Phoenix Solar Aktiengesellschaft / Half Year Results
14.08.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Phoenix Solar AG presents its Half-yearly Report
- Total revenues of EUR 151.8 million
- EBIT of EUR 11.5 million
- Strong demand also expected in the second half of the year
Sulzemoos / 14 August 2008 / Phoenix Solar AG (ISIN DE000A0BVU93), a
leading international photovoltaic systems integrator, is today releasing
its consolidated Half-yearly Report as per 30 June 2008. High growth rates
were achieved in sales and earnings in the first six months of the current
financial year.
In the period from 1 April to 30 June 2008, the Phoenix Solar Group
increased total revenues substantially, both in its domestic and
international business, to EUR 110.2 million, which is an increase of 152
percent (Q2/2007: EUR 43.8 million). Sales are divided between the
Components & Systems and Power Plants segments which posted EUR 43.7
million (Q2/2007: 25.4 million) and EUR 66.5 million (Q2/2007: EUR 18.4
million) respectively. 64 percent of the revenues were generated by
international business. Earnings before interest and taxes (EBIT) soared by
1,064 percent to EUR 11.17 million, up from EUR 0.96 million, as against
the second quarter of 2007. The EBIT margin (the ratio of EBIT to sales) of
10.1 percent was the highest ever posted in a second quarter (Q2/2007: 2.2
percent).
In the first half-year of 2008, the Groups total revenues rose by 158
percent to EUR 151.8 million as against the previous years figure
(H1/2007: EUR 58.8 million). Of this amount, almost 51 percent, or EUR 76.7
million, were attributable to revenues generated by international business
(H1/2007: 23 percent), which represents a growth of 472 percent as against
the previous years period (H1/2007: EUR 13.4 million). In the first six
months, the Components & Systems segment generated sales of EUR 68.8
million (H1/2007: EUR 36.8 million), and the Power Plant segment EUR 83.0
million (1H/2007: EUR 22.0 million). EBIT jumped to EUR 11.53 million in
the first half-year (H1/2007: EUR
-0.52 million). The EBIT margin stood at 7.6 percent in the first half year
(H1/2007: -0.9 percent), thus settling at a very high level. Consolidated
profit after tax also improved considerably, climbing from EUR -0.5 million
on 30 June 2007 to EUR 8.1 million on 30 June 2008. Earnings per share
(EPS) calculated on this basis posted EUR 1.27 (H1/2007: EUR -0.09). The
equity ratio advanced from 38.2 percent to 41.4 percent as per the
reporting date.
Business was buoyed by the excellent level of orders in the Spanish market.
The markets in Italy and Greece also made greater contributions to
international sales in the first half of 2008 than in the previous years
period. Owing to new legislation not yet passed in Spain on feed-in tariffs
and compensation for photovoltaic electricity, the Board of Directors is
expecting the market to slow in the Iberian Peninsula. By contrast, demand
in the German market is expected to be strong in the third and fourth
quarter of 2008. In the second half of 2008, construction work on two power
plant projects is also scheduled to commence in Italy.
The Group is starting the second half-year with orders on hand of EUR 230
million as per 30 June 2008, which is more than double that of the previous
years period (30 June 2007: EUR 111 million). Of the orders on hand, EUR
92 million is attributable to the Components & Systems segment and EUR 138
million to the Power Plants segment. Orders on hand from international
business came to EUR 121 million.
The Half-yearly Report can be downloaded from the company web site at
www.phoenixsolar.com under the heading Investor Relations, Financial
Reports.
About Phoenix Solar AG
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a
leading international photovoltaic systems integrator. Until June 2007, the
company, which was set up in 1999, went by the name of Phönix SonnenStrom
AG. With total revenues of EUR 260 million, the Group's EBIT came to EUR
22.3 million in the financial year 2007. The Phoenix Solar Group
anticipates sales of EUR 370 million, generated in Germany and abroad, for
the financial year 2008. Phoenix Solar AG develops, plans, builds and
operates large photovoltaic plants and is a specialist wholesaler for
complete power plants, solar modules and accessories. The Group is a leader
in photovoltaic systems technology. It focuses on the consistent lowering
of system costs. With a sales network which covers the whole of Germany and
subsidiaries in Spain, Italy, Greece, Singapore and Australia, the Group
currently has a workforce of more than 180 employees. The shares of Phoenix
Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime
Standard) of the Frankfurt Stock Exchange. On 25 March 2008, the shares of
the company were admitted to the TecDAX technology index of Deutsche Börse
AG.
Disclaimer
The content of this press release is solely for information purposes and is
not intended to constitute a recommendation for investment or a
solicitation to subscribe or an offer to buy or sell securities of the
company. Phoenix Solar AG shall undertake no liability whatsoever for any
loss in connection with this press release or the information made
available. This also applies particularly to any eventual loss in
connection with the shares of Phoenix Solar AG.
This document contains forward-looking statements on future developments
which are based on managements current assessment. Words such as
'anticipate', 'assume', 'believe', 'estimate', 'expect', 'intend',
'can/could', 'plan', 'project', 'forecast', 'should', and similar terms are
indicative of such forward-looking statements. Such statements are subject
to certain risks and uncertainties which are mainly outside the sphere of
influence of Phoenix Solar AG, but which have an impact on the business
activities, the success, the business strategy and the results. These risks
and factors of uncertainty include, for instance, climatic change, changes
in the state subsidisation of photovoltaics, the introduction of competitor
products or technologies of other companies, the development of the planned
internationalisation of business activities, fierce competition as well as
rapid technological change in the photovoltaic market. If one of these or
other factors of uncertainty or risks should occur, or if the assumptions
underlying the statements should prove incorrect, the actual results may
diverge substantially from the results in these statements or implicit
indications. Phoenix Solar AG does not have the intention nor will it
undertake any obligation to realise forward-looking statements on an
ongoing basis or at a later point in time as this is entirely dependent on
circumstances prevailing on the day of their release.
In some countries, especially in the United States of America, the
dissemination of this press release and the information contained therein
may be restricted or prohibited under the law. This press release is
therefore expressly not intended for persons resident in the United States
of America or any other legal system under which such an offer or
solicitation is not permissible, or for persons for whom such an offer or
invitation would constitute a breach of the law.
Contact:
Phoenix Solar AG
Anka Leiner
Investor Relations
Hirschbergstraße 8
D-85254 Sulzemoos
Tel. +49 (0) 8135 938-315
Fax: +49 (0) 8135 938-399
a.leiner@phoenixsolar.de
www.phoenixsolar.de
Amtsgericht München HRB 129117
Ust-ID Nr. DE 812868419
DGAP 14.08.2008
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Language: English
Issuer: Phoenix Solar Aktiengesellschaft
Hirschbergstraße 8
85254 Sulzemoos
Deutschland
Phone: +49 (0)8135-938-000
Fax: +49 (0)8135-938-099
E-mail: kontakt@phoenixsolar.de
Internet: http://www.phoenixsolar.de
ISIN: DE000A0BVU93
WKN: A0BVU9
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: Phoenix Solar Aktiengesellschaft presents its Half-yearly Report
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