Phoenix Solar AG released its preliminary financials on the fiscal year 2015 (as of December 31st, 2015) and its forecast for the new year 2016. The results have yet to be audited.
According to the preliminary 2015 figures, consolidated revenues reached approximately €119 million (2014: €33.8 million), an improvement of some 250 percent. In 2015, an EBIT result (earnings before interest and taxes) of €-1.6 million was achieved in the fiscal year now ended versus a 2014 final figure of €-4.6 million; it should be noted that EBIT in 2014 was €- 9.1 million if a one-time gain on the sale of a business in 2014 is excluded. Revenues and earnings were thus slightly below the most recent guidance from last fall, which at the time predicted revenues of €140 million and EBIT in the range of €1.0 million to €-1.0 million. The final revenues being slightly below forecast can be attributed to a delay in the construction start of some projects – revenues which will now be realized in 2016.
In 2016 Phoenix Solar is targeting consolidated revenues of €180 million to €210 million and EBIT in the range of €2.0 million to €4.0 million. As in the past, the company assumes that revenue growth will pick up in the second quarter of 2016.
The revenue forecast for 2016 is backed by a free order backlog (order backlog according to IFRS less services already billed) that stood at €195.7 million as of December 31st, 2015 (December 31st, 2014: €36.3 million). The order backlog includes a number of projects already announced in separate press releases. The project pipeline, weighted by probability (projects under construction, contract signed or short listed), amounted to more than 300 MWp at the end of the year. In the case of one contract in the free order backlog, no construction permit has been granted for some time now, so this has not been included in the forecast.
Tim P. Ryan, Group CEO at Phoenix Solar stated: “We are proud to have achieved solid growth in 2015. A very disciplined approach to building our global project pipeline and further professionalization of our sales teams in the US, Asia Pacific and the Middle East, our core markets, is paying off. We continue to manage costs and margins carefully to improve profitability. Demand for differentiated, quality EPC services to investors and owners of commercial solar PV plants worldwide remains strong and we continue to be very optimistic for our future.”