DGAP-News: S.A.G. Solarstrom AG: S.A.G. Solarstrom AG continues on a growth curve in Q1 2010
(firmenpresse) - S.A.G. Solarstrom AG / Interim Report
17.05.2010 09:01
Dissemination of a Corporate News, transmitted by
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S.A.G. Solarstrom AG continues on a growth curve in Q1 2010
- Group sales increased more than threefold to EUR31.3 million
- EBIT improved to EUR1.6 million, EBIT margin at 5.2%
- Total group result reaches EUR1 million
- Well-stocked project pipeline corroborates forecast for 2010
Freiburg, May 17, 2010. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008), Freiburg, got off to a
very promising start in the first quarter of 2010. Pull-forward effects in
the German photovoltaic market boosted business in plant construction.
Sales increased from EUR9.7 million to EUR31.3 million. EBIT, which was
-EUR0.3 million in the first quarter of 2009, rose to EUR1.6 million in the
reporting quarter. As a result, the total group result rose significantly
from -EUR0.2 million to EUR1 million. The business segments Project
Planning and Plant Construction, as well as Partner Sales, were the
dominating growth drivers of the S.A.G. Group in the first quarter, with
regard to both sales and results.
Plant Construction and Partner Sales highly dynamic
The German government is planning to reduce the rates for the feed-in
tariff according to the Renewable Energy Act (EEG) on July 1, 2010, which
caused a perceptible boom in the demand for photovoltaic systems in the
first quarter of 2010. The business areas Project Planning and Plant
Construction, and in particular Partner Sales and Distribution were both
able to profit from this increase in demand. While sales rose from EUR4.4
million in the previous year to EUR10.9 million in the reporting period,
and EBIT from -EUR0.5 million in the previous year to around EUR0.3 million
during the reporting period in Project Planning and Plant Construction,
Partner Sales increased from EUR3.2 million to EUR16.5 million in sales and
from -EUR0.1 million to EUR0.9 million in EBIT. The decisive factor for
these positive results was the above average number of contracts concluded
with exclusive and high-performance sales partners of S.A.G. Solarstrom AG
in Germany. The increase in the number of new photovoltaic system
constructions also fuelled the demand for services in the business area of
Plant Operations and Services. Sales increased in the first three months of
2010 by EUR1.8 million to EUR3.4 million (Q1 2009: EUR1.6 million), while
EBIT increased from EUR203,000 to EUR445,000. Although sales increased in
the business area of Power Production by 12.6%, EBIT dropped from EUR0.05
million in the first quarter of 2009 to EUR0.01 million in the reporting
quarter. The reason for this was the delay in optimization and adjustment
work in the startup phase of the rooftop system project of Solarpark Rain
GmbH&Co. KG at the Dehner Garden Center, which could only be performed
from mid-March 2010 due to ice and snow. The full amount of depreciation
and fixed costs therefore offset the revenue, which remained below average
until full operation.
S.A.G. Solarstrom Group well prepared for high demand
The S.A.G. Solarstrom Group is well equipped for the high level of business
activity. Under the current assets, inventories were increased considerably
to EUR7.9 million. The stock levels, which have been very low since the end
of 2009, were thus adjusted optimally to the new increase in demand for
modules and photovoltaic components. In addition, financing of current and
planned projects is more planable than in the past. The liquidity of the
S.A.G. Group also rose from EUR1.5 million in Q1 2009 to EUR2.6 million in
the reporting quarter.
'The S.A.G. Solarstrom Group has achieved this very positive result in the
first quarter despite a highly challenging market environment. The long and
hard winter delayed implementation of projects up to March 2010. Our
project pipeline is well stocked, and we are thus well on schedule with our
forecast for 2010, with sales of between EUR190 and EUR210 million and an
EBIT of between EUR8 and EUR11 million', says Dr. Karl Kuhlmann, CEO of
S.A.G. Solarstrom AG.
An Analyst telephone conference concerning the company's results on the
first quarter of 2010 is scheduled for 2 p.m. (CET) and an investor /
shareholder telephone conference for 3 p.m. (CET) on 5/17/2010. Interested
parties can request the corresponding dial-in data via e-mail
(pr(at)solarstromag.com) or telephone (+49-(0)761-4770-311).
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, are 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 produce solar energy at
their 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 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 are considered pioneers in the solar
industry. Around 160 specialists work at the four locations in Germany and
subsidiaries in Italy, Spain, Austria, and Switzerland.
S.A.G. Solarstrom AG are listed on the open market, Entry 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
17.05.2010 09:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 17.05.2010 - 09:01 Uhr
Sprache: Deutsch
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