DGAP-News: SMA Solar Technology AG: SMA exceeds the 2009 forecast with new record results and takes next step towards generational change in Managing Board
(firmenpresse) - SMA Solar Technology AG / Preliminary Results/Change of Personnel
23.02.2010 12:53
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* Sales increased in difficult market environment by 37 % to about 934
million Euro with a sold inverter output of approx. 3.4 GW
* EBIT increased to about 228 million Euro (EBIT margin approx. 24.4 %)
* For 2010, the Managing Board expects a sales increase to 1.1 million Euro
to 1.3 million Euro with an EBIT-margin of 20 % to 23 %
* Managing Board will be temporarily expanded to seven board members
* Supervisory Board will be extended to twelve members due to surge in SMA
workforce
Record year 2009
SMA Solar Technology AG (FWB: S92), world market leader for solar
inverters, today published its preliminary figures for fiscal 2009. With
record sales of approx. 934 million Euro, the Company exceeded its sales
forecast of between 850 and 900 million Euro (previous year: 682 million
Euro). Group sales were driven primarily by the significantly higher demand
in the second half year of 2009. The short-term increase in the produced
inverter output from the first to the fourth quarter 2009 at a ratio of
distinctly more than 1:4 (Q1: c. 243 MW, Q4: c. 1,415 MW) again provides
proof of SMA's high degree of flexibility.
The EBIT of approx. 228 million Euro (previous year: 167 million Euro) is
slightly above the earnings forecast (195 million Euro to 225 million
Euro). The EBIT margin of approx. 24.4 % will reach the level of the
previous year (24.6 %). With these figures, 2009 is the most successful
year in the Company's history.
SMA strengthened its market position again in fiscal 2009 and raised its
worldwide market share to more than 40 % according to its own estimates
(previous year: 38 %). 'Due to our technological leadership, our unique
strategy of flexibility and our ongoing international expansion, we
achieved excellent operating results. We were again able to prove our
competitive strength in a market environment that is characterized by
intense competition,' explains Günther Cramer, Chief Executive Officer of
SMA Solar Technology AG.
The complete and audited 2009 annual report will be submitted by SMA on
March 31, 2010, and the Managing Board will then present the results on the
same day at the press conference on the annual results in Frankfurt am
Main.
Sales and earnings forecast 2010
The Managing Board expects strong market growth in 2010. Germany will
remain by far the largest photovoltaics market worldwide, but there will be
decisive growth impulses from foreign photovoltaics markets. Owing to its
international distribution and service organization, SMA will be able to
benefit from these developments. The Managing Board expects to keep the
worldwide market share in 2010 above 40 % and to achieve sales of 1.1
million Euro to 1.3 million Euro for the current fiscal year. The intensity
of competition, which has increased due to growing internationalization,
and the stronger digression of feed-in tariffs in Germany will lead to
higher cost pressures. Hence, SMA expects a slight decrease in EBIT-margins
in 2010 down to 20 % to 23 %.
Temporary expansion of Managing Board
The founders of SMA Solar Technology AG have prepared the Company
systematically for many years for the pending challenges and a generational
shift in the Managing Board. The organizational change from a pioneer to a
global market leader was completed very successfully earlier than
scheduled. Due to the expansion of the Managing Board in 2009 and the
distinct extension of the second management level to 18 divisional
managers, the organizational structure has also been prepared consistently
for the high requirements of the dynamic photovoltaics market.
The inflow of funds from the successful IPO in 2008 provided SMA with the
financial prerequisites to benefit from the worldwide growth of the
photovoltaics sector. SMA expanded its business activities and
international presence early on and, today, has 13 subsidiaries abroad. The
group of companies is sustainable in every respect.
As announced by SMA Solar Technology AG as early as in February 2009, the
contracts with the two founding board members Günther Cramer (CEO) and
Peter Drews (COO) will expire in the middle of 2011. After 30 years of
activity in the Company's management, Günther Cramer and Peter Drews will
complete the generational shift and stand as candidates for the Supervisory
Board.
In order to ensure an optimal induction of the new board members as well as
a smooth transfer of responsibilities, the Supervisory Board resolved today
to expand the Managing Board from five to seven board members to April 1,
2010 for the period until the departure of both founders.
Effective April 1, 2010, Uwe Hertel (*1960), graduate engineer, will become
new Managing Board member in charge of production. Uwe Hertel has been with
SMA for 19 years and is currently Senior Vice President Production. He also
sets up the US-production site in Denver, Colorado.
The graduate social pedagogue Jürgen Dolle (*1954) will take over the board
department of Human Resources effective on April 1 likewise. Jürgen Dolle
has been with SMA since 2001 and currently serves as Vice President Human
Resources. In this position, he successfully expanded SMA's workforce over
many years of strong growth. Jürgen Dolle also advanced SMA's corporate
culture, which has been awarded several times, and implemented it in SMA's
subsidiaries worldwide. He will also fullfill the function of the labor
director.
CEO Günther Cramer will continue to assume the functions of strategy and
corporate communication. Peter Drews will fill the temporarily established
board position Systematic Product Cost Reduction, becoming Chief Product
Officer (CPO) until the Annual General Meeting 2011. The scheduled and fast
cost reduction for SMA products is of the utmost importance for the medium-
and long-term expansion of the Company's leading market position. To this
end, the Company intends to develop further consistently the holistic
approach to a strategic cost reduction, which will include equally the
elements technology, materials, production and reliability. Peter Drews
will devise a corresponding strategy in the next few months across all
functions andimplement it in the Company with a lasting effect. 'It is our
declared goal to strategically further develop our to date successful
technological approach to promote the systematic product cost reduction by
permanent innovation. In this context, we will follow an interdisciplinary
systematic that ensures stronger interactions between the different
functional areas within the Company,' says Peter Drews.
Effective April 1, 2010, the Managing Board of SMA Solar Technology AG will
therefore consist of the following seven members: Günther Cramer (CEO;
strategy&corporate communication), Jürgen Dolle (Chief Human Resources
Officer), Peter Drews (Chief Product Officer), Roland Grebe (Chief
Technology Officer), Uwe Hertel (Chief Operating Officer), Pierre-Pascal
Urbon (Chief Financial Officer) and Marko Werner (Chief Marketing&Sales
Officer).
'We are looking back to the most successful year in the Company's history.
For a long time, we have prepared the Company for the generational shift
and regard it as highly sustainable and optimally positioned in all areas,'
explains Günther Cramer, Chief Executive Officer of SMA Solar Technology
AG. 'The next logical step towards the final changing of the guards is the
transfer of responsibilities. We hand the board departments Operations and
Human Resources trustfully over to excellent successors and into reliable
hands at thesame time. For assuring an ideal transition process, we want
to accompany the generational change until the Annual General Meeting.'
Expansion of Supervisory Board
Due to the positive development of SMA during the past years, the number of
employees has significantly increased up to more than 4,000 (incl.
temporary employees). It is therefore necessary to expand the Supervisory
Board to twelve members as well as to compose the Board on a parity basis.
The Managing Board today gave notice according to § 97 Aktiengesetz (German
Stock Corporation Act). In the future, the Supervisory Board will be
composed of six shareholder representatives and six employee
representatives. The employee representatives, thereof two trade union
representatives and one executive employee representative, are elected by
the employees. The six shareholder representatives will be elected by the
Annual GeneralMeeting on May 27, 2010. All current shareholder
representatives have shown their will today to stand for election at the
upcoming Annual General Meeting.
About SMA
The SMA Group generated sales of c. 934 million Euro in 2009 and is the
worldwide market leader for photovoltaic inverters, a key component of all
solar power plants. It is headquartered in Niestetal, near Kassel, Germany,
and is represented on four continents by 13 foreign subsidiaries. The Group
employs a staff of over 4,000 (incl. temporary employees). SMA's product
portfolio includes the most comprehensive range of inverterson the market,
offering a compatible inverter for every type of photovoltaic module and
for all plant sizes. The product range covers both inverters for
photovoltaic plants connected to the grid as well as inverters for off-grid
systems. 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 its excellence as an employer.
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Press contact:
Volker Wasgindt
Head of Press and Association Work
Phone +49 561 9522-11 21
Fax +49 561 9522-11 03
Volker.Wasgindt(at)SMA.de
Investor Relations:
Anna Raudszus (Institutional Investors/Analysts)
Director Investor Relations
Phone +49 561 9522-22 22
Fax +49 561 9522-22 23
ir(at)SMA.de
Julia Damm (Private Investors)
Phone +49 561 9522-11 64
Disclaimer:
This press release 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 registrationor an
exemption from registration under the U.S. Securities Act of 1933, as
amended.
This press release 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
executive 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 andelements 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.
23.02.2010 12:53 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Deutschland
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info(at)sma.de
Internet: http://www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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Datum: 23.02.2010 - 12:53 Uhr
Sprache: Deutsch
News-ID 17094
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