Phoenix Solar Aktiengesellschaft / Quarter Results
13.11.2008
Release of a Adhoc 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 sets another record in revenues and EBIT in the third
quarter of 2008
- Trend of revenues and EBIT above budget
- First power plant contracts for the year 2009
- Board of Directors again revises its guidance for the year upwards
Sulzemoos,13 November 2008 / Phoenix Solar AG (ISIN DE000A0BVU93), a
leading international photovoltaic systems integrator, has set another
record result at the end of the first nine months of the financial year.
Accordingly, the Board of Directors has revised its guidance upwards for
the entire financial year.
Over the period from 1 July to 30 September 2008, the Phoenix Solar Group
more than doubled its total revenues from domestic and international
business. Revenues rose from EUR 73.2 million in the third quarter of 2007
to EUR 149.3 million in the third quarter of 2008 (up 104 percent). This
sharp increase was attributable to the Power Plant segment which, with its
strong international business, achieved total revenues of EUR 80.9 million
(Q3/2007: EUR 43.9 million) and the Components & Systems segment which
contributed EUR 68.4 million (Q3/2007: EUR 29.3 million). In the third
quarter, 53 percent of revenues were generated by international business.
Earnings before interest and taxes (EBIT) soared by 85 percent to EUR 17.6
million in the third quarter of 2008, up from EUR 9.5 million in the
previous years quarter. The EBIT margin (the ratio of EBIT to sales) of
11.8 percent also reached a very high level (Q3/2007: 13.0 percent). Net
income for the period more than doubled to EUR 13.8 million, up from EUR
5.9 million in the year-earlier quarter (up 134 percent).
In the period from January to September 2008, the Groups total revenues
rose by 128 percent to EUR 301.1 million as against the previous years
figure (Q1-Q3/2007: EUR 132.0 million). Of this amount 52 percent, the
equivalent of EUR 155.5 million, was generated by business abroad
(Q1-Q3/2007: 27 percent). Compared with the previous years period,
international business thus grew by 330 percent. At the end of nine months,
the Components & Systems segment achieved an increase of 108 percent in
revenues, which advanced to EUR 137.2 million (Q1-Q3/2007: EUR 66.0
million). Revenue growth posted by the Power Plants segment came to 148
percent (Q1-Q3/2008: EUR 163.9 million; Q1-Q3/2007: EUR 66.0 million). At
the end of the nine-month period, EBIT leapt 223 percent to EUR 29.1
million (Q1-Q3/2007: EUR 9.0 million), thus already exceeding guidance to
date. The EBIT margin in the first nine months is therefore at a high level
of 9.7 percent Q1-Q3/2007: 6.8 percent). In the reporting period,
consolidated profit after tax quadrupled to EUR 21.9 million, up from EUR
5.4 million, in a year-on-year comparison. Earnings per share (EPS)
calculated on this basis posted EUR 3.27 (Q1-Q3/2007: EUR 0.89). The equity
ratio climbed from 33.2 percent to 52.1 percent as per the reporting date.
As compared with the previous years figure, orders on hand rose from EUR
134 million to EUR 275 million as per 30 September 2008. Of this amount,
EUR 199 million was contributed by the Power Plants segment and EUR 76
million by the Components & Systems segment. Adjusted for work in progress,
orders on hand came to EUR 132 million. Contracts worth EUR 34 million have
already been signed with the Power Plants segment for 2009.
Against the background of the very successful business performance, demand
in both segments and a healthy order book, the Board of Directors has again
revised its guidance for the financial year 2008 upwards, despite the
difficulty of predicting the development in the financial markets. With
total revenues now budgeted at EUR 380 million, an EBIT of around EUR 33
million is anticipated.
The Interim Report as per 30 September 2008 will be released on 13 November
2008 and can be downloaded from the company web site at
www.phoenixsolar.com under the heading Investor Relations, Financial
Reports. The figures drawn up as per 30 September 2008 were subject to a
review by the external auditor.
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.
This is an English translation of the German original. Only the German
version is binding.
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 13.11.2008
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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-Adhoc: Phoenix Solar Aktiengesellschaft sets another record in revenues and EBIT in the third
| Source: EQS Group AG