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Phoenix Solar AG presents its figures for the financial year 2014

DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Final
Results
Phoenix Solar AG presents its figures for the financial year 2014

31.03.2015 / 08:30

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Phoenix Solar AG presents its figures for the financial year 2014

- Consolidated 2014 Revenue and Earnings Below Expectations

- Strong Growth - Driven by Utility-Scale Projects in the USA - Fills
Order Book

- 2015 Revenues Expected to be Significantly Higher at EUR 140 to 160
million ($US 150 to 170 million)*)

- Phoenix Solar Expects Positive EBIT for 2015

Sulzemoos, Germany, March 31st 2015 / Phoenix Solar AG (ISIN DE000A0BVU93),
an international photovoltaic system integrator listed in the Prime
Standard of the Frankfurt Stock Exchange, will today issue its 2014 Annual
Report, attested by the independent auditor and adopted by the Supervisory
Board.

In the financial year 2014, Phoenix Solar AG achieved consolidated revenues
of EUR 33.8 million EUR (2013: EUR 141.2 million EUR). Earnings before
interest and taxes (EBIT) were at EUR -4.6 million (2013: EUR -1.4
million). International markets - addressed by the Phoenix subsidiaries
abroad - accounted for almost the entire revenue of the Group. Shipments of
solar modules and installations declined to 28.9 MWp (2013: 126 MWp).

The company attributed last year's decline in revenues and earnings
compared to the 2013 financial year to delays in new orders which were
pushed into 2015. This had already been anticipated in the course of 2014.
Since the start of 2015, Phoenix Solar has been awarded a number of
contracts for the engineering, procurement and construction of
utility-scale photovoltaic power plants - in particular in the USA as a
core market - totaling over 50 MWp.

In the course of the 2014 financial year, the Components & Systems Segment
reported a downturn in revenues to EUR 17.3 million (2013: EUR 56.7
million) and contributed 51.3 percent (2013: 40.2 percent) to consolidated
revenues.

The Power Plant Segment delivered revenues of EUR 16.5 million (2013: EUR
84.5 million). This segment contributed 48.7 percent (2013: 59.8 percent)
to total revenues.

As of December 31st, 2014, the Phoenix Solar Group employed a workforce
totaling 96 people (excluding Executive Board members but including
temporary staff; previous year: 120), 93 of whom held permanent positions
(December 31st, 2013: 115). Personnel expenses stood at EUR 9.6 million