A financial report published today by Germany’s Phoenix Solar has revealed that the company was able to significantly reduce its consolidated losses last year, from 37.3 million ($51.3 million) in 2012 to just 10.7 million in 2013.
Losses before interest and taxes (EBIT) were also down significantly to just 1.4 million compared to 31.8 million the year previous as the company implemented a series of radical restructuring measures designed to help it stay afloat.
As a result, consolidated revenues fell sharply in 2013, with the company generating just 141.2 million last year, compared to 155.4 million in 2012. Plunging sales in Europe wiped away nearly half of Phoenix Solars bottom line (contracting from revenues of 69.8 million in 2012 to just 33.2 million last year), and despite increased sales in both the U.S. and Asia, the company saw its overall margins shrink by 9.1%.
In terms of hard figures, Phoenix Solar sold 126 MWp of PV plants and modules in 2013, which was down 3.1% from the 130 MWp shipped in 2012. The company cited a "deteroriation in political framework conditions" for its poor showing in Europe a clear nod to the oversupply and subsequent trade sanctions imposed in light of Chinese state-subsidized product flooding the European market.
"Following radical restructuring in 2013, further progress hinges on both subsidiaries consolidating their sales successes in 2013 and continuing their expansion," said company CEP Bernd Köhler. "If this succeeds, our return to the profit zone will be accomplished in line with our planning."
Looking ahead, the company reports that it anticipates revenues to reach between 150 million and 160 million for 2014, which would represent a 10% sales increase, based on a forecast that sees the shipment of 130-140 MWp of PV equipment.