Consolidated Annual Report 2012 and Single-Entity ... - PVA TePla AG

4 PVA TePla AG Annual Report 2012
Foreword by the
Management Board
OF PVA TEPLA AG ON THE FISCAL YEAR 2012
Dr. Arno Knebelkamp Arnd Bohle
The conclusion of fiscal year 2012 signaled the end of an
exciting twelve months for PVA TePla in many respects.
On the basis of existing orders, the Company recorded a
positive result – albeit lying below the previous year’s level.
By contrast, incoming orders were very sluggish due to
developments in our key markets. Significant overcapacity
has developed over the past few years in certain relevant
industries, such as hard metal manufacturing and silicon
wafer production for the semiconductor industry – hightech
industries to which we supply suitable process systems.
Coupled with economic development that has failed
to meet expectations, this has led to a notable reluctance
to invest among some of our customers.
This trend has made a particular mark on the photovoltaic
industry. Major overcapacity has developed as a result of
large-scale investment in capacity expansions, predominantly
by Chinese companies. Global production capacity
of around 60 GWp was met by demand of around 30 GWp,
leading to substantial pressure being exerted on prices and
margins across the entire value chain. As a consequence,
expansion investments in this market practically came to a
complete standstill.