DGAP-News: S.A.G. Solarstrom AG / Key word(s): Half Year Results
S.A.G. Solarstrom AG: positive Q2 2012 despite difficult market
environment
09.08.2012 / 08:00
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S.A.G. Solarstrom AG: positive Q2 2012 despite difficult market environment
- Sales in Q2 2012 +50% compared with Q1 2012 at EUR31.9 million
- EBIT in Q2 EUR0.9 million
- Significant increase in Service Business and Power Production
Freiburg, August 9, 2012. Despite the very challenging market environment
in Q2 2012, S.A.G. Solarstrom AG (German security identification number:
702 100, ISIN: DE0007021008) has achieved a leap in sales of almost 50%
compared with Q1 2012, to EUR31.9 million (Q1 2012: EUR21.4 million) and a
positive EBIT of EUR0.9 million (Q1 2012:
-EUR2.8 million). The cumulative figure for sales in the first six months
was EUR53.3 million (first half of 2011: EUR137.9 million) and EBIT was
-EUR1.9 million first half of 2011: EUR8.2 million). The operative deficit
of the first quarter of the year was thus considerably reduced at the
half-year. The previous year's period was still substantially influenced by
the large-scale Serenissima project. The business areas Plant Operation and
Services, as well as Power Production also delivered reliable, high-margin
revenue in Q2 2012 and were thus able to compensate for the market-related
fluctuations and preproduction costs in the area of Project Planning and
Plant Construction. Despite the very difficult general conditions, S.A.G.
Solarstrom AG is anticipating that the MWp sales volume in 2012 will
continue to rise (2011: 100 MWp) and that a positive operating result will
be achieved.
'The banking and financial crisis, the abrupt changes in the regulatory
general conditions in Europe and the price decline on the market for
components presented us with major challenges in the first half-year. The
Q2 result, which was very positive in view of the market situation, once
again emphasizes the stability of the S.A.G. Solarstrom Group and shows
that we have reacted quickly to these market challenges', says Dr. Karl
Kuhlmann, CEO of S.A.G. Solarstrom AG. 'We will now implement competitive
photovoltaic projects without a guaranteed feed-in tariff somewhat earlier
than planned'.
Sales volume tripled for small and medium-sized systems
The business area Project Planning and Plant Construction achieved sales of
EUR16.3 million in Q2 (Q1 2012: EUR8.7 million) and an EBIT of -EUR0.7
million (Q1 2012: -EUR3.2 million) and was thus able to substantially
reduce the operative deficit in comparison with the first quarter of the
year. Total sales in the first half of 2012 were EUR25 million (first half
of 2011: EUR110.8 million) and EBIT was -EUR3.9 million (first half of
2011: EUR5.9 million). The long period of uncertainty with regard to the
regulatory changes in Germany and Italy, as well as the intensifying
banking and financial crisis made the implementation of large-scale
projects in the first half of 2012 considerably more difficult. Although
the business area almost tripled the MWp sales volume of smaller and
medium-sized systems (without Serenissima) in comparison with the first
half of 2011, it could not completely compensate for the preproduction
costs of larger projects.
Partner Sales increases sales volume by 50 %
In Q2, the business area Partner Sales achieved sales of EUR8.3 million (Q1
2012: EUR6.8 million) and an EBIT of EUR0.2 million (Q1 2012: -EUR0.4
million). In the first half of the year, sales were slightly below the
previous year's period at EUR15.1 million (first half of 2011: EUR16.9
million), but the above average decline in the market prices need to be
taken into consideration here. The business area Partner Sales succeeded in
massively increasing the sales volume in comparison with the first half of
2011 by 50%, so that a heavier drop in sales could be prevented. The
persistently high level of pressure from competition in the first half-year
in the business area Partner Sales was reflected in the EBIT at -EUR0.2
million(first half of 2011: EUR0.5 million).
Plant Operation and Services increases sales and result significantly
The business area Plant Operation and Services benefited positively from
the high amount of new installations of photovoltaic systems and the
correspondingly higher demand for monitoring and forecast services. The
number of systems monitored by meteocontrol GmbH rose to around 27,000
systems with a total output of almost 5.6 GWp by the end of the first
half-year. At the end of December 2011, it was only 23,600 systems with 4.2
GWp. Sales increased in comparison with the first half of 2011 by 40%, from
EUR6.7 million to EUR9.4 million, with Q2 2012 at EUR4.9 million lying only
slightly higher than Q1 2012 at EUR4.5 million. EBIT in the first half-year
was EUR1.6 million (first half of 2011: EUR1.1 million) and was thus as
much as 43% above the operating result of the previous year's period. Both
quarters contributed a similar portion to the EBIT, at almost EUR0.8
million.
Power Production with reliable revenue
Sales in the business area Power Production increased slightly in
comparison with the previous year's period to EUR3.8 million (first half of
2011: EUR3.5 million). In 2011 the Group extended its own power plant
portfolio by a 5.1 MWp ground-mounted system in Kamenicna, Czech Republic,
and an almost 1 MWp rooftop system in Dortmund. EBIT remained at the
previous year's level at almost EUR0.7 million (first half of 2011: EUR0.7
million). Due to seasonal effects, Q2 contributed the largest portion of
the half-year result to this business area, with sales of EUR2.4 million
and an EBIT of EUR0.6 million.
Balance sheet total and debt further reduced
The consolidated period result of -EUR5.1 million (first half of 2011: EUR3
million) was negatively impacted by the financial result of -EUR4.6 million
(first half of 2011: -EUR4.1 million), in which prefunding costs for
further project activity and expenditure for the second corporate bond
issued in June 2011 had an impact, as did the financing costs for the
large-scale Serenissima project, up to the completion of sale of the
project on March 30, 2012.
Despite the negative EBIT for the reporting period, in the first half of
2012, S.A.G. Solarstrom AG achieved a cash flow from operations in the
amount of EUR104.4 million (first half of 2011: EUR14 million) and was thus
able to further reduce both the balance sheet total and debt by June 30,
2012.
Forecast confirmed
Despite the very challenging market environment, S.A.G. Solarstrom AG
confirms the year's forecast to further increase MWp sales volume in 2012
(2011: 100 MWp) and to achieve a positive operating result.
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 m:access rules and standards 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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181005 09.08.2012
DGAP-News: S.A.G. Solarstrom AG: positive Q2 2012 despite difficult market environment
| Source: EQS Group AG