News Article

Sunny Returns For Phoenix

Phoenix Solar AG releases preliminary figures for the financial year 2008 and announces best year in the history of the company
The Board of Directors of Phoenix Solar AG have released key data for the consolidated financial statements for the financial year 2008. New records were achieved for revenues and profits. The guidance figures announced as recently as November 2008 for revenues and EBIT have been exceeded. This makes the year 2008 the most successful in the company's history.

Over the period from January to December 2008, the Phoenix Solar Group generated total revenues of EUR 402 million (2007: EUR 260 million), which is the equivalent of an increase of 55 percent. Revenues of the Components & Systems segment climbed 67 percent to EUR 215 million (2007: EUR 129 million), and the Power Plants segment raised revenues by 44 percent to EUR 188 million (2007: EUR 131 million). The share of international business in total revenues advanced to 40 percent in 2008, up from 27 percent in 2007, which brought revenues generated by the Group abroad to EUR 160 million (2007: EUR 70 million).

Earnings before interest and taxes (EBIT) climbed 52 percent to EUR 33.8 million in comparison with the previous year's figure (2007: EUR 22.3 million). The EBIT margin (ratio of EBIT to revenues) came to 8.4 percent in the financial year 2008 (2007: 8.6 percent). The Components & Systems segment achieved an EBIT of EUR 14.0 million and the Power Plants segment an EBIT of EUR 19.9 million, which corresponds to an EBIT margin of 6.5 percent and 10.6 percent, respectively.

Preliminary consolidated profit after tax rose by 63 percent to EUR 23.7 million (2007: EUR 14.5 million). Despite an increase in the number of shares to 6,684,500 units (2007: 6,077,000), earnings per share rose from EUR 2.38 to EUR 3.55.

As per 31 December 2008, the equity ratio stood at 70 percent (2007: 61.4 percent).

As per 1 January 2009, the order book amounted to EUR 112 million (2007: EUR

109 million), of which EUR 34 million was attributable to the Components & Systems segment and EUR 78 million to the Power Plants segment. Adjusted for work in progress, orders in hand rose significantly, from EUR 42 million at year-end 2007 to EUR 107 million a year later, and were attributable as

follows: EUR 34 million to Components & Systems and EUR 73 million to Power Plants.

Given the level of the order book at the start of the year and new orders placed to date, which are considerably higher year-on-year, the Board of Directors has confirmed its guidance for the financial year 2009: The Phoenix Solar Group anticipates revenues of around EUR 520 million and an EBIT of approximately EUR 31 million.

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