DGAP-News

Phoenix Solar AG publishes results for 9M/2015 - Seite 2

to currently EUR 5.7 million. This corresponds to a 28.5 percent saving.

This resulted in earnings before interest and taxes (EBIT) of EUR -3.5
million in the first nine months of 2015, EUR 2.2 million, or 38.1 percent,
better than in 2014 (9M/2014: EUR -5.7 million). Taking into account that
during the first nine months of fiscal 2014 several special effects had led
to higher other operating income (9M/2015: EUR 2.9 million; 9M/2014: EUR
6.0 million), the improvement would have been even better.

The consolidated net result for the period attributable to the shareholders
stood at EUR -6.4 million (9M/2014: EUR -10.3 million), thereby improving
by around 40 percent compared to the period from January to September 2014.
The loss per share was reduced accordingly, from EUR 1.40 (9M/2014) to
currently EUR 0.86.

Due to the resumed business growth and the improved consolidated net result
for the period, cash flow from operating activities turned positive again
for the first nine months of 2015, amounting to EUR 2.3 million (9M/2014:
EUR -4.5 million).

As a result of the consolidated loss before non-controlling interests of
EUR 6.8 million incurred in the period under review, and due to the past
years' loss-making situation, equity declined to EUR -8.7 million (December
31, 2014: EUR -1.6 million). The consolidated equity ratio stands at -16.9
percent as of September 30, 2015 accordingly (December 31, 2014: -3.5
percent). As the Group does not comprise a legally independent company
itself, this negative equity ratio generates no direct going concern risk
for the Group.

Solely the equity transferred from Phoenix Solar Aktiengesellschaft (which
prepares its accounts according to the German Commercial Code (HGB)), as
the parent company of the Phoenix Solar Group, is of legal relevance. This
amounted to EUR 7.5 million as of September 30, 2015, equivalent to a 15.0
percent equity ratio (December 31, 2014: EUR 11.0 million, equivalent to a
20.0 percent equity ratio).

Performance in the third quarter

The Phoenix Solar Group generated revenues of EUR 42.4 million over the
period from July to September 2015 (Q3/2014: EUR 5.5 million), representing
an increase of EUR 34.9 million, which is more than five times higher
compared to the figure reported in the third 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
33.2 MWp (Q3/2014: 5.8 MWp).

The Power Plants Segment generated EUR 42.3 million of revenue volume in