Phoenix Solar Aktiengesellschaft / Key word(s): Interim Report
10.11.2010 07:00
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Phoenix Solar AG expands its international business in the third quarter
* International business dominates revenues with a share of more than 55
percent
* As expected, domestic business weaker due to pull-in effects in the
first half-year
* Revenues achieved at the end of the third quarter almost match full year
2009 revenues; EBIT considerably higher
Sulzemoos 10 November 2010 / Phoenix Solar AG (ISIN DE000A0BVU93), a
leading photovoltaic system integrator listed on the German TecDAX, is
today presenting its Interim Report as per 30 September 2010. The main
event determining the third quarter of the current financial year was the
unscheduled reduction of between 8 and 13 percent in the feed-in tariffs
for photovoltaic electricity in Germany on 1 July 2010. In line with
expectations, domestic demand subsequently diminished in the summer months.
In the reporting quarter, Phoenix Solar concentrated first and foremost on
building up its business in European countries outside Germany. As part of
the Group's ongoing strategy of internationalisation, the US subsidiary
became operational in September, and a new office was founded in Malaysia.
International business dominates the third quarter
The reporting period from 1 July to 30 September 2010 was dominated by
international business with a share of 55.5 percent of revenues as compared
with only 7.6 percent in the year-earlier period. Of the Phoenix Solar
Group's total revenues, which came to EUR 95.3 million, EUR 52.8 million
was generated by international business (Q3/2009: EUR 6.8 million). Total
revenues rose by an overall 6.2 percent (Q3/2009: EUR 89.7 million). Total
revenues were attributable as follows: 56.5 percent to the Components &
Systems segment and 43.5 percent to the Power Plants segment. Despite the
downturn in domestic demand, Phoenix Solar increased module sales by almost
20 percent to a peak power of 47 megawatts (MWp).
The Components & Systems segment was particularly affected by the slowdown
in demand. Revenues in this segment fell by 29.4 percent to EUR 53.8
million in the third quarter (Q3/2009: EUR 76.2 million). In contrast, the
Power Plants segment tripled revenues to EUR 41.5 million (Q3/2009: EUR
13.5 million).
Consolidated earnings before interest and taxes (EBIT) climbed from EUR 3.0
million in the third quarter of 2009 to EUR 4.3 million in the reporting
quarter. The EBIT margin (ratio of EBIT to revenues) grew to 4.5 percent,
up from 3.3 percent in the previous year's quarter. After tax, consolidated
profit stood at EUR 2.3 million compared with EUR 1.0 million in the third
quarter of 2009. Earnings per share for the quarter came to EUR 0.31
(Q3/2009: EUR 0.15).
Sharp increase in EBIT at the end of nine months
Consolidated revenues came to EUR 459.3 million at the end of nine months,
which corresponds to a growth of 89.6 percent as against the year-earlier
period (Q1-3/2009: EUR 242.2 million). The Components & Systems segment
reported an increase in revenues of 72.5 percent and contributed a share of
58.4 percent to total revenues, which corresponds to EUR 268.2 million
(Q1-3/2009: 64.2 percent; EUR 155.5 million). Growth in the Power Plants
segment came to 120.4 percent. This segment's revenues stood at EUR 191.1
million at the end of nine months compared with EUR 86.7 million a year
ago; the share in total revenues came to 41.6 percent (Q1-3/2009: 35.8
percent). In the period under review, the Phoenix Solar Group's sale of
modules totalled 224 MW, which is an increase of 143 percent as against the
year-earlier period.
At the end of nine months, EBIT had climbed by EUR 35.6 million to EUR 31.2
million, up from a negative figure in the year-earlier period of EUR -4.4
million. The EBIT margin also grew to a notable 6.8 percent (Q1-3/2009:
-1.8 percent). After-tax, consolidated profit stood at EUR 21.0 million
which far exceeds the year-earlier figure of EUR -3.9 million. At the end
of the nine-month period, earnings per share stood at EUR 3.04 (30
September 2009: EUR -0.58).
Order book
As per 30 September 2010, the order book came to more than EUR 271.2
million, which is 65.7 percent higher in a year-on-year comparison (30
September 2009: EUR 163.7 million). Consolidated orders on hand are
distributed among the segments as follows: Components & Systems accounted
for EUR 64.8 million (30 September 2009: EUR 104.7 million) and Power
Plants for EUR 206.4 million (30 September 2009: EUR 59.0 million). Orders
on hand from international business in the Components & Systems segment
came to EUR 22.4 million (30 September 2009: EUR 5.0 million) and to EUR
93.7 million in the Power Plants segment (30 September 2009: EUR 7.8
million). Adjusted for power plant projects already under construction and
already capitalised, orders on hand came to EUR 147.4 million.
Performance anticipated in the fourth quarter
'Demand in the trading business has been growing since September, as
anticipated. We expect year-end business to be strong, but not to repeat
the high levels achieved in the second quarter', was Chief Executive
Officer Dr. Andreas Hänel's comment on development of business over the
remainder of the year. 'We are pleased that, by the end of the third
quarter, we had already achieved a 21.2 percent share of revenues from
international business, exceeding our 2010 target of 20 percent.'
The Quarterly Report as per 30 September 2010 is being released today, 10
November 2010, and can be downloaded from the company's website at
www.phoenixsolar.com under the heading Investor Relations, Financial
Reports.
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. With total revenues
of EUR 473 million, the Group achieved an EBIT of EUR 12.2 million in the
financial year 2009. The company develops, plans, builds and takes over the
operation of large-scale photovoltaic plants and is a specialist wholesaler
for complete power plants, solar modules and accessories. The Group is a
leader in photovoltaic system technology. It focuses on the consistent
lowering of system costs. With a sales network throughout Germany, and
subsidiaries in Spain, Italy, Greece, France, Singapore, Malaysia, Oman,
Australia and the United States of America, the Group currently has a
workforce of more than 350 employees. The shares of Phoenix Solar AG (ISIN
DE000A0BVU93) are listed on the official market (Prime Standard) of the
Frankfurt Stock Exchange and on the German TecDAX, Deutsche Börse AG's
technology index.
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
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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 Hamburg, München (m:access), Düsseldorf, Berlin,
Stuttgart, Hannover
End of Announcement DGAP News-Service
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DGAP-News: Phoenix Solar Aktiengesellschaft expands its international business in the third quarter
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