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Phoenix Solar focuses on international operations and new business models

  • The components & systems and the power plant businesses in Germany will be divested
  • Credit lifetime was extended ahead of schedule to 31 March 2015
  • Changes in the Board of Management

Sulzemoos 11 February 2013 / Phoenix Solar AG (ISIN DE000A0BVU93), a photovoltaic system integrator listed on the Prime Standard of the Frankfurt Stock Exchange, has decided to part company with a number of loss making operations due to the fact that the market environment raises severe doubts about their recovery in the near term.

Subsequently, Phoenix Solar will lay enhanced focus on the strongly growing regions of Asia and the USA where its regional subsidiaries have successfully established themselves in their respective markets. The North American and Asian operations have ramped up the capacities and competencies necessary to sustainably manage, develop and expand their businesses in an operationally independent manner. In Europe, the French and Greek subsidiaries are well positioned and profitable. Capacities in Spain and Italy on the other hand have been significantly reduced in view of the uncertainties in their local markets and their challenges in reaching earnings targets. The subsidiary based in Oman is to be closed.

The components & systems and the power plant businesses in Germany will be divested. In addition to the components & systems and power plant activities of the aforementioned international subsidiaries, the profitable operations & maintenance unit, as well as the development of new business models for the project and distribution businesses, will remain an important focus of the company moving forward.

Financing for the Group will continue to be secured by Phoenix Solar AG. The lending banks have been consulted in detail about this shift in strategy towards a fast return to profitable growth. Today, the company signed contract amendments regarding the corresponding credit agreements. Accordingly, the total financing volume was slightly adjusted down to approximately EUR 126 million. The credit lifetime was extended ahead of schedule by another year from 31 March 2014 to 31 March 2015.

This shift in strategy will necessitate that extraordinary expenses - largely write-downs and provisions - be accounted for in the financial statements as of 31 December 2012. Prior to these extraordinary expenses of approximately EUR 8 million, the most recent revenue and earnings forecasts for the 2012 financial year would have been fully met. Including these expenses, however, preliminary figures show operating losses (negative EBIT) of around EUR 32 million (operating losses 2011: EUR 84.7 million; previously forecasted for 2012: EUR 25 million to EUR 19 million operating losses). In contrast to previous expectations for 2013, Phoenix Solar now expects its revenues to reach EUR 160 million to EUR 190 million, significantly less than the original forecast of EUR 280 million to EUR 310 million. The previous earnings forecast (EBIT less restructuring expenses), however, of around EUR 5 million losses and EUR 0 million is being maintained.

Dr. Andreas Hänel, founding Director of Phoenix Solar AG, today announced his resignation from his position as member of the Board of Management ahead of time and effective 28 February 2013. Dr. Hänel will continue to serve the company in a consulting capacity. Also today, the Supervisory Board has appointed Dr. Bernd Köhler CEO effective 1 March 2013. Dr. Köhler will continue to also serve as CFO of the company.

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.

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