DGAP-News: SMA Solar Technology AG's sales in the first

SMA Solar Technology AG / Half Year Results

13.08.2010 07:07

Dissemination of a Corporate News, transmitted by
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* Record sales of EUR 816 million in the first six months of 2010
* 3.1 GW inverter output sold owing to unique market position
* Excellent operating profit (EBIT) of EUR 220 million (EBIT margin 27 %)
generated
* Limited availability of electronic components still restricts production
* Managing Board confirms sales and earnings forecast 2010
* SMA receives several awards for product innovations as well as financial
reporting

Today, SMA Solar Technology AG (SMA/FWB: S92) presents its financial report
for the first six months from January to June 2010. With group sales of EUR
815.8 million and an inverter output sold of 3,146 MW, the data published
today is slightly above the preliminary figures of July 6, 2010. 'This
means that the first half year of 2010 was the most successful half year in
SMA's history,' says GÃ¼nther Cramer, CEO of SMA.
SMA is the only inverter manufacturer worldwide offering the matching
inverter type for every module type and all performance classes. This
unique position enabled SMA to benefit particularly from the strong demand
in the first half year of 2010. Main demand incentives came from the German
photovoltaics market. Against the backdrop of the early adjustment of
feed-in remuneration for solar energy from July 1, 2010, many plant
operators in Germany brought forward their investments. Greater demand was
also recognizable in foreign markets. France, Italy, Belgium as well as
North America and Australia were among the most important foreign markets.
For the entire year of 2010, SMA's Managing Board expects substantial
growth of the global market to up to 14 GW (2009: approx. 8 GW).

SMA's group sales totaled EUR 815.8 million from January to June 2010.
Accordingly, sales more than tripled compared to the same period of the
previous year (Q1-Q2 2009: EUR 247.1 million). EUR 476.5 million was
attributable to the second quarter (Q2 2009: EUR 160.4 million), which
corresponds to about 58 % of total sales. Development of sales in the first
half year was influenced by the limited availability of electronic
components. In total, SMA sold an inverter output of 3.1 GW in the first
six months, of which 1.9 GW in the second quarter alone. The Managing Board
of SMA maintains its sales forecast of EUR 1.5 to 1.8 billion for the
entire year of 2010, announced on July 6.

Operating profit (EBIT) improved to EUR 219.9 million in the reporting
period (Q1-Q2 2009: EUR 35.0 million). Due to changes in the product mix
and economies of scale, the EBIT margin in the first six months of 2010
increased to 27.0 % following 14.2 % in the previous year's period. For the
entire year of 2010, SMA's Managing Board confirms its profitability target
(EBIT) of 24 % to 27 % in relation to sales. Consolidated net profit was
EUR 158.2 million in the first half year (Q1-Q2 2009: EUR 26.0 million). In
the reporting period, SMA's earnings per share of EUR 4.56 were almost
identical to the figure of the whole of 2009 (2009: EUR 4.64 per share;
total number of shares 34.7 million in each year). In the first six months
of 2009, the earnings per share were EUR 0.75.

The net working capital more than doubled by June 30, 2010 and increased to
EUR 252.6 million (December 31, 2009: EUR 98.6 million). The net working
capital was 16.8 % in relation to sales of the last twelve months.
Accordingly, the ratio was within the corridor of 16 % to 18 % as expected
by the management. In essence, the rise in the net working capital is
attributable to the planned increase in inventories (in particular in raw
materials, consumables and supplies). With EUR 231.7 million, inventories
were more than doubled (December 31, 2009: EUR 112.5 million) in order to
ensure the maximum utilization of production.

SMA received several awards in the first half of 2010 for extraordinary
achievements. For example, the completely redesigned Sunny Central 800CP
won the Intersolar Award. The jury was convinced by this central inverter
particularly because of its enormous cost-minimizing potential and its high
level of efficiency. In addition, on the occasion of the 25th Photovoltaics
Solar Energy Symposium in Bad Staffelstein, SMA received the innovation
award for its new three-phase multi-string inverter Sunny Tripower. SMA's
reporting has set new standards for TecDAX companies. Its annual report
2009 won several awards by the League of American Communications
Professionals (LACP), including being ranked 18th among the best annual
reports 2009 worldwide.

'Due to our high power of innovation and unique position in the solar
market, we closed the first half year of 2010 with record results. In the
forthcoming months, we will concentrate, in particular, on the increase in
our production quantities and on the expansion of our technology and market
leadership,' explains GÃ¼nther Cramer. 'Our global presence helps us to
benefit from the strong growth of the photovoltaics market. Therefore, we
adhere to our sales and earnings forecast.'

About SMA
The SMA Group generated sales of EUR 934 million 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 5,000 (incl. temporary workers). 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

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 corporate news 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.

13.08.2010 07:07 Ad hoc announcement, Financial News and Press 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 MÃ¼nchen, Berlin, DÃ¼sseldorf, Stuttgart

End of News DGAP News-Service

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DGAP-News: SMA Solar Technology AG's sales in the first half year of 2010 almost as high as those of the whole of 2009