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Phoenix Solar AG presents its final figures for the financial year 2011 and the first three months of 2012

  • Tumbling prices and write-downs impact revenues and results in the financial year 2011 – share in revenues of international business rises to 57.2 percent
  • Restructuring showing first signs of success in Q1/2012 – share in revenues of international business of 68.1 percent at a high level

Sulzemoos 15 May 2012 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading international photovoltaic system integrator listed in Prime Standard of the Frankfurt Stock Exchange, is today releasing its Annual Report 2011, attested by the auditor and adopted by the Supervisory Board, and its financial report on the first quarter as per 31 March 2012. Following a challenging financial year 2011, which was determined by substantial write-downs of inventories and impairment of project rights, the first signs of success from restructuring were reflected in the costs and results in the first quarter of 2012.

Final figures for the financial year 2011
In the financial year 2011, Phoenix Solar AG experienced a decline in the sale of solar modules of 18 percent to 257 MWp (2010: 313 MWp). The slump in prices, which was as much as 40 percent, caused consolidated revenues to fall disproportionately by 38.1 percent to EUR 393.5 million (2010: EUR 635.7 million). 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 (2010: EUR 164.5 million), corresponding to a share of 57.2 percent of total revenues (2010: 25.9 percent). Business outside Europe developed particularly well, rising to EUR 37.2 million (2010: EUR 2.2 million).

The Components & Systems Segment experienced a downturn in revenues of 34.6 percent to EUR 241.0 million (2010: EUR 368.5 million) and contributed 61.2 percent (2010: 58.0 percent) to consolidated revenues. The Power Plants Segment generated revenues of EUR 152.5 million (2010: EUR 267.2 million), which corresponds to a decline of 42.9 percent in a year-on-year comparison. This segment contributed 38.8 percent (2010: 42.0 percent) to total revenues.

Earnings before interest and taxes (EBIT) came to EUR –84.7 million (2010: EUR 36.4 million). The EBIT margin (ratio of EBIT to revenues) stood at –21.5 percent (2010: 5.7 percent). This result is very strongly impacted by considerable write-downs on inventories due to the extraordinarily sharp decline in solar module prices in 2011 as well as by one-off effects from the impairment of project rights. The consolidated result after tax stood at EUR –86.4 million (2010: EUR 24.1 million), which corresponds to earnings per share of EUR –11.80 (2010: EUR 3.44). The equity ratio posted 38.1 percent as per 31 December 2011 (2010: 45.5 percent).

Consolidated orders in hand amounted to EUR 119 million on 31 December 2011 (2010: EUR 158 million), the equivalent of a decline of 25 percent. The international share in the order book increased by 36 percent to EUR 118 million (2010: EUR 87 million), thus contributing 99 percent (2010: 55 percent) to total orders in hand. Adjusted for projects currently under construction, the order book came to EUR 44 million (2010: EUR 42 million).

Results of the first three months of 2012
In the first quarter of 2012, module sales climbed by 28 percent to 23 MWp (Q1/2011: 18 MWp), while revenues grew by 17.0 percent to EUR 37.9 million (Q1/2011: EUR 32.4 million). The proportion of international revenues advanced by 10.7 percent to EUR 25.8 million (Q1/2011: EUR 23.3 million), and contributed 68.1 percent (Q1/2011: 71.9 percent) to total revenues.

The Components & Systems Segment increased revenues by 13.5 percent to EUR 19.3 million (Q1/2011: EUR 17.0 million) and contributed 50.9 percent (Q1/2011: 52.5 percent) to consolidated revenues. The Power Plants Segment delivered revenues of EUR 18.6 million (Q1/2011: EUR 15.4 million), which corresponds to an increase of 20.8 percent in comparison with the year-earlier figure. This segment contributed 49.1 percent (Q1/2011: 47.5 percent) to total revenues.

At the end of the first three months, EBIT amounted to EUR –1.1 million (Q1/2011: EUR –16.9 million). The EBIT margin stood at –2.9 percent (Q1/2011: –52.2 percent). This result includes a one-off effect from the sale of 25 MW of the Kazanlak Project (Bulgaria) to Bosch Solar Energy AG. Moreover, the measures taken to lower personnel costs by 15.5 percent to EUR 6.0 million (Q1/2011: EUR 7.1 million) and other operating expenses by 26.9 percent to EUR 4.9 million (Q1/2011: EUR 6.7 million) as part of restructuring also had a positive effect on the results.

The consolidated result after tax in the first quarter amounted to EUR –1.2 million (Q1/2011: EUR –12.9 million). Earnings per share stood at EUR –0.12 (Q1/2011: EUR –1.76 million).

At the end of the first quarter, consolidated orders in hand posted EUR 113 million (Q1/2011: EUR 178 million), thereby falling 37 percent below the year-earlier figure. The international share in the order book climbed by 14 percent to EUR 108 million (Q1/2011: EUR 95 million), thus contributing 96 percent (Q1/2011: 53 percent) to total orders in hand. Adjusted for projects already under construction, orders in hand stood at EUR 35 million (Q1/2011: EUR 52 million).

“With the signing of our new syndicated loan agreement on 11 May, Phoenix Solar AG is now financed through to the end of March 2014. Alongside the restructuring measures, we can now concentrate more fully again on our operations”, stated Dr Bernd Köhler, Chief Financial Officer of Phoenix Solar AG.

As reported in its ad-hoc release on 11 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.

Annual Report and Quarterly Report
The Annual Report 2011 and the Financial Report on the first quarter of 2012 are to be released today, 15 May 2012, in electronic form and can be downloaded from our website at under the Investor Relations, Financial Reports heading.

Figures for the financial year 2011 at a glance

FY 2011

FY 2010


Sales volume





Total sales revenues

Mio. €




Components & Systems Segment

Mio. €




Power Plants Segment

Mio. €




International revenues

Mio. €





Mio. €



-121.1 Mio. €

Consolidated result

Mio. €



-110.5 Mio. €

Earnings per share



-15.24 €

Figures for the first quarter of 2012 at a glance

Q1 2012

Q1 2011


Sales volume





Total sales revenues

Mio. €




Components & Systems Segment

Mio. €




Power Plants Segment

Mio. €




International revenues

Mio. €





Mio. €



+15.8 Mio. €

Consolidated result

Mio. €



+11.7 Mio. €

Earnings per share



+1.64 €

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. The Group develops, plans, builds and operates large-scale photovoltaic plants and is a specialist wholesaler for turnkey photovoltaic power plants, solar modules and accessories. With sales operations throughout the whole of Germany and subsidiaries on three continents, the company has sold solar modules with a peak power of more than one gigawatt since it was first founded. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange.


Phoenix Solar AG
Hirschbergstraße 8
D-85254 Sulzemoos

Jutta Stolp
Tel. +49 (0) 8135 938-315
Fax +49 (0) 8135 938-399

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