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EANS-Adhoc: Phoenix Solar focuses on international operations and new business
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
Strategic management decisions/Company Information
Phoenix Solar focuses on international operations and new business models
Financing extended until end of March 2015 / Change in the position of CEO
Sulzemoos 11 February 2013 / Phoenix Solar AG (ISIN DE000A0BVU93), a
photovoltaic system integrator listed on the Prime Standard of the Frankfurt
Stock Exchange, has decided to part company with a number of loss making
operations due to the fact that the market environment raises severe doubts
about their recovery in the near term.
Subsequently, Phoenix Solar will lay enhanced focus on the strongly growing
regions of Asia and the USA where its regional subsidiaries have successfully
established themselves in their respective markets. The North American and Asian
operations have ramped up the capacities and competencies necessary to
sustainably manage, develop and expand their businesses in an operationally
independent manner. In Europe, the French and Greek subsidiaries are well
positioned and profitable. Capacities in Spain and Italy on the other hand have
been significantly reduced in view of the uncertainties in their local markets
and their challenges in reaching earnings targets. The subsidiary based in Oman
is to be closed.
The components & systems and the power plant businesses in Germany will be
divested. In addition to the components & systems and power plant activities of
the aforementioned international subsidiaries, the profitable operations &
maintenance unit, as well as the development of new business models for the
project and distribution businesses, will remain an important focus of the
company moving forward.
Financing for the Group will continue to be secured by Phoenix Solar AG. The
lending banks have been consulted in detail about this shift in strategy towards
a fast return to profitable growth. Today, the company signed contract
amendments regarding the corresponding credit agreements. Accordingly, the total
financing volume was slightly adjusted down to approximately EUR 126 million.
The credit lifetime was extended ahead of schedule by another year from 31 March
2014 to 31 March 2015.
This shift in strategy will necessitate that extraordinary expenses - largely
write-downs and provisions - be accounted for in the financial statements as of
31 December 2012. Prior to these extraordinary expenses of approximately EUR 8
million, the most recent revenue and earnings forecasts for the 2012 financial
year would have been fully met. Including these expenses, however, preliminary
figures show operating losses (negative EBIT) of around EUR 32 million
(operating losses 2011: EUR 84.7 million; previously forecasted for 2012: EUR 25
million to EUR 19 million operating losses). In contrast to previous
expectations for 2013, Phoenix Solar now expects its revenues to reach EUR 160
million to EUR 190 million, significantly less than the original forecast of EUR
280 million to EUR 310 million. The previous earnings forecast (EBIT less
restructuring expenses), however, of around EUR 5 million losses and EUR 0
million is being maintained.
Dr. Andreas Hänel, founding Director of Phoenix Solar AG, today announced his
resignation from his position as member of the Board of Management ahead of time
and effective 28 February 2013. Dr. Hänel will continue to serve the company in
a consulting capacity. Also today, the Supervisory Board has appointed Dr. Bernd
Köhler CEO effective 1March 2013. Dr. Köhler will continue to also serve as CFO
of the company.
This is an English translation of the German original. Only the German version
Further inquiry note:
Dr. Joachim Fleing
Investor Relations Representative
Phoenix Solar AG
Tel.: +49 8135 938-315
issuer: Phoenix Solar Aktiengesellschaft
phone: +49 (0)8135-938-000
FAX: +49 (0)8135-938-099
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
M:access: München, regulated dealing/prime standard: Frankfurt
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-0- Feb/11/2013 19:44 GMT
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