SMA Solar Technology AG / Quarter Results
14.05.2010 06:57
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* With EUR 339 million, sales in the first quarter exceed the Company's
forecast
* Operating profit (EBIT) of EUR 92 million generated
* EBIT margin with 27.2 % at a record level
* 1.3 GW inverter output sold
* Supply bottleneck in the semiconductor industry restricts growth of
SMA's production
* Unchanged sales and earnings forecast for 2010
SMA Solar Technology AG (FWB: S92) today publishes its quarterly financial
report for the period from January to March 2010.
The first three months of 2010 were the most successful first quarter in
SMA's history. SMA increased group sales to EUR 339.3 million, thus
slightly exceeding the sales forecast of between EUR 310 and EUR 330
million, announced on March 31. This means that sales have almost
quadrupled when compared to the same period of the previous year (Q1 2009:
EUR 86.7 million).
The fundamental framework conditions in the photovoltaic sector changed
significantly in the first quarter of 2010 versus the first quarter of
2009. The environment in the first three months of 2009 was characterized
by uncertainty in the financial markets, the prospects of still falling
module prices and the related sudden decline in worldwide demand for
photovoltaic systems. In the first quarter of 2010, however, the
pull-forward effects due to the announced further adjustment of the feed-in
tariffs for solar power in Germany, the historically low interest level and
low module prices resulted in continued peak demand, which had already
begun in the second half of 2009.
In the period under review, SMA sold an inverter output of 1,288 MW (Q1
2009: 243 MW). The export ratio was 38.8 % in the first quarter, which is
almost identical to the level of the whole year of 2009 of 38.4 % (Q1 2009:
52.5 %).
'Following a highly successful 2009 fiscal year, demand for our products in
the first quarter of this year has been excellent again,' explains Günther
Cramer, CEO of SMA Solar Technology AG. 'We responded early on to the
expected high demand and doubled our production capacities within the last
few months to a total of 11 gigawatts.'
In the first quarter of 2010, SMA achieved an operating profit (EBIT) of
EUR 92.4 million (Q1 2009: EUR 6.0 million), thus being highly profitable
again. The EBIT margin of 27.2 % was only slightly below the record value
of 28.7 % achieved in the fourth quarter of 2009 (Q1 2009: 6.9 %).
SMA's consolidated net profit increased to EUR 66.6 million (Q1 2009: EUR
5.5 million). As at March 31, 2010, earnings per share were EUR 1.92 (Q1
2009: EUR 0.16).
The net working capital more than doubled by March 31, 2010 to EUR 199.6
million as compared to the end of the last fiscal year (December 31, 2009:
EUR 98.6 million). The net working capital ratio in relation to the last
twelve months' sales was 16.8 % and within the corridor of between 16 % and
18 %, pursued by the Managing Board. The increase in net working capital is
due primarily to the planned increase in inventories (particularly raw
materials, consumables and supplies), which is intended to secure a maximum
utilization of production capacities.
Cash and cash equivalents as well as securities fell slightly to EUR 349.3
million as at March 31, 2010 (December 31, 2009: EUR 365.0 million). Net
cash, less current and non-current financial liabilities amounted to EUR
326.5 million. The equity ratio changed insignificantly to 56.1 % (December
31, 2009: 56.7 %).
After the quarter under review, the demand for SMA products has further
increased. The main drivers, also in the second quarter, are pull-forward
effects due to the planned reduction of feed-in tariffs in Germany as at
July 1, 2010 and lower module prices. However, several weeks ago, important
suppliers, mainly semiconductor manufacturers, notified SMA that they would
not be able to adhere to their promises for additional delivery quantities.
As a result of insufficient supply with electronic components, SMA is
currently not able to raise its production significantly beyond the output
volume of the fourth quarter of 2009, as originally intended. This means
that SMA can use the new inverter production in Kassel-Waldau, established
in the first quarter of 2010 with an additional capacity of 5 GW p.a., to a
low degree only. The Managing Board of SMA expects that the supply
situation will improve successively in the second half of the year. Further
information about the current delivery situation for PV inverters is
available on SMA's website: www.SMA.de/Delivery.
'The inadequate supply of electronic components affects not only all
inverter manufacturers but a number of other sectors as well,' explains
Günther Cramer, CEO of SMA Solar Technology AG. 'As soon as the material
supply situation has relaxed, will we be able to supply a considerably
greater number of inverters within a very short time owing to our expansion
of production capacities.'
The Managing Board continues to adhere to its sales forecast for fiscal
2010 of between EUR 1.1 and EUR 1.3 billion with an EBIT margin of between
20 % and 23 %.
The quarterly financial report January to March 2010 is available on our
website at www.SMA.de/IR/FinancialReports.
About SMA
The SMA Group generated sales of 934 million Euro in 2009 and is the
worldwide market leader for photovoltaic inverters, a key component of all
solar power plants. It is headquartered in Niestetal, near Kassel, Germany,
and is represented on four continents by 13 foreign subsidiaries. The Group
employs a staff of over 4,500 (incl. temporary employees). SMA's product
portfolio includes the most comprehensive range of inverters on the market,
offering a compatible inverter for every type of photovoltaic module and
for all plant sizes. The product range covers both inverters for
photovoltaic plants connected to the grid as well as inverters for off-grid
systems. Since 2008, the Group's parent company SMA Solar Technology AG has
been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and
also in the TecDAX index. In recent years, SMA has received numerous awards
for its excellence as an employer.
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Press contact:
Volker Wasgindt
Head of Press and Association Work
Phone +49 561 9522-11 21
Fax +49 561 9522-11 03
Volker.Wasgindt@SMA.de
â
Investor Relations:
Anna Raudszus (Institutional Investors/Analysts)
Director Investor Relations
Phone +49 561 9522-22 22
Fax +49 561 9522-22 23
ir@SMA.de
Julia Damm (Private Investors)
Phone +49 561 9522-11 64
Disclaimer:
This press release serves only as information and does not constitute an
offer or invitation to subscribe for, acquire, hold or sell any securities
of SMA Solar Technology AG (the 'Company') or any present or future
subsidiary of the Company (together with the Company, the 'SMA Group') nor
should it form the basis of, or be relied upon in connection with, any
contract to purchase or subscribe for any securities in the Company or any
member of the SMA Group or commitment whatsoever. Securities may not be
offered or sold in the United States of America absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as
amended.
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
adjust them to future events or developments.
14.05.2010 06:57 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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: Q1 2010 the most successful quarter in the Company's history
| Source: EQS Group AG