Phoenix Solar Aktiengesellschaft
- WKN: A0BVU9
- ISIN: DE000A0BVU93
- Land: Deutschland
Nachricht vom 09.08.2012 | 07:40
Phoenix Solar Aktiengesellschaft: Phoenix Solar AG presents its figures for the first half of 2012
Phoenix Solar Aktiengesellschaft / Key word(s): Miscellaneous
Phoenix Solar AG presents its figures for the first half of 2012
- Restructuring and refinancing negotiations burden revenues in the first half-year
- Share of international business in revenues exceeds 70 percent
- Significant improvement in the result compared with the previous year
Sulzemoos, 9 August 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 financial report for the first half of 2012. Despite dynamic developments in the market, above all in Germany, revenues in the first half of the current financial year 2012 were slightly below the company's expectations. This is attributable to the tumbling prices of solar modules and the company's challenging situation. In the first six months, the company's development was impacted by restructuring, refinancing negotiations and uncertainty on the part of customers and suppliers. However, against the backdrop of the scheduled implementation of restructuring, the result in the first half-year improved notably compared with the year-earlier period.
Performance in the second quarter
The Components & Systems Segment posted revenues of EUR 19.2 million (Q2/2011: EUR 72.2 million), thus falling 73.5 percent short of its 2011 counterpart, and contributed 41.2 percent (Q2/2011: 66.6 percent) to consolidated revenues. The Power Plants Segment delivered revenues of EUR 27.3 million (Q2/2011: EUR 36.2 million), down 24.6 percent in a year-on-year comparison. This segment contributed 58.8 percent (Q2/2011: 33.4 percent) to total revenues.
In the second quarter, consolidated earnings before interest and taxes (EBIT) came to EUR -13.0 million (Q2/2011: EUR -9.4 million). This figure includes a non-recurrent burden on the result in the upper single-digit million range from the Kazanlak Project in Bulgaria where the feed-in tariff valid until 30 June 2012 was not secured.
The EBIT margin (ratio of EBIT to revenues) stood at -28.1 percent (Q2/2011: -8.7 percent). After tax, the consolidated result in the second quarter stood at EUR -15.3 million (Q2/2011: EUR -8.2 million), which corresponds to earnings per share of EUR -2.13 (Q2/2011: EUR -1.11).
Results for the first half of 2012
The Components & Systems Segment delivered revenues of EUR 38.5 million in the first six months (H1/2011: EUR 89.2 million), thus falling 56.9 percent below the previous year's figure and contributing 45.6 percent (H1/2011: 63.4 percent) to consolidated revenues. The share of the segment's revenues generated through international business climbed to 49.1 percent (H1/2011: 23.5 percent). The Power Plants Segment posted revenues of EUR 45.9 million (H1/2011: EUR 51.6 million), which corresponds to a decline of 11.1 percent in a year-on-year comparison. This segment contributed 54.4 percent (H1/2011: 36.6 percent) to total revenues. The share of the segment's revenues generated through international business advanced to 88.2 percent (H1/2011: 92.2 percent).
The Group's EBIT improved significantly to EUR -14.1 million at the end of the first six months (H1/2011: EUR -26.3 million). The EBIT margin came in at -16.7 percent (H1/2011: -18.7 percent). The consolidated result after tax amounted to EUR -16.5 million in the first half-year (H1/2011: EUR -21.1 million), which corresponds to earnings per share of EUR -2.25 (H1/2011: EUR -2.86).
Orders in hand at the end of the first half-year
'Our endeavours in the first six months of the year were focused on restructuring our organisation and on bringing our refinancing negotiations to a successful conclusion. We view 2012 as a year of transition dedicated to fully implementing our restructuring plan, which will enable us to lay the foundations for a return to future profitable growth in the years ahead', stated Dr. Bernd Köhler, Chief Financial Officer of Phoenix Solar AG.
Financial Report on the first six months of 2012
Figures for the first half of the financial year 2012 at a glance
About Phoenix Solar AG
(This is a translation of the German version. Only the German version is binding)
End of Corporate News
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|Company:||Phoenix Solar Aktiengesellschaft|
|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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