Corporate | 14 August 2009 06:58
SMA Solar Technology AG / Half Year Results/Forecast
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- With EUR 160 million, sales in Q2 are at the upper end of the
expectations
- Total sales increased to EUR 247 million in first six months
- Operating profit (EBIT) Q1-Q2 increased to EUR 35 million
- Amounting to 14.2 %, the EBIT margin Q1-Q2 is back in the two-digit range
- Optimistic outlook to fiscal year 2009: Sales between EUR 680 and
730 million with an EBIT margin of 18 to 20 %
The results of the first half year give SMA Solar Technology AG (SMA)
reason for a positive outlook to the overall year 2009. The half-yearly
financial report January to June 2009 published today shows clear recovery
of the demand for SMA photovoltaic (PV) inverters in the second quarter. In
the months April to June, SMA recorded an increase in sales of 85 % to EUR
160.5 million as compared to the first quarter. Sales are within the
expectations for the second quarter that the Managing Board had specified
with EUR 145 to 165 million on May 15, 2009. The second quarter contributed
65 % to the total sales of the first six months of EUR 247.1 million
(previous year: EUR 292.6 million). Total sales in the first half year
correspond to sold inverter power of 792 MW.
In the reporting period January to June 2009, SMA has again benefited from
the international presence and the broad product range. Thanks to this
positioning, SMA has been able to quickly react to regional and
product-related demand changes. In the reporting period, the foreign share
was 43 % (previous year: 47 %). Basically, demand was dominated by USA,
Australia, Belgium, France and Italy. While in the first quarter,
particularly inverters of the Sunny Boy product group with low power
classes were sold, demand shifted in the second quarter increasingly to the
Sunny Mini Central product group and thus to higher power classes. The
large-scale project business has also picked up speed again in the second
quarter.
In the second quarter, SMA achieved an EBIT of EUR 29.0 million and thus
improved the EBIT in the reporting period January to June 2009 to EUR 35.0
million (previous year: EUR 68.7 million). Amounting to 14.2 %, the EBIT
margin is back in the two-digit range (previous year: 23.5 %). In the first
half year, the consolidated net profit amounted to EUR 26.0 million
(previous year: EUR 48.2 million). With 34.7 million shares as of the
balance sheet date June 30, 2009, SMA achieved earnings per share of EUR
0.75 in the reporting period (previous year: EUR 1.39).
As of June 30, 2009, the net working capital ratio increased to 17 % (Dec.
31, 2008: 11.4 %) and thus marked the middle of the corridor of 16 to 18%
that was aimed at. As of the end of the reporting period, the balance sheet
structure is constantly solid. As of the balance sheet date June 30, 2009,
the stock of liquid funds and securities amounts to EUR 179.3 million (Dec.
31, 2008: EUR 261.0 million). The reduced cash position is among other
things attributable to cash outflows amounting to EUR 30.4 million for
investments in fixed assets, particularly for the new inverter factory.
Due to the noticeable recovery of the photovoltaic market, the attractive
promotion conditions in many countries and the considerably reduced prices
for solar modules, the SMA Managing Board is looking optimistically to the
overall year 2009 and expects a market growth. Considering the reduced
specific prices for SMA inverters, the Managing Board expects sales in a
range from EUR 680 to 730 million. The lower end of the guidance
corresponds approximately to the sales of the previous year (previous year:
EUR 681.6 million), the upper end is 7 % higher. Due to the change in the
product mix and changed cost structures, the Managing Board expects an EBIT
margin between 18 and 20 % for 2009.
'Due to the global promotion programs, the photovoltaic industry has been
largely able to separate from the development of the global economic cycle.
We hold fast to our estimate that on the long-term, the photovoltaic
industry is a growth market. The financial and economic crisis does only
decelerate this growth in partial markets', explains Chief Executive
Officer Günther Cramer. 'For 2009, we expect growth of the photovoltaic
market as compared to the 5.7 GW of the previous year - despite the crisis.
Recovery of the global demand for photovoltaic systems is already clearly
noticeable. Due to our technology leadership, our complete product range,
our flexibility and our global presence, we are perfectly positioned to
benefit from this growth.'
About SMA Solar Technology AG
SMA generated sales of more than EUR 680 m in 2008 and is thus worldwide
market leader for photovoltaic inverters, a key component of all solar
power plants. The SMA Group is based in Niestetal, near Kassel, and is
represented by foreign subsidiaries in eleven different countries on four
continents. The Group employs a staff of over 3,000 (incl. temporary
staff). SMA produces a broad range of inverters, offering the right
inverter for every type of photovoltaic module in use and for all sizes of
photovoltaic plants. The product range covers both inverters for
photovoltaic plants connected to the grid and inverters for off-grid
systems. The company has been listed on the Frankfurt Stock Exchange Prime
Standard (S92) since June 27, 2008; since September 22, 2008 the company's
shares have been listed on the TecDAX. In the past, SMA received a number
of awards for its excellence as an employer.
Press contact:
SMA Solar Technology AG
Volker Wasgindt
Head of Media and Association Relations
Sonnenallee 1
34266 Niestetal
Germany
Phone: +49 561 9522-11 21
Fax: +49 561 9522-11 03
Volker.Wasgindt@SMA.de
Investor Relations:
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Fax: +49 561 9522-22 23
ir@SMA.de
Anna Raudszus (Institutional Investors/Analysts)
Phone: +49 561 9522-22 22
Julia Damm (Private Investors)
Phone: +49 561 9522-11 64
Link to the financial report:
www.SMA.de/IR/Finanzberichte (German)
www.SMA.de/IR/FinancialReports (English)
Disclaimer:
This Corporate News serves only as information and is not an invitation to
purchase, hold or sell shares. This Corporate News release can contain
future-oriented statements. Future-oriented statements are statements which
do not describe facts of the past. They also include statements about our
assumptions and expectations. These statements are based on plans,
estimations and forecasts which the executive board of SMA Solar Technology
AG (SMA or company) has available at this time. Future-oriented statements
are therefore only valid on the day on which they are made. Future-oriented
statements by nature contain risks and elements of uncertainty. Various
known and unknown risks, uncertainties and other factors can lead to
considerable differences between the actual results, the financial
position, the development or the performance of the corporation and the
estimates given here. These factors include those which SMA has discussed
in published reports. These reports are available on the SMA website at
www.sma.de. The company accepts no obligation whatsoever to update these
future-oriented statements or to adjust them to future events or
developments.
14.08.2009 Financial News transmitted by DGAP
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Language: English
Issuer: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Deutschland
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info@sma.de
Internet: http://www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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