Earnings Release • Nov 13, 2009
Earnings Release
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Corporate | 13 November 2009 06:56
SMA Solar Technology AG: SMA generates record sales in the third quarter and increases the financial guidance for fiscal year 2009
SMA Solar Technology AG / Quarter Results
13.11.2009
Dissemination of a Corporate News, transmitted by
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The issuer / publisher is solely responsible for the content of this announcement.
SMA Solar Technology AG (FWB: S92) today publishes its nine-month financial
report for the period from January to September 2009. On account of the
quarterly results, which had exceeded expectations, SMA published
preliminary figures as early as on October 20, 2009 and increased its sales
and earnings forecast for the whole of 2009 from EUR 760 to 810 million and
the EBIT margin from 21.5 % to 23.5 %. Due to the ongoing high demand for
SMA's photovoltaic inverters and the successful further enhancement of
production capacities in the short term, the Managing Board of SMA Solar
Technology AG (FWB: S92) increased the financial guidance for fiscal year
2009 a second time on November 12 to sales of EUR 850 to 900 million. The
EBIT-margin is now expected between 23.0 and 25.0 %.
In the third quarter, SMA recorded an increase in sales of c. 38 % to EUR
312.4 million (Q3 2008: EUR 226.7 million). In this quarter, which is the
most successful one in the Company's history, more than half of the sales
revenues of 2009 was generated. Sales revenues in the first nine months
increased by c. 8 % to EUR 559.5 million as compared to the same period of
the previous year (Q1 - Q3 2008: EUR 519.3 million).
The Company increased its inverter output sold from 0.2 GW in Q1 to 1.2 GW
in Q3. By continuous investments in the development of new products, SMA
reduced the specific inverter price to 0.25 EUR/W in Q3 (2008: 0.30 EUR/W).
The trend identified in the second quarter in the direction of higher
performance classes continued in the third quarter. In the Medium Power
Solutions segment, the high-performance solar inverters of the types Sunny
Mini Central 10000TL and 11000TL and Sunny Boy 5000TL were highly sought
after. In the High Power Solutions segment, the central inverters Sunny
Central 630HE, followed by 500HE and 560HE, were the products most sold.
With its global distribution and service network in twelve countries on
four continents, the SMA Group participates directly in the growth of
foreign photovoltaics markets. Sales generated abroad amounted to EUR 215.7
million in the first nine months of 2009 (Q1 - Q3 2008: EUR 225.6 million).
Due to strong domestic demand, the export ratio of 37.7 % was below that of
the previous year of 41.8 %. The most important foreign markets were the
Benelux countries, followed by North America, France, Italy and Australia.
The SMA Group estimates that it has increased its market share to between
45 % and 50 % during the year (2008: 38 %). According to the Managing
Board, the new market shares are due to the unique positioning, the
complete product range based on state-of-the-art technology, the
international presence and the extraordinary flexibility of SMA.
In the third quarter 2009, SMA achieved operating profit (EBIT) of EUR 85.9
million (Q3 2008: EUR 63.1 million). This corresponds to an EBIT margin of
27.5 % in the third quarter (Q3 2008: 27.8 %). In the reporting period from
January to September 2009, SMA realized EBIT of EUR 120.8 million (Q1 - Q3
2008: EUR 131.8 million). This corresponds to an EBIT margin of 21.6 % (Q1
- Q3 2008: 25.4 %). The reason for the slightly declining EBIT margin is
changed cost structures, in particular due to the expansion of development
activities and of the worldwide distribution and service network. SMA's
profitability is still influenced significantly by the required product mix
and economies of scale. Group net income of EUR 86.0 million was c. 8 %
below the value of the previous year of EUR 93.9 million. With a volume of
34.7 million shares on the balance sheet date of September 30, 2009, the
earnings per share amounted to EUR 2.48 (September 30, 2008: EUR 2.71 on
34.7 million shares).
On September 30, 2009, the net working capital ratio was 19.2 % (December
31, 2008: 11.4 %) and outside the target range of 16 % to 18 %. The
increase in inventories and receivables reflects the currently high order
volume. Liquid funds and securities amounted to EUR 253.5 million on the
balance sheet date of September 30, 2009 (December 31, 2008: EUR 261.0
million).
About SMA
The SMA Group generated sales of more than EUR 680 million in 2008 and is
the worldwide market leader for photovoltaic inverters, a key component of
all solar power plants. It is headquartered in Niestetal, near Kassel,
Germany and represented by foreign subsidiaries in twelve countries on four
continents. The Group employs a staff of over 3,500 (incl. temporary
employees). SMA's product portfolio includes the most comprehensive range
of inverters on the market, offering a compatible inverter for every type
of photovoltaic module and for all plant sizes. The product range covers
both inverters for photovoltaic plants connected to the grid as well as
inverters for off-grid systems. Since 2008, the Group's parent company SMA
Solar Technology AG has been listed on the Prime Standard of the Frankfurt
Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has
received numerous awards for its excellence as an employer.
Press contact:
SMA Solar Technology AG
Volker Wasgindt
Head of Press and Association Work
Sonnenallee 1
34266 Niestetal
Germany
Phone +49 561 9522-11 21
Fax +49 561 9522-11 03
[email protected]
Investor Relations:
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Fax +49 561 9522-22 23
[email protected]
Anna Raudszus (Institutional Investors/Analysts)
Phone +49 561 9522-22 22
Julia Damm (Private Investors)
Phone +49 561 9522-11 64
Disclaimer:
This press release 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 press release 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.
13.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Deutschland
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: [email protected]
Internet: http://www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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