EANS-News: Phoenix Solar AG presents figures for financial year 2012

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Subtitle: Revenue growth and only minor losses planned for 2013

Annual Reports

Sulzemoos (euro adhoc) - Phoenix Solar AG presents figures for
financial year 2012

- Loss more than halved despite lower revenues
- New strategic direction targeting growth regions in the United States and
Asia
- Revenue growth and only minor losses planned for 2013

Sulzemoos. 28 March 2013 / Phoenix Solar AG (ISIN DE000A0BVU93), an
international photovoltaic systems integrator listed in the Prime
Standard segment of the Frankfurt Stock Exchange, is today publishing
its consolidated financial statements for 2012 as audited by the
independent auditor and adopted by the Supervisory Board. Market
conditions in the photovoltaic industry remained difficult in
financial year 2012. Despite much lower revenues, Phoenix Solar
succeeded in considerably reducing its losses thanks to the
successful restructuring of its business. The company has decided to
discontinue loss- making activities during the current financial year
2013, particularly including the trading and project business handled
from Germany. Going forward, Phoenix Solar is to concentrate
primarily on the fast-growing regions in the United States and Asia
and is forecasting slight growth again for 2013 together with a
further strong improvement in earnings.

Definitive figures for financial year 2012 Phoenix Solar AG recorded
a decline of nearly 50 percent in sales of solar modules in financial
year 2012 to 130 MWp (2011: 257 MWp). Consolidated revenues fell by a
disproportionate 60.5 percent to EUR 155.4 million (2011: EUR 393.5
million) on account of the further decline in prices for solar
modules. While domestic activities declined by 72.4 percent to EUR
46.4 million (2011: EUR 168.5 million), international revenues fell
by 51.6 percent to EUR 109.0 million (2011: EUR 225.0 million), which
means that international activities account for 70.1 percent of total
revenues (2011: 57.2 percent). At the same time, revenues generated
outside of Europe rose slightly to reach EUR 39.2 million (2011: EUR
37.1 million). The revenues recorded by the Components & Systems
segment declined by 70.0 percent to EUR 72.4 million (2011: EUR 241.0
million), accounting for 46.6 percent (2011: 61.2 percent) of
consolidated revenues. The Power Plants segment generated revenues of
83.0 million EUR (2011: EUR 152.5 million), which represents a
year-on-year decline of 45.6 percent. This segment accounted for 53.4
percent (2011: 38.8 percent) of total revenues. The operating loss
(EBIT) amounted to EUR 31.8 million (2011: loss of EUR 84.7 million)
with an EBIT margin (ratio of EBIT to revenues) of minus 20.5 percent
(2011: minus 21.5 percent). The consolidated loss after tax amounted
to EUR 37.6 million (2011: EUR 86.4 million), corresponding to
earnings per share of minus EUR 5.10 (2011: minus EUR 11.80). The
Group's equity ratio as of 31 December 2012 amounted to 18.7 percent
(2011: 38.1 percent). Consolidated orders on hand amounted to EUR
74.9 million as of 31 December 2012 (2011: EUR 119.4 million), down
37.3 percent year-on-year. "With the new strategic direction, we have
created the conditions for Phoenix Solar to return to profitable
growth. This strategy is being supported by our banks, which have
rolled over our financing for another year early with just a few
modifications. This enables us to press ahead with our international
activities, especially in our focus regions of the United States and
Asia," comments Phoenix Solar CEO Dr. Bernd Köhler.

Outlook Phoenix Solar expects to generate consolidated revenues of
between EUR 160 million and EUR 190 million in 2013, already
entailing slight growth again compared to financial year 2012.
Despite the extraordinary expenses relating to restructuring, the
company expects to record a further strong reduction of the operating
loss (EBIT) to between EUR 7 million and EUR 2 million, including
restructuring expenses, thanks to the fall in personnel expenses and
lower other operating expenses. For the following financial year
2014, Phoenix Solar anticipates further growth of between 5 and 9
percent and a return to an operating profit (EBIT).

Annual Report The 2012 Annual Report is being published in electronic
form today, 28 March 2013, and can be downloaded from the company
website at www.phoenixsolar- group.de under Investor Relations,
Financial Reports.

At a glance: 2012 figures

| | |FY 2012|FY 2011|Change |
|Sales volume |MWp |130 |257 |-49.4% |
|Consolidated |EURm |155.4 |393.5 |-60.5% |
|revenues | | | | |
|Components & |EURm |72.4 |241.0 |-70.0% |
|Systems segment | | | | |
|Power Plants |EURm |83.0 |152.5 |-45.6% |
|segment | | | | |
|International |EURm |109.0 |225.0 |-51.6% |
|revenues | | | | |
|EBIT |EURm |-31.8 |-84.7 |62.5% |
|Consolidated loss |EURm |-37.6 |-86.4 |56.5% |
|Earnings per share|EUR |-5.10 |-11.80 |56.8% |

Further inquiry note:
Dr. Joachim Fleing
Investor Relations Representative
Phoenix Solar AG
Tel.: +49 8135 938-315
email: j.fleing@phoenixsolar.de

end of announcement euro adhoc
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company: Phoenix Solar Aktiengesellschaft
Hirschbergstraße 8
D-85254 Sulzemoos
phone: +49 (0)8135-938-000
FAX: +49 (0)8135-938-099
mail: kontakt@phoenixsolar.de
WWW: http://www.phoenixsolar-group.de
sector: Energy
ISIN: DE000A0BVU93
indexes:
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
M:access: München, regulated dealing/prime standard: Frankfurt
language: English