Phoenix Solar AG presents its figures for the third quarter and adjusts its revenue guidance to changed boundary conditions

Sulzemoos 12 November 2009 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading photovoltaic system integrator listed on the TecDAX, is today releasing its figures as per 30 September 2009. Seen from an operational standpoint, the two segments of “Power Plants” and “Components & Systems” developed in very different directions in the third quarter of 2009 and generally fell short of own expectations.
In the three months from 1 July to 30 September 2009, domestic business in the Components & Systems segment was the dominant factor. Despite sharp declines in modules prices, revenues in this segment climbed by 11.4 percent to EUR 76.2 million (Q3/2008: EUR 68.4 million). Business in the Power Plants segment remained difficult. The implementation of large-scale power plants continued to suffer from delays in financing and the granting of approvals. Revenues of this segment came to EUR 13.5 million, which is 83.3 percent below the previous year’s quarter (Q3/2008: EUR 80.9 million) during which high revenues and profits were generated, above all in the Spanish market.
Reflecting the development of the segments, consolidated revenues stood at EUR 89.7 million in the reporting period, which is around 40 percent short of the year-earlier level (Q3/2008: EUR 149.8 million). Earnings before interest and taxes (EBIT) was positive in the third quarter, despite the downturn in revenues, and came to EUR 3.0 million as compared with EUR 17.6 million posted in the third quarter of 2008. The EBIT margin (ratio of EBIT to revenues) for the quarter stood at 3.3 percent as compared with the year-earlier figure of 11.8 percent. The consolidated result after tax was EUR 1.0 million, which is considerably below the year-on-year figure of EUR 13.7 million.
Over the first nine months of 2009, the Phoenix Solar Group generated consolidated revenues of EUR 242.2 million (Q1-Q3/2008: EUR 301.1 million). EBIT posted EUR -4.4 million (Q1-Q3/2008: EUR 29.1 million).
Orders in hand totalled EUR 164 million on 30 September 2009, distributed between the two segments as follows: EUR 105 million in the Components & Systems segment and EUR 59 million in the Power Plants segment.
At the start of the fourth quarter of 2009, sales of the Components & Systems accelerated once again. Construction activities in the Power Plants segment also picked up speed at the start of the fourth quarter.
The positive development of business in the fourth quarter to date must be seen in the context of risks which may hamper the achieving of guidance or even render it impossible. Along with difficult weather conditions which may delay or hinder construction work on photovoltaic plants, examples of these risks include bottlenecks or delays in the delivery of solar modules and inverters as well as further delays in the financing or granting of approvals of power plants. There are already signs that, along with the aforementioned risks, there will not be enough solar modules available through to the end of the year to achieve the original revenue guidance.
After careful consideration of the prevailing opportunities and risk situation, the Board of Directors has decided to adjust its annual revenue guidance of around EUR 520 million to the current situation. The Board now assumes that revenues will settle within a corridor of between EUR 430 and EUR 480 million. Guidance released in June in respect of a positive EBIT at year-end remains unchanged and is still valid.

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