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Phoenix Solar AG announces Q1/2015 results

DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Interim
Report
Phoenix Solar AG announces Q1/2015 results

07.05.2015 / 08:30

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Phoenix Solar AG announces Q1/2015 results

- 1Q2015 Group sales revenues and EBIT down slightly versus pre-year,
partly driven by divestiture of European O&M business

- New projects in core market USA in ramp-up phase, significant revenue
growth expected in 2Q/3Q 2015

- Free order backlog was at EUR131 million as of March 31st, a dramatic
improvement versus pre-year

- Full year 2015 forecast of EUR140-160 million revenue and return to
positive EBIT is confirmed

Sulzemoos, May 7th, 2015 / Phoenix Solar AG (ISIN DE000A0BVU93), an
international photovoltaic system integrator listed on the Prime Standard
of the Frankfurt Stock Exchange, released its report today on the first
quarter of the 2015 financial year.

First Quarter 2015 Performance
In the first three months of 2015, Phoenix Solar AG generated EUR 4.9
million of consolidated revenues, a decline of 24.8 percent compared to the
first quarter of 2014 (Q1/2014: EUR 6.6 million). The slight downward trend
was expected, as the current year no longer includes revenues from the O&M
business in Germany, which was divested in late 2014. Furthermore, newly
acquired projects in the core USA market are just entering their ramp-up
phase, with more significant revenue to be realized in the second quarter
and increasingly in the second half of 2015. Of the 1Q2015 revenue, only
2.3 percent (Q1/2014: 11.7 percent) came from the domestic German business
and 97.7 percent (Q1/2014: 88.3 percent) from international markets.

The Components & Systems business segment achieved revenues of EUR 2.4
million in the first quarter of 2015 (Q1/2014: EUR 4.9 million),
representing a downturn of 50.1 percent compared to the year-earlier
figure, driven by somewhat delayed revenue recognition in the Asian
markets.

The Power Plants segment delivered revenues of EUR 2.5 million (Q1/2014:
EUR 1.7 million), reflecting an increase of 48.6 percent. This upturn
results primarily from the start of projects in the USA and Asia.
For the quarter, the Components & Systems segment thus accounted for 49.3
percent (Q1/2014: 74.3 percent) and the Power Plants segment for 50.7
percent (Q1/2014: 25.7 percent) of revenues.