DGAP-News: S.A.G. Solarstrom AG: Result of first quarter of 2012 according to plan
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Quarter Results
S.A.G. Solarstrom AG: Result of first quarter of 2012 according to
plan
10.05.2012 / 08:00
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S.A.G. Solarstrom AG: Result of first quarter of 2012 according to plan
- Sales EUR21.4 million, EBIT -EUR2.8 million
- High positive cash flow from operating activities of EUR157.8 million
Freiburg, May 10, 2012. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) closed the first
quarter of 2012 with sales of EUR21.4 million (Q1 2011: EUR78.9 million)
and an EBIT of -EUR2.8 million (Q1 2011: EUR5.1 million). S.A.G. Solarstrom
AG is thus on schedule for the business year 2012, for which the Group has
announced a significant increase in sales volume (2011: 100 MWp) with a
positive EBIT. In the previous year's quarter, sales and EBIT had been
influenced to a very great extent by the large-scale Serenissima project.
In the first quarter of 2012 the business area Project Planning and Plant
Construction was not able to profit from pull-forward effects in Germany
due to the very short lead time of the announced amendments to the
Renewable Energy Act (EEG). Preproduction costs for further project
activities over the course of the year also diminished the result in this
business area. Partner Sales remained under pressure due to the high level
of competition in Germany. In addition, financing costs for the large-scale
Serenissima project were also borne by the S.A.G. Solarstrom Group up to
the completion of the sales process on March 30, 2012 and thus influenced
the Group period result, which was negative at -EUR4.2 million.
'In the first quarter, we laid key foundation stones for our further
project activities in 2012, consistently applied the cost reduction program
'Slim 2012' we initiated in Q4 of 2011 and continued to work on
international expansion', says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom
AG. 'Even though the first quarter is diminished by the preproduction costs
for further project activities in 2012 and one-off effects from the
Serenissima project, we are proceeding completely according to plan for
2012. However, the entire industry is facing a very challenging year in
2012, due to the extremely last-minute changes to the feed-in tariffs in
Germany and possibly also in Italy. However, the S.A.G. Solarstrom Group is
well equipped for the difficult market environment - our four-pillar
business model gives us the stability and the high positive operating cash
flow the tailwind we need for 2012.'
Project Planning and Plant Construction with preproduction costs
Sales in the business area Project Planning and Plant Construction were
EUR8.7 million (Q1 of 2011: EUR68.9 million due to the large-scale
Serenissima project), and EBIT was negative at -EUR3.2 million (Q1 of 2011:
EUR3.9 million) due to preproduction costs for further project activities.
The S.A.G. Solarstrom Group's Direct Sales had focused on the closure of
the sales process for the Serenissima project, as well as on initiating and
contractually finalizing further projects in Germany and abroad over the
further course of the year. In addition, Sales was not able to profit from
the pull-forward effects in Germany due to the amendments to the Renewable
Energy Act (EEG), which were given at very short notice.
Strong competitive pressure in Partner Sales
The business area Partner Sales increased sales in the first quarter,
compared with the same period in the previous year, by 43.4% to EUR6.8
million (Q1 of 2011: EUR4.7 million). The strong price competition for
photovoltaic systems, particularly in the German market, continued unabated
however, so that the EBIT was negative at -EUR0.4 million (Q1 of 2011:
EUR0.2 million).
Plant Operation and Services
The business area Plant Operation and Services increased sales in
comparison with the previous year's period by 8.1% to EUR4.5 million (Q1 of
2011: EUR4.1 million). The increase in photovoltaic systems monitored by
the S.A.G. subsidiary meteocontrol GmbH to 26,000 with a total output of
4.9 GWp made a considerable contribution to this. EBIT remained stable in
comparison with the previous year's period at EUR0.8 million, despite the
costs for further international expansion.
Power Production
Sales in the business area Power Production increased by 19.1% to EUR1.4
million in comparison with the previous year's quarter (Q1 of 2011: EUR1.1
million). In 2011, the company's own power plant portfolio was extended by
a 5.1 MWp ground-mounted system in Kamenicna, Czech Republic, as well as
with an almost 1 MWp rooftop system in Dortmund. EBIT was EUR0.05 million
as a result of seasonal effects. In Q1 of 2011, the EBIT was higher, due to
a special effect in conjunction with the photovoltaic system Kamenicna, at
EUR0.2 million.
High cash flow from operating activities
At December 31, 2011 the 48 MWp project in North Italy still led to
temporary balance sheet effects, including a negative operational cash
flow, high debt and, as a result, a low equity ratio. Some effects have
already been leveled out in the balance sheet at March 31, 2012. The S.A.G.
Solarstrom Group thus disclosed a high positive operational cash flow of
EUR157.8 million at March 31, 2012 (December 31, 2011: -EUR61.3 million),
the debt fell again considerably at March 31, 2012 due to the repayment of
the EUR80 million project bridging loan and the equity ratio increased to
18.2% (December 31, 2011: 14.5%). Nevertheless, the balance sheet still
showed certain key date-related effects of the large-scale project at March
31, 2012. With the settlement of most of the liabilities from the
large-scale project in April, these key figures have continued to improve
considerably.
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 230 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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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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