Consolidated revenue was non-the-less up 17.5% at €473m with an almost 70% increase in module sales volumes to over 202 MWp. At the same time however, the EBIT more than halved to €12.2m.
Phoenix Solar says 2009 was dominated by the German market, which represent 40-50% of the global market, “extremely volatile” demand and an “unexpectedly sharp downturn” in the price of solar PV systems. And of course the financial crisis.
The Components & Systems segment saw a 39.3% jump in revenues to €299m. The Power Plants segment, however, fell 7.3% to €174m due to “the difficult financing situation for large-scale photovoltaic power plants in 2009 and the collapse of the Spanish market, which contracted by 95%.”
For 2010, Phoenix Solar expects strong growth in module sales, and increased revenue and earnings. The German solar company also anticipates a higher share of international business.