But while Sunways’ 2011 turnover of €115.4m ($152.6m) represents its worst performance in years, the company’s share price remained on an even keel, as the takeover bid launched by China’s LDK Solar in late December appears on the cusp of completion.

Sunways says its fourth-quarter operating loss is “expected to approximate” to the €11.8m deficit it swallowed in the third quarter.