Phoenix Solar attributes its slight 2012 positive progress to "successful" restructuring, which saw the company cull a significant amount of its global workforce and organize new financial packages.
It intends to implement further restructuring in 2013 which, as announced this February, will see significant capacity reductions in Europe, a major refocus of efforts on the U.S. and South East Asia and more workforce reductions from 409 employees to just 115.
"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," stated new CEO Bernd Köhler. Phoenix Solars previous CEO, Andreas Hänel resigned on February 28.
Köhler continued, "This enables us to press ahead with our international activities, especially in our focus regions of the United States and Asia."
The financials
Overall, Phoenix Solar saw 2012 photovoltaic module sales drop 50% from 257 MWp in 2011, to 130 MWp. This led to consolidated revenues of 155.4 million, a decrease of 60.5% from 393.5 million in 2011.
Of this figure, domestic sales fell 72.4%, from 168.5 million, to 46.4 million, while international sales dropped 51.6% from 225 million to 109 million.
Accounting for 46.6% of revenue, compared to 61.2% in 2011, the Components & Systems segment reaped just 72.4 million, down from the 241 million seen in 2011. Meanwhile, accounting for 53.4% of revenues an increase from 38.8% in 2011 Phoenix Solars Power Plants segment generated 83 million in 2012, down from 152.5 million in 2011.
2012 EBIT totaled -31.8 million, an improvement from the 84.7 million lost in 2011. EBIT margin, meanwhile, increased slightly, from -21.5% to -20.5% in the same period. Consolidated loss after tax also improved, from 86.4 million in 2011, to 37.6 million; and earnings per share, from -11.80, to -5.10.
Overall, consolidated orders on hand totaled 74.9 million as of last December 31, down 37.3% from 119.4 million in 2011.
The future
Looking ahead to 2013, Phoenix Solar expects to record slight improvements, with consolidated revenues of between 160 million and 190 million, and an EBIT of between -7 million and -2 million. In 2014, the company forecasts a positive operating profit on the back of 5 to 9% growth.
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