SULZEMOOS (dpa-AFX) - Tim P. Ryan, Group CEO at Phoenix Solar AG (PS4G), laid out a Six Point Plan for 2015 and beyond to consolidate the Company's turnaround at the Company's Annual Shareholders' Meeting today. The full year forecast of revenues at 140 million euros - 160 million euros was confirmed, with positive EBIT in the low single digits. An improved global sales process, pipeline management and reporting will support the drive for growth.
At the core of the plan is the return to profitable growth. The Company continues to make a strong push towards consolidating its turnaround and closing projects profitably in 2015.
Phoenix Solar noted that it continues to differentiate with its core offering of engineering, procurement and construction (EPC) services based on precision-engineered, on-time and on-budget delivery of commercial solar power plants. This means reliable long-term system output for owners and investors at competitive market pricing.
While restructuring measures to reduce the cost base - now fully implemented - have already significantly lowered the Company's breakeven point and improved competitiveness, the target going forward will be to achieve cost reductions of 6-8% per year on a MWp basis.
'To achieve this ambitious program the sixth point is directed towards people: new talent will only be selected from among proven solar industry employees and executives, who bring a wealth of experience and can hit the ground running,' the company said.
In a separate press release, Phoenix Solar said that its shareholders elected a new member of the Supervisory Board at the Annual General Meeting on June 23rd, 2015.
The shareholders appointed Hans-Gerd F?chtenkort, consultant and senior manager with broad international experience, as a new member of the Supervisory Board. Dr. Thomas Zinser was affirmed in his office for another year, while the remaining term of Supervisory Board member Oliver Gosemann runs until 2017.
In its subsequent constituent meeting, the Supervisory Board elected Oliver Gosemann as its Chairman.
J. Michael Fischl, formerly Chairman of the Supervisory Board, did not stand for another term of office following the successful conclusion of the company's restructuring. Staggering the terms of Supervisory Board membership ensures continuity and that the Board's composition can be adjusted to the company's specific requirements.
The Annual General Meeting approved all motions of management by a large majority, including the renewal of Authorized and Conditional Capital.
Copyright RTT News/dpa-AFX