DGAP-News: S.A.G. Solarstrom AG: Result in first quarter substantiates planning for 2011
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Quarter Results
S.A.G. Solarstrom AG: Result in first quarter substantiates planning
for 2011
12.05.2011 / 07:56
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S.A.G. Solarstrom AG: Result in first quarter substantiates planning for
2011
- Sales in the first three months increase to EUR78.9 million (+152%)
- EBIT achieves EUR5.1 million (+213 %)
- outlook for 2011 confirmed - sales between EUR260 and EUR280 million,
EBIT between EUR16 and EUR18 million
Freiburg, May 12, 2011. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) has achieved sales of
EUR78.9 million in the first three months of 2011 (Q1 of 2010: EUR31.3
million) and an EBIT of EUR5.1 million (Q1 of 2010: EUR1.6 million). The
major part of total sales was achieved abroad. The Group was thus able to
overcompensate for the weak German market. The significant growth in sales
and earnings was essentially borne by the business area Project Planning
and Plant Construction, with the 48 MWP project in Northern Italy. The EBIT
margin rose to 6.5% (Q1 of 2010: 5.2%). This result substantiates S.A.G.
Solarstrom AG's planning for the entire year with sales of between EUR260
and EUR280 million, and an EBIT of between EUR16 and EUR18 million.
'We pressed ahead very early on with our internationalization. This paid
off particularly in the first quarter of 2011, which was characterized by a
very weak German market', says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom
AG. 'Today, we have a strong starting position vis-à-vis both the European
and the international competition, which we want to use'.
Business area Project Planning and Plant Construction benefits from Italian
project
With EUR68.9 million (Q1 of 2010: EUR10.9 million), the business area
Project Planning and Plant Construction made the largest contribution to
sales in the first three months, and with EUR3.9 million (Q1 of 2010:
EUR255,000) also the highest contribution to earnings. Once the sale of the
48 MWp project in Italy had become sufficiently established, the
large-scale project was accounted as affecting sales and net income
according to construction progress. Further projects were implemented in
France, Spain and Germany. The EBIT margin increased in the reporting
period to 5.7% and was thus more than twice as high as in Q1 of 2010
(2.3%). The significant improvement in the margin demonstrates the success
of strict project controlling and cost management in the implementation of
large-scale projects.
Weak German market visible in Partner Sales
The business area Partner Sales was severely affected by the subdued German
market at the start of the year, as the 40 exclusive partners of S.A.G.
Solarstrom AG are predominantly active in Germany. Sales dwindled to EUR4.7
million in Q1 of 2011 and thus amounted to only a good quarter of sales in
Q1 of 2010, when Partner Sales was still able to profit from the strong
pull-forward effects in the German market and achieved sales of EUR16.5
million. The EBIT in this business area also declined to a good quarter, to
EUR212,000 (Q1 of 2010: EUR926,000). The EBIT margin decreased to 4.5% due
to a lack of demand, after a strong 5.6% in Q1 of 2010. Despite this, this
business area also once again delivered a positive contribution to profit.
Plant Operation and Services increases margin
The business area Plant Operation and Services was able to increase its
sales by 21% to EUR4.1 million(Q1 of 2010: EUR3.4 million). A high level of
new development in Germany and other European countries in 2010 was the
crucial factor here, as it boosted demand for services along the
photovoltaic value chain. The demand for reliable solar energy forecasts
from both national and international supply network operators also
increased. Earnings in this high-margin business area thus almost doubled
to EUR817,000 (Q1 of 2010: EUR445,000). The EBIT margin achieved 19.7%,
following 13% in the first three months of the previous year.
Expansion of system portfolio pays off in business area Power Production
In Q1 of 2011, the expansion of the Group's own power plant portfolio to
25.1 MWp completely paid off. 14.2 MWp will be accounted for in the balance
sheet in this business area, while the remaining 10.9 MWp will be balanced
at equity or as an investment. Sales rose from EUR511,000 in Q1 of 2010 to
EUR1.1 million in the reporting period, while the EBIT rose from EUR13,000
to EUR190,000. The EBIT margin amounted to 16.6%, based on the same costs
every month and an average of less sunshine hours in the winter months. The
margin of Q1 2010, at 2.5 % was also encumbered by the adjustment and
optimization work on the 4.2 MWp system in Rain am Lech.
Results of first quarter substantiate forecast for entire year
'The general regulatory conditions for 2011 are now fixed in most European
countries, so that we have increased planning security', says Dr. Karl
Kuhlmann, CEO of S.A.G. Solarstrom AG. 'In addition, we are seeing a
considerable reduction in component prices on the market, so that, despite
cutbacks in the feed-in tariffs, we are still reckoning with a positive
international market environment in which we can continue our dynamic
growth.'
The S.A.G. Group is anticipating sales of between EUR260 and EUR280 million
and an EBIT of between EUR16 and EUR18 million for 2011.
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 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 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 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 is considered a pioneer in the solar
industry. Around 200 specialists work at the four locations in Germany and
the foreign subsidiaries.
S.A.G. Solarstrom AG is 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
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
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 Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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124212 12.05.2011
Datum: 12.05.2011 - 07:56 Uhr
Sprache: Deutsch
News-ID 34054
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