Phoenix Solar (PS4-FF)

QUOTE AND NEWS  Feb 2  Comment 
Phoenix Solar pumps renewable energy into IKEA store DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Incoming Orders Phoenix Solar pumps renewable energy into IKEA store 21.02.2017 / 08:30 The issuer is solely responsible for the...  Jan 30  Comment 
Phoenix Solar strengthens dialog with its shareholders DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Miscellaneous Phoenix Solar strengthens dialog with its shareholders 30.01.2017 / 08:30 The issuer is solely responsible for the...  Jan 27  Comment 
Phoenix Solar: Three Photovoltaic Projects Honored with Global Leading RES Awards DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Study Phoenix Solar: Three Photovoltaic Projects Honored with Global Leading RES Awards 27.01.2017 /...  Jan 25  Comment 
Phoenix Solar awarded contract to build four commercial photovoltaic rooftops in the Philippines DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Incoming Orders Phoenix Solar awarded contract to build four commercial...  Dec 30  Comment 
Phoenix Solar Aktiengesellschaft: Dr. Murray Cameron's appointment as Executive Board Member expires after 13 years with the company DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Change of Personnel Phoenix Solar...  Nov 22  Comment 
DGAP-DD: Phoenix Solar Aktiengesellschaft english Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them 22.11.2016 / 08:28 The issuer is solely responsible...  Nov 15  Comment 
Phoenix Solar awarded an EPC contract for a 1.5 MWp PV project on behalf of Jordan Ahli Bank DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Incoming Orders Phoenix Solar awarded an EPC contract for a 1.5 MWp PV project on behalf...  Nov 10  Comment 
Phoenix Solar: Strong revenue growth, positive EBIT and net profit for the quarter (news with additional features) DGAP-News: Phoenix Solar Aktiengesellschaft / Key word(s): Quarterly / Interim Statement Phoenix Solar: Strong revenue growth,...  Nov 8  Comment 
SULZEMOOS (dpa-AFX) - Phoenix Solar AG (PS4G) said that it will achieve revenues between 135 million euros and 150 million euros for the fiscal year 2016, approximately 50 million euros lower than expected in the previously published guidance,...  Nov 8  Comment 
Phoenix Solar AG below revenue and earnings forecast for 2016 Phoenix Solar Aktiengesellschaft / Key word(s): Development of Sales/Profit Warning 08.11.2016 12:10 Disclosure of an inside information according to Article 17 MAR, transmitted by...


Phoenix Solar AG is a german company with headquarters at Sulzemoos, near Munich. Phoenix Solar AG is selling complete solar power systems and components. After a successful internationalisation the company has subsidiaries in Southern Europe, Asia and Australia. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange and were admitted to the TecDAX technology index of Deutsche Börse AG on 25 March 2008.

Company Overview

As a specialist wholesaler, Phoenix Solar AG sells solar modules, inverters, accessories and complete solar power systems. The components are sourced from the international market. The supply base includes Solyndra, First Solar, Schott Solar, Signet Solar, Yingli Solar, Trina Solar, Suntech, Sharp, Mitsubishi Electric, Mitsubishi Heavy Industries and the inverter suppliers Xantrex, Fronius and SMA.

The Ulm subsidiary is specialised in the planning and construction of large solar power plants. For this purpose, it employs specially developed assembly systems and components, which substantially reduce assembly times. The team at Ulm also conceives special solutions for solar power plants.

Phoenix Solar Energy Investments AG is developing and issuing Solar Funds. [1]

Business and Financial Metrics

The company follows the IFRS standard and all numbers are reported in Euro. Fiscal year is from 1st of January to 31st of December.

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The graphics show the data from the available audited annual reports.[2] In April 2008 the company issued 607,500 new shares and received 20.8 million EUR gross proceeds to fund growth and internationalisation. In November 2008 a syndicated loan of 150 million EUR with a three year term was secured to further improve working capital conditions. [3]

Business Segments

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Phoenix Solar is selling components and assembly systems. Increasing importance has the power plant business in non domestic markets. Most of the non domestic (German) revenue in 2007 was made in Spain with 37.5 million Euro contribution of the La Solana Power Plant.

Solar Components

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In the Components & Systems segment Phoenix Solar is offering tailored systems, solutions and support in planning, logistics and other services (e.g. training) as a specialist wholesaler for grid-connected photovoltaic systems and components. The customers of this segment are resellers: electrical installation businesses, electrical retailers and wholesalers, heating/sanitary and roof companies as well as solar retailers.

Solar Power Plants

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Phoenix Solar is offering turn-key solutions from concept to operation and maintenance of the systems. Attached is a picture of the La Solana Power Plant in Spain (6530 kWp).[4] The customers of the Power Plant segment are private individuals, companies of the retail market, industry and commerce, local authorities as well as fund initiators and financial investors.

Key Trends and Forces

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Key trends of the photovoltaic market in general are shown in the article Solar Power and in the IEA Photovoltaic Power Systems Programme report[5]. Here is a description of those trends and forces acting specifically on the business of Phoenix Solar.

Wholesaler and Developer

Phoenix Solar is not acting as a producer of photovoltaic modules or inverters and is not directly affected by capacity/demand cycles of the market or the supply of raw material. Wholesalers and developers benefit from oversupply because declining prices ease decisions of investors to implement systems. Undersupply by the producers is limiting the growth of the business. As a non-producer Phoenix Solar is able to change selected technology more quickly and efficiently in comparison to the producers which are constrained by the required capital spending and intellectual property barriers. In Oktober 2008 the company announced the start of sales of Solyndra's CIGS based thin film modules being the first in the European market. The corresponding framework agreement had been signed in July 2008.

Market Selection

The company acts in markets with favourable conditions regarding to feed-in tariffs, tax rebates or other support programmes. The company has subsidiaries in Germany, Spain, Italy, Greece, Singapore and Australia. A description of the conditions in this markets can be found in the IEA-PVPS report [5]. Feed-in tariffs conditions in the maturing countries are worsening over time to take price reductions for the PV components into account. Being active in several countries is mitigating the risk to be adversely affected by the legislation.


The following table shows the position of the different European companies within the value chain. Competitive activities are in the fields Distribution, Installation and Service.

Photovoltaic Value Chain and European Companies[6]
Raw Silicon Ingots Wafers Solar Cells Solar Panels Distribution Installation Service
Solarworld AG (SWV-FF)  
Renewable Energy Corporation (REC-OS)  
Ersol Solar Energy (ES6-FF)  
  Q-Cells (QCE-FF)  
  Solar-Fabrik (SFX-FF)  
  Sunways (SWW-FF)  
  Solon AG (SOO1-FF)  
  Aleo Solar (AS1-FF)  
  Centrosolar (C3O-FF)  
  Phoenix Solar (PS4-FF)
  Conergy AG (CGY-FF)
  S.A.G.Solarstrom (SAG-FF)


  1. Webpage of Phoenix Solar
  2. Phoenix Solar Financial Reports
  3. Corporate News 08-11-20
  4. Solar Park La Solana, Phoenix Solar Case Study
  5. 5.0 5.1 Trends in Photovoltaic Applications, Report IEA-PVPS T1-17:2008
  6. Aleo Roadshow Mai 2009, Page 4 (Source: Goldman Sachs Global Investment Research)
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