Phoenix Solar Aktiengesellschaft

EANS-News: Phoenix Solar AG presents figures for financial year 2012

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Subtitle: Revenue growth and only minor losses planned for 2013

Annual Reports

Sulzemoos (euro adhoc) - Phoenix Solar AG presents figures for financial year
2012

    - Loss more than halved despite lower revenues
    - New strategic direction targeting growth regions in the United States and
      Asia
    - Revenue growth and only minor losses planned for 2013


Sulzemoos. 28 March 2013 / Phoenix Solar AG (ISIN DE000A0BVU93), an
international photovoltaic systems integrator listed in the Prime Standard
segment of the Frankfurt Stock Exchange, is today publishing its consolidated
financial statements for 2012 as audited by the independent auditor and adopted
by the Supervisory Board. Market conditions in the photovoltaic industry
remained difficult in financial year 2012. Despite much lower revenues, Phoenix
Solar succeeded in considerably reducing its losses thanks to the successful
restructuring of its business. The company has decided to discontinue loss-
making activities during the current financial year 2013, particularly
including the trading and project business handled from Germany. Going forward,
Phoenix Solar is to concentrate primarily on the fast-growing regions in the
United States and Asia and is forecasting slight growth again for 2013 together
with a further strong improvement in earnings.

Definitive figures for financial year 2012
Phoenix Solar AG recorded a decline of nearly 50 percent in sales of solar
modules in financial year 2012 to 130 MWp (2011: 257 MWp). Consolidated
revenues fell by a disproportionate 60.5 percent to EUR 155.4 million (2011:
EUR 393.5 million) on account of the further decline in prices for solar
modules. While domestic activities declined by 72.4 percent to EUR 46.4 million
(2011: EUR 168.5 million), international revenues fell by 51.6 percent to EUR
109.0 million (2011: EUR 225.0 million), which means that international
activities account for 70.1 percent of total revenues (2011: 57.2 percent). At
the same time, revenues generated outside of Europe rose slightly to reach EUR
39.2 million (2011: EUR 37.1 million).
The revenues recorded by the Components & Systems segment declined by 70.0
percent to EUR 72.4 million (2011: EUR 241.0 million), accounting for 46.6
percent (2011: 61.2 percent) of consolidated revenues. The Power Plants segment
generated revenues of 83.0 million EUR (2011: EUR 152.5 million), which
represents a year-on-year decline of 45.6 percent. This segment accounted for
53.4 percent (2011: 38.8 percent) of total revenues.
The operating loss (EBIT) amounted to EUR 31.8 million (2011: loss of EUR 84.7
million) with an EBIT margin (ratio of EBIT to revenues) of minus 20.5 percent
(2011: minus 21.5 percent). The consolidated loss after tax amounted to EUR
37.6 million (2011: EUR 86.4 million), corresponding to earnings per share of
minus EUR 5.10 (2011: minus EUR 11.80). The Group's equity ratio as of 31
December 2012 amounted to 18.7 percent (2011: 38.1 percent).
Consolidated orders on hand amounted to EUR 74.9 million as of 31 December 2012
(2011: EUR 119.4 million), down 37.3 percent year-on-year.
"With the new strategic direction, we have created the conditions for Phoenix
Solar to return to profitable growth. This strategy is being supported by our
banks, which have rolled over our financing for another year early with just a
few modifications. This enables us to press ahead with our international
activities, especially in our focus regions of the United States and Asia,"
comments Phoenix Solar CEO Dr. Bernd Köhler.

Outlook
Phoenix Solar expects to generate consolidated revenues of between EUR 160
million and EUR 190 million in 2013, already entailing slight growth again
compared to financial year 2012. Despite the extraordinary expenses relating to
restructuring, the company expects to record a further strong reduction of the
operating loss (EBIT) to between EUR 7 million and EUR 2 million, including
restructuring expenses, thanks to the fall in personnel expenses and lower
other operating expenses. For the following financial year 2014, Phoenix Solar
anticipates further growth of between 5 and 9 percent and a return to an
operating profit (EBIT).

Annual Report
The 2012 Annual Report is being published in electronic form today, 28 March
2013, and can be downloaded from the company website at www.phoenixsolar-
group.de under Investor Relations, Financial Reports.

At a glance: 2012 figures

|                  |        |FY 2012|FY 2011|Change     |
|Sales volume      |MWp     |130    |257    |-49.4%     |
|Consolidated      |EURm    |155.4  |393.5  |-60.5%     |
|revenues          |        |       |       |           |
|Components &      |EURm    |72.4   |241.0  |-70.0%     |
|Systems segment   |        |       |       |           |
|Power  Plants     |EURm    |83.0   |152.5  |-45.6%     |
|segment           |        |       |       |           |
|International     |EURm    |109.0  |225.0  |-51.6%     |
|revenues          |        |       |       |           |
|EBIT              |EURm    |-31.8  |-84.7  |62.5%      |
|Consolidated loss |EURm    |-37.6  |-86.4  |56.5%      |
|Earnings per share|EUR     |-5.10  |-11.80 |56.8%      |


Further inquiry note:
Dr. Joachim Fleing
Investor Relations Representative
Phoenix Solar AG
Tel.: +49 8135 938-315
email: j.fleing@phoenixsolar.de

end of announcement                               euro adhoc 
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company:     Phoenix Solar Aktiengesellschaft
             Hirschbergstraße 8
             D-85254 Sulzemoos
phone:       +49 (0)8135-938-000
FAX:         +49 (0)8135-938-099 
mail:     kontakt@phoenixsolar.de 
WWW:      http://www.phoenixsolar-group.de 
sector:      Energy
ISIN:        DE000A0BVU93
indexes:     
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
             M:access: München, regulated dealing/prime standard: Frankfurt 
language:   English
 



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