DGAP-News: S.A.G. Solarstrom AG / Key word(s): Quarter Results S.A.G. Solarstrom AG is growing according to plan and confirms forecast for 2011 10.11.2011 / 07:52 --------------------------------------------------------------------- S.A.G. Solarstrom AG is growing according to plan and confirms forecast for 2011 - Sales in the first nine months increase to EUR211.2 million (+51.4%) - EBIT reaches EUR11.7 million (+55.7%) - Group period result in the first nine months reaches EUR4.3 million - Overall forecast for 2011 confirmed: sales EUR260-280 million, EBIT EUR16-18 million Freiburg, November 10, 2011. S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) has grown on a very solid and profitable basis in a relatively difficult market environment over the first nine months of 2011, against the industry trend. In the first three quarters of 2011, the corporate group achieved sales of EUR211.2 million (Q1 to Q3 of 2010: EUR139.5 million) and an EBIT of EUR11.7 million (Q1 to Q3 of 2010: EUR7.5 million). In the first nine months, the group period result was EUR4.3 million (Q1 to Q3 of 2010: EUR3.9 million). The majority of sales, at 83.5%, were achieved abroad. The S.A.G. Solarstrom Group was thus able to compensate for the very weak German market. The business area Project Planning and Plant Construction achieved the largest share of this growth with the 48 MWp large-scale photovoltaic project in Northern Italy, which was completed and connected to the public electricity grid on August 31. S.A.G. Solarstrom AG has once again confirmed the overall planning for 2011 with sales of between EUR260 to EUR280 million and an EBIT of between EUR16 and EUR18 million. 'Up to now, we have performed very well in a fiscal year in which it was almost impossible to plan, due to the many regulatory changes, and which was also characterized by a very weak German market and an enormous price decline of over 30% on the component market', explains Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. 'We can therefore confirm our unchanged overall forecast for the year, after the hitherto business trend in the fourth quarter'. Business area Project Planning and Plant Construction benefits from the large-scale Italian project The business area Project Planning and Plant Construction made a significant contribution to the continued profitable growth of the corporate group with EUR175.4 million sales and an EBIT of EUR8.9 million (Q1 to Q3 of 2010: EUR80.8 million sales, EUR2.5 million EBIT). The business area particularly profited from the North Italian 48 MWp large-scale project that was completed and connected to the public electricity grid on August 31, 2011. Completion of the sales process is expected at the end of the year. A series of interesting projects in France also contributed to a very positive result, so that altogether the very weak German market could be compensated for. In markets such as Spain and the Czech Republic, willingness to invest due to administrative obstacles and the regulatory environment, on the other hand, was as expected very low. The EBIT margin continued to improve in comparison with the previous year and in the first nine months was 5.1% (Q1 to Q3 of 2010: 3.1%). In addition to detailed project controlling in the implementation of large-scale projects, the high share of foreign sales had a positive influence on the margin. Partner Sales reflected in the very weak German market With sales of EUR19.7 million, the business area Partner Sales only achieved just under half of the sales in the previous year's period (Q1 to Q3 of 2010: EUR44.9 million), due to the sharp decline in the German market. The intensive competition on the German market, in which the majority of 84 partners operates, and the decline in prices on the component market of over 30% put a strain on the result of this business area. EBIT slipped into minus figures in the first nine months of 2011, in cumulated terms, at -EUR0.4 million, and the EBIT margin was -2.0% accordingly. In the previous year's period, the business area was able to profit very considerably from the booming German market, with an EBIT of EUR2.6 million and an EBIT margin of 5.7%. With the rollout of Partner Sales to other European countries, better risk diversification will also be possible in this business area in the future, and will enable the business area's rapid return to profitability. With a strong final quarter in Germany, this will be made possible by the end of the year, subject to corresponding weather conditions. Plant Operation and Services stable Sales in the business area Plant Operation and Services remained relatively stable due to increasing recurring sales from the monitoring of photovoltaic systems, at EUR10.4 million in the first nine months, in comparison with the previous year's period (Q1 to Q3 of 2010: EUR11.2 million), despite a decline in the one-time revenue from the sale of hardware for photovoltaic system monitoring - here too, the weak German market was reflected. Investments by the business area in new foreign markets had an effect on the EBIT, which dropped slightly in comparison with the previous year's period to EUR1.5 million (Q1 to Q3 of 2010: EUR1.7 million). In addition to a service branch office in the USA, subsidiaries of meteocontrol were founded in Italy and France. In Israel and India, sales cooperations were concluded. The EBIT margin was correspondingly 14.2% in the reporting period, due to the costs of expansion, following 15.1% in the first nine months of 2010. With a share of sales of 4.9% in the first nine months of 2011, the business area achieved an EBIT contribution of 12.6%. Power Production profits from the expansion of the power plant portfolio Sales in the business area Power Production profited significantly from the expansion of the Group's own power plant portfolio by, most recently, 5.1 MWp to 25.1 MWp. With EUR5.7 million, sales were more than twice as high as in the previous year's period (Q1 to Q3 of 2010: EUR2.6 million). Although the business area accounts for only around 2.7% of the sales of the corporate group, (Q1 to Q3 of 2010: 1.9%), it contributed 15% to the group EBIT, with an EBIT of EUR1.8 million. The EBIT remained stable, in cumulated terms, in the first nine months at 30.8% (Q1 to Q3 of 2010: 30.7%). S.A.G. Solarstrom AG is well positioned 'Even if the market continues to remain challenging in 2012, and will probably become more fragmented in Europe, we are very well positioned, particularly as roof-top and service specialists, with our experience and our flexibility', says Dr. Karl Kuhlmann. 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 250 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 --------------------------------------------------------------------- 10.11.2011 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: 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 --------------------------------------------------------------------- 145592 10.11.2011
DGAP-News: S.A.G. Solarstrom AG is growing according to plan and confirms forecast for 2011
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