Phoenix Solar Aktiengesellschaft / Key word(s): Quarter Results
11.05.2011 07:31
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 presents its figures as per 31 March 2011
- Business in the quarter slower than expected
- Politics, the weather and the price trend hamper demand
Sulzemoos 11 May 2011 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading
photovoltaic system integrator listed on the TecDAX, is today presenting
its figures for the first quarter of the current financial year. Factors
influencing demand in the period under review were the winter weather in
Europe and political plans to scale back the government promotion of
photovoltaic power in a number of key European markets.
In Germany, another reduction of the feed-in tariffs by 13 percent on 1
January 2011 led to a great deal of reticence on the part of end customers
as the cuts were not fully compensated by the decline in prices. In France,
a moratorium on the approval of photovoltaic power plants with more than 3
kilowatts peak was established in December 2010 through to the start of
March. Following the boom year of 2010, the Italian photovoltaic market was
hindered by a protracted process of decision making by the Italian
regulatory authority on future promotion which brought the market to a
virtual standstill.
Consolidated revenues
As per 31 March 2011, the revenues of the Phoenix Solar Group came to EUR
32.4 million in comparison to EUR 80.4 million posted in the first quarter
of 2010 which was influenced by 'pull-in' buying effects. The Components &
Systems segment generated sales revenues of EUR 17.0 million, which
corresponds to 52.5 percent. The Power Plants segment contributed EUR 15.4
million, which is 47.5 percent, to total revenues. A proportion of 71.9
percent, or EUR 23.3 million, was generated in markets outside Germany. The
greatest contributions to these revenues came from the Components & Systems
business in France and the power plants business in Italy and Greece. The
volume of modules sold by the Group stood at 18 megawatts (MW) compared
with 37 MW in the year-earlier quarter.
EBIT and the consolidated result
Earnings before interest and taxes (EBIT) amounted to EUR
-16.9 million in the first quarter (Q1/2010: EUR 4.6 million). The result
was burdened by inventory depreciation of EUR 6.1 million, start-up costs
of around EUR 1.0 million for entry into the US market and an increase in
fixed costs as against the previous year's quarter. The EBIT margin (ratio
of EBIT to revenues) therefore came to -52.2 percent (Q1/2010: 5.7
percent). Consolidated result after tax stood at EUR -12.9 million
(Q1/2010: EUR 2.8 million). Earnings per share posted EUR -1.76 (Q1/2010:
EUR 0.42). Against the backdrop of current developments in the market, the
Executive Board has initiated a set of broad-based cost reduction measures
throughout the whole Group.
Order book
As per 31 March 2011, the Group's order book came to EUR 178 million (31
March 2010: EUR 375 million), which is an increase of around EUR 20 million
compared with year-end 2010. The reason for the high level of orders in a
quarterly comparison lies in the 'pull-in' buying effects prevailing in
Germany at this time. Orders of the Components & Systems segment came to
EUR 42 million at the end of the first quarter 2011 (31 March 2010: EUR 227
million) and to EUR 136 million in the Power Plants segment (31 March 2010:
EUR 148 million). During the reporting quarter, there was a sharp increase
in non-domestic orders to EUR 95 million, up from EUR 54 million in the
first quarter of 2010. Adjusted for power plant projects already under
construction, orders on hand stood at EUR 52 million on 31 March 2011.
Performance in the second quarter
The situation in the market improved initially only slightly in the second
quarter. Demand in Germany and Italy was also very modest in April. The new
conditions for promoting solar energy in Italy, which apply as from June
2011, were released at the start of May. Owing to the special situation in
the German market in 2010, the current quarter will not be able to match
the record year-earlier quarter in terms of both revenues and EBIT.
Global market to stagnate in 2011
Following surging growth in the global photovoltaic market in 2010, Phoenix
Solar anticipates that there will be temporary stagnation at a high level
(18 to 20 gigawatt) throughout 2011 as a whole. In the medium and
long-term, however, the sector's outlook remains positive, and the
Executive Board anticipates growth in the global market as early as 2012
onwards. Beginning in 2012, the whole photovoltaic sector expects a
decidedly positive influence to emanate from the nuclear catastrophe in
Fukushima in Japan. The Phoenix Solar Group will also benefit from this
development.
Publication of the Quarterly Report
The Quarterly Report will be published today, 11 May 2011, in electronic
form and can be downloaded from the company's website at
www.phoenixsolar-group.com under the heading Investor Relations/Financial
Reports.
This is an English translation of the German original. Only the German
version is binding.
Overview of the figures as per 31 March 2011
|[![CDATA[|[pre|]]]|]
Q1 2011 Q1 2010 Change
Sales volume MWp 18 37 -51.4 %
Total revenues EUR m 32.4 80.4 -59.7 %
Components & Systems segment EUR m 17.0 53.7 -68.3 %
Power Plants segment EUR m 15.4 26.7 -42.3 %
International revenues EUR m 23.3 7.3 +219.2 %
EBIT EUR m -16.9 4.6 -21.5 EUR m
Consolidated profit EUR m -12.9 2.8 -15.7 EUR m
Earnings per share EUR -1.76 0.42 -2.18 EUR
|[![CDATA[|[/pre|]]]|]
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
11.05.2011 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
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, Düsseldorf, Hamburg, Hannover, München (m:access),
Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Phoenix Solar Aktiengesellschaft presents its figures as per 31 March 2011
| Source: EQS Group AG