DGAP-News: S.A.G. Solarstrom AG / Key word(s): Half Year Results
S.A.G. Solarstrom AG shows stable and profitable growth in the first
half of 2011
11.08.2011 / 07:50
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S.A.G. Solarstrom AG shows stable and profitable growth in the first half
of 2011
- Sales in the first six months increase to EUR137,948,000 (+ 62%)
- EBIT reaches EUR6,939,000 (+53.1%)
- Forecast for fiscal year 2011 confirms: sales EUR260 - EUR280 million,
EBIT EUR16 - EUR18 million
- Consolidated group period result increased by 26% to EUR3,012,000 (1st
half of 2010:
EUR2,384,000).
Freiburg, August 11, 2011. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) has continued on its
stable and profitable growth curve in the first half of 2011, despite a
difficult market, particularly in Germany. In the first half of 2011, the
Group achieved sales of EUR137,948,000 (1st half of 2010: EUR84,993,000)
and an EBIT of EUR6,939,000 (1st half of 2010: EUR4,532,000). As in the
first quarter, the predominant part of sales was achieved abroad. The
largest growth driver was once again the business area Project Planning and
Plant Construction, with the 48 MWp project in North Italy. S.A.G.
Solarstrom AG once again confirmed overall planning for the year 2011 with
sales of between EUR260 and EUR280 million and an EBIT of between EUR16 and
EUR18 million.
'We are continuing to grow dynamically and profitably, against the industry
trend. Our business has four pillars, in various European countries and in
the US', says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. 'We are thus
relatively strongly positioned. This strategy, combined with our thorough
planning, has paid off in a difficult market, as our positive half-year
result very clearly shows'.
Business area Project Planning and Plant Construction remains growth driver
With EUR110.8 million in sales (1st half of 2010: EUR46.6 million) and thus
around 80.3% of total sales, the business area Project Planning and Plant
Construction remained the largest growth driver in the first six months of
the year. With almost EUR4.6 million, this business area also made the
highest contribution to EBIT (1st half of 2010: EUR1.4 million). The 48 MWp
project in North Italy played a key role in this and should be completed by
the end of August 2011, according to the current status of planning. The
successful implementation of projects in France also contributed to the
positive result, while in the other European countries, including Germany
in particular, a considerable reluctance to invest was noticeable.
The EBIT margin of the business area was 4.1% in the first half of 2011,
despite preproduction costs for projects that are already being planned for
the second half of the year. The increase in margin by 1.1% points (EBIT
margin of 1st half of 2010: 3%) in comparison with the previous year's
period showed the success of detailed project controlling in the
implementation of large-scale projects.
Partner Sales makes positive contribution to earnings despite weak German
market
Sales in the business area Partner Sales dropped to EUR16.9 million due to
the sharp decline in the German market, compared with the same period in
the previous year (1st half of 2010: EUR29.8 million). The 40 exclusive
partners of S.A.G. Solarstrom AG mainly operate in Germany and were not
able to escape this market trend. In the previous half-year, Partner Sales
was still able to profit from strong pull-forward effects in the German
market, with an EBIT margin of 5.9%. Due to the lack of demand in the first
half of 2011, the EBIT margin also dropped to 3%. Despite this, the
business area supplied a positive contribution to earnings and accounted
for 7.4% of the very satisfactory total EBIT.
Plant Operation and Services increases margin
Sales in the business area Plant Operation and Services was EUR6.7 million
(1st half of 2010: EUR7.2 million). The one-time revenue from the sale of
hardware dropped, due to the weak European markets, but the portion of
recurring sales from plant monitoring increased. Despite the slight decline
in sales, EBIT remained stable at EUR1.1 million. The EBIT margin could
thus be improved to 16.6% in comparison with the same period in the
previous year (1st half of 2010: 15.2%).
Power Production profits from the expansion of the power plant portfolio
At EUR3.5 million, sales in the business area Power Production was more
than twice as high as in the first half of 2010 (EUR1.4 million). S.A.G.
Solarstrom AG recently increased its own power plant portfolio by 5.1 MWp
to 25.1 MWp with the solar park Kamenicna, Czech Republic, and the sale of
14.2 MWp flows directly into this business area. EBIT rose to EUR763,000
(1st half of 2010: EUR288,000). The EBIT margin was improved again by the
acquisition of the new heavy-duty plant. It rose to 21.5% in the first six
months of 2011, in comparison with 20.4% in the same period of the previous
year.
Forecast for year once again confirmed
'As a system integrator, we profit from the reduction in prices of
photovoltaic components on the market. Despite cuts in the feed-in tariffs
in various European countries, we therefore continue to foresee a very
attractive market, particularly in roof-top systems. We are also continuing
to expand at an international level. Project business will probably follow
the service business in the US in 2012', says Dr. Karl Kuhlmann, CEO of
S.A.G. Solarstrom AG. 'With our four strong pillars in operative business,
we are very confident that we will be able to continue on our profitable
growth curve as planned over the next few years'.
For 2011, the S.A.G. Group is anticipating sales of between EUR260 and
EUR280 million and an EBIT of between EUR16 and EUR18 million.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent
provider of high-quality photovoltaic plants configured to customers'
individual needs. The Group constructs efficient plants of all sizes both
in Germany and abroad. S.A.G. Solarstrom AG also produces solar energy at
its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of
photovoltaic plants, including forecast and energy services, yield reports,
and remote service and maintenance, as well as insurance and financing. The
Group thus offers a comprehensive value chain in photovoltaics, from yield
reports, planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
Founded in 1998, S.A.G. Solarstrom AG is considered a pioneer in the solar
industry. Around 210 specialists work at the four locations in Germany and
the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the rules and standards M:access of the
Munich Stock Exchange.
Further information: www.solarstromag.com
Contact:
S.A.G. Solarstrom AG
Sasbacher StraÃe 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr@solarstromag.com / ir@solarstromag.com
End of Corporate News
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Germany
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail@solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008
WKN: 702100
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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135260 11.08.2011
DGAP-News: S.A.G. Solarstrom AG shows stable and profitable growth in the first half of 2011
| Source: EQS Group AG