DGAP-News: S.A.G. Solarstrom AG: Substantial increase in growth and positive EBIT in 2011
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Final Results
S.A.G. Solarstrom AG: Substantial increase in growth and positive EBIT
in 2011
11.04.2012 / 10:58
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S.A.G. Solarstrom AG: Substantial increase in growth and positive EBIT in
2011
- Sales is growing by 31.2% to EUR264 million
- Solid positive EBIT of EUR6.2 million despite difficult market
environment
- Dividend proposal of 12.5 Eurocents
Freiburg, April 11, 2012. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) concluded a very
difficult year for the photovoltaic industry in 2011 with a positive
operating result of EUR6.2 million (2010: EUR13.1 million). Sales increased
by 31.2% to EUR264 million (2010: EUR201 million), 73% of which was
achieved abroad. The main driver of sales growth was the area Project
Planning and Plant Construction with the implementation of the 48 MWp
project in Northern Italy. The consolidated EBIT dropped in comparison with
the previous year due in particular to the business area Partner Sales. The
extraordinary competitive situation in Germany led to a negative EBIT of
-EUR2 million in this business area (2010: +EUR3.3 million). In the
business area Project Planning and Plant Construction, the European
financial and economic crisis also caused a drop in yield returns. New
taxation models introduced under budgetary consolidations and additional
necessary insurances led to high non-recurring costs. The financial crisis
also caused an above-average increase in financing costs, which were
reflected in the consolidated annual result of -EUR3.5 million (2010:
EUR6.3 million). S.A.G. Solarstrom AG was able to compensate for the very
difficult general conditions in fiscal year 2011 and high non-recurring
costs due to its four-pillar business model and is thus one of the few
photovoltaic companies that was able to conclude the fiscal year with a
positive operating result. The Executive Board and the Supervisory Board
propose a dividend of 12.5 Eurocents to the Annual General Meeting, bearing
in mind the high inflow of liquidity in the first quarter of 2012 through
the sale of the Serenissima project.
'Due to the decline in prices, , we had to implement a considerably higher
percentage of projects over the course of the year than was planned at the
start of 2011 based on a moderate decline in prices, and we were confronted
with many completely unforeseeable cost items caused by the financial and
economic crisis. However, S.A.G. Solarstrom AG was not only able to absorb
all of these effects but also to achieve a positive operating result', says
Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG.
Project Planning and Plant Construction
Sales in the business area Project Planning and Plant Construction rose by
62.7% to EUR201.5 million (2010: EUR123.8 million), driven in particular by
the sale of the 48 MWp Serenissima project in Northern Italy. The largest
project of the S.A.G. Solarstrom Group to date was connected to grid at the
end of August 2011 and sold to a subsidiary of BNP Paribas Clean Energy
Partners on December 31, 2011. The EBIT of the highest-selling business
area dropped in comparison with the previous year due to the competitive
situation and the described one-off effects to EUR4.8 million (2010: EUR6.7
million), and the EBIT margin thus declined to 2.4% (2010: 5.4%).
Partner Sales
The business area Partner Sales bore the full brunt of the difficult market
environment in Germany, as the majority of the sales partners operate in
Germany. The high demand in the fourth quarter was not able to compensate
for the first three weak quarters. Sales thus dropped to EUR40.3 million
(2010: EUR58.9 million).
Due to the high pressure from competition, new installation was also not
profitable in the fourth quarter. Several partner companies had granted
considerable price discounts to their customers that went beyond the price
decline of components in percentage terms, in order to realize sales at
all. This business area was thus the only business area of the S.A.G.
Solarstrom Group with a negative EBIT and closed at -EUR2 million (2010:
+EUR3.3 million).
Plant Operation and Services
In view of the difficult market environment, sales in the business area
Plant Operation and Services remained gratifyingly stable at EUR14.9
million (2010: EUR15.3 million), as did the EBIT at EUR2.1 million (2010:
EUR2.5 million). The slight decline in margin to 14.2% (2010: 16.1%) is due
to the specific international expansion of the Service area in new markets.
In 2011, a service branch office was founded in the USA, and subsidiaries
of meteocontrol GmbH were established in Italy and France.
Power Production
The Group's own power plant portfolio was expanded to 26.1 MWp in fiscal
year 2011. 15.2 MWp of this is completely consolidated in this business
area, and the remaining 10.9 MWp is visible in the share of profit from
joint ventures and associated companies. The expansion also included a 5.1
MWp ground-mounted system in Kamenicna, Czech Republic, and an almost 1 MWp
roof-top system in Dortmund. Sales thus rose significantly to EUR7 million
(2010: EUR3 million). EBIT also increased substantially to EUR1.3 million
(2010: EUR0.7 million). The slight decline in the EBIT margin is due to the
Czech solar tax on electricity revenue introduced in 2011.
Temporary effects in the balance sheet at December 31, 2011 that were
already leveled out in Q1 of 2012
The 48 MWp project led to temporary balance sheet effects at the balance
sheet key date. The S.A.G. Solarstrom Group thus disclosed a negative
operative cash flow in the amount of EUR61.3 million at December 31, 2011,
a very high debt due to the bridging loan of the project and as a result a
very low equity ratio of 14.5%. The project was sold to a subsidiary of BNP
Paribas Clean Energy Partners on December 31, 2011, however the purchase
price was only paid in Q1 of 2012. The effects already leveled out with the
payment of the purchase price in the first quarter of 2012, so that the
S.A.G. Solarstrom Group will disclose a positive operative cash flow and a
considerably lower balance sheet total at March 31, 2012. The equity ratio
will also improve again at this key date.
Dividend policy to be continued
The high net inflow of liquidity of over EUR50 million in the first quarter
and the solid operative result of fiscal year 2011 have prompted the
Executive Board and the Supervisory Board to propose a dividend of 12.5
Eurocents this year to the Annual General Meeting.
S.A.G. Solarstrom AG well placed in a difficult market environment in 2012
The S.A.G. Solarstrom Group also wants to substantially increase the sales
volume in 2012 in the area Project Planning and Plant Construction, as well
as Partner Sales, which was at around 100 MWp in 2011, with a continued
profitable EBIT margin. For this purpose, the Group wants to develop
further new country markets outside of Europe. Cost structures in the
company were also already adjusted at the end of 2011.
'As a roof-top specialist and service provider, we are very well placed for
2012, a business year that will most certainly not be easy either', says
CEO Dr. Karl Kuhlmann. 'In addition, we are already setting the course for
a fair competition between electricity from photovoltaic power and
conventional energy sources. We are thus convinced that the S.A.G.
Solarstrom Group will not only be able to cope with this difficult
transition phase from a subsidized market to a competitive market, but will
also emerge from it even stronger than before.'
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 240 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 Straße 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr(at)solarstromag.com / ir(at)solarstromag.com
End of Corporate News
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11.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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(at)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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