Phoenix Solar Reports Increase in Revenue While Net Profit Declines in 2009

Phoenix Solar AG, a leading photovoltaic system integrator listed on the TecDAX, published preliminary figures for the 2009 financial year. The company generated consolidated revenues of EUR 473.0 million, up 70.5 million compared with 2008. 

The fourth quarter alone contributed almost 50% and delivered the best revenue performance in the history of the company. The total result for 2009 corresponds to the upper range of the corridor forecast for revenues (EUR 430 – 480 million).

Also in line with guidance EBIT fell from EUR 33.8 to 12.2 million. Preliminary consolidated profit after tax declined 63.7% from EUR 23.7 million in 2008 to EUR 8.6 million in the period under review. Earnings per share came to EUR 1.28 (2008: EUR 3.63).

“Our flexible business model, which is built on our two segments of Components & Systems and Power Plants, enabled us to respond to the difficult situation in the market and to win additional market share. Phoenix Solar AG ranks among the few solar companies in Germany which not only boosted revenues but also succeeded in closing the year profitably“, said Dr. Andreas Hänel, Chief Executive Officer of Phoenix Solar AG.

2009 was characterized by disappointing international markets in which the Phoenix Solar Group generated revenue of EUR 27.6 million, respectively 5.8 percent of its total revenue (2008: EUR 159.7 million; 39.7 percent). Additionally, a sharp downturn in selling prices of photovoltaic systems led to declining margins.

Phoenix considers its order situation for the first half of 2010 to be excellent. The Board of Directors anticipate strong growth in module sales, an increase in revenues and an improvement in the earnings position, with a significantly higher share of international business. The press release points out that exact guidance on revenues and earnings in the financial year 2010 can only be given when the final outcome of political discussions on the amendment of the German Renewable Energies Act becomes known.

According to Frankfurter Allgemeine Zeitung, Phoenix wants to expand its product range with bigger solar plants. A 20 MW plants would presumably be erected in the second half of 2009 in Bulgaria. Orders for two to three 10 to 20 MW plants to be built in Germany in 2010 were near completion. With the new projects Phoenix Solar wanted to absorb a possible degression of solar feed-in tariffs, Frankfurter Allgemeine said.

Source: Phoenix Solar, Frankfurter Allgemeine Zeitung, 10 March 2010, page 16

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