Phoenix Solar releases 2009 annual report

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Phoenix Solar has released its annual report, which includes the consolidated financial statements from their 2009 financial year. The company shows a growth in total revenue of €473 million, up from 2008’s €402.5 million. In addition, their module sales increased by around 70%, from 120MW in 2008 to more than 200MW in 2009.

Phoenix Solar’s components and systems segment generated €299.0 million, an increase from 2008’s €214.6 million, while their power plants division had a drop in revenue to €174.0 million from last year’s €187.8 million. Finally, the international business profits totaled €27.6 million, or 5.8%.

The company’s earnings before interest and taxes came to €12.2 million, a significantly lower figure than 2008’s €33.8 million, with an EBIT margin at 2.6%, down from the previous year’s 8.4%. Phoenix Solar credits the decline in earnings to a regression in solar module price of more than 30% in some instances.

Finally, Phoenix Solar reported a consolidated net income for their 2009 financial year of €8.6 million, a decrease from 2008 where the net income totaled €23.7 million. The earnings per share were posted as €1.28, another decline from 2008’s €3.63.

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