Hauptinhalt

Phoenix Solar AG sells European O&M business and revises forecast for 2014

Ad-hoc Release Pursuant to Section 15 of the German Securities Trading Act (WpHG)

Sulzemoos, 6 August 2014 / Phoenix Solar AG (ISIN DE000A0BVU93) has sold its operation and maintenance activities (O&M business) in Europe to SMA Solar Technology AG by way of a contract dated 6 August 2014 (asset deal). The parties agreed to keep the contractual content confidential. The proceeds from the sale are to be used to repay debt and to strengthen the company's core operations. The O&M activities of the company's subsidiaries, particularly in the USA and Asia where O&M is run independently, are not the object of the sales contract and are not affected by the disposal. The validity of the disposal is still contingent on individual prerequisites which are to be fulfilled in the coming weeks.

In view of its business performance in the first six months of the current financial year which was characterised above all by considerable delays in planned order intake in the USA, Phoenix Solar AG no longer assumes that the goals targeted for the financial year 2014 can be achieved. The Executive Board has therefore decided to revise the baseline forecast downwards for 2014 as a whole. In the financial year 2014, the company now anticipates a revenue decline for the Group of around 35 to 50 percent compared with the financial year 2013. This corresponds to a revenue corridor of between EUR 70 million and EUR 100 million (2013: EUR 141.2 million). Earnings before interest and taxes (EBIT) are now expected within a range of EUR 0 million and EUR 3 million (2013: EUR -1.4 million) and include the proceeds from the sale of the O&M business. Phoenix Solar had previously forecast revenues of between EUR 150 million and EUR 160 million and earnings before interest and taxes (EBIT) of between EUR 2 million and EUR 5 million.


Phoenix Solar AG
Hirschbergstr. 4
85254 Sulzemoos
ISIN DE000A0BVU93, WKN A0BVU9.
Stock exchanges XETRA, Frankfurt am Main (Prime Standard), Munich (M:access), Stuttgart, Berlin, Düsseldorf, Hamburg, Hanover

Contact

Dr. Joachim Fleïng
Tel.: +49 (0)8135 938315
j.fleing@phoenixsolar.de

About Phoenix Solar AG
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.com.

This is an English translation of the German original. Only the German version is binding.

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.
 

Gemeinsam Energie gewinnen

Top50-Solar