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Phoenix Solar AG presents figures for the first half 2016

Phoenix Solar AG presents figures for the first half 2016


Starkes Revenue growth by 34 percent over the previous year to 53.3  EUR million

-Operativer Breakeven for the quarter, EBIT for the half year at EUR -2.4 million; positive Cash flow and gross margin improvement

-Free Backlog continues to EUR 180 million, weighted project pipeline at 235 MWP

-Jahresprognose 2016 is maintained

Sulzemoos 4 August 2016 / Phoenix Solar AG (ISIN DE000A0BVU93), a in Prime Standard of the Frankfurt Stock Exchange listed, internationally active Photovoltaic systems integrator, today’s report for the first half of  Financial year 2016.

Business development in the first half

In the first half of fiscal 2016, the Phoenix Solar AG achieved Group sales of EUR 53.3 million, 34.1 percent more than in the first six months of fiscal 2015 (H1 / 2015: EUR 39.8 million). The positive Development – mainly driven by the subsidiary in the USA and strong growth in the Middle East region – is within the scope of the current

Forecasts of the company.

In the first half of the Power Plants segment achieved revenues amounting to 52.1 million (H1 / 2015: EUR 36.8 million), while segment components and systems Revenues of EUR 1.2 million (H1 / 2015: EUR 2.9 million) contributed. In order to accounted for 97.8 percent (H1 / 2015: 92.6 percent) of group revenues to the Power Plants segment, the Components & Systems segment made a share of 2.2 percent: from (H1 / 2015 7.4 percent).

Starting from a very low due to restructuring headcount, has Phoenix Solar now started to invest in the expansion of its team in order for further growth to be prepared. The number of employees increased 114 people (30 June 2016 excluding board members, including temporary staff). At the end of the second quarter 2015 87 people were employed. Continue improved internal processes allow Phoenix Solar now operational assign personnel expenses the respective projects, so that an accurate picture the profitability of each project arises.

Gross margin for the Group improved significantly to 8.3 percent (H1 / 2015: 7.0 percent). This development demonstrates the progress in Improving internal efficiency and a focus on the acquisition more profitable projects. Personnel expenses decreased to EUR 3.8 million (H1 / 215: EUR) 4.7 million. This reflects the mentioned association expresses operational Personnel expenses from the projects.

Earnings before interest and taxes (EBIT) in the first six months

EUR -2.4 million, an improvement over the previous year by 47.3 percent (EBIT H1 / 2015: EUR -4.6 million) – the expected return to operational profitability in Overall 2016 will be underpinned by this development. Earnings attributable to shareholders Consolidated net profit amounted to -4.6
EUR million (H1 / 2015: -6.3 EUR million). The loss per share decreased correspondingly from 0.85 EUR (H1 / 2015) to now 0.62 EUR.

Mainly as a result of the consolidated net loss before minority interests of EUR EUR 4.6 million and was due to the loss situation of recent years Group equity continue to EUR -12.4 million (31 December 2015: 7.6 million EUR). Accordingly, the Group’s equity ratio as of June 30 2016 -20.0 percent (31 December 2015: 14.1 percent). As the group itself no legal entity is created from the negative Equity ratio no threat to the continued existence of the Group.

Legally relevant is only the equity of the HGB
over led financial statements of Phoenix Solar Aktiengesellschaft as the Parent company of the Phoenix Solar Group. This amounted to 30 June
2016 EUR 9.9 million, corresponding to an equity ratio of 17.1 percent (31 December 2015: EUR 6.6 million, corresponding to 12.3 percent).

Cash flow

In the first half of 2016 cash flow from operating was achieved activities of EUR 6.1 million, a strong improvement over the first six months of the previous year, as a cash outflow of EUR 3.6 EUR million was recorded. In a simultaneous outflow of 1.5 million EUR for the repayment of loans, cash and cash equivalents grew by 4.5 million EUR of EUR 4.9 million (31 December 2015) to EUR 9.4 million (30 June 2016).

Second Quarter

The Phoenix Solar Group posted April-July 2016 sales revenue of EUR 43.4 million (Q2 / 2015: EUR 34.8 million), an increase by 24.6 percent equivalent. In the second quarter 2016 were modules with a total rated output 54.5 MWp delivered (Q2 / 2015: 33.9 MWp).

Order backlog at the end of the first half

The Group recorded 30 June 2016 a free order backlog of 182.4 EUR million (June 30, 2015: EUR 102.7 million). The order backlog including
already realized turnover amounted to 30 June 2016, the Group had 293.3 EUR million (June 30, 2015: EUR 142.8 million).

Phoenix Solar has on 26 April 2016, the company Obton Solenergi Ninna, a Danish investment company focused on investing in Photovoltaic installations has specialized in Germany and France, a Contract closed. The agreement to purchase all shares of Project Company Bâtisolaire 3 SAS in France still stood by Obton under various conditions were met for the end of July 2016th The proceeds will be used primarily to repay debt

Anand Gupta Editor - EQ Int'l Media Network


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