Phoenix Solar AG releases preliminary figures for the financial year 2008

- Best year in the history of the company
- Forecasts for revenues and EBIT exceeded

Sulzemoos - The Board of Directors of Phoenix Solar AG (ISIN DE000A0BVU93), a leading photovoltaic system integrator listed on the TecDAX, is today releasing preliminary key data for the consolidated financial statements for the financial year 2008. New records were achieved for revenues and profits. The guidance figures announced as recently as November 2008 for revenues and EBIT have been exceeded. This makes the year 2008 the most successful in the company's history.

Over the period from January to December 2008, the Phoenix Solar Group generated total revenues of EUR 402 million (2007: EUR 260 million), which is the equivalent of an increase of 55 percent. Revenues of the Components & Systems segment climbed 67 percent to EUR 215 million (2007: EUR 129 million), and the Power Plants segment raised revenues by 44 percent to EUR 188 million (2007: EUR 131 million). The share of international business in total revenues advanced to 40 percent in 2008, up from 27 percent in 2007, which brought revenues generated by the Group abroad to EUR 160 million (2007: EUR 70 million).

Earnings before interest and taxes (EBIT) climbed 52 percent to EUR 33.8 million in comparison with the previous year's figure (2007: EUR 22.3 million). The EBIT margin (ratio of EBIT to revenues) came to 8.4 percent in the financial year 2008 (2007: 8.6 percent). The Components & Systems segment achieved an EBIT of EUR 14.0 million and the Power Plants segment an EBIT of EUR 19.9 million, which corresponds to an EBIT margin of 6.5 percent and 10.6 percent, respectively.

Preliminary consolidated profit after tax rose by 63 percent to EUR 23.7 million (2007: EUR 14.5 million). Despite an increase in the number of shares to 6,684,500 units (2007: 6,077,000), earnings per share rose from EUR 2.38 to EUR 3.55.

As per 31 December 2008, the equity ratio stood at 70 percent (2007: 61.4 percent).

As per 1 January 2009, the order book amounted to EUR 112 million (2007: EUR 109 million), of which EUR 34 million was attributable to the Components & Systems segment and EUR 78 million to the Power Plants segment. Adjusted for work in progress, orders in hand rose significantly, from EUR 42 million at year-end 2007 to EUR 107 million a year later, and were attributable as follows: EUR 34 million to Components & Systems and EUR 73 million to Power Plants.

Given the level of the order book at the start of the year and new orders placed to date, which are considerably higher year-on-year, the Board of Directors has confirmed its guidance for the financial year 2009: The Phoenix Solar Group anticipates revenues of around EUR 520 million and an EBIT of approximately EUR 31 million.

The Annual Report, with a complete set of 2008 consolidated financial statements, will be published on 23 April 2009 and can be downloaded from the company's website at http://www.phoenixsolar.com under the heading Investor Relations, Financial Reports.


This is an English translation of the German. Only the German version is binding.


About Phoenix Solar AG

Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a leading international photovoltaic system integrator. Based on the preliminary figures total revenues came to EUR 402 million and the Group's EBIT came to EUR 33.8 million in the financial year 2008. The Phoenix Solar Group anticipates revenues of around EUR 520 million, generated in Germany and abroad, and an EBIT of approximately EUR 31 million in the financial year 2009. Phoenix Solar AG plans, builds and undertakes the operation of large photovoltaic plants and is a specialist wholesaler for complete power plants, solar modules and accessories. The Group is a leader in photovoltaic systems technology. It focuses on the consistent lowering of system costs. With a sales network which covers the whole of Germany, and subsidiaries in Spain, Italy, Greece, Singapore and Australia, the Group currently has a workforce of more than 230 employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange and on the TecDAX, Deutsche Börse AG’s technology index.


Disclaimer

The content of this press release is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss in connection with this press release or the information made available. This also applies particularly to any eventual loss in connection with the shares of Phoenix Solar AG.

This document contains forward-looking statements on future developments which are based on management’s current assessment. Words such as "anticipate", "assume", "believe", "estimate", "expect", "intend", "can/could", "plan", "project", "forecast", "should", and similar terms are indicative of such forward-looking statements. Such statements are subject to certain risks and uncertainties which are mainly outside the sphere of influence of Phoenix Solar AG, but which have an impact on the business activities, the success, the business strategy and the results. These risks and factors of uncertainty include, for instance, climatic change, changes in the state subsidisation of photovoltaics, the introduction of competitor products or technologies of other companies, the development of the planned internationalisation of business activities, fierce competition as well as rapid technological change in the photovoltaic market. If one of these or other factors of uncertainty or risks should occur, or if the assumptions underlying the statements should prove incorrect, the actual results may diverge substantially from the results in these statements or implicit indications. Phoenix Solar AG does not have the intention nor will it undertake any obligation to realise forward-looking statements on an ongoing basis or at a later point in time as this is entirely dependent on circumstances prevailing on the day of their release.

In some countries, especially in the United States of America, the dissemination of this press release and the information contained therein may be restricted or prohibited under the law. This press release is therefore expressly not intended for persons resident in the United States of America or any other legal system under which such an offer or solicitation is not permissible, or for persons for whom such an offer or invitation would constitute a breach of the law.


Sulzemoos, 18 March 2009


Publication and Reprint free of charge; please send a specimen copy
to Phoenix Solar AG.


Attention editorial offices: For further questions please contact Mrs.
Anka Leiner, Investor Relations Phoenix Solar AG.

Hirschbergstr. 8
D-85254 Sulzemoos
Tel: 08135-938-315
Fax: 08135-938-399
E-mail: a.leiner@phoenixsolar.de
Internet: http://www.phoenixsolar.de

Online press kit - all press releases from Phoenix Solar AG

---

Press photos for editorial use only
Note: For the content of this press release the issuer / publisher of the release is »Phoenix Solar AG« responsible.