DGAP-News: SMA Solar Technology AG: Managing Board Confirms Guidance for Full-Year 2011
(firmenpresse) - DGAP-News: SMA Solar Technology AG / Key word(s): Half Year Results
SMA Solar Technology AG: Managing Board Confirms Guidance for
Full-Year 2011
12.08.2011 / 07:00
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SMA Solar Technology AG Corporate News
SMA Solar Technology AG: Managing Board Confirms Guidance for Full-Year
2011
- Managing Board confirms its sales and earnings forecast for 2011 and
anticipates a strong second half to the year
- First half of 2011:
- 3.1 GW inverter output sold
- EUR715.0 million sales due to a significant upturn in business in
the second quarter of 2011
- Successful internationalization with 40 % international growth
year-on-year (H1 2011: export ratio of 56.3 %)
- Operating profit (EBIT) of more than EUR100 million
Niestetal, August 12, 2011 - SMA Solar Technology AG (SMA/FWB: S92)
benefited from its strong brand presence in the major solar markets
worldwide and distinguished itself markedly from its closest competitors.
In the second quarter of 2011, SMA doubled its inverter output sold
compared with the first three months of the year. In the first half of
2011, SMA sold an inverter output of 3.1 GW (Q1 - Q2 2010: 3.1 GW).
The SMA Managing Board believes global newly installed photovoltaic
capacity for the first half of 2011 to be below the previous year's level.
'The debate surrounding the expansion of photovoltaic energy has deeply
unsettled end-customers in major solar markets and led to a reduction in
their willingness to invest', states Pierre-Pascal Urbon, Chief Executive
Officer and Chief Financial Officer of SMA. However, the fundamental data
for the solar industry has improved over the last few months. 'The broad
social consensus that now surrounds the intensified expansion of
photovoltaic energy, the favorable interest level and the significantly
reduced specific costs of constructing a solar power plant compared with
the beginning of the year are good conditions for a significant rise in
global demand in the second half of the year', says Pierre-Pascal Urbon.
The SMA Managing Board thus confirms its sales and earnings guidance for
the current fiscal year - of a sales range between EUR1.5 billion and
EUR1.9 billion and an EBIT corridor of EUR315 million to EUR475 million
(EBIT margin of 21 % to 25 %).
In the second quarter of 2011, SMA grew at a faster rate than its next
largest competitor.
With sales totaling EUR715.0 million in the first half of 2011, SMA is the
global market leader for solar inverters (Q1 - Q2 2010: EUR815.8 million).
SMA's excellent positioning in growing foreign markets is also reflected in
the company's export ratio. In the first six months of the year, SMA
generated 56.3 % of its sales in countries outside Germany (Q1 - Q2 2010:
36.4 %). The Medium Power Solutions segment was the key driving force for
sales in the reporting period with a 73.1 % share of total sales (Q1 - Q2
2010: 85.7 %). Business with Sunny Central inverters, which are used in
major solar projects, developed in a very pleasing manner. Sales in the
High Power Solutions segment climbed year-on-year by more than 66 % to
EUR170.6 million (Q1 - Q2 2010: EUR102.4 million).
Although EBIT has recovered since the first quarter of 2011 due to the
improved sales figures, it remains considerably below the record high
figure achieved in the previous year. In the first half of 2011, SMA
generated EBIT of EUR103.7 million (Q1 - Q2 2010: EUR219.9 million). This
is equivalent to an EBIT margin of 14.5 %, yet again recording a percentage
in double-digits. This underscores SMA's profound ability to adapt and
respond to market needs quickly in the event of rapidly rising demand while
keeping cost-efficiency in mind. Consolidated net profit amounted to
EUR73.5 million (Q1 - Q2 2010: EUR158.2) and earnings per share came to
EUR2.12 (Q1 - Q2 2010: EUR4.56).
SMA's business model is technology-driven and non-capital-intensive
compared with other stages of the value-added chain. In view of the
anticipated rise in demand in the second half of the year, SMA has
increased its working capital as planned. At June 30, 2011, working capital
stood at EUR340.6 million (at December 31, 2010: EUR284.6 million). That is
equivalent to 18.7 % of sales over the last twelve months. With an equity
ratio of 57.0 % and net cash of EUR307.8 million (at December 31, 2010:
EUR523.4 million), SMA exhibits a very sound balance sheet structure as at
June 30, 2011.
The half-yearly financial report from January to June 2011 is available on
the web site at www.SMA.de/IR/FinancialReports.
About SMA
SMA Solar Technology AG (SMA/FWB: S92) is the worldwide market leader for
photovoltaic inverters, a leading supplier of transformers and chokes, and
a provider of innovative energy supply solutions for mass transit and
main-line rail transportation. The SMA Group generated sales of EUR1.9
billion in 2010. It is headquartered in Niestetal, near Kassel, Germany,
and is represented in 18 countries on four different continents. The Group
employs a staff of over 6,500 worldwide (including temporary employees).
The multi award-winning product range covers solar inverters for roof
systems, major solar projects and off-grid systems, enabling SMA to provide
a technically optimized inverter solution for all size categories and
system types. Its range of services is complemented by a worldwide service
network. The highly flexible manufacturing plants for solar inverters in
Germany and North America have a capacity of approximately 11.5 GW a year.
The SMA Group also operates a manufacturing plant for electromagnetic core
components in Poland. Since 2008, SMA has been listed on the Prime Standard
of the Frankfurt Stock Exchange and also in the TecDAX index. In recent
years, SMA has received numerous awards for its excellence as an employer
and achieved first place in 2011 in the federal 'Great Place to Work'
competition.
Head of Corporate Communications:
Anja Jasper
Phone +49 561 9522-28 05
Presse(at)SMA.de
Press contact:
Susanne Henkel
Press Officer
Phone +49 561 9522-11 24
Fax +49 561 9522-11 03
Presse(at)SMA.de
Investor Relations:
Stephanie Kniep
Director Investor Relations
Phone +49 561 9522-22 22
Fax +49 561 9522-22 23
ir(at)SMA.de
Julia Damm
Investor Relations Officer
Phone +49 561 9522-11 64
Disclaimer:
This corporate news serves only as information and does not constitute an
offer or invitation to subscribe for, acquire, hold or sell any securities
of SMA Solar Technology AG (the 'Company') or any present or future
subsidiary of the Company (together with the Company, the 'SMA Group') nor
should it form the basis of, or be relied upon in connection with, any
contract to purchase or subscribe for any securities in the Company or any
member of the SMA Group or commitment whatsoever. Securities may not be
offered or sold in the United States of America absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as
amended.
This corporate news can contain future-oriented statements. Future-oriented
statements are statements which do not describe facts of the past. They
also include statements about our assumptions and expectations. These
statements are based on plans, estimations and forecasts which the
executive board of SMA Solar Technology AG (SMA or company) has available
at this time. Future-oriented statements are therefore only valid on the
day on which they are made. Future-oriented statements by nature contain
risks and elements of uncertainty. Various known and unknown risks,
uncertainties and other factors can lead to considerable differences
between the actual results, the financial position, the development or the
performance of the corporation and the estimates given here. These factors
include those which SMA has discussed in published reports. These reports
are available on the SMA website at www.SMA.de. The company accepts no
obligation whatsoever to update these future-oriented statements or to
adjust them to future events or developments.
End of Corporate News
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Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info(at)sma.de
Internet: http://www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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135450 12.08.2011
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