Phoenix Solar AG, a leading international photovoltaic system integrator listed on the German TecDAX, is presenting its Annual Report 2010 today, together with its consolidated financial statements for the financial year 2010, which have been audited by the external auditor and ratified by the Supervisory Board. The company closed the financial year 2010 with the highest revenues and the best operating result in its history. It achieved consolidated revenues of EUR 635.7 million (+34.4 percent) and delivered earnings before interest and taxes (EBIT) of EUR 36.4 million (+198.4 percent). The share of revenues earned outside Germany came to 25.9 percent (+496.0 percent). A new benchmark was also set for the sale of modules which totalled 313 megawatts peak power (+55 percent).
Consolidated profit stood at EUR 24.1 million (+180.2 percent), with earnings per share reaching EUR 3.44. Equity totalled EUR 142.4 million, bringing the equity ratio to 45.5 percent. As per 1 January 2011, consolidated orders on hand came to EUR 158.3 million. Of this amount, EUR 23.4 million was attributable to the Components & Systems segment and EUR 134.9 million to the Power Plants segment. Adjusted for power plant projects already under construction, orders on hand stood at EUR 42.4 million.
Performance to date in 2011
The markets in Europe were very weak in the first quarter, in line with expectations. The seasonal influence of winter slowed demand through mid-February. Changes in solar energy market incentives also had a dampening effect in Germany and France, which have yet to adjust to the new market conditions. Uncertainty regarding market incentives in Italy brought the market to a virtual stillstand, a situation which, however, is likely to change upon the announcement of the new framework conditions expected at the end of April. The Executive Board anticipates that demand in Europe will recover in the second quarter. New orders for large power plant projects, in France for instance, have already been placed.
