Phoenix decreased revenue and increased loss

In the first half of 2017, German Phoenix Solar AG generated consolidated revenues of €42.4 million ($49,7 million), a decrease of 20.5 percent compared to the first six months of 2016 (H1 2016: €53.3 million). Sales revenues more than doubled to €28.5 million compared to the first quarter of 2017, when revenues of €13.8 million were recorded. Shipments in the first half year reached 66 MW, a slight increase compared to the previous year (H1 2016: 63 MW). The consolidated net result for the period attributable to the shareholders was €-8.6 million (H1 2016: €-4.6 million).
The company achieved revenues of €32.8 million in the US (H1 2016: €42.6 million), while the Middle East Region contributed revenues of €5.3 million (H1 2016: €7.1 million). The Asia/Pacific Region grew by 16.7 percent to €3.9 million (H1 2016: €3.4 million), Europe (excluding holding company) remained the smallest region with sales of €0.4 million (H1 2016: €0.3 million).
The Group reported a free order backlog of €31.4 million as of June 30, 2017 (June 30, 2016: €135.6 million). The Group order book position - including revenues already realized - amounted to €129.3 million (€246.4 million). The total volume of the weighted global project pipeline increased to 444 MW as of June 30, 2017, almost 90 percent more than a year ago (235 MW). After the signing of two new contracts, the pipeline reached an unprecedented weighted volume of more than 500 MW by the end of July.
On August 9, 2017, the Executive Board of Phoenix Solar AG lowered its 2017 forecast and now expects revenues in the range of €140 to €170 million (previously: €160 to €190 million; 2016: €139.2 million) and an EBIT in a range between €-2.0 to €1.0 million (previously: €1.0 to €3.0 million; 2016: €0.6 million) for the full year 2017.

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