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CEO Lays out Six Point Plan to Consolidate Turnaround

• Full year forecast of €140-160 Mio million sales revenues confirmed, with positive EBIT
• Benefits of restructuring and lower cost base have increased competitiveness
• With continued strong growth in the global solar industry in 2015 to over 50 GWp (est.), demand for experienced, international EPC partners such as Phoenix Solar remains healthy
 

Sulzemoos, 23 June 2015 / Tim P. Ryan, Group CEO at Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator listed in the Prime Standard of the Frankfurt Stock Exchange, laid out a Six Point Plan for 2015 and beyond to consolidate the Company’s turnaround at the Company’s Annual Shareholders' Meeting today.
At the core of the plan is the return to profitable growth. The Company continues to make a strong push towards consolidating its turnaround and closing projects profitably in 2015. The full year forecast of revenues at €140 – 160 million was confirmed, with positive EBIT in the low single digits. An improved global sales process, pipeline management and reporting will support the drive for growth.
The second point focuses on clear positioning: Phoenix Solar continues to differentiate with its core offering of engineering, procurement and construction (EPC) services based on precision-engineered, on-time and on-budget delivery of commercial solar power plants. This means reliable long-term system output for owners and investors at competitive market pricing.
The Company’s position will also be enhanced by establishing a global supply chain function. This will ensure competitive purchasing by consolidating equipment volumes via trusted supply partnerships. Furthermore, extending the network of strategic alliances among suppliers, project developers, finance partners and investors globally will allow Phoenix Solar to leverage opportunities as they arise.
While restructuring measures to reduce the cost base - now fully implemented - have already significantly lowered the Company’s breakeven point and improved competitiveness, the target going forward will be to achieve cost reductions of 6-8% per year on a MWp basis. To achieve this ambitious program the sixth point is directed towards people: new talent will only be selected from among proven solar industry employees and executives, who bring a wealth of experience and can hit the ground running.
Tim P. Ryan, a solar industry veteran, also pointed out that the global solar industry is expected to install over 50 GWp (estimate) of systems in 2015, representing continued strong growth, as photovoltaic technology has reached grid parity in many markets around the world. Against this backdrop, demand continues to be healthy for experienced, international EPC partners such as Phoenix Solar.
"As a truly global company," Ryan added, "we offer dedicated EPC services to design and execute high quality, utility-scale and commercial/industrial rooftop solar power plants to owners and investors in our main markets in the USA, Middle East, Asia and Europe. Established in 1999, we can point to an unparalleled track record of over 1.2 GWp of systems and components sold and serviced. We remain confident that we will consolidate our turnaround in 2015 and return to profitable growth."

About Phoenix Solar AG
Phoenix Solar AG, which is based at Sulzemoos, near Munich, Germany, is an internationally operating photovoltaic system integrator. The Group develops, plans, constructs and assumes operational management of large photovoltaic power plants, and is a specialist wholesaler for complete solar electricity systems, solar modules and related equipment. With its subsidiaries on four continents, the company has sold solar modules with an output of well over 1.2 gigawatt worldwide since it was 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.de

 

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