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
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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
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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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145592 10.11.2011
DGAP-News: S.A.G. Solarstrom AG is growing according to plan and confirms forecast for 2011
| Source: EQS Group AG