Phoenix Solar Aktiengesellschaft / Key word(s): Miscellaneous
11.05.2012 13:13
Dissemination of an Ad hoc announcement according to § 15 WpHG, 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: financing negotiations successfully concluded
- Financing volume totalling EUR 132 million agreed with the syndicate
banks with a term covering the period through to the end of March 2014
- Tumbling prices and write-downs impact revenues and results in the
financial year 2011
- Outlook for the current and the next financial year
Sulzemoos 11 May 2012 / Phoenix Solar AG (ISIN DE000A0BVU93, Prime Standard
of the Frankfurt Stock Exchange) has successfully concluded negotiations on
a new financing package with a volume totalling EUR 132 million and a term
through to the end of March 2014. The centrepiece is a new syndicated loan
agreement signed today consisting of cash and guarantee facilities of a
total volume of around EUR 100 million with the existing banking syndicate
under the lead management of BayernLB.
In the financial year 2011, Phoenix Solar AG experienced a downturn in
revenues of 38.1 percent to EUR 393.5 million (2010: EUR 635.7 million)
according to the preliminary figures. Whereas domestic business declined by
64.2 percent to EUR 168.5 million, international revenues rose by 36.8
percent to EUR 225.0 million, corresponding to a share of 57.2 percent of
total revenues (2010: 25.9 percent). Earnings before interest and taxes
(EBIT) came to EUR -84.7 million (2010: EUR 36.4 million). This figure is
very strongly impacted by considerable write-downs on inventories due to
the extraordinarily sharp decline in prices in 2011 as well as by one-off
effects from the impairment of project rights.
The Annual Report 2011 and the Interim Report on the first quarter of 2012
will be published on 15 May 2012.
Phoenix Solar AG has budgeted for consolidated revenues of between EUR 210
and 240 million and an EBIT of between EUR -25 and -19 million in the
financial year 2012. This result is impacted by special items from
restructuring and refinancing as well as ongoing costs incurred, for
instance by the reduction in personnel capacities. The Executive Board
anticipates a return to rising revenues in the region of EUR 280 to 310
million and an EBIT of EUR -5 to 0 million in the financial year 2013.
Given that the market environment in Germany as the leading market is
expected to deteriorate further, the company will continue to forge ahead
with the process of internationalisation. It will be focusing particularly
on the regions of Asia and North America.
This is an English translation of the German original. Only the German
version is binding.
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.
11.05.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Phoenix Solar Aktiengesellschaft
HirschbergstraÃe 8
85254 Sulzemoos
Germany
Phone: +49 (0)8135-938-000
Fax: +49 (0)8135-938-099
E-mail: kontakt@phoenixsolar.de
Internet: www.phoenixsolar-group.de
ISIN: DE000A0BVU93
WKN: A0BVU9
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Hannover, München (m:access),
Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Phoenix Solar Aktiengesellschaft: financing negotiations successfully concluded
| Source: EQS Group AG