DGAP-News: SMA Solar Technology AG / Key word(s): Quarter Results
SMA Solar Technology AG: SMA Meets its Sales Guidance and Generates
Positive EBITDA in First Quarter
15.05.2013 / 07:00
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SMA Solar Technology AG - Corporate News
SMA Solar Technology AG Meets its Sales Guidance and Generates Positive
EBITDA in First Quarter
of 2013
Overview of Q1 2013:
- 1.2 gigawatts of inverter output sold (Q1 2012: 1.9 GW)
- Sales in line with guidance at EUR212.3 million (Q1 2012: EUR405.0
million)
- Export ratio of 67.5% (Q1 2012: 61.2%)
- Earnings before interest, taxes, depreciation, and amortization
(EBITDA) of EUR9.4 million (Q1 2012: EUR57.3 million)
- Financial independence - net cash of EUR375.5 million (December 31,
2012: EUR446.3 million)
- Equity ratio of 59.1% (Dec. 31, 2012: 61.8%)
- Managing Board confirms sales and earnings forecast for fiscal year
2013
Niestetal, May 15, 2013 - In the first quarter of 2013, SMA Solar
Technology AG (SMA/FWB: S92) sold PV inverters with an output of 1.2
gigawatts (Q1 2012: 1.9 GW) and generated sales of EUR212.3 million (Q1
2012: EUR405 million). Sales were within SMA's own guidance of EUR190
million to EUR220 million. The export ratio increased to 67.5% of sales (Q1
2012: 61.2%). This underscores SMA's outstanding international position
with its excellent sales and service structures and full range of products.
In the first quarter of 2013,significant growth impulses emanated from the
U.S., Japan, Australia, and Thailand. Subsidy cuts in major European
markets, a still unresolved debt crisis, and the possibility of punitive
duties on Chinese modules in Europe had a negative effect on demand for PV
inverters.
Despite the sharp decline in sales, SMA succeeded in generating positive
earnings before interest, taxes, depreciation, and amortization (EBITDA) of
EUR9.4 million in the reporting period (Q1 2012: EUR57.3 million). The
decrease in earnings is attributable in particular to the negative trend in
sales volume, the changed product mix, and high price pressure. Due to the
investment in infrastructure, total depreciation and amortization increased
to EUR17.8 million (Q1 2012: EUR14.5 million). This was one of the reasons
why earnings before interest and taxes (EBIT) fell to EUR-8.4 million (Q1
2012: EUR42.8 million). The consolidated earnings amounted to EUR -5.8
million in the reporting period (Q1 2012: EUR29.6 million). With an equity
ratio of 59.1% (Dec. 31, 2012: 61.8%) and net liquidity of EUR375.5 million
(Dec. 31, 2012: EUR446.3 million), SMA continues to have a very solid
balance-sheet structure and can finance its further development from its
own resources.
'Measured in euro, the global photovoltaic market will decline in 2013 for
the first time in many years. As the global market leader, we will be
especially affected by this. In such a short space of time, we will not be
able to offset the sharp decline in sales with the ongoing measures for
increasing productivity and saving on material costs alone. Therefore, we
are forced to adjust the personnel structures to the changes in underlying
conditions and the lower level of sales in the upcoming months. We will
enter into negotiations with the Work Council and strive for a socially
acceptable solution in the next few weeks. At the same time we have to keep
an eye on the strategic goals. As part of our innovation strategy, we will
develop entirely new product platforms and use our many years of experience
in system technology in order to design innovative solutions for energy
management,' explains SMA Chief Executive Officer Pierre-Pascal Urbon.
The SMA Managing Board confirms the sales and earnings guidance for 2013
for the SMA Group. It predicts sales of EUR 0.9 billion to EUR 1.3 billion
and a break-even result in the best scenario. Nevertheless, the Managing
Board cannot exclude the possibility of a loss.
The quarterly financial report for January to March 2013 is available at
www.SMA.de/IR/FinancialReports.
About SMA
The SMA Group generated sales of EUR1.5 billion in 2012 and is the global
market leader for solar inverters, a key component of all PV plants and,
as an energy management group, offers innovative key technologies for
future power supply structures. It is headquartered in Niestetal, near
Kassel, Germany, and is represented internationally in 21 countries. The
Group employs more than 5,000 people worldwide. SMA's broad product
portfolio includes a compatible inverter for every type of module on the
market and for all plant sizes. The product range includes both inverters
for photovoltaic plants connected to the grid as well as inverters for
off-grid systems. SMA is therefore able to provide ideal technical inverter
solutions for all plant sizes and types. 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 excellence as an employer and
achieved first place in the nationwide 'Great Place to Work(R)' competition
in 2011 and 2012.
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Head of Corporate Communications:
Anja Jasper
Tel.: +49 561 9522-2805
Presse@SMA.de
Press contact:
Susanne Henkel
Manager Corporate Press
Tel.: +49 561 9522-1124
Fax +49 561 9522-421400
Presse@SMA.de
Investor Relations contact:
Julia Damm
Manager Investor Relations
Tel. +49 561 9522-2222
Fax +49 561 9522-2223
IR@SMA.de
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 corporate news 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 Managing
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.
End of Corporate News
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Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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211102 15.05.2013
DGAP-News: SMA Solar Technology AG: SMA Meets its Sales Guidance and Generates Positive EBITDA in First Quarter
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