Corporate | 11 November 2011 07:00
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SMA Solar Technology AG / Key word(s): Quarter Results
Corporate News – SMA Solar Technology AG From January to September 2011, SMA Solar Technology AG Achieves Second-Best Nine-Months-Result in Company’s History Highlights Q1 – Q3 2011: – Again increase in inverter capacity sold in third quarter, 5.4 gigawatts of inverter output sold in total at the end of the period under review (Q1 – Q3 2010: 5,7 GW)
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EUR1.2 billion sales thanks to strong project and international business, EUR477 million of which in Q3
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Significantly increased export ratio of 53.4 % compared with the previous year’s period
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Second-best operating profit (EBIT) in Company’s history with EUR178 million
– Managing Board confirms sales and earnings forecast for 2011 Niestetal, November 11, 2011 – In the first nine months of 2011, SMA Solar Technology AG (SMA/FWB: S92) further expanded its position as the global market leader for solar inverters in a difficult market environment. With 5.4 gigawatts (GW) of inverter output sold and sales of EUR1.192 billion, SMA followed on well from the record year 2010 (Q1 – Q3 2010: 5.7 GW / EUR1.443 billion). SMA benefited from its broad product range and high product quality as well as from its strong international position and a tightly knit global service network in all important photovoltaics markets. According to estimates by the SMA Managing Board, global newly installed photovoltaic capacity in the period under review fell short of the installed capacity of the same period of last year. Positive development in the project business did not offset the decline in demand in the high-volume commercial business. For the full year 2011, the SMA Managing Board expects global newly installed capacity of about 19 GW – 21 GW. The global market will thus remain below the record figure of the previous year of about 23 GW. ‘The subdued demand can be explained by a number of factors. Firstly, the Euro and debt crisis is unsettling many end customers, so investments in solar power plants are being postponed. Secondly, the banks’ significantly increased refinancing costs are changing the financing structures of large-scale solar projects,’ explains Pierre-Pascal Urbon, Chief Executive Officer and Chief Financial Officer of SMA. ‘The Euro and debt crisis will probably occupy us for another few months. We therefore expect moderate growth of global demand in the coming year. Stagnation can also not be ruled out at this point. In the medium term, photovoltaic energy has good prospects. The trend toward generating electricity with solar power plants in the direct vicinity of the electricity consumer is finding broad social support. In addition, positive development in demand can be seen abroad. Important regions for growth are North America and Japan.’ In the period under review, the foreign markets with the greatest newly installed capacity included Italy, North America, France and Australia. With its exceptional global position, SMA took the opportunities on the international markets and increased the export ratio to 53.4 % in the first nine months of the year (Q1 – Q3 2010: 38.7 %). SMA will continue to advance the internationalization of the Company and establish foreign companies in South America and Africa to serve customers in those regions even better. The increased export ratio is reflected in the product mix. SMA recorded strong growth in the business with Sunny Central inverters, which are used in large-scale solar projects. In comparison to the same period of last year, sales in the High Power Solutions segment climbed by 74.3 % to EUR321.1 million (Q1 – Q3 2010: EUR184.2 million). The Medium Power Solutions segment was the strongest sales driver with a share of 70.3 % (Q1 – Q3 2010: 85.8 %).
With earnings before interest and taxes (EBIT) of EUR178.3 million, SMA achieved the second-best result in Company’s history, which is still significantly lower than the record result of the previous year (Q1 – Q3 2010:
With EUR104.3 million in the third quarter of 2011, SMA achieved a positive net cash flow from operating activities for the first time in the period under review. The company thus demonstrated its ability to transfer sales into cash in a difficult market environment. At the end of the period under review, net working capital amounted to EUR341.6 million (June 30, 2011: EUR340.6 million). This corresponds to a net working capital ratio of 20.5 %. With an equity ratio of 56.7 % and net cash of EUR338.2 million (December 31, 2010: EUR523.4 million), SMA continues to have a very solid equity base and is financially independent. For the full year 2011, the SMA Managing Board expects sales of EUR1.5 billion to EUR1.7 billion and operating profit of EUR220 million to EUR300 million. The quarterly financial report from January to September 2011 as well as a video statement is available on the SMA website at www.SMA.de/IR/FinancialReports .
About SMA
SMA Solar Technology AG
Head of Corporate Communications:
Press contact:
Investor Relations:
Julia Damm
Disclaimer:
End of Corporate News 11.11.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | SMA Solar Technology AG | |
| Sonnenallee 1 | ||
| 34266 Niestetal | ||
| Germany | ||
| 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 | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart | |
| End of News | DGAP News-Service |
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