Phoenix Solar AG announces Q1/2017 results

Group revenues increase by 40 percent versus pre-year period, EBIT below expectations, strong cash inflow
Free order backlog increases to € 60.6 million
Forecast for 2017 confirmed with revenue growth to €160-€190
million and positive EBIT of €1-€ 3 million

Sulzemoos, May 11th, 2017 / Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator listed on the official market (Prime Standard) of the Frankfurt Stock Exchange, released its announcement today on results for the first quarter of the 2017 financial year.

In the first three months of 2017, the consolidated revenues of the Phoenix Solar Group increased by 40 percent to € 13.8 million (Q1/2016: € 9.9 million). This trend was mainly driven by the US market, the company’s core business which accounted for around 90 percent of the total turnover. Further revenue growth over the coming quarters is expected due to a growing project pipeline. The total volume of the weighted global project pipeline rose from 330 MWp to 350 MWp indicative of the company’s growth trend. It has to be noted, however, that a number of projects are reaching completion and will drop out of the M5 phase (“under construction”) of the pipeline. Shortlisted projects (weighting factors of between 30 and 70 percent) increased further to almost 90 MWp.