Phoenix Solar AG reported consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company generated EUR 9.9 million of revenues compared to EUR 4.9 million a year ago. Group LBIT was EUR 2.5 million slightly improved as compared with the first three months of 2015 of EUR 2.6 million a year ago. Net loss attributable to parent company shareholders amounted to EUR 3.7 million compared to EUR 3.4 million a year ago. Loss per share stood at EUR 0.50 compared to EUR 0.46 a year ago. A EUR 2.9 million cash inflow from operating activities was significantly improved as compared to the first quarter 2015 when a cash outflow of EUR 2.4 million occurred. This is attributed in particular to a reduction in current receivables of EUR 5.0 million to EUR 11.4 million (December 31, 2015: EUR 16.4. million) and an increase in financial liabilities of EUR 2.0 million to EUR 23.3. million (December 31, 2015: EUR 21.3 million).

The company continues to anticipate revenue in a range between EUR 180 million and EUR 210 million for the 2016 financial year, and EBIT between EUR 2 million and around EUR 4 million.