1. Phoenix Solar AG
Company Presentation
January 2010

2. Disclaimer
The content of this presentation is solely for information purposes and is not intended to constitute a recommendation for
investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall
undertake no liability whatsoever for any loss in connection with this presentation or the information contained therein. This
also applies particularly to any eventual loss in connection with the shares of Phoenix Solar AG.
This document contains forward-looking statements on future developments which are based on management’s current
assessment. Words such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “can/could”, “plan”, “project”,
“forecast”, “should”, and similar terms are indicative of such forward-looking statements. Such statements are subject to
certain risks and uncertainties which are mainly outside the sphere of influence of Phoenix Solar AG, but which have an
impact on the business activities, the success, the business strategy and the results. These risks and factors of uncertainty
include, for instance, climatic change, changes in the state subsidisation of photovoltaics, the introduction of competitor
products or technologies of other companies, the development of the planned internationalisation of business activities,
fierce competition as well as rapid technological change in the photovoltaic market. If one of these or other factors of
uncertainty or risks should occur, or if the assumptions underlying the statements should prove incorrect, the actual results
may diverge substantially from the results in these statements or implicit indications. Phoenix Solar AG does not have the
intention nor will it undertake any obligation to realise forward-looking statements on an ongoing basis or at a later point in
time as this is entirely dependent on circumstances prevailing on the day of their release.
In some countries the dissemination of this presentation and the information contained therein may be restricted or
prohibited under the law. This presentation is therefore expressly not intended for persons resident in legal systems under
which such an offer or solicitation is not permissible, or for persons for whom such an offer or invitation would constitute a
breach of the law.
2

3. Table of Contents
1. Phoenix Solar at a Glance
2. Company Profile
3. Module Supply
4. Financial Parameters
5. Phoenix Share - SonnenAktie®
6. Investment Highlights
3

4. Phoenix Solar at a Glance
Founded Nov. 1999, headquartered near Munich,
global workforce >300
One of the leading globally active PV system integrators
(3 continents, 8 countries)
CAGR revenue: 78%
Continuously profitable since 2004
Stock-listed since November 2004, TecDAX-listed since March 2008
First mover in PV thin-film technology,
holding 12% world market share in 2007 and 10% in 2008*
Covered by 22 banks, further coverage under preparation
* Source: Solar Outlook (Navigant Consulting), Phoenix analysis
4

5. Worldwide Company Locations
in 8 Countries and 3 Continents
Phoenix Solar
AG, Germany
(Since Nov. 1999)
Phoenix Solar
SAS, France
(Since Sept. 2009)
Phoenix Solar, Phoenix Solar
USA S.L., Spain
(coming H1 2010) (Since Apr. 2006)
Phoenix Solar
Phoenix Solar
S.r.l., Italy
(Since July 2006) Pte Ltd,
Singapore
(Since Dec. 2006)
Phoenix Solar
E.P.E., Greece
(Since June 2008)
Phoenix Solar
Phoenix Solar Pty Ltd,
L.L.C, Oman Australia
(Since Dec. 2009) (Since July 2008)
All 100% owned subsidiaries, except Phoenix Solar Singapore (75%) and Phoenix Solar Oman (70%)
5

6. Table of Contents
1. Phoenix Solar at a Glance
2. Company Profile
3. Module Supply
4. Financial Parameters
5. Phoenix Share - SonnenAktie®
6. Investment Highlights
6

7. Business Model
International Manufacturers
Solar Modules BOS-Components
• Crystalline • Inverters
• Thin-film • Mounting Systems
• Cables
System integration
ices
Serv
se
Sal
Turn-key
installation
Segment Segment
Solar Power Plants Components & Systems
Project Investors International Customers Resellers
7

8. Offering to the Customer
Segments
Components &
Systems
Power Plant Sales
Power
Plants
Investor Business
Residential Commercial Large-Scale
0,1 MWp 1 MWp 10 MWp
1 kWp* 20 kWp 500 kWp 1 MWp 5 MWp 10 MWp+
Phoenix Solar’s business model covers all PV system sizes:
• Components & Systems 1kWp - 1 MWp
• Power Plants > 500 kWp
* not to scale
8

9. Focused Business Model
Focus on Photovoltaics
Exclusively active in the field of photovoltaics, the market segment of
renewable energies with the highest growth rate
Focus on PV System Technology
Focus on core competence of high-yield, long-lasting and profitable
PV systems
System integrators are the gateway to the end customer
Advantages of Focused Business Model
Purchase of PV modules and components with the best
price-to-performance ratio independent of the manufacturer
High flexibility, rapid response to market trends
Low financial risk as limited investment is required
9

10. Target Customers for Large Solar Power Plants
Closed Solar Funds as capital
collection point for private investors
Project Ownership
Investor Business
Participation starting at €10,000
Fund capitalisation starting at €20M
Expected Return: > 6%
Institutional investors, insurance
companies, pension funds
Risk spreading (in addition to equities,
annuities, real estates)
Planable cash flow!!
Power Plant Sales
Trade, Industry and Commerce
EPC Contracts
Secure financial returns
Green image benefit
Local Communities
Secure financial returns
Sensible use of agricultural lands
10

11. Business Model – Synergies between Power
Plant and Components & Systems Segments
Synergy
Our business segments' strengths generate synergies
Technical Know-how
Product innovation
Cost reduction
Demand balance Segment
Segment
Solar Power Plants Components & Systems
Strengthening of purchasing
position
Project Investors International Customers Resellers
11

12. Business Model – Solar Power Plants
A full-service package in the Power Plant segment
Phoenix Solar offers project investors an all-inclusive services & products
package
Project development
Planning of power plants
Procurement and delivery
Turn-key installation
Financial consulting / fund structuring
Plant management
Operation and maintenance
12

13. Competence in Large-scale Roof-Mounted Solar
Power Plant Design & Construction
Munich Trade Fair (Germany), 2.1 MWp
Completion November 2002
13

14. Competence in Large-scale Ground-Mounted Solar
Power Plant Design & Construction
SolarPark Miegersbach (Germany), 5.3 MWp
Completion December 2005
14

15. Competence in Large-scale Ground-Mounted Solar
Power Plant Design & Construction
“La Solana” (Spain), 6.5 MWp
Completion March 2008
15

16. Features of Phoenix Solar’s Operation,
Monitoring & Maintenance Service
Utility standard 24/7 stand-by
service independent from
inverter manufacturers
24-hour reaction time in case
of plant failure
International service network
with local contact persons
Customer access to all plant
data
Reporting to customer
(monthly, quarterly, yearly)
Continuous plant optimisation
100 MWp under management
16

17. Outperformance of Large-Scale Power Plants
kWh / kWp Miegersbach (5.3 MWp) kWh / kWp Munich Trade Fair
1,200 1,200
1,149 1,171 1,156
+16% +19% +18% 1,123 1,113
+22% +22% 1,087 +20%
1,000 1,000
800 800
Actual
Projected
600 600
987 982 978
918 914 909
400 400
200 200
0 0
2006 2007 2008 2006 2007 2008
Phoenix Solar’s system design & operation know-how leads to
significant performance improvements
17

18. Table of Contents
1. Phoenix Solar at a Glance
2. Company Profile
3. Module Supply
4. Financial Parameters
5. Phoenix Share - SonnenAktie®
6. Investment Highlights
18

19. Solar Module and Inverter Suppliers
Inverter
Suppliers
19

20. Product Mix:
Thin-film vs. Crystalline Modules
100%
Crystalline
90%
25.8%
34%
80% 42.8%
52.1% 48.1%
70%
60% 79.7% 83.1% 78.5%
50% 100%
40% Thin-film
74.2%
66%
30% 57.2%
47.9% 51.9%
20%
10% 20.3% 16.9% 21.5%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010e
Phoenix Solar is a leader in thin-film technology:
12% global market share in 2007 and 10% in 2008
20

21. Table of Contents
1. Phoenix Solar at a Glance
2. Company Profile
3. Module Supply
4. Financial Parameters
5. Phoenix Share - SonnenAktie®
6. Investment Highlights
21

22. Guidance 2009 & Outlook 2013
Guidance 2009 Long-term Outlook 2013
(revised on 12 November 2009) (as of 27 January 2009)
Sales: 430 – 480 €M Sales: 1.5 bil. €
EBIT: positive EBIT: 100 €M
Positioning of Phoenix
Solar as a globally leading
system integrator
Expansion of international
business to more than 65%
of sales
22

23. Sales Development
1500
700
€M
600
~480
500
402.5 ~50
400
300 % 260.1
R 78
G
CA
~430
200
111.1 119.0
100 67.2
14.4 20.8 23.5
0.0 4.0
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e ... 2013e
Up to 2003: Phoenix Solar AG (HGB)
2004 onwards: Revenue of Phoenix Concern (IFRS)
23

24. EBIT / EBIT-Margin Development
EBIT 100 EBIT
40
(€ M) Margin
10%
35 33.8
8.6%
8.4%
30
8%
6.9%
25
22.3
6%
20 4.0%
3.7%
15 4%
10
7.7
2%
4.8
5
2.5
0 0%
2004 2005 2006 2007 2008 ... 2013e According to International Financial
Reporting Standards (IFRS)
24

25. Annual Results / Earnings per Share
€M € / share*
28.0 4.00
Net Results
EPS 3.63
24.0 3.50
23.70
3.00
20.0
2.50 €M
2.38
16.0
2.00 25.0 21.90
14.48
12.0 20.0
1.50 15.0
8.0 10.0
0.92 1.00 3.27
5.0 -0.58
4.0 0.34 0.55 0.0
4.95 0.50
3.02 - 5.0 -3.89
1.70
0.0 0.00 - 10.0
2004 2005 2006 2007 2008 Q1-Q3'08 Q1-Q3'09
Average # of shares: 5,025,000 5,372,945 5,546,173 6,077,000 6,535,115 6,484,956 6,684,569
* Undiluted According to International Financial Reporting Standards (IFRS)
25

26. Sales Development per Full-Time Equivalent
€T
2,600
2,392
2,400
2,200
2,000 1,915
1,778
1,800
1,555
1,600
1,352
1,400
1,200 €T
-38%
1,000 2,000 1,732
800 1,500
575 621
551 1,067
600
1,000
400
200 500
0
2001 2002 2003 2004 2005 2006 2007 2008 Q1-Q3'08 Q1-Q3'09
Accounting Basis: HGB; from 2004 onwards IFRS
26

27. Revenue Share of Business Segments
100%
Components & Systems (Germany)
90% Components & Systems (ROW)
80% 44.3% Power Plants (ROW)
46.6% 45.5%
70% 60.4% Power Plants (Germany)
72.0%
60%
5.4% 100%
50% 6.3% 7.8%
5.6% 80% 36.6%
40% 21.7% 60.4%
5.5%
30% 31.9% 60% 9.0%
4.0%
3.8%
20% 41.5% 40%
34.1% 42.6% 1.3%
24.0% 28.6%
10% 20% 34.5%
14.8%
11.8%
0% 0%
2004 2005 2006 2007 2008 Q1-Q3'08 Q1-Q3'09
27

28. Quarterly Sales Development 2008 to 2009
Group Results
Group Sales
Q3 2009 revenues down 40% y-o-y
€M
due to
160 Sales 149.3 sales price decline
140 +35% Q3 2008 being positively affected
-32% by Spanish revenues
120 115.7 weakness of power plant business
110.2
-22%
101.4
100 89.7
+215%
+165%
80 €M
500
60 402.5
400 +55%
41.6
36.7 300 260.1
40
200
20
100
0 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
28

29. Quarterly EBIT Development 2008 to 2009
Group Results
EBIT EBIT Group EBIT
(€ T) Margin
Substantial EBIT
17,599
18,000 16% improvement q-o-q, however
16,000 11.8%
10.1% 12% Q3 2009 EBIT down y-o-y
14,000
11,173
due to end of Spanish market
12,000 4.6% 8%
hype and weakness of power
10,000 3.3% 4% plant business
8,000 0.1%
0.9% 4,692 0%
6,000 €M
4,000 2,983 -4%
40
2,000 33.8
359 102 -8% 35 +52%
30
-12% 25 22.3
-2,000 -20.3%
-4,000 20
-16%
15
-6,000
-20% 10
-8,000 5
-7,437
-10,000 -24% 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
* Adjusted in Q3-2007 according to Int’l Accounting Standard (IAS) 8.49
29

30. Order Backlog Development
€M Order Backlog
300
275
280 High C&S order backlog of 105 €M
260 248 reflects year-end rush in residential and
240
231 230 commercial sectors
220 199 Total free order backlog end Q3 2009
132
200 181 (154 €M) higher in a q-o-q and y-o-y
180 164 comparison
56 154
160 143 138
167
140
214 112 244
120 129 105
94 92 95
100 75 86 88
154 78 76
80 126 59
143 143 34
60 107
90 34
40 73
63 63 49
52 52
20
17 5 10 17 5 10
1. 4. 08 1. 7. 08 1. 10. 08 1. 1. 09
4
1. 4. 09 1. 7. 09 1. 10. 09 1. 4. 08 1. 7. 08 1. 10. 08 1. 1. 09
4
1. 4. 09 1. 7. 09 1. 10. 09 1. 4. 08 1. 7. 08 1. 10. 08 1. 1. 09 1. 4. 09 1. 7. 09 1. 10. 09
1.4.08 1.7.081.10.081.1.09 1.4.09 1.7.091.10.09 1.4.08 1.7.081.10.081.1.09 1.4.09 1.7.091.10.09 1.4.08 1.7.081.10.081.1.09 1.4.09 1.7.091.10.09
Total Power Plants Components & Systems
Percentage-of-Completion (PoC) Revenues “Free” Order Backlog
30

31. Table of Contents
1. Phoenix Solar at a Glance
2. Company Profile
3. Module Supply
4. Financial Parameters
5. Phoenix Share - SonnenAktie®
6. Investment Highlights
31

32. Comparison: Phoenix Solar vs. TecDAX
2008 and 2009
% %
180 180
Phoenix Phoenix
170 170
TecDAX TecDAX
160 160
150 150
140 140
130 130
120 120
110 110
100 100
90 90
80 80
70 70
60 60
50 50
40 40
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mrz Apr Mai Jul Aug Sep Okt Dez Jan Feb Mrz Apr May Jun Jul Aug Sep Okt Nov Dec
Mar Apr Mai Sep Oct Dez
2008 2009
Phoenix SonnenAktie® beats the TecDAX
32

33. TecDAX Ranking
2008 and 2009
350 0
Market Cap.
300 Rank Market Cap. 5
Rank Revenue
Market Capitalisation (Mil. €)
250 10
15
200 15
Rank
19
150 20
100 25
30
50 30
32
0 35
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Phoenix SonnenAktie® climbs from the smallest company
in the TecDAX to the middle of the pack
33

34. Dividend Payment
Phoenix Solar has been paying dividends since 2007
Shareholder-oriented dividend policy according to company growth and
business situation
Financial year Date of Gross dividend Number of
distribution per share shares
2006 29.05.2007 0.10 € 6,077,000
2007 05.06.2008 0.20 € 6,648,500
2008 20.05.2009 0.30 € 6,648,500
34

35. Current Analyst Coverage
Bank Since Bank Since
Deutsche Bank Barclays Capital
25.8.2005 9.2.2009
Frankfurt/Main London
Commerzbank WestLB
21.11.2005 27.4.2009
Frankfurt/Main Dusseldorf
Equinet Piper Jaffray
22.5.2006 28.5.2009
Frankfurt/Main Minneapolis
HSBC Trinkaus & Burkhardt Nord/LB
17.8.2006 1.7.2009
Duesseldorf Hannover
Goldman Sachs Arete
14.10.2006 3.7.2009
London London
Pacific Crest CA Cheuvreux
12.6.2008 30.7.2009
Portland Frankfurt/Main
UniCredit Macquarie
25.8.2008 30.7.2009
Munich London
FBR Capital Markets Arkeon Finance
15.9.2008 8.9.2009
San Francisco Paris
MainFirst Bank Jefferies
17.9.2008 9.9.2009
Frankfurt/Main London
Viscardi LBBW
7.11.2008 7.12.2009
Munich Stuttgart
BHF-Bank Close Brothers Seydler
2.12.2008 25.1.2010
Frankfurt/Main Frankfurt/Main
35

36. Table of Contents
1. Phoenix Solar at a Glance
2. Company Profile
3. Module Supply
4. Financial Parameters
5. Phoenix Share - SonnenAktie®
6. Investment Highlights
36

37. Investment Highlights
Business model focuses on the core capabilities (PV systems
technology), allows for high flexibility and fast exploitation of
market opportunities
As system integrator Phoenix Solar is the gateway to the end
customer
Expansion of international business to more than 50% of sales by
2010 and 65 % by 2013
World-leading expertise in large-scale power plant construction
using thin-film systems technology
Phoenix Solar AG – a “PV pure play”
37

38. Thank you for your attention!
38

39. Appendix

40. Phoenix Solar share in brief
ISIN DE000A0BVU93
Share class No-par bearer share
Number of shares as per 30/12/09 6,700,700 units
Share capital 6,700,700 €
Stock market segment Official Market, Prime Standard
40

41. Phoenix Share History
18/11/1999 Founding of Phoenix Solar AG (formerly Phönix SonnenStrom AG)
31/01/2001 First public offering
3rd capital increase by € 1,000,000 to € 1,675,000
3,500 private and institutional shareholders (opening price € 12)
18/11/2004 Listing on the Munich stock exchange; OTC listing on
the stock exchanges of Berlin-Bremen, Stuttgart and Frankfurt/Main
01/07/2005 Listing in the M:access quality segment of the Munich stock
exchange, extensive OTC reporting obligations
01/12/2005 HSBC Trinkaus & Burkhardt becomes Designated Sponsor for
seamless trading in the electronic trading system XETRA
27/06/2006 Admission of share capital to the official market in the Prime
Standard segment of the Frankfurt Stock Exchange, further
follow-up obligations
29/05/2007 Phoenix Solar pays its first dividend of € 0.10 per share
25/03/2008 Phoenix Solar’s shares added to the TecDAX
technology index of Deutsche Börse AG
41

42. Quarterly Sales Development 2008 to 2009
Power Plant Segment
Power Plant Segment
€M Q3 Power Plant Sales down
90 Sales 83.3% y-o-y and 79.2% q-o-q
80.9
80 +22%
mainly affected by project delays
70 66.5 65.0
60
-70%
+303%
50
€M
+693% 187.8
40 -79% 200
+44%
30 150 130.7
23.9
20 16.5 100
13.5
8.2
10 50
0 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
42

43. Quarterly EBIT Development 2008 to 2009
Power Plant Segment
EBIT EBIT- Power Plant Segment
€T Margin
14,000 20%
Weak power plant EBIT
13,000 due to low Q3 sales
12,000 12.6% 12.2% 15%
11,000
9,885 6.5% 10%
10,000 5.7%
9,000 1.3% 8,405
5%
8,000
7,000 -3.3% 0
6,000
5,000 4,241 -5% €M
4,000 21
19.9
3,000 -10% 20
2,000 1,352 20 +11%
-15% 19
1,000 214
0 19 17.9
-20%
-1,000 -441 18
-2,000 -25% 18
-3,000 -2,435 17
-29.7%
-4,000 -30% 17
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
43

44. Quarterly Sales Development 2008 to 2009
Components & Systems Segment
Components & Systems
€M +13% Segment
80 Sales 77.4 76.2
Q3 2009 sales in Germany
70
68.4 up 50.3% q-o-q and 11.4%
+50% y-o-y
+56%
60 Q3 2009 already impacted
50.7 by strong year-end rally
50
43.7
+78% €M
40 +74% 250
214.6
28.5 200 +66%
30 25.1
150 129.3
20
100
10
50
0 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
44

45. Quarterly EBIT Development 2008 to 2009
Components & Systems Segment
EBIT EBIT- Components & Systems
€T Margin
Segment
7,707
8,000 15%
11.3% In Q1 & Q2 2009 C&S
6,000
12% business was burdened with
6.3% 4.5% 9% inventory write-downs
4.3% 3,427
4,000 2,772 3,335 Substantial EBIT improvement
6%
2,000 0.6% 3%
Q3 2009 up 7.6 €M q-o-q
146 0
0 €M
- 3% 16 14.0
-2,000 14
- 6%
12 +226%
-4,000 - 9%
-4,150 10
-5,002 -8.1% - 12% 8
-6,000
- 15% 6 4.3
-8,000 4
- 18% 2
-17.5%
-10,000 - 21% 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
45

46. Quarterly Sales Development 2008 to 2009
National Sales
National Sales
€M
National sales down 26.1%
120 National 112.2 q-o-q and up 17.6% y-o-y
-26% Development underpins the
97.3
100 importance of the German
+38%
82.9
market for Phoenix Solar
+223%
80
70.5
+76% €M
60 300 +28%
+15% 242.8
250
40.1
34.9 34.7 189.6
40 200
150
20 100
50
0 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
46

47. Quarterly Sales Development 2008 to 2009
International Sales
International Sales
€M
International sales Q3 2009
90 International +12% down 91.4 % y-o-y but up 94.3% q-o-q
78.8
80 No international power plant project
70.1 under construction in Q3 (1.5 MWp Le
70 Lauzet project for eOn Climate &
Renewables started in Q4)
60
+946%
-95%
50
€M
40 200
159.7
30 150 +127%
20 100
+94% 70.4
+75%
10 6.7 6.8 50
4.1 3.5
2.0
0 0
Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 2007 2008
47

48. Contact
Phoenix Solar AG
Hirschbergstrasse 8
D-85254 Sulzemoos
Germany
Phone +49 8135 938-000 www.phoenixsolar.com
Fax +49 8135 938-399 phoenix@phoenixsolar.de
Investor Relations Public Relations
Anka Leiner Andrea Wegner
Phone +49 8135 938-315 Phone +49 8135 938-313
a.leiner@phoenixsolar.de a.wegner@phoenixsolar.de
48