DGAP-News

Phoenix Solar AG presents its figures for the first nine months of 2014

DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Quarter
Results
Phoenix Solar AG presents its figures for the first nine months of
2014

06.11.2014 / 09:00

---------------------------------------------------------------------

Phoenix Solar AG presents its figures for the first nine months of 2014

- Revenues of EUR 19.5 million (from continued operations: EUR 15.9
million), still below expectations

- Earnings before interest and taxes (EBIT) decline accordingly to EUR -
5.7 million (from continued operations: EUR - 6.8 million)

- Available order book exceeds EUR 40 million, positive outlook

- Negative Group equity; equity ratio of the parent company (AG) at 14.8
percent

Sulzemoos, 6 November 2014 / Phoenix Solar AG (ISIN DE000A0BVU93), a
leading international photovoltaic system integrator listed in Prime
Standard of the Frankfurt Stock Exchange, is today releasing its financial
report on the first nine months of the financial year 2014. Revenues
declined to EUR 19.5 million (Q1-Q3/2013: EUR 116.0 million), thereby
remaining below budget, similar to the first half-year. Earnings before
interest and taxes (EBIT) came in at EUR - 5.7 million (Q1-Q3/2013: EUR -
1.6 million). Continued operations following the disposal of the European
O&M business generated EUR 15.9 million (Q1-Q3/2013: EUR 112.0 million).
EBIT from continued operations therefore amounted to EUR - 6.8 million
(Q1-Q3/2013: EUR - 3.1 million).

In the light of Phoenix Solar AG's performance during the first nine
months, the company now assumes that it will achieve revenues within a
range of between EUR 45 million and EUR 55 million (2013: EUR 141.2
million). EBIT of EUR - 3 million to EUR - 4 million is anticipated (2013:
EUR - 1.4 million).

Performance in the first nine months
In the first nine months of 2014, Phoenix Solar generated consolidated
revenues of EUR 19.5 million (Q1-Q3/2013: EUR 116.0 million), reflecting a
decline of 83.2 percent. This development largely results from considerable
delays in order intake planned from the USA. Over the same period, revenues
from continued operations also dropped notably to EUR 15.9 million, down
EUR 96.1 million, which is 85.8 percent. Revenues were distributed as
follows: 1.1 percent from domestic business (Q1-Q3/2013: 12.2 percent) and
98.9 percent from international business (Q1-Q3/2013: 87.8 percent).

The Components & Systems segment delivered revenues of EUR 12.5 million in
the first nine months of 2014 (Q1-Q3/2013: EUR 51.3 million), and continued