Phoenix Solar AG unveiled the financial results for the first nine month of 2015 and for the third quarter of 2015. The power plant segment contributed a lot to the company’s financial performances, growing several times over the same periods in 2014.
Financial highlight
Performance in the first nine months
In the first nine months of FY2015, the company generated consolidated revenues of EUR 82.2million, growing 400% from the first nine months in 2014. The growth of the business is largely attributable to an increase in revenues in the second and third quarters of fiscal 2015. In addition, EUR 79.2 million of revenues were generated by the Power Plants Segment this segment during the period.
Gross profit stood at EUR 6.5 million during this period, representing a gross profit margin of 7.9%. The comparably higher gross profit margin in the first nine months of 2014 (26.1%) was due to the fact that the previous year still included the high-margin European O&M business that exerted a disproportionate impact on profit and loss as a result of the weak trend in other business during 2014.
This resulted in earnings before interest and taxes (EBIT) of EUR -3.5 million in the first nine months of 2015, EUR 2.2 million, or 38.1 percent, better than in 2014 (9M/2014: EUR -5.7 million).
Performance in the third quarter
The company generated revenues of EUR 42.4 million over the period from July to September 2015, representing an increase of EUR 34.9 million, which is more than five times higher compared to the figure reported in the third quarter of 2014. This performance was based on a considerable improvement in sales: The second quarter of 2015 saw the delivery of modules with a total rated output of 33.2 MWp.
The Power Plants Segment generated EUR 42.3 million of revenue volume in the third quarter. This represents growth of EUR 39.1 million, which is due to construction work having started on several power plant projects in the USA. However, the Components & Systems Segment realized EUR 0.1 million of revenues in the third quarter of 2015 – a fall of almost 100% due to weaker business trend, especially in France and Southeast Asia.
In relation to total revenues in the quarter, the Components & Systems Segment thereby accounted for just 0.3%, and the Power Plants Segment consequently for 99.7%.
Read the full press release: Phoenix Solar AG publishes 3Q 2015 results