Phoenix Solar Aktiengesellschaft
Phoenix Solar AG announces Q1/2017 results (news with additional features)
DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Quarterly / Interim Statement Phoenix Solar AG announces Q1/2017 results – Group revenues increase by 40 percent versus pre-year period, EBIT below expectations, strong cash inflow – Free order backlog increases to EUR 60.6 million – Forecast for 2017 confirmed with revenue growth to EUR160-EUR190 million and positive EBIT of EUR1-EUR 3 million Sulzemoos, May 11th, 2017 / Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator listed on the official market (Prime Standard) of the Frankfurt Stock Exchange, released its announcement today on results for the first quarter of the 2017 financial year. In the first three months of 2017, the consolidated revenues of the Phoenix Solar Group increased by 40 percent to EUR 13.8 million (Q1/2016: EUR 9.9 million). This trend was mainly driven by the US market, the company’s core business which accounted for around 90 percent of the total turnover. Further revenue growth over the coming quarters is expected due to a growing project pipeline. The total volume of the weighted global project pipeline rose from 330 MWp to 350 MWp indicative of the company’s growth trend. It has to be noted, however, that a number of projects are reaching completion and will drop out of the M5 phase (“under construction”) of the pipeline. Shortlisted projects (weighting factors of between 30 and 70 percent) increased further to almost 90 MWp. The Company’s total gross margin (revenues less cost of materials as percentage of revenues) was at 10.2 percent for the quarter at a satisfactory level (Q1/2016: 13.2 percent). Other operating income of EUR 0.4 million was lower than in previous quarters (Q1/2016: EUR 1.1 million), due to the sale of the Bâtisolaire project company last year, which no longer generates operating income. Post-restructuring, the Company’s resources were at a very low level, thus the company increased its personnel to drive new growth. This is reflected in an increase of personnel expense of some 37 percent to EUR 3.4 million (Q1/2016: EUR 2.5 million). The resulting earnings before interest and taxes (EBIT) were therefore EUR -4.0 million for the quarter, down by EUR 1.5 million vs. the pre-year period (Q1/2016: EUR -2.5 million). The corresponding EBIT margin was below expectations at -28.7 percent (Q1/2016: -24.9 percent). Finally, the consolidated net loss attributable to parent company shareholders amounted to EUR -5.1 million (Q1/2016: EUR -3.7 million). Calculated on an average number of 7,372,700 outstanding shares, EPS (earnings per share) stood at EUR -0.69 EUR (Q1/2016: EUR -0.50). Order book position at the end of first quarter 2017 Cash Flow Cash and cash equivalents decreased by EUR 1.9 million, from EUR 9.4 million on December 31st, 2016 to EUR 7.5 million on March 31st, 2017. Shareholders’ Equity Outlook Tim P. Ryan, Chief Executive Officer of Phoenix Solar AG, stated: “Our principal goal remains top line, profitable growth. We are investing in qualified sales personnel around the world and in improving our pipeline process to generate reliable revenue growth. We achieved a 40 percent revenue increase over the first quarter of last year. The overall project pipeline reflects this trend, having reached a new record weighted level of 350 MWp. The number of shortlisted projects and solid growth in early-phase opportunities indicate clearly that additions of our sales team and sales process improvements are working and will continue to bear fruit. In addition, we continued to invest in both people and processes in supply chain, estimating & bidding and engineering to remain competitive and differentiate our quality services. Finally, we see continued growth in our largest market, the US, and are very well positioned there, based on our pipeline, reputation and a strong record of on-time and on-budget delivery of quality solar power plants to our customers.” First Quarter 2017 Announcement Contact: Phoenix Solar AG Dr. Joachim Fleing Investor Relations Representative Tel.: +49 (0)8135 938-315 Fax: +49 (0)8135 938-429 j.fleing@phoenixsolar.de www.phoenixsolar-group.com Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=YJTYJDYVUK Document title: Phoenix Solar Q1 Announcement
11.05.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Phoenix Solar Aktiengesellschaft |
Hirschbergstraße 4 | |
85254 Sulzemoos near Munich, Germany | |
Germany | |
Phone: | +49 (0)8135-938-000 |
Fax: | +49 (0)8135-938-099 |
E-mail: | kontakt@phoenixsolar.de |
Internet: | www.phoenixsolar-group.com |
ISIN: | DE000A0BVU93 |
WKN: | A0BVU9 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich (m:access), Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |