PV system integrator, Phoenix Solar said that it had reached the highest level of sales from markets outside Germany in the third quarter of 2012.
Despite sales in Q3 being down 64% (€40.8 million) compared to the same quarter a year ago, Phoenix Solar generated 76.5% of sales overseas, its highest recorded figure.
Phoenix Solar reported revenue of €19.1 million from its Components & Systems Segment, a 71% declined from the same period a year ago.
The Power Plant Segment revenue reached €21.6 million, down 54.3% when sales reached €47.3 million in the same quarter a year ago.
Consolidated orders at the end of Q3 were €127.0 million with international business amounting to €123.4 million, or 97.2% of orders.
Dr Andreas Hänel, Chief Executive Officer of Phoenix Solar AG said, “Whereas our business in the US and Asia is progressing, only now, at the start of the fourth quarter, are there the first signs of success again in new business in Germany and Europe. In the current fourth quarter we have, for instance, been able to contractually secure a number of projects in the megawatt range in the US, Greece and Germany.”
“The outlook for next year will be reviewed as part of the process of drawing up the annual accounts and planning for 2013. The sustainability of the signs of an upswing in the business of the subsidiaries in important countries will need to be verified. The first successful results show what now needs to be done: to fill the project pipeline to get us off to a good start to the year with a healthy order book – and return to the growth path.”
Having undergone a major restructuring and significant staff reduction, Phoenix Solar consolidated earnings before interest and taxes (EBIT) of negative €4.0 million for the first six-months of the year.
However, management noted that a key aim was to build its PV project pipeline and return to growth in 2013. The company is provisionally targeting sale in 2013 of €280 – €310 million and an EBIT of negative €5 million to break-even.