Phoenix Solar has now released its financial statements as of March 31, 2010. The company reports a total revenue increase of 118.5% to €80.4 million, up from €36.7 million in the first quarter of 2009. The company’s CEO, Andreas Hänel said that this was the best quarter in Phoenix Solar’s history.
“In terms of sales and earnings, this was the best quarter in the history of the company. Our flexible business model and our sustainable corporate strategy enables us to respond appropriately to the market situation,” said Hänel.
The company attributes its success in the quarter to the significant changes to the EEG; namely the feed-in tariff cuts.
Phoenix Solar EBIT grew to €4.62 million in the first quarter of 2010 compared to 2009’s figure of €-7.44 million, which is an increase of more than €12 million. The EBIT margin reached 5.8% compared to the -20.2% in 2009.
The consolidated result after tax also rose in a year-on-year comparison reaching €2.8 million in the reporting period (same quarter 2009: €-6.0 million). Based on 6,700,700 shares, earnings per share came to €0.42 (2009: €-0.89).
Group orders rose by 27%, from €296 million at the start of the year to €375 million by 31 March 2010 (31 March 2009: €248 million). Orders of the components and systems segment came to €227 million at the end of the first quarter (31 March 2009: €154 million) and to €148 million in the power plants segment (31 March 2009: €94 million).
The company executive board anticipates strong growth in revenues throughout the remainder of 2010, however it will revise its company planning once the legislative procedures in respect of an amendment to the German Renewable Energy Act have been completed