DGAP-News

Phoenix Solar AG publishes results for 1H/2015 - Seite 2

The consolidated net result for the period attributable to the shareholders
stood at EUR -6.3 million (H1/2014: EUR -6.4 million), thereby improving
marginally compared to the period from January to June 2014. The loss per
share was reduced accordingly, from EUR 0.86 (H1/2014) to currently EUR
0.85.

Principally as a result of the consolidated loss for the period, net of
minority interest, that amounted to EUR 6.6 million as well as due to
losses sustained in past years, the Group's equity dropped to EUR -8.6
million (December 31, 2014: EUR -1.6 million). As of June 30, 2015, the
Group's equity ratio therefore stood at -12.1 % (December 31, 2014: -3.5
percent).

As the Group does not constitute a legally independent company, the
negative equity ratio generates no direct "going concern" risk at the Group
level. More important is the equity position of the parent company, Phoenix
Solar AG, which prepares its accounts according to the industry-standard
German Commercial Code [HGB]). As of June 30, 2015, this stood at EUR 9.0
million, equivalent to an equity ratio of 16.6 percent (December 31, 2014:
EUR 11.0 million, or 20.0 percent).

Performance in the second quarter

The Phoenix Solar Group generated revenues of EUR 34.8 million over the
period from April to July 2015 (Q2/2014: EUR 5.5 million), representing an
increase of EUR 29.3 million, which is more than five times higher compared
to the figure reported in the second quarter of 2014. This performance was
based on a considerable improvement in sales: The second quarter of 2015
saw the delivery of modules with a total rated output of 33.9 MWp (Q2/2014:
9.8 MWp).

Of the overall sales achieved in the second quarter 1.4 percent (Q2/2014:
59.1 percent) was accounted for by the Components & Systems segment and
98.6 percent (Q2/2014: 40.9 percent) by the Power Plants segment.

Order book position at the end of the first half-year

The Group reported a free order book position of EUR 102.7 million as of
June 30, 2015 (June 30, 2014: EUR 9.1 million). As a consequence, large
parts of the consolidated revenues planned for 2015 are already covered
through existing orders, pending construction starts on those projects. The
Group order book position - including revenues already realized - amounted
to EUR 142.8 million as of June 30, 2015 (June 30, 2014: EUR 17.1 million).

Outlook

The Executive Board confirms its annual forecast and, as previously
announced, expects revenues in the range of between EUR 140 and 160 million
and a return to a positive EBIT of EUR 1 to 3 million (2014: EUR -4.6
million) for the full year 2015.