EANS-Adhoc: Phoenix Solar focuses on international operations and new business models

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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Strategic management decisions/Company Information
11.02.2013

Phoenix Solar focuses on international operations and new business
models

Financing extended until end of March 2015 / Change in the position
of CEO

Sulzemoos 11 February 2013 / Phoenix Solar AG (ISIN DE000A0BVU93), a
photovoltaic system integrator listed on the Prime Standard of the
Frankfurt Stock Exchange, has decided to part company with a number
of loss making operations due to the fact that the market environment
raises severe doubts about their recovery in the near term.

Subsequently, Phoenix Solar will lay enhanced focus on the strongly
growing regions of Asia and the USA where its regional subsidiaries
have successfully established themselves in their respective markets.
The North American and Asian operations have ramped up the capacities
and competencies necessary to sustainably manage, develop and expand
their businesses in an operationally independent manner. In Europe,
the French and Greek subsidiaries are well positioned and profitable.
Capacities in Spain and Italy on the other hand have been
significantly reduced in view of the uncertainties in their local
markets and their challenges in reaching earnings targets. The
subsidiary based in Oman is to be closed.

The components & systems and the power plant businesses in Germany
will be divested. In addition to the components & systems and power
plant activities of the aforementioned international subsidiaries,
the profitable operations & maintenance unit, as well as the
development of new business models for the project and distribution
businesses, will remain an important focus of the company moving
forward.

Financing for the Group will continue to be secured by Phoenix Solar
AG. The lending banks have been consulted in detail about this shift
in strategy towards a fast return to profitable growth. Today, the
company signed contract amendments regarding the corresponding credit
agreements. Accordingly, the total financing volume was slightly
adjusted down to approximately EUR 126 million. The credit lifetime
was extended ahead of schedule by another year from 31 March 2014 to
31 March 2015.

This shift in strategy will necessitate that extraordinary expenses -
largely write-downs and provisions - be accounted for in the
financial statements as of 31 December 2012. Prior to these
extraordinary expenses of approximately EUR 8 million, the most
recent revenue and earnings forecasts for the 2012 financial year
would have been fully met. Including these expenses, however,
preliminary figures show operating losses (negative EBIT) of around
EUR 32 million (operating losses 2011: EUR 84.7 million; previously
forecasted for 2012: EUR 25 million to EUR 19 million operating
losses). In contrast to previous expectations for 2013, Phoenix Solar
now expects its revenues to reach EUR 160 million to EUR 190 million,
significantly less than the original forecast of EUR 280 million to
EUR 310 million. The previous earnings forecast (EBIT less
restructuring expenses), however, of around EUR 5 million losses and
EUR 0 million is being maintained.

Dr. Andreas Hänel, founding Director of Phoenix Solar AG, today
announced his resignation from his position as member of the Board of
Management ahead of time and effective 28 February 2013. Dr. Hänel
will continue to serve the company in a consulting capacity. Also
today, the Supervisory Board has appointed Dr. Bernd Köhler CEO
effective 1March 2013. Dr. Köhler will continue to also serve as CFO
of the company.

This is an English translation of the German original. Only the
German version is binding.

Further inquiry note:
Dr. Joachim Fleing
Investor Relations Representative
Phoenix Solar AG
Tel.: +49 8135 938-315
email: j.fleing@phoenixsolar.de

end of announcement euro adhoc
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issuer: Phoenix Solar Aktiengesellschaft
Hirschbergstraße 8
D-85254 Sulzemoos
phone: +49 (0)8135-938-000
FAX: +49 (0)8135-938-099
mail: kontakt@phoenixsolar.de
WWW: http://www.phoenixsolar-group.de
sector: Energy
ISIN: DE000A0BVU93
indexes:
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
M:access: München, regulated dealing/prime standard: Frankfurt
language: English