Preliminary financial figures from Phoenix Solar show the company achieved record revenue of €635.7 million in 2010, and increase of 34.4% compared to the previous year. International business rose by almost 500% (496%) to €164.5 million, up from only €27.6 million in 2009. Record module sales reached 313MW, an increase of 55% over module sales in 2009.
However, management noted that it believed the German PV market had reached its limit in 2010 and would decline from 2011 onwards. The overall global market would therefore stagnate this year. Management also noted that the early and severe onset of winter in Europe that occurred by late November caused demand to decline and revenues to fall short of expectations for the fourth quarter.
In 2010, its Components & Systems segment, which contributed a share of 58% to revenues and grew sales by 23.2% to €368.5. The Power Plants segment grew faster, accounting for 53.6% of revenue for the year and reached revenue of €267.2 million.
EBIT margin (ratio of EBIT to revenues) climbed to 5.7%, up from 2.6% in 2009. EBIT in the Components & Systems segment stood at €28.1 million and the EBIT margin at 7.6%. The Power Plants segment delivered an EBIT of €8.3 million and an EBIT margin of 3.1%. Consolidated profit after tax nearly trebled to €24.0 million compared with €8.6 million in 2009.
Order book at the beginning of January, 2011 stood at €209 million, down from €296 million at the same time in 2009. Phoenix Solar stated that €46 million of orders were attributable to the Components & Systems segment and €163 million to the Power Plants segment. Adjusted for work in progress, orders on hand totalled €93 million at the start of the year.