German solar systems integrator Phoenix Solar has issued a stark warning that the country’s solar market, currently the world’s largest, will decline from 2011 onwards.
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‘Phoenix Solar anticipates stagnation in the global market in the current financial year,’ the company said in its earnings statement.
‘The German market was once again global leader in 2010 but is likely to have reached its maximum market volume, and will decline from 2011 onwards.’
Phoenix brought in revenues of €635.7m in 2010, a 34 per cent rise on the previous year’s figure of €473m and the highest the company has ever recorded.
Its earnings before interest and tax were €36.4m, triple the €12m it made in 2009. Net earnings were €24.0m, or €3.42 per share. Phoenix’s management proposes a €0.35 dividend, subject to approval by its board.
But the company declined to offer a forecast for 2011, given regulatory uncertainty gripping the sector.
Germany cut feed-in tariffs ahead of schedule in July and October last year. Italy has also said it will cut subsidies early, while the UK is debating a similar move.
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