Phoenix Solar Aktiengesellschaft / Quarter Results
11.05.2010 07:02
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Phoenix Solar AG closes the first quarter of 2010 with a record result
* Consolidated revenues more than doubled to EUR 80.4 million
* EBIT rises by more than EUR 12 million
* International business picks up considerable momentum
Sulzemoos 11 May 2009 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading
photovoltaic system integrator listed on the German TecDAX, is today
releasing its consolidated financial statements as per 31 March 2010.
Best start to the year despite winter weather
'In terms of sales and earnings, this was the best quarter in the history
of the company. Our flexible business model and our sustainable corporate
strategy enables us to respond appropriately to the market situation',
commented Dr. Andreas Hänel, Chief Executive Officer of Phoenix Solar AG,
in reference to the pleasing business development. The course of business
during the reporting period was greatly affected by the political
discussion about the amendment to the German Renewable Energy Act (EEG).
The anticipated additional lowering of the feed-in tariffs at mid-year
triggered upfront buying effects in the first half-year. Despite a long
winter with heavy snowfall, the first quarter was dominated by
significantly brisker installation activities compared with a year ago.
Power plant and international business expands swiftly
In the period from 1 January to 31 March 2010, the Phoenix Solar Group
lifted total revenues by 118.5 percent to EUR 80.4 million, up from EUR
36.7 million in the first quarter of 2009. Total revenues were attributable
as follows: 66.9 percent to the Components & Systems segment and 33.1
percent to the Power Plants segment. The share of international business in
total revenues came to 9.1 percent (EUR 7.3 million) as compared with 5.4
percent (EUR 2.0 million) in the previous year's period.
Revenues of the Components & Systems segment climbed by 88.4 percent to EUR
53.7 million in the first three months of 2010 (Q1/2009: EUR 28.5 million).
The Power Plants segment generated growth of 225.6 percent, raising
revenues to EUR 26.7 million in the reporting quarter, up from EUR 8.2
million in the first quarter of 2009. Along with installation activity in
Germany, the first megawatt project was built and taken into operation in
Italy.
Great improvement in the margin situation
Earnings before interest and taxes (EBIT) grew to EUR 4.62 million in the
first quarter of 2010 as against the previous year's figure of EUR -7.44
million, which is an increase of more than EUR 12 million. The EBIT margin
(ratio of EBIT to revenues) improved greatly in the first quarter of 2010
and reached 5.8 percent (Q1/2009: -20.2 percent).
The consolidated result after tax also rose significantly in a year-on-year
comparison and came to EUR 2.8 million in the reporting period (Q1/2009:
EUR -6.0 million). Based on 6,700,700 shares, earnings per share came to
EUR 0.42 (Q1/2009: EUR -0.89).
Rising orders on hand
The orders on hand of the Group had risen by 27 percent, from EUR 296
million at the start of the year to EUR 375 million by 31 March 2010 (31
March 2009: EUR 248 million). Orders of the Components & Systems segment
came to EUR 227 million at the end of the first quarter (31 March 2009: EUR
154 million) and to EUR 148 million in the Power Plants segment (31 March
2009: EUR 94 million).
First revenues peak expected in the second quarter
The second quarter has also developed well to date. At the end of a long,
hard winter, deliveries by the Components & Systems segment rose notably.
In the Power Plants segment, all project teams are working at their
capacity limits. Owing to the additional lowering of remuneration rates for
ground-mounted plants as from 1 July 2010, the focus in this quarter is on
completing power plant projects in Germany. In addition, there are a number
of megawatt power plants under construction in Italy. In the third and
fourth quarter, the focus will be increasingly on the building of solar
power plants in international markets.
Outlook for the year as a whole
The Executive Board anticipates strong growth in revenues in 2010, a
considerable improvement in the earnings situation and a significant
increase in revenues generated by international business. As soon as the
last hurdles posed by legislative procedures in respect of an amendment to
the German Renewable Energy Act have been overcome, company planning will
be revised and reliable guidance derived.
The Quarterly Report as per 31 March 2010 is being released today, 11 May
2010, and can be downloaded from the company's website 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 system integrator. With total revenues
of EUR 473 million, the Group achieved an EBIT of EUR 12.2 million in the
financial year 2009. Phoenix Solar develops, plans, builds and takes over
the operation of large-scale photovoltaic plants and is a specialist
wholesaler for complete power plants, solar modules and accessories. The
Group is a leader in photovoltaic system technology. It focuses on the
consistent lowering of system costs. With a sales network throughout
Germany, and subsidiaries in Spain, Italy, Greece, France, Singapore, Oman
and Australia, the Group currently has a workforce of more than 300
employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on
the official market (Prime Standard) of the Frankfurt Stock Exchange and on
the TecDAX, Deutsche Börse AG's technology index.
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 management's 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.
Kontakt:
Phoenix Solar AG
Anka Leiner
Investor Relations
HirschbergstraÃe 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
11.05.2010 07:02 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Phoenix Solar Aktiengesellschaft
HirschbergstraÃe 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, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: Phoenix Solar Aktiengesellschaft closes the first quarter of 2010 with a record result
| Source: EQS Group AG