Results of 2014 and Outlook

Sulzemoos, March 26th 2015 / Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator listed in the Prime Standard of the Frankfurt Stock Exchange, recorded consolidated revenues of EUR 33.8 million in its 2014 financial year (2013: EUR 141.2 million). Operating earnings (EBIT) amounted to EUR -4.6 million (2013: EUR -1.4 million). The decline in revenues and earnings compared to the 2013 financial year was already anticipated in the course of 2014. The company attributed last year’s shortfall to delays in new orders which were pushed into 2015. The complete 2014 financial statements of the Group will be published on March 31st, 2015 as planned.

Since the start of 2015, Phoenix Solar has been awarded a number of contracts for the engineering and construction of utility-scale photovoltaic power plants - in particular in the USA as a core market - totaling over 50 MWp. One of these orders for a project of greater than 25 MWp was finalized tonight. Also signed were a greenfield installation of approx. 22 MWp for a globally active project developer as well as a 5.8 MWp power plant for the University of Illinois.

The order book position net of invoiced orders now stands at approximately 80 MWp. Against this backdrop, Phoenix Solar expects consolidated revenues in the range of EUR 140 to 160 million ($US 150 to 170 million)*) and a return to positive earnings before interest and taxes (EBIT) in 2015.

*) 2015 Projected Revenues in $US are given as rough guidance only in view of currency exchange rate differences.
Source: www.oanda.com, EUR 1.00 = USD 1.07031 as of March 20th, 2015

Phoenix Solar AG
Hirschbergstr. 4
85254 Sulzemoos
ISIN DE000A0BVU93, WKN A0BVU9.
Stock exchanges: XETRA, Frankfurt am Main (Prime Standard), Munich (M:access), Stuttgart, Berlin, Düsseldorf, Hamburg, Hanover
Contact
Dr. Joachim Fleïng
Tel.: +49 (0)8135 938315+49 (0)8135 938315
[email protected]
About Phoenix Solar AG
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is an international photovoltaic system integrator. The Group develops, plans, builds and operates large-scale photovoltaic plants and is a specialist wholesaler for turnkey power plants, solar modules and accessories. With subsidiaries on three continents, the company has sold solar modules with an output of significantly more than one gigawatt since its founding. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange. www.phoenixsolar-group.com.

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.