Phoenix Solar AG releases preliminary figures for the financial year 2010 and announces dividend payment
– Highest revenues and best EBIT in the history of the company
– Share of international business leaps to 26 percent
– Proposal for dividend payment of EUR 0.35 per share
Sulzemoos 15 March 2011 / Based on preliminary figures, Phoenix Solar AG, a leading international photovoltaic system integrator listed on the German TecDAX, closed the financial year 2010 with the highest revenues and the best earnings before taxes (EBIT) in the history of the company. Consolidated revenues came to EUR 635.7 million and EBIT stood at EUR 36.4 million. The international share of revenues leapt from 5.8 percent in 2009 to 25.9 percent. A new record was also set for the sale of modules: Based on a peak power of 313 megawatt (MWp), 55 percent more solar modules were sold through the two sales channels of Components & Systems and Power Plants than in 2009.
Unscheduled curtailment of feed-in tariffs and the early onset of winter determined demand
The performance of the company, especially in the first half-year, was characterised by strong domestic demand, as the feed-in tariffs for photovoltaic electricity in Germany were subject to unscheduled curtailments on 1 July and 1 October additional to the regular reduction in remuneration. In the second half of the year, international business gained significant momentum and contributed around 44 percent to total revenues. The early and severe onset of winter already by late November in Europe caused demand to decline and revenues to fall short of expectations in the fourth quarter.
Revenues grow by more than one third
Total revenues climbed by 34.4 percent to EUR 635.7 million in the financial year 2010 (2009: EUR 473.0 million). Phoenix Solar AG’s international business developed exceptionally well. In the year under review, revenues from international business rose by almost 500 percent to EUR 164.5 million, up from EUR 27.6 million in 2009, and achieved a share in total revenues of 25.9 percent.
