DGAP-News: SMA Solar Technology AG: SMA grows internationally and increases lower end of sales and earnings forecast for the overall year 2012
(firmenpresse) - DGAP-News: SMA Solar Technology AG / Key word(s): Half Year Results
SMA Solar Technology AG: SMA grows internationally and increases lower
end of sales and earnings forecast for the overall year 2012
09.08.2012 / 07:00
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Corporate News - SMA Solar Technology AG
SMA Solar Technology AG grows internationally and increases lower end of
sales and earnings forecast for the overall year 2012
Highlights of the first half of 2012:
- 4.0 gigawatts of inverter output sold (Q1-Q2 2011: 3.1 GW)
- Sales increased by 16.6% to EUR833.7 million (Q1-Q2 2011: EUR715.0
million)
- Gross foreign sales increased by 12.1% to EUR463.9 million (Q1-Q2 2011:
EUR413.8 million)
- Earnings before interest and taxes (EBIT) of EUR83.7 million (Q1-Q2
2011: EUR103.7 million)
- Financial independence - net liquidity of EUR387.7 million (Dec. 31,
2011: EUR473.3 million)
- Managing Board raises lower end of sales and earnings forecast for the
overall year 2012
Niestetal, August 9, 2012 - Following a positive start to the fiscal year
2012, SMA Solar Technology AG (SMA/FWB: S92) continued its growth in the
second quarter. During the first half of the year, the company sold PV
inverters with a total output of 4.0 gigawatts (Q1-Q2 2011: 3.1 GW) and
increased sales compared to the same period last year by 16.6% to EUR833.7
million (Q1-Q2 2011: EUR715.0 million). Thanks to its international
presence in 21 countries, SMA succeeded in further expanding its sales
abroad. Gross foreign sales rose by 12.1% compared to the same period last
year to EUR463.9 million (Q1-Q2 2011: EUR413.8 million). This corresponds
to an export ratio of 53.7% (Q1-Q2 2011: 56.3%).
In the first half of 2012, the development of demand was characterized to a
decisive extent by the clear changes in subsidy conditions in important
European photovoltaic markets. This resulted in demand for inverters for PV
rooftop systems being brought forward. In addition, catch-up effects,
resulting, for example, from a high level of commercial commissioning in
Germany in the fourth quarter of 2011, had a positive influence on demand
in this area. The good development of project business with Sunny Central
inverters is also due, among other things, to the effects of purchases
being brought forward. For example, between January and June 2012, numerous
projects were carried out in North America that still benefited from the
subsidy conditions that were effective last year. In Germany, the expiry of
the periods for the adjustment of subsidies for ground-based PV plants at
the end of June and the end of September had correspondingly positive
effects.
'In the first half of the year, SMA achieved or even exceeded its own
expectations in many areas despite a difficult market environment.
Particularly, the policy of internationalization, adopted by us at an early
stage, resulted in a positive development of our international business. At
the same time, however, we also again demonstrated our innovative strength
during the first half of the year. With over 300 patents granted worldwide
and a similar number of ongoing patent applications, SMA is more innovative
than ever before,' explained Pierre-Pascal Urbon, Speaker of the Managing
Board and Chief Financial Officer for SMA.
Earningsbefore interest and taxes (EBIT) for the first half of 2012 was
EUR83.7 million (Q1-Q2 2011: EUR103.7 million). The EBIT margin of 10.0% is
at the upper end of the earnings forecast (Q1-Q2 2011: 14.5%). Consolidated
net profit was EUR59.4 million (Q1-Q2 2011: EUR73.5 million). In the first
half of the year, SMA strongly increased gross cash flow to EUR104.3
million compared to the previous year (Q1-Q2 2011: EUR65.3 million). The
increase of almost 60% again underlines SMA's ability to generate cash even
in a challenging competitive situation. With an equity ratio of 58.1% and
net liquidity of EUR387.7 million (Dec. 31, 2011: EUR473.3 million), SMA
continues to have a very solid balance-sheet structure and can finance its
further development from own resources.
'Capital and financial markets are currently dominated by great
uncertainty. Particularly against this background, SMA's financial
independence is an enormous competitive advantage. To ensure that this also
remains the case in future, the Managing Board has prepared all employees
for the changed framework conditions. We are therefore confident that SMA
will emerge strengthened from the industry's changes. We are a highly
motivated team focussedly working on the implementation of a decentralized
energy supply,' comments Pierre-Pascal Urbon.
On the basis of the positive performance in the first half of the year, the
Managing Board of SMA is raising the lower end of the sales and earnings
guidance for the year 2012 that was first published in March. The amended
guidance forecasts an operating profit of EUR100 million to 150 million on
sales of EUR1.3 billion to 1.5 billion (previously: sales of EUR1.2 to 1.5
billion; EBIT: EUR60 million to EUR150 million). This equates to an EBIT
margin of 8% to 10% (previously: 5% to 10%).
The quarterly financial report for January to June 2012 is available online
at www.SMA.de/IR/FinancialReports. In addition, video statements by the
Speaker of the Managing Board can be found on the blog www.SMA-Sunny.com.
About SMA
The SMA Group generated sales of EUR1.7 billion in 2011 and is the global
market leader for solar inverters, a key component of all PV plants and,
as an energy management group, offers innovative key technologies for
future power supply structures. It is headquartered in Niestetal, near
Kassel, Germany, and is represented in 21 countries on six continents. The
Group employs more than 5,500 people worldwide, plus a number of temporary
employees that varies on a seasonal basis. SMA's broad product portfolio
includes a compatible inverter for every type of module on the market and
for all plant sizes, as well as monitoring and energy management systems.
The product range includes both inverters for photovoltaic plants connected
to the grid as well as inverters for off-grid systems. SMA is therefore
able to provide ideal technical inverter solutions for all plant sizes and
types. 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 excellence as an employer and achieved first place in the nationwide
'Great Place to Work(R)' competition in 2011 and 2012.
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Head of Corporate Communications:
Anja Jasper
Tel.: +49 561 9522-2805
Presse(at)SMA.de
Press contact:
Susanne Henkel
Manager Corporate Press
Tel.: +49 561 9522-1124
Fax +49 561 9522-421400
Presse(at)SMA.de
Investor Relations contact:
Julia Damm
Manager Investor Relations
Tel. +49 561 9522-2222
Fax +49 561 9522-2223
IR(at)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.
End of Corporate News
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09.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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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(at)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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