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DGAP-News Phoenix Solar Aktiengesellschaft: financing negotiations successfully concluded - restructuring well on the way

Nachrichtenquelle: EQS Group AG
11.05.2012, 13:21  |  494   |   |   

DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s):
Phoenix Solar Aktiengesellschaft: financing negotiations successfully
concluded - restructuring well on the way

11.05.2012 / 13:21

Phoenix Solar AG: financing negotiations successfully concluded -
restructuring well on track

  - Financing volume totalling EUR 132 million agreed with the syndicate
    banks with a term covering the period through to the end of March 2014

  - Restructuring plan largely implemented  

  - Preliminary figures: tumbling prices and write-downs impact revenues
    and results in the financial year 2011; share of international business
    rises to 57.2 percent

  - Outlook for the current and the next financial year

Sulzemoos 11 May 2012 / Phoenix Solar AG (ISIN DE000A0BVU93, Prime Standard
of the Frankfurt Stock Exchange) has successfully concluded negotiations on
a new financing package with a volume totalling EUR 132 million and a term
through to the end of March 2014. The centrepiece is a new syndicated loan
agreement signed today consisting of cash and guarantee facilities of a
total volume of around EUR 100 million with the existing banking syndicate
under the lead management of BayernLB. The financing volume fully covers
that required for operations in the context of planning through to 31 March
2014. Negotiations on refinancing became necessary as the negative business
development in the financial year 2011 meant that Phoenix Solar no longer
fulfilled the covenants of the previous syndicated loan agreement.

Restructuring plan largely implemented

The newly agreed financing volume was determined on the basis of a
restructuring plan drawn up together with external consultants and geared
to significantly optimising cost, organisation and risk structures and
processes. This plan has already been largely implemented. The downsizing
of around 60 percent envisaged for the workforce in Germany to a target
figure of approximately 130 employees has already reached an advanced stage
and is likely to be virtually completed by the end of the first half of
2012. The Group will then have around 230 employees worldwide (as per 31
December 2011: 409). As regards procurement,   negotiations conducted on an
existing long-term supply contract with a module manufacturer were
successfully concluded, resulting in considerably more flexible terms.
Future focus of the restructuring process will be on the ongoing
optimisation of internal processes and concerted measures to expand
international business. The business model with its twin pillars of solar
power plant construction and distribution of solar power systems, solar
modules and other components will be essentially retained.

Preliminary figures: tumbling prices and write-downs impact revenues and
results in the financial year 2011 - share of international business rises
to 57.2 percent

In the financial year 2011, Phoenix Solar AG experienced a downturn in
revenues of 38.1 percent to EUR 393.5 million (2010: EUR 635.7 million)
according to the preliminary figures. Whereas domestic business declined by
64.2 percent to EUR 168.5 million, international revenues rose by 36.8
percent to EUR 225.0 million, corresponding to a share of 57.2 percent of
total revenues (2010: 25.9 percent). Earnings before interest and taxes
(EBIT) came to EUR -84.7 million (2010: EUR 36.4 million). This figure is
very strongly impacted by considerable write-downs on inventories due to
the extraordinarily sharp decline in prices in 2011 as well as by one-off
effects from the impairment of project rights.

As already communicated in the ad-hoc release on 2 April 2012, the dates
announced for the release of the Annual Report 2011 on 25 April and for the
Interim Report on the first quarter of 2012 on 10 May had to be postponed
as the financing negotiations had not yet been brought to a close. Now that
the new syndicated loan agreement has been signed, the date for the
publication of the two reports has been scheduled for 15 May.

Outlook for the current and the next financial year

Phoenix Solar AG has budgeted for consolidated revenues of between EUR 210
and 240 million and an EBIT of between EUR -25 and -19 million in the
financial year 2012. This result is impacted by special items from
restructuring and refinancing as well as ongoing costs incurred, for
instance by the reduction in personnel capacities. The Executive Board
anticipates a return to rising revenues in the region of EUR 280 to 310
million and an EBIT of EUR -5 to 0 million in the financial year 2013.
Given that the market environment in Germany as the leading market is
expected to deteriorate further, the company will continue to forge ahead
with the process of internationalisation. It will be focusing particularly
on the regions of Asia and North America.

This is an English translation of the German original. Only the German
version is binding.

About Phoenix Solar AG
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a
leading international photovoltaic system integrator. The Group develops,
plans, builds and operates large-scale photovoltaic plants and is a
specialist wholesaler for turnkey photovoltaic power plants, solar modules
and accessories. With sales operations throughout the whole of Germany and
subsidiaries on three continents, the company has sold solar modules with a
peak power of more than one gigawatt since it was first founded. The shares
of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the Regulated Market
(Prime Standard) of the Frankfurt Stock Exchange.

Phoenix Solar AG
Jutta Stolp
Hirschbergstrasse 8
85254 Sulzemoos

Tel.: +49 (0)8135 938-315
Fax:  +49 (0)8135 938-399

Local Court of Munich HRB 129117
Ust-ID Nr. DE 812868419

Board of Directors: Dr. Andreas Hänel (CEO), Dr. Bernd Köhler, Dr. Murray
Head of Supervisory Board:
J. Michael Fischl

End of Corporate News

11.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

Language:    English                                                
Company:     Phoenix Solar Aktiengesellschaft                       
             Hirschbergstraße 8                                     
             85254 Sulzemoos                                        
Phone:       +49 (0)8135-938-000                                    
Fax:         +49 (0)8135-938-099                                    
E-mail:      kontakt@phoenixsolar.de                                
Internet:    www.phoenixsolar-group.de                              
ISIN:        DE000A0BVU93                                           
WKN:         A0BVU9                                                 
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,   
             München (m:access), Stuttgart                          

End of News    DGAP News-Service  

169244 11.05.2012                                                      

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