial assets and liabilities
(including derivatives) at their fair value through profit and
loss.
PV Crystalox Solar PLC is incorporated and domiciled in the
United Kingdom.
The Company is listed on the London Stock Exchange.
The financial statements for the year ended 31 December 2012
were approved by the Board of Directors on 20 March 2013.
Functional and presentational currency
Items included in the financial statements of each of the
group's entities are measured using the currency of the primary
economic environment in which the entity operates (the "functional
currency"). The functional currency of the parent company is
Sterling. The financial information has been presented in Euros,
which is the Group's presentational currency. The Euro has been
selected as the Group's presentational currency as this is the
currency used in its significant contracts. The financial
statements are presented in round thousands.
Foreign currency translation
Transactions in foreign currencies are translated into the
functional currency of the respective entity at the foreign
exchange rate ruling at the date of the transactions. Monetary
assets and liabilities denominated in foreign currencies at the
balance sheet date are translated to the functional currency at the
foreign exchange rate ruling at that date. Non-monetary assets and
liabilities that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate at the date
of the transaction. Non-monetary assets and liabilities that are
stated at fair value are translated to the functional currency at
foreign exchange rates ruling at the date the fair value was
determined. Exchange gains and losses on monetary items are charged
to EBIT.
The assets and liabilities of foreign operations are translated
to Euros at foreign exchange rates ruling at the balance sheet
date. The income and expenses of foreign operations are translated
into Euros at the average foreign exchange rates of the year that
the transactions occurred in. In the Consolidated Financial
Statements exchange rate differences arising on consolidation of
the net investments in subsidiaries are recognised in other
comprehensive income under "Currency translation adjustment".
Use of estimates and judgements - overview
The preparation of financial statements in conformity with
adopted IFRS requires management to make judgements and estimates
that affect the application of policies and reported amounts of
assets, liabilities, income, expenses and contingent liabilities.
Estimates and assumptions mainly relate to the useful life of
non--current assets, the discounted cash flows used in impairment
testing, the establishing of provisions for onerous contracts,
taxes, share-based payment and inventory valuations. Estimates are
based on historical experience and other assumptions that are
considered reasonable under the circumstances. Actual values may
vary from the estimates. The estimates and the assumptions are
under continuous review with particular attention paid to the life
of material plant.
Critical accounting and valuation policies and methods are those
that are both most important to the depiction of the Group's
financial position, results of operations and cash flows and that
require the application of subjective and complex judgements, often
as a result of the need to make estimates about the effects of
matters that are inherently uncertain and may change in subsequent
years. The critical accounting policies that the Group discloses
will not necessarily result in material changes to our financial
statements in any given year but rather contain a potential for
material change. The main accounting and valuation policies used by
the Group are outlined in the following notes. While not all of the
significant accounting policies require subjective or complex
judgements, the Group considers that the following accounting
policies should be considered critical accounting policies.
Use of estimates - property, plant and equipment impairment
Property, plant and equipment are depreciated over their
estimated useful lives. The estimated useful lives are based on
estimates of the period during which the assets will generate
revenue. The carrying amount of the Group's non-financial assets,
other than inventories and deferred tax assets, are subject to
regular impairment testing and are reviewed annually and upon
indication of impairment. Having considered the impairment
indicators relating to the assets of PV Crystalox Solar Silicon
GmbH, a detailed review has been performed.
Following the announcement on 13 December 2012 that the Group
will discontinue its polysilicon production facility, the plant has
therefore been written down to scrap value.
Having considered the current and, lack of certainty of, future
profitability of other Group companies, the majority of all other
property, plant and equipment has also been written down to scrap
value.
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