DGAP-News: S.A.G. Solarstrom AG: Q1 2013 continues successful business year 2012
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Quarter Results
S.A.G. Solarstrom AG: Q1 2013 continues successful business year 2012
14.05.2013 / 07:30
---------------------------------------------------------------------
S.A.G. Solarstrom AG: Q1 2013 continues successful business year 2012
- Overall performance in Q1 of EUR55.4 million - a two-and-a-half-fold
increase on the previous year's quarter of EUR19.5 million
- Strong project activity in first quarter will be reflected in sales and
earnings in subsequent quarters
Freiburg, May 14, 2013. With its intense project activity in Q1 2013,
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) is continuing its successful 2012 business year , in which
the Group achieved sales of EUR189 million, an EBIT of EUR8.9 million and a
consolidated annual result of EUR1.1 million. Up to March 31, 2013, 44 MWp
was installed in the UK alone. The major part of this installation volume
was disclosed in the balance sheet as work in progress at the key date, and
will become relevant for sales and earnings in subsequent quarters. In Q1
2013, the sales revenue was therefore slightly lower, at EUR19.5 million,
than in the previous year's quarter at EUR21.4 million. 54.4% of sales were
achieved in Germany, and 45.6% abroad. The EBIT was -EUR2.9 million (Q1
2012: -EUR2.8 million), due to the high prefunding costs of project
activity and to the fact that the earnings from the high installation
volume in the UK had not yet been realized at the key date.
The consolidated period result was thus also negative at -EUR4.2 million
(Q1 2012: -EUR3.0 million) at the key date, due to the funding costs of the
projects. Nevertheless, with an overall performance of EUR55.4 million (Q1
2012: EUR19.5 million), S.A.G. Solarstrom AG underscored its strength and
stable development in project business in Q1 2013, even under adverse
market conditions, following on from its successful business year in 2012.
'In 2013, we have been able to continue our positive development from the
last two quarters of 2012, which will become clear from our sales and
earnings over the course of the year', says Dr. Karl Kuhlmann, CEO of
S.A.G. Solarstrom AG. 'However, the market remains challenging in 2013. In
particular, the procedure for introducing anti-dumping duties, which in our
opinion is completely misguided, could have very negative consequences on
the European market for photovoltaic power. Under the current market
conditions, we are still anticipating that we will continue to increase our
installation and sales volume in 2013 and achieve a positive operating
result'.
Project Planning and Plant Construction
Of the approximately 44 MWp that has been installed in the UK by March 31,
2013, only 4.5 MWp was reflected in sales in Q1 2013. The installation
volume reflected in sales was altogether 8.8 MWp in Q1 2013 (Q1 2012: 4.6
MWp). Despite the fact that installation volume doubled, sales in the
business area Project Planning and Plant Construction only rose by 39% to
EUR12.1 million (Q1 2012: EUR8.7 million) - a consequence of the
considerable drop in market prices of photovoltaic components and systems
over the course of 2012. The high prefunding costs of project activity,
which were not offset by any sales or revenue in the majority of the
projects, is reflected in the EBIT at -EUR3.0 million (Q1 2012: -EUR3.3
million). The high increase in project activity compared with the previous
year's quarter can be seen in the overall performance, which also includes
the change in stock of work in progress. This increased to EUR48 million
(Q1 2012: EUR6.9 million), almost six times higher than in the previous
year, and shows the sales and earnings reserves for the following quarters.
Partner Sales
In the business area Partner Sales, sales declined very significantly to
EUR1.5 million (Q1 2012: EUR6.8 million), as did sales volume, to around
2.7 MWp (Q1 2012: 8 MWp), due to the continuing competitive pressure on the
German market. The previous year's quarter included pull-forward effects in
expectation of the feed-in tariff changes from April 1, 2012. Due to the
price pressure on the market, the EBIT remained in the negative range at
-EUR0.4 million (Q1 2012: -EUR0.4 million). By focusing on exclusive
partners and developing these into service partnerships, it is hoped to
improve profitability in this business area over the course of the year.
Plant Operation and Services
The business area Plant Operation and Services once again disclosed
gratifying, strong-margin growth and increased sales in Q1 2013 by 11% to
EUR5.0 million (Q1 2012: EUR4.5 million). EBIT also increased by 8% to
EUR0.9 million (Q1 2012: EUR0.8 million). The business area benefited from
the high demand for monitoring and forecast services. meteocontrol GmbH
already currently monitors over 32,000 systems with a total output of 7.1
GWp.
Power Production
As a result of the extremely long winter with a poor supply of sun -
according to the German Meteorological Service, the winter with the least
sunlight since the start of national meteorological recording in 1951-
sales in the business area Power Production declined to EUR0.8 million (Q1
2012: EUR1.4 million). If one adds together the electricity revenue of the
business area Power Production and the electricity revenue from the
photovoltaic systems in which S.A.G. Solarstrom AG holds investments, sales
dropped by around EUR0.9 million in comparison with the previous year. The
EBIT in the business area Power Production was negative, at -EUR0.4 million
(Q1 2012: EUR0.05 million), due to the seasonally lower electricity
revenue, which is offset by scheduled linear monthly depreciation. Over the
whole year, this business area guarantees two-digit EBIT margins, even
taking into account fluctuations caused by the weather during the course of
the year.
Balance sheet at March 31, 2013
At the key date of March 31, 2013, heavy project activity in the UK
influenced the balance sheet with a high working capital, which led to an
expanded balance sheet total and, together with the funding of the Group's
own power plant portfolio, to an equity ratio of 12%. Without the
influencing factors of large-scale projects and the funding of the Group's
own system portfolio, the equity ratio would have been around a solid 25%.
The operative cash flow was -EUR11.1 million, as some of the projects are
still in the sales process. In the previous year's period, in which the
purchase price payment for a large-scale project had already been made on
March 31, 2012, the operative cash flow was EUR157.8 million.
Positive outlook for 2013 confirmed
The S.A.G. Solarstrom Group has confirmed its forecast for 2013 to further
increase installation and sales volume, which was around 117 MWp in 2012,
and to again achieve a positive operating result.
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 multi-vendor provider of
high-quality photovoltaic systems configured to customers' individual
needs. The Group constructs efficient systems 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 systems, 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
photovoltaic power, from yield reports, planning, construction, operations,
and monitoring to optimization, repowering, and deconstruction.
The company was founded in 1998. Around 200 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
---------------------------------------------------------------------
14.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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, DE000A1E84A4, DE000A1K0K53,
WKN: 702100, A1E84A, A1K0K5
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
210848 14.05.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 14.05.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 259436
Anzahl Zeichen: 15341
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 238 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: S.A.G. Solarstrom AG: Q1 2013 continues successful business year 2012"
steht unter der journalistisch-redaktionellen Verantwortung von
S.A.G. Solarstrom AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
