SMA Solar Technology AG / Quarter Results
15.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Sales in the first quarter with 87 million Euros over expected value
- EBIT of 6 million Euros achieved in Q1 (6.9 % EBIT-margin)
- Net working capital ratio with 14 % at a low level
- Excellent balance sheet structure with liquid funds of 222 million Euros
SMA Solar Technology AG (SMA) is presenting its Quarterly Financial Report
January to March 2009 today. In the first quarter of 2009, SMA achieved a
positive result despite a decrease in sales. The manufacturer of
photovoltaic (PV-) inverters clearly profited from the high flexibility of
its business model and its unique positioning in the solar market.
As a result of declining market development in the first quarter, sales
decreased by 25 % compared to the first quarter of last year to 86.7
million Euros (previous year: 115.1 million Euros). This corresponds to a
sold inverter output of 243 megawatt (previous year: 331 MW). In the first
three months, SMA achieved a positive EBIT of 6.0 million Euros (previous
year: 24.3 million Euros). The EBIT margin lies at 6.9 % in Q1 (previous
year: 21.1 %). The group's net profit was 5.5 million Euros (previous year:
17.3 million Euros).
At the end of the reporting period on March 31, 2009, SMA reports earnings
per share of 0.16 Euros (previous year: 0.50 Euros, converted to 34.7
million shares).
The net working capital ratio was successfully kept at a low level also to
the 31st March 2009 at 13.6 % (December 31, 2008: 11.4%). With this SMA
reached a significantly better value than the target net working capital
ratio of 16 to 18 %., The balance sheet indicates a solid structure at the
end of the quarter. With a cash and cash equivalents plus securities
position of 222 million Euros, SMA can finance future growth.
'With a market share of approx. 38 % in 2008, SMA's business development
depends directly on the difficult to predict development of the global
photovoltaic market. Therefore we only produce to order. Our production
concept allows us to quickly adapt capacity corresponding to demand', says
Günther Cramer, CEO of SMA Solar Technology AG, 'thus we were able to close
the first quarter profitably despite the decrease in sales. With our new
inverter factory in Kassel, which went into operation in April, we were
able to continue to develop this competitive advantage and are well
prepared for growing demand.'
SMA is also consistently driving forward its internationalisation. With the
newly established companies in the Czech Republic and Belgium, SMA is now
represented in eleven countries on four continents. Other subsidiaries are
planned for the United Arab Emirates and Portugal. In the first quarter of
the current fiscal year, foreign markets had an increasing share of total
sales. The share of sales generated abroad was about 52.5 % in Q1 (previous
year: 39.8 %).
After a weaker first quarter, SMA management anticipates a significantly
better business development for the second quarter of 2009. Compared to the
first quarter of 2009, management is expecting an increase in sales of at
least 65 % to about 145 to165 million Euros.
In the long-term management anticipates a growth of the photovoltaic market
but cannot rule out a slight decline in global demand for 2009.
About SMA Solar Technology AG
SMA generated sales of more than EUR 680 million in 2008 and is thus
worldwide market leader for photovoltaic inverters, a key component of all
photovoltaic solar power plants. The SMA Group is based in Niestetal, near
Kassel, and is represented by foreign subsidiaries in ten different
countries on four continents. The Group employs a staff of over 2,500
(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
Director of Press and Lobbying
Sonnenallee 1
34266 Niestetal
Germany
Tel. +49 561 9522-11 21
Fax.+49 561 9522-11 03
Volker.Wasgindt@SMA.de
Investor Relations Contact:
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Fax.+49 561 9522-22 23
ir@SMA.de
Anna Raudszus (Institutional investors/analysts)
Tel. +49 561 9522-22 22
Julia Damm (Private investors)
Tel. +49 561 9522-11 64
Link to the financial report:
www.sma.de/ir/finanzberichte (German)
www.sma.de/ir/FinancialReports (English)
Disclaimer:
This press release serves only as information and is not an invitation to
purchase, hold or sell shares.
This press 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
conform them to future events or developments.
DGAP 15.05.2009
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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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DGAP-News: SMA Solar Technology AG: SMA remains profitable with its highly flexible business model despite a decrease in sales
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