DGAP-News: SMA Solar Technology AG / Key word(s): Change in Forecast
SMA Solar Technology AG: Managing Board of SMA Solar Technology AG
Lowers Sales and Earnings Forecast for the Current Fiscal Year
01.12.2014 / 20:03
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SMA Solar Technology AG-Corporate News
Managing Board of SMA Solar Technology AG Lowers Sales and Earnings
Forecast for the Current Fiscal Year
Niestetal, December 1, 2014-The Managing Board of SMA Solar Technology AG
(SMA/FWB: S92) has adjusted its sales and earnings forecast for 2014. For
the current fiscal year, the SMA Managing Board expects sales of between
EUR775 million and EUR790 million (previously: EUR850 million to EUR950
million) and a loss of up to EUR115 million excluding provisions for the
planned staff reduction (previously: loss of up to EUR45 million excluding
provisions for the staff reduction). The Managing Board gives the further
accelerated decline in demand in the European distribution business and
project delays in Great Britain as reasons for lowering the forecast for
the current fiscal year. Furthermore, earnings are impacted by additional
one-time items.
"Our previous forecast was based on the assumption of a strong sales upturn
toward the end of the year. Unfortunately, markets in Europe have not
developed as well as expected. The British government has unexpectedly
extended the deadline for the grid connection of large-scale PV plants
under the current subsidy regime by one year to March 31, 2016. As a result
of this, a large number of projects will be delayed until 2015. In
addition, distribution business has declined dramatically in Europe,
particularly in Germany. This trend has not been reversed over the last
months," said SMA Chief Executive Officer Pierre-Pascal Urbon. According
to Urbon, low sales levels and one-time items resulting from the market
consolidation are the main reasons for the deterioration in earnings. The
success already achieved in material cost reduction could not be recognized
in earnings as planned because of effects of volume.
In order to return to profitability, SMA will further intensify the
measures already initiated. For example, the Managing Board is planning to
reduce the development budget to approximately EUR80 million annually by
the middle of 2015. SMA is planning to lay off significantly more than 600
employees worldwide by mid-2015. In addition, the Chinese subsidiary
Zeversolar will be restructured. Urbon stressed that, with expected
liquidity of more than EUR250 million at the end of the year 2014 and an
equity ratio of approximately 50%, SMA can finance the transformation from
its own resources.
About SMA
The SMA Group generated sales of more than EUR930 million in 2013 and is
the global market leader for solar inverters, a key component of all PV
plants. SMA offers innovative key technologies for future power supply
structures. It is headquartered in Niestetal, near Kassel, Germany, and is
represented 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 grid-connected photovoltaic plants as
well as off-grid and hybrid system technology. The product portfolio is
supplemented by comprehensive services and operational management of
utility-scale pv-plants. 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.
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 Rother
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.
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01.12.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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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301397 01.12.2014
DGAP-News: SMA Solar Technology AG: Managing Board of SMA Solar Technology AG Lowers Sales and Earnings Forecast for the Current Fiscal Year
| Source: EQS Group AG