DGAP-News: S.A.G. Solarstrom AG: S.A.G. Solarstrom AG - first half-year underscores growth targets
(firmenpresse) - S.A.G. Solarstrom AG / Half Year Results
19.08.2010 09:01
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S.A.G. Solarstrom AG - first half-year underscores growth targets
- Earnings before interest and taxes (EBIT) is EUR4.5 million
- Consolidated sales after six months well on schedule with EUR85
million
- Annual forecast of EUR190 to EUR210 million sales and EBIT in the
range of EUR8 to EUR11 million confirmed
Freiburg, August 19, 2010. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008), Freiburg, is
underscoring their growth targets for fiscal year 2010 with earnings before
interest and taxes (EBIT) of EUR4.5 million (same period in previous year:
EUR0.4 million) for the first six months with sales of EUR85 million (same
period in previous year: EUR31.6 million). The Group has thus more than
doubled their sales in comparison with the same period in the previous
year, and increased EBIT even more considerably as a result of the
significant improvement in margins. The consolidated profit amounts to
around EUR2.2 million (same period in previous year: EUR0.7 million).
The growth drivers were once again the business areas Project Planning and
Plant Construction, with sales of around EUR46.6 million, as well Partner
Sales with EUR29.8 million. Both business areas also profited to some
extent from pull-forward effects resulting from the reduction in the
feed-in tariff in Germany, implemented on July 1. Nevertheless, S.A.G.
Solarstrom AG increased their foreign sales portion to 38.1% (same period
in previous year: 20.2 %). The Group is thus continuing to realize their
plans for international expansion on target.
S.A.G. Solarstrom AG has substantiated their growth course with a very
successful first-half year in 2010. All the business areas reported
significant growth as well as positive contributions to earnings. The
planned cuts in the feed-in tariff, implemented on July 1 under the
Renewable Energy Act (EEG) resulted in strong demand in Germany. The Group
profited from this demand, both in the Project Planning and Plant
Construction segment, and especially in the Partner Sales segment. The
strong market growth was also reflected in the considerable growth of the
business area Plant Operation and Services. 'We are continuing to grow
significantly, but in a controlled and purposeful manner, while
substantiating our forecast for the year with this half-yearly result ',
says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG.
Project Planning and Plant Construction - growth both in Germany and abroad
In the business area Project Planning and Plant Construction, sales rose in
the first six months to EUR46.6 million (same period in previous year:
EUR16.6 million), while EBIT was EUR1.4 million (same period in previous
year:
-EUR1.3 million). The EBIT margin thus rose to around 3% (same period in
previous year: -7.8%), although personnel and start-up costs for major
projects in the second half-year had already been taken into account. Sales
in this business area were achieved in Germany and Italy, which each
accounted for around half of the earnings. The S.A.G. Solarstrom Group
deliberately avoided additional deadweight effects in Germany, so as not to
jeopardize foreign expansion and thus the steady increase in corporate
growth.
Partner Sales in particular profits from pull-forward effects
The business area Partner Sales achieved an EBIT of EUR1.8 million (same
period in previous year: -EUR0.4 million) with sales of EUR29.8 million
(same period in previous year: EUR10.3 million) and thus obtained one of
the best results in the history of the company. The EBIT margin improved
accordingly from -4.2% to 5.9 %. S.A.G. Solarstrom AG's successful sales
concept, which focuses on exclusive, high-performance partners, showed its
strengths in the first half-year - as a result of the wide market coverage
in Germany, this business area in particular was able to profit from the
very high level of demand in Germany in the first half-year, due to the
pull-forward effects described above.
Plant Operation and Services reflects market growth
Growth in the business area Plant Operation and Services accelerated
significantly in the first half of 2010 as a result of an outstanding
market position and excellent technical expertise, particularly of the
S.A.G. subsidiary meteocontrol, thus reflecting the exponential market
growth in the photovoltaics industry. Sales doubled from EUR3.6 million in
the first half of 2009 to EUR7.2 million in the first half of 2010, with
the same high margin of 15.2%, which is reflected in an EBIT of EUR1.1
million (same period in previous year: EUR0.5 million).
Power Production with slight growth in sales
The business area Power Production increased its sales only slightly from
EUR1.2 million in the first half of 2009 to EUR1.4 million. S.A.G.'s own
stock of photovoltaic systems was reinforced in late 2009 by the 4.2 MWp
roof-top system at the Dehner Garden Center of the Solarpark Rain GmbH&Co. KG. However, the usual optimization activities in the startup phase
were delayed due to the long winter. In addition, limited damage to the
plant in the second quarter resulted in an electricity yield below average
in the first six months. This was offset by the the full amount of
depreciation and fixed costs. The EBIT was therefore only EUR0.3 million -
the EBIT of the same period in the previous year of EUR1.6 million
contained one-off effects resulting from the waiver of residual debt from
the loan for photovoltaic systems, which were financed under the 100,000
Roofs Program. The good overall performance of S.A.G.'s own systems was the
crucial factor here.
According to current estimates, earnings will be balanced by income from
further operations, as well as from insurance refunds.
Solid base for further corporate growth
With the conclusion of long-term financing for the 13.6 MWp photovoltaic
project in Stribro, Czech Republic, S.A.G. Solarstrom AG has proven
impressively that they are able to provide financing for major projects,
even in a generally difficult market environment. The S.A.G. Solarstrom
Group has laid stable foundations for sustainable and successful corporate
growth, with a solid balance sheet structure, excellent quality-oriented
component sourcing, considerably improved margins and excellent yet
controlled sales growth.
Overall, S.A.G. Solarstrom is expecting continued dynamic growth in sales
and results with a rise in foreign sales for the second half-year. 'The
fact that we continued to develop our foreign markets and did not attempt
to exploit all potential opportunities in Germany will pay off in the
second half of the year', says Kuhlmann. 'We are therefore very confident
of achieving our forecast for the whole year of between EUR190 and EUR210
million sales with an EBIT of between EUR8 and EUR11 million'.
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 165 specialists work at the four locations in Germany and
subsidiaries in Italy, Spain, Austria, and Switzerland.
S.A.G. Solarstrom AG are listed in the General 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
Armin Baltzer
phone: +49-(0)761-4770-368
e-mail: pr(at)solarstromag.com / ir(at)solarstromag.com
19.08.2010 09:01 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Deutschland
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail(at)solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008
WKN: 702100
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Hamburg, München (m:access), Düsseldorf,
Berlin, Stuttgart
End of News DGAP News-Service
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Datum: 19.08.2010 - 09:01 Uhr
Sprache: Deutsch
News-ID 32037
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