Ad-hoc release Phoenix Solar AG: Board of Directors revises EBIT guidance for 2009

Sulzemoos - The Board of Directors of Phoenix Solar AG ISINDE000A0BVU93) no longer assumes that the EBIT guidance of approximately EUR 31 million published in January 2009 for the financial year 2009 can be achieved.

The reason for this assessment is the continuing decline in prices particularly for solar modules, resulting in downward pressure on margins, buying resistance on the part of customers, and an increased devaluation requirement for current inventories.

Until now, based on various signals, the Board of Directors had expected that price declines had reached their lowest point and that earning situation would recover. These expectations were not confirmed.

The Board of Directors expects a positive EBIT for the financial year 2009, but will only release a detailed EBIT guidance when the current development in prices has stabilised, enabling a more precise estimate of the trend in earnings.

Based on revenues to date, the Board of Directors maintains its revenue guidance of around EUR 520 million.



This is an English translation of the German original. In the event of any doubt, the German version shall prevail.


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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.

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Sulzemoos 25 June 2009


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