DGAP-News: Phoenix Solar AG announces Q1 2013 results
(firmenpresse) - DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Quarter
Results
Phoenix Solar AG announces Q1 2013 results
08.05.2013 / 09:01
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Phoenix Solar AG announces Q1 2013 results
- 2013 revenue and earnings forecast confirmed
- Charges from repositioning completely incurred in Q1
Sulzemoos, 8 May 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 report on
the first three months of its 2013 financial year. The revenue and profit
trend is in line with expectations. In the first quarter of 2013, Phoenix
Solar AG's business was impacted primarily by the discontinuation of the
trading and project activities in Germany. The Group will will lay enhanced
focus on the strongly growing regions of Asia and the USA.
Performance in the first quarter
Phoenix Solar generated EUR 30.6 million of consolidated revenue in the
first three months of 2013, a 19.4 percent decline compared with the first
quarter of 2012 when it reported EUR 37.9 million. Of these revenues,
domestic business accounted for 37.8 percent (Q1/2012: 31.9 percent), while
international markets contributed 62.2 percent (Q1/2012: 68.1 percent). The
international subsidiaries delivered a share of 57.1 percent (Q1/2012: 42.7
percent) to consolidated revenues. The - relatively spoken - stronger
development of domestic business is mainly attributable to work performed
on power plant projects commissioned before the decisions on the strategic
realignment were taken.
The Components&Systems segment achieved revenues of EUR 16.0 million in
the first quarter of 2013 (Q1/2012: EUR 19.3 million), down 17.1 percent in
a year-on-year comparison. The Power Plants segment delivered revenues of
EUR 14.6 million (Q1/2012: EUR 18.6 million), reflecting a decrease of 21.5
percent. In relation to total revenues in the quarter, the Components&Systems segment therefore accounted for 52.3 percent (Q1/2012: 50.9
percent) and the Power Plants segment for 47.7 percent (Q1/2012: 49.1
percent).
The Group incurred a loss before interest and tax (EBIT) of EUR -4.2
million in the first quarter (Q1 2012: EUR -1.1 million). This amount
comprises provisions of EUR 1.9 million earmarked for severance payments in
connection with the reduction of personnel necessitated by the
discontinuation of the trading and project business in Germany. The
expected charges from the repositioning of the business in Germany have
consequently been fully absorbed in the first quarter. The EBIT margin
(ratio of EBIT to revenues) stood at -13.9 percent (Q1 previous year: -2.8
percent). In the first quarter of 2012, EBIT was significantly positively
affected by an extraordinary item arising from a project in Bulgaria.
After tax, the Group incurred a net loss of EUR -5.8 million in the first
quarter of 2013 (Q1/2012: EUR -1.2 million). Calculated on an average
number of 7,372,700 shares, basic earnings per share stood at
EUR -0.82 (Q1/2012: EUR -0.12 million).
Order book position at the end of the first quarter
Consolidated orders on hand stood at approx. EUR 70 million at the end of
the first quarter (31 March 2012: EUR 113 million) - a year-on-year fall of
EUR 43 million or -38 percent. The export share of the order book position
amounted to approx. EUR 63 million (Q1 previous year: EUR 108 million),
contributing 90 percent to the total orders on hand (Q1 previous year: 96
percent).
Dr. Bernd Köhler, CEO of Phoenix Solar AG, commented: 'We note that almost
all subsidiaries are developing as expected, or better. This prompts us to
confirm our forecast for the 2013 financial year: we continue to anticipate
revenues of between EUR 160 million and EUR 190 million, and a further
reduction in the operating loss (EBIT) to a range between EUR 7 million and
EUR 2 million, after restructuring expenses.'
Report on the first quarter of 2013
The report on the first quarter of 2013 is published today, 8 May 2013, in
electronic form, and can be downloaded from the company's website at
www.phoenixsolar-group.de under the heading of Investor Relations,
Financial Reports.
Figures at a glance: as of 31 March 2013
3M 2013 3M 2012 ChangeAbout Phoenix Solar AG
Sales volume MWp 29 23 +26%
Total sales revenues EUR mill. 30.6 37.9 -19.4%
Components&Systems Segment EUR mill. 16.0 19.3 -17.1%
Power Plants Segment EUR mill. 14.6 18.6 -21.5%
International revenues EUR mill. 19.0 25.8 -26.4%
EBIT EUR mill. -4.2 -1.1 -299.6%
Consolidated result EUR mill. -5.8 -1.2 -371.6%
Earnings per share EUR -0.82 -0.12 EUR -0.70
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.de
Contact:
Phoenix Solar AG
Dr. Joachim Fleing
Investor Relations Representative
Tel.: +49 (0)8135 938-315
Fax: +49 (0)8135 938-399
j.fleing(at)phoenixsolar.de
www.phoenixsolar-group.com
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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