DGAP-News: Phoenix Solar Aktiengesellschaft: Results for the first six months of 2011
(firmenpresse) - DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Half Year
Results
Phoenix Solar Aktiengesellschaft: Results for the first six months of
2011
11.08.2011 / 07:15
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Phoenix Solar AG: results for the first six months of 2011
- Clear uptrend in revenues and earnings over the course of the year
- Considerable reduction in inventories
- Record volume of orders placed in international business
Sulzemoos, 11 August 2011 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading
photovoltaic system integrator listed on the German TecDAX, is today
releasing its Interim Report as per 30 June 2011.
Following a weak start to the financial year 2011, Phoenix Solar AG
performed well in the second quarter despite the still challenging market
environment for the solar industry. As a result, revenues more than trebled
in the second quarter as against the first quarter, and there was a
significant improvement in the earnings position. The high level of
inventories, which triggered considerable impairment in the first half of
the year, was reduced substantially over the course of the second quarter.
Phoenix Solar AG has begun the second half of 2011 with a pleasingly strong
order book in its international business.
Performance in the second quarter
The Phoenix Solar Group achieved consolidated revenues of EUR 108.4 million
(Q2/2010: EUR 283.6 million) in the second quarter. The downturn in
revenues, which came to 61.8 percent, resulted, among other reasons, from
pull-in effects in the year-earlier quarter prompted by the cuts
anticipated in the government promotion of solar energy on 1 July 2010.
Revenues generated through international business developed well, up 21.4
percent to EUR 45.3 million (Q2 2010: 37.3 EUR million), and made a
contribution of 41.8 percent to total revenues (Q2/2010: 13.2 percent).
The Components&Systems segment's revenues posted EUR 72.2 million in the
second quarter (Q2/2010: EUR 160.6 million), which is a decline of 55.0
percent compared with the year-earlier figure. The segment contributed 66.6
percent to consolidated revenues (Q2/2010: 56.6 percent). The Power Plants
segment achieved revenues of EUR 36.2 million (Q2/2010: EUR 123.0 million),
thus falling 70.6 percent short of the previous year's figure. This segment
contributed 33.4 percent (Q2/2010: 43.4 percent) to total revenues.
Consolidated earnings before interest and taxes (EBIT) posted EUR -9.4
million in the second quarter (Q2/2010: EUR 22.3 million). EBIT came under
pressure from the tumbling prices of solar modules and additional
impairment carried out on inventories in an amount of EUR 5.4 million. The
EBIT margin (ratio of EBIT to revenues) stood at -8.7 percent (Q2/2010: 7.9
percent).
Consolidated profit after tax came to EUR -8.2 million in the second
quarter Q2/2010: EUR 15.9 million), bringing earnings per share to EUR
-1.11 Q2/2010: EUR 2.38).
Results in the first half-year of 2011
The consolidated revenues of the Phoenix Solar Group dropped by 61.3
percent to EUR 140.8 million in the first half of 2011 (H1/2010: EUR 364.0
million). In contrast, revenues generated through international business
climbed by 53.5 percent to EUR 68.6 million (H1/2010: EUR 44.7 million),
contributing 48.7 percent to total revenues (H1/2010: 12.3 percent).
The Components&Systems segment delivered revenues of EUR 89.2 million in
the first half-year (H1/ 2010: EUR 214.3 million), which is a decline of
58.4 percent compared with a year ago. The segment contributed 63.4 percent
to consolidated revenues (H1/2010: 58.9 percent). The proportion
contributed by international business to segment revenues increased to 23.5
percent (H1/2010: 13.3 percent). The Power Plants segment posted revenues
of EUR 51.6 million (H1/2010: EUR 149.7 million), thus falling 65.5 percent
below the previous year's figure. This segment contributed 36.6 percent
(H1/2010: 41.1 percent) to total revenues. The share contributed by
international business to segment revenues soared to 92.2 percent (H1/2010:
10.9 percent).
Consolidated EBIT came to EUR -26.3 million in the first six months
(H1/2010: EUR 27.0 million). The EBIT margin (ratio of EBIT to revenues)
stood at -18.7 percent (H1/2010: 7.4 percent).
The consolidated result after tax for the first half-year came to EUR -21.1
million (H1/2010: EUR 18.7 million), resulting in earnings per share of EUR
-2.86 (H1/2010: EUR 2.80).
Order book at the end of the first half-year
Consolidated orders on hand were worth EUR 311.1 million at the end of the
first six months, up 10.4 percent over the figure posted a year ago
(H1/2010: EUR 281.7 million). Adjusted for power plant projects already
under construction, orders on hand stood at EUR 167.1 million (H1/2010: EUR
156.5 million). The share of international business in the order book
almost trebled to reach a record volume of EUR 238.2 million (H1/2010: EUR
81.1 million), and contributed 76.6 percent (H1/2010: 28.8 percent) to the
total order book. The proportion of orders placed outside Europe came to
EUR 43.5 million (H1/2010: EUR 0.4 million), bringing the share in the
overall order volume to 14.0 percent (H1/2010: EUR 0.1 percent).
'Following the first quarter of 2011 when the markets in Europe came to an
almost complete standstill, our business has now stabilised. We have begun
the second half-year with a well-filled pipeline and have achieved greater
independence from the German market by forging ahead with
internationalising our business', stated Dr Andreas Hänel, Chief Executive
Officer of Phoenix Solar AG.
Outlook
Phoenix Solar AG expects the market to pick up significant momentum in the
second half of 2011, with demand accelerating in September and a year-end
rally in the fourth quarter. In 2011 as a whole, the company anticipates a
slight decline in consolidated revenues compared to the previous year.
Owing to the uncertainty still prevailing in the market, no reliable
guidance for EBIT can be given at the present time. Against the background
of accumulated losses to date, it will, however, be a challenge to achieve
a positive result.
This is an English translation of the German original. Only the German
version is binding.
Reproduction permitted
Overview: figures as per 30 June 2011
H1/2011 H1/2010 ChangeAbout Phoenix Solar AG
Sales volume MWp 75 140 -46.4%
Total revenues EUR m 140.8 364.0 -61.3%
Components&Systems Segment EUR m 89.2 214.3 -58.4%
Power Plants Segment EUR m 51.6 149.7 -65.5%
International revenues EUR m 68.6 44.7 +53.5%
EBIT EUR m -26.3 27.0 -53.3 EUR m
Consolidated result EUR m -21.1 18.7 -39.8 EUR m
Earnings per share EUR -2.86 2.80 -5.66 EUR
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a
leading international photovoltaic system integrator. The Group achieved
total revenues of EUR 636 million and an EBIT of EUR 36.4 million in the
financial year 2010. 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 photovoltaicsystem 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 400 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 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.
Under the respectively applicable law, information be maybe restricted or
prohibited. 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.
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. Murray Cameron, Sabine
Kauper, Ulrich Reidenbach
Head of Supervisory Board: J. Michael Fischl
End of Corporate News
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11.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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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135182 11.08.2011
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Datum: 11.08.2011 - 07:15 Uhr
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