DGAP-News: S.A.G. Solarstrom AG confirms overall annual forecast
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Half Year Results
S.A.G. Solarstrom AG confirms overall annual forecast
08.08.2013 / 07:30
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S.A.G. Solarstrom AG confirms overall annual forecast
- Sales in first half of 2013 increased to EUR62.9 million (+64.6%)
- Positive EBIT in Q2 at +EUR0.5 million, cumulated EBIT in first
half-year at -EUR2.1million
- Overall annual forecast confirmed at over 117 MWp installation volume and
positive operating result
Freiburg i. Br., August 8, 2013. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) has achieved a growth
in sales of +64.6% to EUR62.9 million in the first half of 2013 (first half
of 2012: EUR38.2 million). 23.8% of sales were achieved in Germany, 67.5%
in the UK and 8.7% in other foreign countries. The EBIT in Q2 2013 was
already positive at +EUR0.5 million. Although the cumulated EBIT was still
-EUR2.1 million at the half-year mark, and the Group period result was
-EUR6.3 million accordingly (first half of 2012: -EUR3.5 million), due to
the high prefunding costs of project activity and still unrealized
contributions to the result from the Wymeswold project, the positive result
development is clearly visible. The Group has thus succeeded in
implementing successful projects at home and abroad, despite the market
environment, which remains very difficult and volatile. The S.A.G.
Solarstrom Group, however, is taking two important steps as a result of the
increasingly difficult market environment in Europe - it is considerably
accelerating the internationalization of project activity outside of Europe
and the loss-making business area Partner Sales is to be discontinued. At
the same time, the secondary market business, integrated energy projects
and power production projects for own consumption are being combined in a
new business area called Project Sales. In the first half of 2013, the
Group successfully established an international project pipeline beyond
Europe and therefore confirms its forecast of an installation volume of
more than 117 MWp and a positive operating result, despite massive market
downswings in Europe.
'We currently see considerably greater opportunities for growth for plant
construction in new markets outside of Europe. Mistakes in political
decisions in Europe have led to a prosperous market being stifled', says
Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. 'Partner Sales is thus no
longer viable for us. However, Europe remains a market for power production
projects for own consumption, integrated energy projects, for services and
the secondary market. We are very well positioned here. Despite the changed
framework conditions in Europe, and based on our success in
internationalization, we are anticipating that we will achieve our goals
for 2013.'
Plant Construction: Installation volume tripled
The business area 'Project Planning and Plant Construction' has been
renamed 'Plant Construction', in order to better distinguish it from the
new business area 'Project Sales', with regard to its name. In the first
half of 2013, S.A.G. Solarstrom AG tripled the installation volume to a
total of 44.4 MWp (first half of 2012: 14.5 MWp), in comparison with the
previous year's period, despite the difficult framework conditions. The
focus of project activity in the business area Plant Construction
(previously: Project Planning and Plant Construction) was in the UK in the
first half of 2013. Other projects were implemented in Germany and Romania.
Sales doubled to EUR51.4 million (first half of 2012: EUR25 million). At
the half-year mark, at -EUR3.8 million (first half of 2012: -EUR4 million),
the operative result still showed the prefunding costs of further planned
project activity, including the activity in new markets such as Latin
America, Turkey and South Africa. Moreover, the anticipated additional
income from the 33 MWp Wymeswold project had not yet been realized by the
key date. In this regard, S.A.G. Solarstrom AG will profit from a resale of
the project company by the owner through a financial agreement.
Partner Sales: Business area will be discontinued
After two loss-making fiscal years in 2011 and 2012 as well as a
loss-making business trend in the first half of 2013, S.A.G. Solarstrom AG
will terminate the retail business with small photovoltaic systems
performed by partners and discontinue the business area Partner Sales. The
continuing pressure of competition in the German market, in which most of
the partners operate, the massive regulatory changes and, last but not
least, the discussion regarding punitive tariffs on Chinese module imports,
robbed this market segment of its economic basis. In the entire first half
of 2013, only around 3 MWp was installed by S.A.G.'s partners, while in the
first half of 2012 it was 17.5 MWp. On June 30, 2013 this now discontinued
business area achieved sales of EUR1.8 million (first half of 2012: EUR15.1
million), which corresponds to a decline in sales of 87.8% compared with
the previous year's period.EBIT was -EUR0.9 million (first half of 2012:
-EUR0.2 million), of which almost -EUR0.3 million amounts to the
depreciation on goodwill.
New business area Project Sales
The new business area Project Sales includes the secondary market business
with photovoltaic systems. In addition, power production projects for the
production of electricity for own consumption as well as the development
and implementation of integrated energy projects for small energy networks
are included here, such as combined heat power and cooling systems in
conjunction with photovoltaic systems. In the first half of 2013, no sales
were yet realized in this new business area, but further projects for the
secondary market have already been identified and negotiations initiated.
Plant Operation and Services: Number of monitored systems increasing
continuously
The business area Plant Operation and Services achieved sales in the first
half of 2013 in the amount of EUR8.5 million (first half of 2012: EUR9.4
million). The EBIT in the first half of 2013 achieved EUR1.4 million (first
half of 2012: EUR1.6 million). In the previous year's period, the business
area profited from pull-forward effects in anticipation of feed-in tariff
changes, and in addition meteocontrol GmbH invested in further
international expansion - an important setting of the course for further
growth in sales and result. The number of systems monitored by meteocontrol
GmbH rose on June 30, 2013 to around 32,800 systems with a total output of
7.4 GWp (June 30, 2012: around 27,000 systems, 5.6 GWp), and currently the
figure is around 33,000 systems with a total output of 7.5 GWp.
Power Production: EBIT in Q2 2013 above previous year's level
As a result of the extraordinarily long and dull winter, sales in the
business area Power Production was 24.3% below the previous year at EUR2.9
million in the first half of 2013 (first half of 2012: EUR3.8 million).
EBIT was EUR0.3 million (first half of 2012: EUR0.7 million) and still
shows the losses of Q1 2013. Even though sales in Q2 2013 at EUR2.1 million
(Q2 2012: EUR2.4 million) did not quite reach the previous year's level,
EBIT in Q2 2013 was still above the previous year's period at EUR0.7
million (Q2 2012: EUR0.6 million), due to the drop in overhead costs. Over
the whole year, this business area still ensured two-digit EBIT margins,
even taking into account fluctuations during the year caused by the
weather.
Strong project activity reflected in the balance sheet - positive operative
cash flow
At the key date of June 30, 2013 strong project activity was shown in the
balance sheet with a high working capital and an expanded balance sheet
total. The equity capital ratio was correspondingly temporarily at 12.3%.
Without the impact of large-scale projects and the financing of the Group's
own system park, the equity capital ratio would have been a solid 29.4%.
The current debts were covered at 120% by current assets at June 30, 2013.
Despite the considerable expansion in project activity, and the still
negative EBIT in the first half of 2013, the operative cash flow in the
first six months of fiscal year 2013 was +EUR1.1 million (first half of
2012: +EUR104.4 million, mainly due to the purchase price payment for a
large-scale project. In Q2 2013 alone, a positive operative cash flow in
the amount of EUR12.2 million was achieved (Q2 2012: -EUR53.4 million).
Outlook for 2013 confirmed
In view of its success in establishing an international project pipeline,
the S.A.G. Solarstrom Group has confirmed its forecast for 2013 to further
increase its installation and sales volume, which was around 117 MWp in
2012, and to 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 manufacturer-independent
provider of photovoltaic plants configured to customers' individual needs.
The Group constructs 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.
S.A.G. Solarstrom AG 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
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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, 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
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