Phoenix Solar posts record quarterly sales: Orders of €296 million booked for 1H10

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Major systems integrator Phoenix Solar has reported fourth-quarter and full-year preliminary results, showing module sales increasing by almost 70% to more than 202MW in 2009. The company reported fourth-quarter revenue of €230.8 million, which was almost 50% of its full-year revenue of €473 million. Revenue in 2008 was €402.5 million. Phoenix Solar also noted that orders for the first half of 2010 already stood at €296 million, which is accounted for as €183 million to the components and systems segment and €51 million in the power plants segment.

However, the rapid module price declines seen in 2009 impacted margins, and the weak financial markets restricted large-scale projects. International sales dropped considerably compared to 2008. Phoenix Solar generated total international revenue of €27.6 million, or a total of 5.8% of its business from outside Germany, compared to revenue of €159.7 million, or 39.7% of revenue, in 2008. 

“Our flexible business model, which is built on our two segments of components and systems and power plants, enabled us to respond to the difficult situation in the market and to win additional market share,” noted Dr. Andreas Hänel, chief executive officer of Phoenix Solar. “Phoenix Solar ranks among the few solar companies in Germany which not only boosted revenues but also succeeded in closing the year profitably.”

The components and systems segment generated significant sales for the company in 2009. Based on preliminary figures, revenues climbed by 39.3% to €299.0 million, compared to €214.6 million in 2008. The power plants segment generated revenue reached of €174.0 million in 2009, compared to €187.8 million in 2008.

Although not giving detailed guidance for 2010, due to the need to evaluate the impact of the proposed FiT changes in Germany, Phoenix Solar still anticipates strong growth in module sales this year as well as an increase in revenues and an improvement in earnings. International sales were planned to be significantly higher than in 2009.

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