DGAP-News: Phoenix Solar AG presents its final figures for the financial year 2011 and the first three months of 2012
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Phoenix Solar AG presents its final figures for the financial year
2011 and the first three months of 2012
15.05.2012 / 07:36
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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.
Outlook
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 www.phoenixsolar-group.com under the
Investor Relations, Financial Reports heading.
Figures for the financial year 2011 at a glance
FY 2011 FY 2010 ChangeFigures for the first quarter of 2012 at a glance
Sales volume MWp 257 313 -17.9%
Total sales revenues EUR 393.5 635.7 -38.1%
million
Components&Systems EUR 241.0 368.5 -34.6%
Segment million
Power Plants Segment EUR 152.5 267.2 -42.9%
million
International revenues EUR 225.0 164.5 +36.8%
million
EBIT EUR -84.7 36.4 EUR -121.1
million million
Consolidated result EUR -86.4 24.1 EUR -110.5
million million
Earnings per share EUR -11.8 3.44 EUR -15.24
Q1 2012 Q1 2011 ChangeThis is an English translation of the German original. Only the German
Sales volume MWp 23 18 +27.8%
Total sales revenues EUR million 37.9 32.4 +17.0%
Components&Systems EUR million 19.3 17.0 +13.5%
Segment
Power Plants Segment EUR million 18.6 15.4 +20.8%
International revenues EUR million 25.8 23.3 +10.7%
EBIT EUR million -1.1 -16.9 EUR +15.8
million
Consolidated result EUR million -1.2 -12.9 EUR +11.7
million
Earnings per share EUR -0.12 -1.76 EUR +1.64
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.
www.phoenixsolar-group.com
Contact:
Phoenix Solar AG
Jutta Stolp
Hirschbergstrasse 8
85254 Sulzemoos
Germany
Tel.: +49 (0)8135 938-315
Fax: +49 (0)8135 938-399
j.stolp(at)phoenixsolar.de
www.phoenixsolar-group.com
Local Court of Munich HRB 129117
Ust-ID Nr. DE 812868419
Board of Directors: Dr. Andreas Hänel (CEO), Dr. Bernd Köhler, Dr. Murray
Cameron
Head of Supervisory Board:
J. Michael Fischl
End of Corporate News
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Language: English
Company: Phoenix Solar Aktiengesellschaft
Hirschbergstraße 8
85254 Sulzemoos
Germany
Phone: +49 (0)8135-938-000
Fax: +49 (0)8135-938-099
E-mail: kontakt(at)phoenixsolar.de
Internet: www.phoenixsolar-group.de
ISIN: DE000A0BVU93
WKN: A0BVU9
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München (m:access), Stuttgart
End of News DGAP News-Service
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