Phoenix Solar Aktiengesellschaft / Half Year Results
11.08.2010 07:02
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Phoenix Solar AG closes second quarter 2010 with a record result
* Upfront buying effects owing to cuts in feed-in tariffs result in highest
quarterly sales and revenues since the founding of the company
* Revenues rise by 145 percent to EUR 283.6 million; EBIT climbs to EUR
22.3 million
* Share of international business in revenues more than ten times higher
than in the previous year's quarter
Sulzemoos 11 August 2010 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading
photovoltaic system integrator listed on the German TecDAX, is today
releasing its Interim Report as per 30 June 2010.
Strongest quarter in terms of sales and revenues since the founding of the
company
In the second quarter of the financial year, the volume of modules sold
stood at just under 140 megawatt peak (MWp). This is an increase of 27
percent over the fourth quarter of 2009 which, up until now, was the
quarter with the highest volume in the history of the company. In a
year-on-year comparison, this growth came to just under 270 percent
(Q2/2009: 38 MWp). As a result, the revenues of the Phoenix Solar Group
totalled EUR 283.6 million, the equivalent of a 145.1 percent rise as
against the previous year's quarter (Q2/2009: EUR 115.7 million). Total
revenues were attributable as follows: 56.6 percent to the Components &
Systems segment and 43.4 percent to the Power Plants segment. The share of
international business in total revenues rose significantly to 13.2 percent
(EUR 37.3 million) as compared with 3.0 percent (EUR 3.5 million) in the
previous year's period.
The Components & Systems segment lifted revenues by 216.8 percent to EUR
160.6 million (Q2/2009: EUR 50.7 million) in the second quarter of 2010.
The Power Plants segment generated a growth of 89.2 percent, raising
revenues to EUR 123.0 million in the reporting quarter, up from EUR 65.0
million in the second quarter of 2009.
The Group's earnings before interest and taxes (EBIT) came to EUR 22.3
million in the period from 1 April to 30 June 2010 (Q2/2009: EUR 0.1
million). The EBIT margin (ratio of EBIT to revenues) improved greatly in
the reporting quarter, reaching 7.9 percent, up from 0.1 percent a year
ago.
Consolidated profit after tax came to EUR 15.9 million as compared with EUR
1.1 million in the second quarter of 2009. Earnings per share therefore
stood at EUR 2.38 (Q2/2009: EUR 0.17).
Strong contribution made in the first half-year to the revenues and EBIT
targets for the year 2010 as a whole
In the first half year of 2010, the Phoenix Solar Group achieved total
revenues of EUR 364.0 million, with module sales posting 177 MWp. This is a
growth of 138.7 percent over the first half-year of 2009 (H1/2009: EUR
152.2 million). The Components & Systems segment contributed a share of
58.9 percent, which is EUR 214.3 million (H1/2009: 52.0 percent; EUR 79.3
million), thus raising revenues by 170.2 percent in a year-on-year
comparison. At the end of the first six months, the contribution of the
Power Plants segment came to EUR 149.7 million, which is the equivalent of
a 41.1 percent share in consolidated revenues. In comparison with the
previous year's period, growth came to 104.5 percent (H1/2009: EUR 73.2
million, corresponding to 48.0 percent).
In the first half-year, EBIT rose by 34.3 million to EUR 27.0 million as
against the negative figure of EUR -7.3 million posted in the first half of
2009. The EBIT margin stood at 7.4 percent (H1/2009: -4.8 percent).
Consolidated profit came in at EUR 18.7 million after tax, which is a
significant improvement over the year-earlier figure (H1/2009: EUR -4.9
million).
'For Phoenix Solar AG to have achieved more than half of the annual
revenues forecast and more than two thirds of targeted EBIT is
unprecedented', said Dr. Andreas Hänel, Chief Executive Officer of Phoenix
Solar AG, about the performance of the company. 'We owe this development to
strong international markets and a special effect', continued Dr. Hänel. In
the first half-year of 2010, the German photovoltaic market was dominated
by upfront buying effects. The one-off reduction in feed-in tariffs for
solar electricity under the German Renewable Energies Act (EEG) from 1 July
2010 onwards caused many customers to bring their decision to buy forward.
Strong demand again triggered bottlenecks in the supply of modules and
inverters. At the same time, the international markets of France, Italy,
Spain and Greece gained considerable momentum.
Healthy order book for the second half of the year
Orders worth EUR 281.7 million had been placed by the reporting date, which
is 55.4 percent higher than on 30 June 2009 (EUR 181.3 million).
Consolidated orders on hand were distributed among the segments as follows:
Components & Systems with EUR 97.5 million (30 June 2009: EUR 95.4
million), of which EUR 29.0 million from international business; Power
Plants with EUR 184.2 million (30 June 2009: EUR 85.9 million), of which
EUR 52.2 million from international business. Adjusted for power plant
projects under construction and already capitalised, orders on hand came to
EUR 156.6 million.
Performance anticipated in the second half of the year
From 1 July onwards, domestic demand slowed as expected. As a result,
business in the third quarter of 2010 is likely to be generally much weaker
when compared with the second quarter. Despite the substantial reductions
in the feed-in tariffs during the year, there is discernible stimulus for
demand in the Components & Systems segment which presages a surge in demand
in the fourth quarter. Power plant projects in international markets,
postponed to the second half of the year due to the concentration of
capacities on domestic business, will now be commenced as planned.
The Interim Report as per 30 June 2010 is being released today, 11 August
2010, and can be downloaded from the company's website at
www.phoenixsolar.com under the heading Investor Relations, Financial
Reports.
This is an English translation of the German original. Only the German
version is binding.
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. The company 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, Australia
and the USA, 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 German 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 applies particularly to any eventual loss arising 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.
11.08.2010 07:02 Ad hoc announcement, Financial News and Press 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 Hamburg, München (m:access), Düsseldorf, Berlin,
Stuttgart, Hannover
End of News DGAP News-Service
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DGAP-News: Phoenix Solar Aktiengesellschaft closes second quarter 2010 with a record result
| Source: EQS Group AG