Quarterly Report • Nov 11, 2011
Quarterly Report
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SMA solar technology AG
| SMA Group | Q1–Q3 2011 | Q1–Q3 2010 | Change | Year 2010 | |
|---|---|---|---|---|---|
| Sales | € million | 1,192.2 | 1,442.5 | –17% | 1,920.1 |
| Export ratio | % | 53.4 | 38.7 | 44.9 | |
| Inverter output sold | MW | 5,361 | 5,738 | –7% | 7,750 |
| Capital expenditure1 | € million | 121.4 | 120.0 | 1% | 158.3 |
| Depreciation | € million | 34.7 | 21.3 | 63% | 31.3 |
| Operating profit (EBIT) | € million | 178.3 | 418.2 | –58% | 516.8 |
| Operating profit margin | % | 15.0 | 29.0 | 26.9 | |
| Consolidated net profit | € million | 126.4 | 296.9 | –58% | 365.0 |
| Earnings per share2 | € | 3.64 | 8.56 | 10.52 | |
| Employees3 | 6,268 | 5,373 | 17% | 5,519 | |
| in Germany | 5,592 | 5,023 | 11% | 5,179 | |
| abroad | 676 | 350 | 93% | 340 | |
| SMA Group | 09/30/2011 | 12 / 31 / 2010 | Change | ||
| Total assets | € million | 1,321.5 | 1,251.5 | 6% | |
| Equity | € million | 748.7 | 728.4 | 3% | |
| Equity ratio | % | 56.7 | 58.2 | ||
| Net working capital4 | € million | 341.6 | 284.6 | 20% | |
| Net working capital ratio5 | % | 20.5 | 14.8 |
Net cash € million 338.2 523.4 –31%
1 Without capitalized R&D projects
2 Converted to 34,700,000 shares
3 Average during the period; incl. temporary employees
6 Rebased to 100 %
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Inside Cover: Financial Calendar 2012, Imprint, Contact
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The Share
| Security code number | A0DJ6J |
|---|---|
| ISIN | DE000A0DJ6J9 |
| Stock market code | S92 |
| Reuters | S92G.DE |
| Bloomberg | S92 GR |
| Listing | Prime Standard of |
| Frankfurt Stock Exchange | |
| Share class | No-par value ordinary bearer shares |
| Share capital | € 34.7 million |
| Number of shares | 34.7 million |
| Index | TecDAX ® |
Developments on the stock markets in the first nine months of 2011 were characterized to a large extent by the natural disaster in Japan, the debt crisis in Europe, the political unrest in North Africa and the poor economic situation in the US. Particularly high price movements were evident in the third quarter of 2011. The leading German index DAX lost 21.3% and reached its yearly low of 5,072.33 points on September 12, 2011. The TecDAX did not escape the negative influences either and fell around 23% since the start of the year.
SMA shares began 2011 at a price of € 70.15 (January 3, 2011, closing price Xetra trading platform). Ongoing discussions about plans to cut solar subsidies further in important European markets led to sluggish demand for solar inverters and uncertainty in the capital market. With the resolution to phase out nuclear energy and the confirmation of the annual outlook at the Press Conference on Annual Results, the SMA share peaked at € 89.25 (closing price Xetra trading platform) on March 30, 2011.
In the second quarter of 2011, the SMA share price settled down at a level over € 70. The share was positively affected by the acquisition of the Polish manufacturer of electromagnetic components, dtw Sp. z o.o., as well as the German government's resolution to make no more cuts in solar subsidies. The quarterly high was at € 87.48 (April 4, 2011, closing price Xetra trading platform).
With the presentation of the Half-Yearly Financial Report on August 12, 2011, SMA confirmed their forecast for the year on the basis of the positive second quarter. The share price subsequently climbed by 5.5% within a day. As the solar industry continued to be marked by uncertainty and forecast adjustments on the part of many market participants, the SMA share price gave way again from mid-August and was at € 39.37 as of September 30, 2011 (Closing price Xetra trading platform).
in%, rebased to 100 points
The trading volume of the SMA shares increased by 3.6 % compared to the previous year.
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Demand for solar power plants after the summer months improved only slightly in many photovoltaics markets. Pleasing development in the central inverter business for large-scale solar power plants could not fully compensate for the weak high volume commercial business. Therefore, the Managing Board adjusted the sales and earnings forecast for fiscal 2011 on September 19, 2011. As a consequence of the forecast adjustment, the SMA share recorded considerable price losses and closed at the end of the quarter with a minus of 48.8% (September 30, 2011, closing price Xetra trading platform).
The volume-weighted average price of the SMA share in the period under review stood at € 62.37. The average volume of SMA shares traded was 111,714 per day (Xetra). The trading volume thus increased by 3.6% year-on-year.
Credibility, transparency and up-to-dateness characterize our communication culture and investor-oriented information policy. We maintain a continuous dialog with the capital market with the main objective of building a long-term relationship with shareholders based on trust, particularly in highly volatile and uncertain markets. Our Investor Relations website www.IR.SMA.de offers comprehensive and up-to-date information about our Company – including financial publications and a financial calendar. An interactive share chart enables comparisons between SMA share prices and selected stock market indices.
In the first nine months of 2011, the Managing Board and the Investor Relations team participated in numerous investor conferences in Germany and abroad. The locations were Frankfurt (CA Cheuvreux, Commerzbank, Deutsche Bank), London (UBS) and Luxembourg (HSBC). At Intersolar 2011, the largest photovoltaics trade fair, for the first time SMA was available for one-on-one and group discussions with international investors and analysts.
There were road shows in Zurich and Geneva (Barclays), Edinburgh (Citi, HSBC), London (Bank of America /Merrill Lynch) and Munich (HSBC).
Additionally, SMA conducted about 250 one-on-one discussions and conference calls with investors in the first nine months of 2011. The Investor Relations team will use 2011 to intensify further the successful dialog with institutional and private investors.
The SMA share is currently being tracked by 23 analysts. In the third quarter, Independent Research, Jefferies, Morgan Stanley und Sylvia Quandt Research began covering the SMA share. The following table shows the range of sell-side reporting.
| Volume-weighted average price in 2011 | € 62.37 |
|---|---|
| Market capitalization (Ø) | € 2.50 billion |
| Daily trading volume (Ø) | 111.714 shares |
| Maximum price (March 30, 2011) | € 89.25 |
| Minimum price (September 30, 2011) | € 39.37 |
| Closing price (September 30, 2011) | € 39.37 |
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| Institution | Name |
|---|---|
| Bank of America / Merrill Lynch | Claus Roller |
| Barclays Capital | Rupesh Madlani |
| Berenberg Bank | Lars Dannenberg |
| Bryan, Garnier & Co | Julien Desmaretz |
| Commerzbank | Lauren Licuanan |
| Deutsche Bank | Katja Filzek |
| DZ Bank | Sven Kürten |
| Equinet Bank | Sebastian Freudenreich |
| Goldman Sachs Group | Stephen Benson |
| Independent Research | Sven Diermeier |
| Jefferies | Gerard Reid |
| HSBC Trinkaus & Burkhardt | Christian Rath |
| HVB UniCredit | Michael Tappeiner |
| Landesbank Baden-Württemberg | Erkan Aycicek |
| Macquarie Group | Robert Schramm-Fuchs |
| Main First | Andreas Thielen /Hüseyin Özkaya |
in%
29.15% Free float 25.20 % Pool SMA Solar Technology AG 7.03 % Günther Cramer 7.05 % Peter Drews 7.05 % Reiner Wettlaufer 7.24 % Prof. (em.) Dr. Werner Kleinkauf 5.76 % Günther Cramer foundation 5.76 % Peter Drews foundation 5.76 % Reiner Wettlaufer foundation
Metzler Daniel Seidenspinner Morgan Stanley Andrew Humphrey Natureo Finance Ingo Queiser Steubing Alla Gorelova Sylvia Quandt Research Sebastian Zank
UBS Jean Francois Meymandi
West LB Peter Wirtz
In May 2011, founders and major shareholders of SMA Solar Technology AG, Günther Cramer, Peter Drews and Reiner Wettlaufer established three non-profit foundations, placing part of their shares in them. Two million SMA shares were brought into each of the foundations – around 45% of the shares in SMA still held by the founders. An important objective of the establishment of the foundations was for SMA to continue to have a very stable shareholder structure, therefore being largely independent in the future.
A larger foreign investor currently holds more than 3% of the total share capital. Besides the SMA founders and the SMA pool, Baillie Gifford & Co is the largest shareholder with around 3.01%.
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The Annual General Meeting was held at Kongress Palais Kassel on May 26, 2011 with about 600 shareholders attending. The shareholders granted discharge to the Managing Board and Supervisory Board by a large majority and resolved to payout a dividend of € 3.00 per qualifying bearer share for the fiscal year 2010 with a vote of almost 100%. This corresponds to a distribution volume of € 104.1 million. In future, SMA will continue to attach great importance to involving the shareholders in the Company's development, and is therefore striving for a dividend payout ratio of 20% to 40%.
With the end of the Annual General Meeting, Company founders Günther Cramer and Peter Drews stepped down from the Managing Board and were then elected to the Supervisory Board by a large majority. They succeed Siegfried L. Drueker and Dr.-Ing. Martin Hoppe-Kilpper, who resigned from their posts on the Supervisory Board effective as of the end of the Annual General Meeting.
The Supervisory Board is now comprised as follows: Günther Cramer (Chairman), Peter Drews, Dr. Erik Ehrentraut (Deputy Chairman), Dr. Winfried Hoffmann, Prof. (em.) Dr. Werner Kleinkauf and Reiner Wettlaufer as shareholder representatives, as well as Dr. Günther Häckl, Johannes Häde, Ulrich Meßmer, Alexander Naujoks, Joachim Schlosser and Mirko Zeidler as employee representatives.
Following the Annual General Meeting 2011, the Managing Board is comprised of the following members: Jürgen Dolle (Chief Human Resources Officer), Roland Grebe (Chief Technology Officer), Uwe Hertel (Chief Operating Officer), Pierre-Pascal Urbon (Chief Executive Officer and Chief Financial Officer), and Marko Werner (Chief Sales Officer).
The Managing Board's presentation along with all relevant documents regarding the 2011 Annual General Meeting are available at www.SMA.de/en/investor-relations/annual-generalmeeting.
On September 15, 2011, the third SMA Capital Markets Day took place at the SMA headquarters in Niestetal, Germany. Around 40 analysts and investors from Germany, Europe and the US took up the invitation.
During the Management Presentation Pierre-Pascal Urbon outlined SMA's unique selling points and reported on the market assessment. Roland Grebe, Chief Technology Officer, presented the technological approaches to cost reduction and product innovations. Following the presentation, the Managing Board answered questions from the analysts and investors. In addition, the attendees had ample opportunity to inform themselves of new products, the service concept and the solutions for grid integration and self-consumption. Furthermore, the participants toured the recently inaugurated service center for solar inverters, the largest in the world, and visited "Solar-Werk 1", our solar inverter factory. The management presentation is available on our website.
of which 20 foreign companies
with 24 companies
in 19 countries
on 4 continents
010
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The recovery of the global economy continued in the first nine months of 2011. The newly emerging economies showed a rapid growth in production, resulting in very high economic momentum. However, in the eurozone the situation varied. Whereas Germany and some of its neighbors recorded strong growth in the period under review, in the Mediterranean countries the economy stagnated due to the debt crisis. The US also generated only modest economic growth with unemployment rates rising and high national debt.
In its fall forecast of October 18, 2011, the International Monetary Fund (IMF) warned of a global economic slowdown for the current year as well as 2012, in view of the debt crisis in the Eurozone and the situation in the US. But the IMF currently sees no danger of recession. The IMF expects global economic growth of 4.0% for 2011. However, the momentum is in the emerging economies with a growth of 6.4%, while only 1.6% is forecast for the industrialized countries.
According to the IMF, the German economy will perform the best of all Eurozone countries with growth of 2.7%. This development is based on increased foreign demand as well as a strong domestic economy. In the third quarter of 2011, expectations clouded over in face of the debt crisis and weaker growth. The Ifo Business Climate Index, an important barometer of economic sentiment, slid to 107.5 in September, its lowest since June 2010. However, companies continue to view the current development favorably. According to the Ifo, this is evidence that the German economy has been able to distance itself from the political turbulence.
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In the first nine months of the current fiscal year 2011, the photovoltaics markets did not continue the growth posted in the record year 2010. The SMA Managing Board estimates that in 2010 approx. 23 GW were installed, 7.4 GW of which in Germany and about 6 GW in Italy.
Due to the poor weather conditions and uncertainty concerning future solar subsidies in important photovoltaics countries like Germany and Italy, the first quarter saw particularly weak development.
In February 2011, the German Solar Industry Association and the Federal Government agreed on an earlier, extension-dependent reduction of solar subsidies as of July 1, 2011. The recommendation was approved by both the Federal Cabinet and Federal Council in the first quarter of 2011. As the installed capacity in the reference months March to May was only 0.7 GW due to the considerable reduction of the feed-in tariff at the beginning of the year, the feed-in tariffs will not be adjusted again this year.
The natural catastrophe and reactor disaster in Japan in March 2011 led to intensive political discussion and a broad social consensus in many countries concerning further expansion of renewable energies. Germany has a leading role in questions of energy policy and by resolution of the Federal Council and Federal Cabinet (June 30, 2011 and July 8, 2011) took the far-reaching consequence to phase out nuclear energy gradually by 2022. Due to the early phase-out of nuclear energy, regulations were also passed concerning grid expansion and green power subsidies.
In Italy, the second-largest market for photovoltaic plants after Germany, in May it was resolved that solar subsidies be incrementally reduced until 2016. According to this resolution, the funding of solar power plants is linked to the total existing capacity of the PV power stations and will be limited to € 300 million for large-scale solar projects in the year 2011. In the following year, it will be limited to € 280 million. There is no limit planned for other PV systems. The overall objective is to limit the feed-in tariff to € 1.3 billion from 2013 to 2016. The funding of the photovoltaics industry is also widely socially supported in Italy. This is reflected in a referendum held in Italy in June, in which the Italian people decided against a return to nuclear power.
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According to the SMA Managing Board's assessment, the fundamental data for the solar industry are currently good, with a favorable interest rate level, the significantly lowered specific costs of a solar power plant and the resulting attractive returns on solar energy. Demand increased in the second quarter of 2011, so in light of the conditions the SMA Managing Board expected a considerable pick-up in demand in the second half of the year. The SMA Managing Board estimates that in the third quarter global demand in the high-volume retail business remained below the level of the previous year. The project business did not fully offset this development, so the global market in the period under review remained below the newly installed capacity of the previous year, according to the SMA Managing Board's assessment. Germany, Italy, North America, France and Australia were among the highest-volume photovoltaics markets in the first nine months of the year.
SMA is the world market leader for PV inverters. Following the new establishments in Japan and Thailand in the second quarter of 2011 as well as the acquisition of dtw Sp. z o.o. ("dtw"), it is now represented with its own companies in 19 countries. The range of products which has won many awards includes PV inverters for both rooftop systems as well as large-scale solar projects. Therefore, SMA is able to provide technically optimal inverter solutions for all power classes and all types of plants worldwide. The range of products is also supplemented by a global service network, which is an important distinguishing feature in business competition. The highly flexible production facilities in Germany and North America enable SMA to fulfill customer orders quickly in these high-volume regions.
The development of business at SMA was uneven in the first nine months of the fiscal year. In the first quarter of 2011, SMA did not escape the weak development on photovoltaics markets. Demand for SMA solar inverters was low due to our customers' high inventories and poor weather conditions. In the second quarter, there was a considerable increase in demand, so the inverter capacity sold in the second quarter doubled quarter-on-quarter. Sales were correspondingly positive. Therefore, with the publication of the Half-yearly Financial Report on August 12, 2011, the SMA Managing Board confirmed its forecast for 2011, first stated on September 15, 2010, subject to a considerable demand upturn in the second half of the year.
In the third quarter, global demand developed differently in the various market segments. Whereas SMA recorded good rates of growth in large PV plants, high-volume retail business
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experienced declining demand. The project business did not compensate fully for the weak order position in the retail business. In the first nine months of the year, a total of 5.4 GW inverter capacity was sold. That is 6.6% less than in the same period of the previous year (Q1–Q3 2010: 5.7 GW).
In this context and in view of the fourth quarter, which is usually influenced by weather, on September 19, 2011 the SMA Managing Board adjusted the sales and earnings forecast for the current year and the outlook up to 2013. The Managing Board now expects sales of € 1.5 billion to € 1.7 billion for 2011 (previously € 1.5 billion to € 1.9 billion) and an operating result (EBIT) of € 220 million to € 300 million (previously € 315 million to € 475 million). It is currently not possible to assess precisely the sales and result situation up to 2013 because of the significant changes in the global market and the competitive situation.
On August 1, 2011, SMA concluded the purchase of the Polish company dtw Sp. z o.o. ("dtw"). dtw will now be managed by SMA as a subsidiary and global competence center for electromagnetic components. More detailed information on the scope of consolidation is provided in the Notes on page 43.
With the acquisition of its long-standing supplier, SMA has secured technological leadership in the area of solar inverters. dtw specializes in the manufacture of technologically innovative core components for the production of inverters, such as inductors and transformers. Founded in 1991 by Stefan and Izabella Domagala, the company currently has 278 employees plus a seasonally fluctuating number of temporary employees currently at 241 (519 employees in total as of September 30, 2011). In recent years, dtw has grown strongly and in 2010 generated sales of € 74 million.
For SMA, this acquisition is a strategically important step towards the development of powerful products and the further expansion of the Company's technological leadership. SMA will synchronize the development processes of mechanical systems, electromagnetic components and power electronics, thereby shortening development times significantly. Furthermore, several development projects are examining new magnetic materials with new types of alloys. SMA's Managing Board is convinced that the acquisition will allow the Company to further distinguish itself from competitors.
The purchase price for the 100% interest in dtw amounted to € 33.5 million. The company purchase was concluded on August 1, 2011. According to SMA's Managing Board, the transaction will already lead to a positive earnings contribution and an increase in equity during the current fiscal year. The integration of dtw and the synchronization of development activities are proceeding as planned.
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Lightly climbing profitability, strong growth in project business In the first nine months of 2011, SMA sold solar inverters with a total capacity of 5.4 GW (Q1 – Q3 2010: 5.7 GW). Sales amounted to € 1,192.2 million in the period under review. The decrease in sales of 17.4% year-on-year (Q1 – Q3 2010: € 1,442.5 million) was caused by a sluggish demand, a shift in the product mix towards inverters with a higher capacity and a reduction of the specific sales prices.
In the first nine months of 2011, the Medium Power Solutions segment was the strongest segment of the SMA Group in terms of sales with a 70.3% (€ 837.2 million) share in total sales. Although retail business picked up towards the end of the period under review after a weak first quarter, demand fell short of the Managing Board's expectations despite the positive conditions. In the reference period of the previous year, the Medium Power Solutions segment generated a sales share of 85.8% (Q1 – Q3 2010: € 1,237.3 million).
The High Power Solutions segment developed successfully in the period under review and increased its share of total sales. Sales increased year-on-year (Q1 – Q3 2010: € 184.2 million) by 74.3% to € 321.1 million. This means that the High Power Solutions segment contributed 26.9% of sales (Q1 – Q3 2010: 12.8%). The sharp increase in sales emphasizes the excellent position of SMA in the market segment of large-scale solar projects.
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The period under review was influenced not only by a change of the product mix, but also by a regional shift in demand. In the foreign markets, SMA increased its gross sales by 13.2% to € 656.0 million (Q1 – Q3 2010: € 579.3 million) due to its excellent sales and service structures as well as its full range of products. The foreign markets with the highest sales for SMA included North America, Italy, France and Australia. In total, the gross foreign market share amounted to 53.4%, which is significantly higher than in the previous year (Q1 – Q3 2010: 38.7%).
In the first nine months of 2011, earnings before interest and taxes (EBIT) amounted to € 178.3 million, far lower than the record result of the previous year (Q1–Q3 2010: € 418.2 million). This corresponds to an EBIT margin of 15.0%, which is a slight improvement on the first six months of 2011. In the period under review, the acquisition of dtw still has a minor impact on the result situation. Consolidated net profit was € 126.4 million (Q1–Q3 2010: € 296.9 million). Earnings per share decreased to € 3.64 in comparison with the same period last year (Q1–Q3 2010: € 8.56).
Successful project business does not fully offset decline in demand in the retail business
In the first nine months of 2011, external sales of the Photovoltaics Technology division amounted to € 1,158.3 million (Q1 – Q3 2010: € 1,421.5 million). The Medium Power Solutions segment was the strongest segment with € 837.2 million, amounting to a 70.3% share of total sales (Q1 – Q3 2010: € 1,237.3 million). With € 321.1 million (Q1 – Q3 2010: € 184.2 million), a 26.9% share in total sales was attributable to the High Power Solutions segment.
The Medium Power Solutions segment covers the products Sunny Boy, Sunny Mini Central, Sunny Tripower, Sunny Island, Sunny Backup and products for monitoring solar power plants. The grid-connected inverters and Sunny Backup inverters are deployed mainly in residential and commercial buildings, while Sunny Island is used for stand-alone systems, known as off-grid applications.
The product families of one-phase inverters have power classes ranging from 700 watts to 11 kilowatts (kW). The new product generation of three-phase inverters under the trade name Sunny Tripower covers the 8 kW to 17 kW power class. In the first quarter of 2011, the Sunny Boy HF (High Frequency) product family was added to the range of products. This product family in particular serves the strongly growing market segment of rooftop systems in the US. For solar power plants of more than 2 kW, Sunny Boy HF is the considerably more economic solution compared to what are known as module inverters. Next year, SMA will also complement the lower end of its product portfolio by offering a micro inverter for solar power plants of less than 2 kW.
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The products of the Medium Power Solutions segment are usually produced based on purchase orders in Kassel, Germany, and North America. Delivery times in the first nine months of 2011 were up to four weeks.
After the weak start at the beginning of the year, the performance of the Medium Power Solutions segment picked up in the next two quarters due in particular to increased demand in Germany. The sales share of the German business amounted to 53.5% of gross sales in the first nine months of 2011. The foreign markets with the highest sales during the period under review were Australia, Italy, Belgium and North America.
The product mix has changed year-on-year. In the first nine months of 2011, the inverter types Sunny Tripower 12000TL to 17000TL and Sunny Boy 3000TL to 5000TL were important sales drivers. The new Sunny Boy 3000HF was among the top products shortly after its introduction. As expected, the inverter product family Sunny Mini Central, which had the highest sales in 2010, was only of minor significance in the first nine months of 2011.
In the first nine months of 2011, earnings before interest and taxes (EBIT) for the Medium Power Solutions segment amounted to € 89.9 million. Based on internal and external sales, the EBIT margin in the period under review was 10.1% (Q1 – Q3 2010: 27.1%). The year-on-year decrease (Q1 – Q3 2010: € 350.8 million) is due in particular to the weaker demand situation and the shifts in the product mix as well as increased structural costs.
The High Power Solutions segment contains the Sunny Central type central inverters and accessories, such as medium voltage switchgear, transformers and concrete stations. With Sunny Central, SMA mainly covers the market for large PV plants with a capacity of more than 100 kW up to several megawatts. The complex products are produced, usually based exclusively on purchase orders, in Kassel, Germany, and North America and are normally delivered within 8 to 10 weeks.
The strong growth in sales in the first nine months of 2011 is based on the exceptionally successful development of important foreign markets, above all in North America and India. Further important markets were Germany, Italy and France. The most successful products in the High Power Solutions segment were Sunny Central 800CP, which was introduced last year, followed by Sunny Central 630HE.
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In the period under review, earnings before interest and taxes (EBIT) rose by 68.0% yearon-year to € 71.4 million (Q1–Q3 2010: € 42.5 million). The segment benefited particularly from economies of scale. The EBIT margin was at the previous year's level with 21.2% (Q1–Q3 2010: 21.4%).
In the Railway Technology division, external sales increased by 31.5% to € 23.4 million in the first nine months of 2011 (Q1 –Q3 2010: € 17.8 million). In this division, characterized by larger individual projects, we increased foreign sales in Europe in particular by increased marketing activities. The internal sales amounting to € 5.9 million (Q1 –Q3 2010: € 12.3 million) were mainly attributable to supplies of cable and mechanical components to the High Power Solutions segment. Earnings before interest and taxes (EBIT) were € 2.0 million because of a warranty case, and therefore below the previous year's figure (Q1 –Q3 2010: € 2.7 million). In relation to internal and external sales revenues, this corresponds to an EBIT margin of 6.8% (Q1 –Q3 2010: 9.0%). This division had achieved good capacity utilization at the end of the period under review.
The Electronics Manufacturing segment is the main supplier for the other segments, above all the Medium Power Solutions segment. The production area was well utilized throughout the period. The share of electronic assemblies manufactured by third parties was adapted to demand. Due to the recovery of business activity in the second and third quarter, the total external and internal sales in the Electronics Manufacturning segment is now € 297.5 million (Q1–Q3 2010: € 332.7 million). In the first quarter of 2011, it had been markedly decreasing. Earnings before interest and taxes (EBIT) amounted to € 15.4 million, which is 48.0% lower year-on-year (Q1–Q3 2010: € 29.6 million). In relation to internal and external sales, this corresponds to an EBIT margin of 5.2% (Q1–Q3 2010: 8.9%).
In the first nine months of 2011, cost of sales amounted to € 853.0 million (Q1 – Q3 2010: € 888.6 million). The lower gross margin of 28.5% is primarily caused by a shift in the product mix (Q1 – Q3 2010: 38.4%). The decrease was partially compensated by the discontinuation of liabilities and the payment of insurance claims. Without this compensation, the year-to-date development of the current fiscal year shows that the gross margin has improved steadily quarter-on-quarter. This is attributable in particular to our product optimization and process improvement program. In the first nine months of 2011, the cost of sales was attributable as follows: 76% to material expenses, 16% to personnel expenses and 8% to other expenses as well as depreciation and amortization.
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Selling expenses grew as expected year-on-year to € 45.4 million (Q1–Q3 2010: € 40.6 million). In the first nine months of 2011, the ratio of selling expenses to sales increased to 3.8% due to comparably low sales (Q1–Q3 2010: 2.8%). It must be noted in the quarterly comparison that selling expenses in the second quarter increased due specifically to SMA's participation in Intersolar, the world's largest solar technology exhibition.
In the first nine months of 2011, research and development expenses excluding capitalized development projects amounted to € 63.5 million (Q1 –Q3 2010: € 53.3 million). The 19.1% increase is based mainly on personnel increases in the Research and Development division (R&D). At the end of the period under review, the SMA Group had 987 employees in this area (September 30, 2010: 776). Total research and development expenses, including capitalized development projects as at September 30, 2011, amounted to € 73.2 million (Q1 –Q3 2010: € 63.2 million). Among the new development projects are the Sunny Home Manager, the expansion of the Sunny Tripower product family as well as the development of innovative solar inverters and monitoring systems for the Asian market. Scheduled depreciation of capitalized development projects amounted to € 3.4 million in the first nine months of the year.
In the first nine months of 2011, administrative expenses amounted to € 51.7 million (Q1 – Q3 2010: € 34.8 million). In view of the expected growth and increasing internationalization, SMA has created new structures in the finance, legal and personnel areas in a targeted manner over the last 18 months. Therefore, personnel expenses increased by € 2.1 million. The change in other administrative expenses mainly results from the adjustment of the apportionment procedure as well as the realization of strategically important projects. Projects for the purposes of further internationalization as well as one-time items arising from the acquisition of dtw led to an increase in other expenses in the second and third quarters of 2011. In the period under review, the administrative costs ratio increased to 4.3% (Q1 –Q3 2010: 2.4%).
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The gross cash flow generated in the period under review was € 124.6 million, below the record figure of the previous year (Q1–Q3 2010: € 410.7 million). Despite lower profitability, SMA succeeded in achieving stable cash flows in the second and third quarters.
In the third quarter of 2011, SMA achieved a positive net cash flow from operating activities of € 104.3 million for the first time in the period under review. SMA thus demonstrated its ability to transfer sales into cash in a difficult market environment. In the period under review, net cash flow amounted to € 65.0 million (Q1–Q3 2010: € 296.9 million). Net cash flow was significantly influenced by the changes in other net assets. The buildup of net working capital was aligned to the changed market conditions in the third quarter of 2011.
At the end of the period under review, net working capital amounted to € 341.6 million and was thus at the level of the second quarter (June 30, 2011: € 340.6 million) and of the same period last year (September 30, 2010: € 335.9 million). The buildup of net working capital since the beginning of the year is attributable in particular to the Managing Board's business expectations. Until the adjustment of the sales and earnings forecast on September 19, 2011, the Managing Board had still expected growth in the photovoltaics market. For this reason, component inventories were increased accordingly.
Net cash flow from investing activities amounted to € –80.2 million in the period under review (Q1–Q3 2010: € –192.3 million). Among the most important investments in fixed assets were the construction of the world's largest service center for solar inverters in Niestetal, Germany, and the expansion of the office buildings at the headquarters of the Company in Niestetal/Kassel, Germany. Furthermore, there was an outflow of funds amounting to € 23.0 million for the purchase of dtw. Investments in intangible assets chiefly concerns research and development projects.
In the period under review, net cash flow from financing activities includes the dividend payment of SMA Solar Technology AG as a major position amounting to € 104.1 million.
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Cash and cash equivalents amounting to € 233.0 million (December 31, 2010: € 354.1 million) include cash assets, bank balances and short-term deposits with an original term of less than three months. Together with time deposits with a term of more than three months and fixed-interest-bearing securities as well as financial liabilities, this results in a net cash of € 338.2 million (December 31, 2010: € 523.4 million).
In comparison to the end of fiscal 2010, total assets increased and amounted to € 1,321.5 million at the end of the period under review (December 31, 2010: € 1,251.5 million).
As of September 30, 2011, net working capital (NWC) amounted to € 341.6 million. This corresponds to 20.5% of the sales of the last twelve months. Net working capital is thus slightly above the forecast corridor of 18% to 20%. The increase of net working capital in comparison to the end of 2010 (December 31, 2010: € 284.6 million) is due to the buildup of inventories of raw materials, consumables and supplies as well as the business-related increase in finished goods. Inventories of raw materials, consumables and supplies (including prepayments) including the inventories of dtw increased at the end of the period under review by € 56.9 million to € 205.7 million (December 31, 2010: € 148.8 million). Finished goods consist primarily of Sunny Central inverters. The stock of central inverters stored at SMA due to customer postponement of projects has been reduced since June 30, 2011. The SMA Managing Board expects that this stock of finished goods will be removed as far as possible by the end of the year. Trade receivables amounted to € 156.5 million and decreased by 18.4% against the end of the first six months of 2011 (June 30, 2011: € 191.8 million). Due to increasing project business and internationalization, the portfolio of receivables increased by 33.4% in comparison with the end of 2010 (December 31, 2010: € 117.3 million). At the end of the period under review, days sales outstanding totaled 30 days (June 30, 2011: 31 days; December 31, 2010: 22 days).
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The increase in the inventories of raw materials, consumables and supplies is reflected in the trade payables. In comparison with the end of the first six months of 2011, trade payables decreased by 4.3% to € 130.5 million. It must be noted in the comparison with the inventory values of December 31, 2010 that SMA had already reduced orders at this time because of the weak demand expected in the first quarter of 2011. Trade payables thus amounted to only € 70.6 million at the end of the year. The share of supplier credits in total equity and liabilities amounted to 9.9% at the end of the period under review (June 30, 2011: 11.2%; December 31, 2010: 5.6%).
As of September 30, 2011, shareholders' equity was € 748.7 million (December 31, 2010: € 728.4 million). It must be noted in the year-on-year comparison that in the second quarter of 2011 the dividend amounting to € 104.1 million was paid. With an equity ratio of 56.7%, SMA continues to have a very comfortable equity base and is financially independent.
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As of September 30, 2011, investments in fixed assets and intangible assets amounted to € 121.4 million (Q1 – Q3 2010: € 120.0 million). This equates to an investment ratio in relation to sales of 10.2%.
Of the investments in fixed assets amounting to € 103.9 million (Q1 – Q3 2010: € 104.1 million), 93.1% went towards prepayments / construction in progress. Land and buildings comprised 3.5% of investments in fixed assets. Of the investments in intangible assets amounting to € 17.5 million (Q1 – Q3 2010: € 17.1 million), 66.8% was attributable to capitalized development expenses.
SMA reacted flexibly with regard to the investment projects. The estimated volume of € 150 million to € 200 million to the end of the year will not be fully utilized.
Research and Development
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As the market and technological leader in PV system technology, SMA has the claim to provide solutions for all applications and power classes with a comprehensive product portfolio. Alongside the internationally successful central inverters of the Compact Power (CP) series at the upper end of the power scale, this claim is now substantiated by the module inverter Sunny Boy 240, presented at the Solar Power International in Dallas. It is the ideal solution for very small or partly shaded PV plants as well as systems with extremely varying generator surface orientations, and complements the SMA product range perfectly. In addition, SMA's development activities focus on three areas of the utmost importance for the future of photovoltaics: cost reduction, grid integration and energy management.
Solar power can only become more competitive with conventionally generated power through the continuous reduction of PV system costs. SMA is taking this opportunity with an interdisciplinary development project set to last several years. In addition to testing completely new technological concepts, it is also about the continuous improvement of current products. A recent example is the Sunny Tripower 20000TL High Efficiency, launched mid-September, which is the first standard device in the world to reach 99% maximum conversion efficiency. As costs were significantly reduced at the same time, the 20 kW Sunny Tripower is ideally suited for setting up high-efficiency, medium- to very high-power photovoltaic plants. As the optimal addition to this, SMA has also introduced the principle of the new TL Grounding Solution. An add-on solution based on this patented circuit makes it possible to operate decentralized large-scale PV plants on the basis of any thin-film PV module with highly efficient transformerless inverters such as the Sunny Tripower at the medium-voltage grid. Compared with the operation of inverters with transformers, it is realistic to expect permanent yield increases of up to 3 percentage points. The Optiprotect option now available for inverters of the Sunny Central CP series likewise reduces costs. An intelligent monitoring system in the center of the inverter monitors up to 1,600 module strings, where the algorithm can differentiate actual defects from numerous temporary events. The decentralized and therefore costly monitoring of all strings is no longer necessary, and the inverter can independently remove defective strings and continue the feed-in operation with around 94% generator power.
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The optimal integration of steadily increasing photovoltaic power into the existing grid infrastructure is the second important topic. After the German Association of Energy and Water Industries, Medium Voltage Directive required large PV plants to provide grid services from 2009, the new VDE application rule 4105 ("Low Voltage Directive") requires the same from low and medium power PV plants from 2012 at the latest. Low-voltage grids can thus take on more active PV power through the corresponding reactive power assumption of the inverters, while a variable active power limit depending on the grid frequency prevents potential problems of regulation in the integrated European network. The product families Sunny Tripower, Sunny Boy HF und Sunny Boy TL already meet the requirements of the new Low Voltage Directive. By the end of 2011, SMA will adapt more inverter types to the new requirements.
In the area of large-scale PV plants, the series introduction of the new SMA Power Plant Controller will support further involvement in grid management. As an addition to the SMA Power Reducer Box for remotely controlling active and reactive power available since the beginning of 2009, it allows the rapid collection and adjustment of diverse grid parameters.
The complex topic of energy management is closely connected to the grid integration of photovoltaics. The backdrop for this is the conversion, necessary for the move toward renewable energy, of the hierarchically organized energy supply system into a more tightly connected smart grid that optimally links decentralized power producers and consumers, and which also conveys information as well as electrical energy. One of the benefits of intelligent energy management in the household is that it ensures that power consumption is as well-timed as possible to correspond to local energy production, thus relieving the grid. Further reduction of grid load can be achieved by storing surplus solar energy in battery storage connected to the grid.
With the Sunny Backup system available since September as a decentralized storage solution and the Sunny Home Manager announced for the first quarter of 2012, SMA offers innovative product solutions for both tasks. In household appliances, SMA is working with the household appliance manufacturer Miele so that the Sunny Home Manager will be able to power certain Miele appliances directly and thus contribute optimally to intelligent load management. The advantage for the user is that the appliance can be operated as normal, while direct data exchange with the Sunny Home Manager allows more exact private consumption planning. In addition, SMA engineers are working on an inexpensive extension for limiting power remotely, which will be mandatory for PV plants of between 30 kW and 100 kW peak power according to EEG 2012.
Employees
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As of the reporting date of September 30, 2011, the SMA Group has 5,396 employees (September 30, 2010: 4,096 employees, both figures excluding temporary employees), which is 31.7% more year-on-year. These appointments are explained by the strong growth of recent years. SMA will continue to adapt its hiring strategy to market conditions. In the next few months, SMA will only fill those positions which are of high strategic importance for the Group.
In the period under review, we continued to strengthen our foreign companies with new staff. The purchase of the Polish company dtw also caused the number of permanent employees abroad to increase. As of September 30, 2011, there were 822 employees in foreign subsidiaries. This is a 119.2% increase on September 30, 2010 with 375 employees. A seasonally fluctuating number of temporary employees can be added.
Every year, the Great Place to Work® Institute investigates and awards the best employers in Germany and Europe. This year, we exceeded our very good rankings of previous years and took first place in the category of large companies with over 5,000 employees. At the European level, we are in an excellent ninth place among companies with over 500 employees.
This success is to be greatly appreciated, considering that the strong growth of recent years brought with it restructurings, various changes and heavy burdens for the employees. Even in the dynamic and volatile photovoltaics market, our employees, who identify with SMA to a high degree and take personal responsibility beyond the customary level, are an essential factor in our success.
| 09/30/2011 | 09/30/2010 | 09/30/2009 | 09/30/2008 | |
|---|---|---|---|---|
| Employees (excl. temporary employees) | 5,396 | 4,096 | 2,707 | 2,118 |
| of which domestic | 4,574 | 3,721 | 2,523 | 1,993 |
| of which abroad | 822 | 375 | 184 | 125 |
| Temporary employees | 1,747 | 2,178 | 1,165 | 767 |
| Total emplyees (incl. temporary employees) |
7,143 | 6,274 | 3,872 | 2,885 |
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At the end of the period under review, there were 1,747 temporary employees, mainly in production and production-related areas (September 30, 2010: 2,178 temporary employees).
For us, temporary employment is an important flexibility instrument in the volatile photovoltaics market. SMA is dependent on global demand trends and produces based on purchase orders. For many years, SMA has made use of temporary employees in order to be able to react rapidly to high demand fluctuations in the various market segments. In view of the small pick-up in demand in the third quarter and the weak demand – in our experience – during the winter months, we will terminate the employment of up to 1,000 temporary employees at SMA until the end of the year.
SMA wants explicitly to encourage gender diversity in all areas of activity and across all management levels. For this reason, the Diversity workgroup has begun a Gender Diversity Program, which will pursue two central aims up until 2021. Firstly, the number of women in management positions should be proportional to the number of female employees in the Company. In every area of the Company, the total number of women in management positions should correspond to the number of women in that area. Secondly, the program aims to increase the number of women in the Company in general and in technical occupations in particular. The program's six central tasks are to develop appropriate working hours models, to guarantee individual childcare, to establish mixed teams, to review compensation structures, to develop policies to support women in a targeted manner, and to address women and girls more specifically in recruitment marketing.
On August 1, 2011, 115 young people started their training at SMA. The number of trainees at SMA thus increased from 333 in the previous year to 362 at the end of the period under review. With our broad range of traineeships for 13 state-recognized commercialtechnical and business occupations, we can meet part of our requirement for trained staff. In times of demographic change, ever more innovative training concepts are required to secure these employees for SMA in the future. One of our concepts was specifically acknowledged in the third quarter by the Verein Innovative Berufsbildung e.V. (Society for Innovative Vocational Education), which is sponsored by the Federal Institute for Vocational Education and Training and the publisher W. Bertelsmann Verlag. Our Training department received a special prize for the support of young people in training for the vocation of electrical fitter – with particular consideration for Hauptschule students.
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There were no significant events after the close of the period under review, which could influence the results of operations, financial position and net assets.
The Group's risks and opportunities management as well as possible individual risks are described in detail in the Annual Report 2010. The comments made there remain essentially unchanged. At present, no risks that could seriously jeopardize the Company's continued existence or significantly impair its performance are discernible.
The general conditions of the global economy in the first nine months of 2011 were marked by the continuing economic recovery, but principally by the persistent debt crisis in Europe, the situation in the US, the catastrophe in the Fukushima nuclear power plant in Japan and the unrest in North Africa.
In its growth forecast of October 18, 2011, the International Monetary Fund (IMF) remained close to its forecast of July 2011 and expects global economic growth of 4.0% for 2011. The growth in emerging economies is projected to be significantly stronger at 6.4% than in established economies at only 1.6%. For 2012, the IMF forecasts global economic growth of only 1.9%. This is a downward adjustment of 0.7 percentage points.
Leading economic research institutes expect the German economy to grow by only 0.8% in 2012. By contrast, growth of 2% had been expected in the spring. The reasoning is that a worsening of the sovereign debt crisis will have a negative impact on the banking sector and thus also on the German economy.
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Forecast Report
No discernible indication of a significant demand increase The development of the respective markets depends on political consent for the expansion of photovoltaics, financing conditions, provision of credit, available production and installation capacities as well as the price development for the installation of solar power plants.
According to the SMA Managing Board's estimates, the conditions in the photovoltaics industry are currently good. In the last few years, many countries have introduced subsidy programs or tax incentives for an accelerated expansion of the photovoltaics industry. A broad social and political consensus on the expansion of decentralized energy supply systems can be recognized, especially in the large photovoltaics markets. Additionally, the historically favorable interest rate level, as well as the significantly reduced specific costs compared with the first half of the year for the erection of solar power plants, will have a positive influence on the prospects for growth. Currently, there are no signs of shortages in the production of components for solar power plants or in solar power professionals. Only the provision of credit is influencing demand for large-scale solar projects in a few photovoltaics markets such as Italy.
Despite the generally positive conditions, the newly installed capacity in 2011 is so far below the previous year's level. The high-volume market segments of small and mediumsized solar power plants are particularly in decline. There are various reasons for the sluggish demand and weak order position in the retail business. SMA's Managing Board assumes that the discussion about the expansion of photovoltaics has upset end customers just as much as the current euro and debt crisis. Therefore, investments in solar power plants are to be postponed in these market segments. The large-scale PV plants market segment is showing a different dynamic. The Managing Board expects demand to increase in this segment in the current fiscal year. Overall, the Managing Board forecasts global demand for solar power systems of 19 GW to 21 GW. The differing trends and low visibility in retail and project business make a statement on the short-term development of the photovoltaics markets difficult. For 2012, the Managing Board expects global demand for solar power plants to stagnate or to grow slightly. However, because of the diverse influencing factors, a reliable forecast for the fiscal year 2012 and subsequent years is not possible at present.
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For the general further development of the photovoltaics markets, the Managing Board expects a regional shift in demand and a change in plant size. SMA's Managing Board expects, for instance, that the submarkets in North America and Asia and the market segments of commercial and industrial solar power plants will gain in importance.
Due to increasing numbers of inverter manufacturers and intensified price pressure, the Managing Board expects a market shakeout. In the SMA Managing Board's view, companies that will be successful are those operating internationally with a complete product portfolio and an excellent service network. In recent years, SMA has consistently expanded these structures and now sees itself best placed with its outstanding technological expertise to remain the market and technological leader in this intensely competitive market environment.
SMA is world market leader and in prime position The following statements on the future development of SMA are based on the estimates drawn up by the SMA Managing Board. They result from the expectations presented above regarding the development of global photovoltaics markets.
SMA is the world market leader for solar inverters. Due to the new establishments in Japan and Thailand and the acquisition of dtw, it is now represented with its own companies in 19 countries. The range of products which has won many awards includes PV inverters for both rooftop systems as well as large-scale solar projects. Therefore, SMA is able to provide technically optimal inverter solutions for all power classes and all types of plants worldwide. The range of services is also complemented by a global service network, which is currently an important distinguishing feature in business competition. Due to highly flexible production facilities in Germany and North America, SMA is able to react promptly to fluctuations in demand, thereby profiting from the global demand development.
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In the third quarter, the photovoltaics markets in the retail business did not develop with the expected momentum for PV inverters for rooftop systems. On September 19, 2011, the SMA Managing Board adapted its forecast for 2011 and now expects sales between € 1.5 billion and € 1.7 billion and an operating result between € 220 million and € 300 million.
SMA is dependent on global demand trends and produces based on purchase orders. For many years, SMA has made use of temporary employment in order to be able to react rapidly to high demand fluctuations in the various market segments. In view of the current order position and weak demand expected during the winter months, SMA will terminate the employment of around 1,000 temporary employees in stages up until the end of the year.
According to estimates by the Managing Board, the Medium Power Solutions segment will remain the major sales driver in 2011 with up to 80%. The trend to larger PV systems with an output of between 10 kW and 500 kW will also be reflected in our product mix. The first nine months of the fiscal year 2011 confirmed the Managing Board's expectations that the three-phase PV inverter Sunny Tripower will gain in importance and supersede the onephase Sunny Mini Central inverter.
The High Power Solutions segment will contribute up to 30% to total sales in 2011. Largescale PV projects in Germany, North America, India, Italy and France, in particular, will contribute significantly to the result. The Sunny Central Compact Power product family will in all likelihood generate the greatest sales in this segment, since it is characterized by especially low system costs.
The Managing Board expects a sales increase of approx. 10% with a high export rate of about 80% in 2011 for the small but successful Railway Technology division, which has a share of less than 5% in sales.
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According to estimates by the SMA Managing Board, the regional shift in demand will result in significantly stiffer competition for the Company. This development will also be reflected in the average selling price per watt. Therefore, the management of SMA expects a falling gross profit margin for the full 2011. In order to counter this trend in forthcoming years, SMA will carry out a systematic analysis of product costs aimed at identifying potential for savings and thus lowering production costs consistently.
The acquisition of the long-standing supplier dtw is a strategically important step toward the development of powerful products and the further extension of SMA's technological leadership. SMA expects that the development processes of mechanical systems, electromagnetic components and power electronics will be even better synchronized, thereby shortening development times significantly. A number of development projects will focus on magnetic materials that are based on new types of alloys and high-frequency transformers optimized for high performance and low weight. SMA's Managing Board is convinced that these developments will allow the Company to further distinguish itself from competitors.
SMA has been setting trends in the photovoltaics sector for many years and has systematically developed approaches for grid integration and optimization of self-consumption. Therefore, our product, the PV inverter, will continue to be a high-tech product. In order to expand our technological edge in 2011, we invest up to € 100 million in research and development. This corresponds to 5% to 7% of the sales forecast. In addition, SMA will expand its network of strategic research and development cooperations in a targeted fashion.
In future, the essential growth impulses will originate from foreign markets. Because of the diverse influencing factors, a reliable forecast for the fiscal year 2012 and subsequent years is not possible at present. The SMA Managing Board expects moderate growth in the global market. However, stagnation cannot be ruled out at this point. We are convinced that the photovoltaics markets have only just begun to develop and that future energy production will be decentralized. The inverter will take a central role in the integration of PV energy into the grid. SMA will promote this important topic around the world with numerous product innovations.
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We will consistently pursue our strategy to be one of the first PV inverter manufacturers in young markets represented with its own company. In the first six months of 2011, we established sales companies in Japan and Thailand. We are planning the expansion of further sales and service companies in the strong markets of Asia, South America and Africa.
SMA will retain the successful strategy of producing based on orders. With its factories in Germany and North America, SMA has an annual production capacity of about 11.5 GW at its disposal. A further expansion of capacities is not planned for 2011. In order to fully utilize our production capacity in the short term, we will stockpile large quantities of raw materials, consumables and supplies in 2011. Our stockpiling strategy allows for a net working capital ratio of 18% to 20% in 2011.
The functional organization of SMA is reaching its limits. Therefore, great potential lies in the current conversion to a divisional organization. In the future, we will place different customers and varying market requirements at the center of our activities more effectively than before. With distinct responsibilities and largely decentralized decisions, SMA will gain significantly in effectiveness.
The implementation of the reorientation started in the first six months of 2011. The Medium Power Solutions, Power Plant Solutions, Off-Grid Solutions and Service divisions have already presented themselves to customers at Intersolar, the leading trade fair in Munich. The organizational changes are to be completed over the course of the year.
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Program for increasing efficiency developed together with the managers
In the last few years, SMA has consistently taken advantage of the possibilities and opportunities that have arisen in the photovoltaics market. The great market success was converted into an excellent equity base and a high level of freely available funds. SMA is thus perfectly positioned in the solar industry for the future.
In view of declining demand and changing market and competitive conditions, SMA will continue the strategy of technological orientation and internationalization even more intensively. In addition, increasing efficiency will become more dominant in our thoughts. For this purpose, the Managing Board together with the managers from Germany and abroad has developed a universal policy to sell more inverter capacity globally and to ensure profitability at the same time. In the implementation of this program we will benefit from our unique company culture, which for many years has called for and supported personal responsibility on the part of the employees.
Niestetal, November 4, 2011
SMA Solar Technology AG The Managing Board
€ 1,442.5 million
€ 1,192.2 million
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| INCOME STATEMENT AND STATEMENT OF | ||
|---|---|---|
| COMPREHENSIVE INCOME SMA GROUP | 038 | |
| CONSOLIDATED BALANCE SHEET SMA GROUP | 039 | |
| CONSOLIDATED STATEMENTS OF CASH FLOWS SMA GROUP | 040 | |
| STATEMENT OF CHANGES IN EQUITY SMA GROUP | 041 | |
| Notes | to the condensed interim |
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| financial | statements as at september 30, 2011 |
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| 042 043 045 045 |
1. Basic information 2. Consolidated group and principles of consolidation 3. Accounting and valuation policies 4. Segment reporting |
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| 049 | Selected Notes to the INCO ME STATEMENT AND Statement of Comprehensive Income SMA Group |
|
| 049 | 5. Cost of sales | |
| 049 | 6. Selling expenses | |
| 050 | 7. Research and development expenses | |
| 051 | 8. General administrative expenses | |
| 051 | 9. Other operating income /other operating expenses | |
| 051 | 10. Benefits to employees and temporary employees | |
| 052 | 11. Financial result | |
| 053 | 12. Earnings per share | |
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| Note | July–Sept. (Q3) 2011 € ˈ000 |
July–Sept. (Q3) 2010 € ˈ000 |
Jan.–Sept. (Q1–Q3) 2011 € ˈ000 |
Jan.–Sept. (Q1–Q3) 2010 € ˈ000 |
|
|---|---|---|---|---|---|
| Sales | 4 | 477,225 | 626,714 | 1,192,203 | 1,442,469 |
| Cost of sales | 5 | 346,130 | 380,131 | 852,975 | 888,590 |
| Gross profit | 131,095 | 246,583 | 339,228 | 553,879 | |
| Selling expenses | 6 | 16,782 | 14,565 | 45,475 | 40,584 |
| Research and development expenses | 7 | 23,724 | 18,885 | 63,554 | 53,291 |
| General administrative expenses | 8 | 19,549 | 14,539 | 51,704 | 34,773 |
| Other operating income | 9 | 3,998 | –307 | 12,130 | 11,561 |
| Other operating expenses | 9 | 372 | 27 | 12,292 | 18,585 |
| Operating profit (EBIT ) |
74,666 | 198,260 | 178,333 | 418,207 | |
| Financial income | 1,417 | 747 | 4,558 | 1,963 | |
| Financial expenses | 1,491 | 514 | 2,581 | 1,552 | |
| Financial result | 11 | –74 | 233 | 1,977 | 411 |
| Profit before income taxes | 74,592 | 198,493 | 180,310 | 418,618 | |
| Income tax expense | 21,716 | 59,745 | 53,912 | 121,681 | |
| Consolidated net profit | 52,876 | 138,748 | 126,398 | 296,937 | |
| of which attributable to non-controlling interest |
0 | 0 | 0 | –27 | |
| of which attributable to shareholders of SMA AG |
52,876 | 138,748 | 126,398 | 296,964 | |
| Earnings per share, basic (in €) | 12 | 1.52 | 4.00 | 3.64 | 8.56 |
| Earnings per share, diluted (in €) | 12 | 1.52 | 4.00 | 3.64 | 8.56 |
| Number of ordinary shares (in thousands) | 34,700 | 34,700 | 34,700 | 34,700 | |
| Consolidated net profit | 52,876 | 138,748 | 126,398 | 296,937 | |
| Unrealized gains (losses) from foreign currency translation |
–1,021 | –1,429 | –1,994 | 561 | |
| Net loss on available-for-sale financial assets |
686 | 0 | –35 | 0 | |
| Overall result | 52,541 | 137,319 | 124,369 | 297,498 | |
| of which attributable to non-controlling interest |
0 | 0 | 0 | –27 | |
| of which attributable to shareholders of SMA AG |
52,541 | 137,319 | 124,369 | 297,525 |
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| Note | 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|---|
| Non-current assets | |||
| Goodwill | 13 | 311 | 0 |
| Other intangible assets | 13 | 48,246 | 29,242 |
| Fixed assets | 14 | 345,528 | 268,507 |
| Other financial investments | 75 | 73 | |
| Other financial assets | 16 | 2,042 | 3,890 |
| Deferred taxes | 20,170 | 23,687 | |
| 416,372 | 325,399 | ||
| Current assets | |||
| Inventories | 15 | 315,594 | 237,838 |
| Trade receivables | 156,512 | 117,268 | |
| Other financial assets | 16 | 132,420 | 196,798 |
| Claims for income tax refunds | 53,015 | 4,161 | |
| Other receivables | 14,498 | 15,901 | |
| Cash and cash equivalents | 26 | 233,048 | 354,083 |
| 905,087 | 926,049 | ||
| Total assets | 1,321,459 | 1,251,448 | |
| Shareholders' equity | |||
| Share capital | 34,700 | 34,700 | |
| Capital reserves | 119,200 | 119,200 | |
| Retained earnings | 594,777 | 574,508 | |
| Non-controlling interest | 2 | 2 | |
| 17 | 748,679 | 728,410 | |
| Non-current liabilities | |||
| Other provisions | 18 | 94,301 | 80,651 |
| Financial liabilities | 19 | 16,672 | 19,452 |
| Other financial liabilities | 20 | 2,400 | 0 |
| Other liabilities | 21 | 70,920 | 53,840 |
| Deferred taxes | 18,407 | 13,292 | |
| 202,700 | 167,235 | ||
| Current liabilities | |||
| Other provisions | 18 | 68,929 | 86,686 |
| Financial liabilities | 19 | 4,346 | 1,748 |
| Trade payables | 130,513 | 70,554 | |
| Other financial liabilities | 20 | 88,263 | 133,279 |
| Income tax liabilities | 39,208 | 39,468 | |
| Other liabilities | 21 | 38,821 | 24,068 |
| 370,080 | 355,803 | ||
| Total equity and liabilities | 1,321,459 | 1,251,448 |
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| Note | Jan.–Sept. (Q1–Q3) 2011 € ˈ000 |
Jan. – Sept. (Q1–Q3) 2010 € ˈ000 |
|
|---|---|---|---|
| Consolidated net profit | 126,398 | 296,937 | |
| Income tax expenses | 53,912 | 121,681 | |
| Financial result | –1,977 | –411 | |
| Depreciation and amortization | 36,176 | 21,344 | |
| Change in other provisions | –4,107 | 58,594 | |
| Losses from the disposal of assets | 117 | 865 | |
| Other non-cash expenses / revenue | 6,568 | 4,761 | |
| Interest received | 2,377 | 1,196 | |
| Interest paid | –471 | –554 | |
| Income tax paid | –94,394 | –93,655 | |
| Gross cash flow | 124,599 | 410,758 | |
| Increase of inventories | –72,027 | –165,108 | |
| Increase in trade receivables | –36,600 | –118,002 | |
| Increase in trade payables | 55,165 | 40,176 | |
| Change in other net assets / other non-cash transactions | –6,137 | 129,067 | |
| Net cash flow from operating activities | 23 | 65,000 | 296,891 |
| Payments for investments in fixed assets | –103,975 | –104,108 | |
| Proceeds from the disposal of fixed assets | 392 | 116 | |
| Payments for investments in intangible assets | –17,464 | –15,871 | |
| Payments for investments in financial fixed assets | –2 | 0 | |
| Payments for the acquisition of companies net of cash / Payments for the acquisiton of business units |
–23,020 | –2,418 | |
| Proceeds from the disposal of securities and other financial assets |
190,000 | 0 | |
| Payments for the acquisition of securities and other financial assets |
–126,155 | –70,000 | |
| Net cash flow from investing activities | 24 | –80,224 | –192,281 |
| Changes in minority interests | 1 | 1 | |
| Repayment of debt | –181 | –560 | |
| Dividends paid by SMA Solar Technology AG | –104,100 | –45,110 | |
| Net cash flow from financing activities | 25 | –104,280 | –45,669 |
| Net decrease in cash and cash equivalents | –119,504 | 58,941 | |
| Change in cash and cash equivalents due to exchange rate effects |
–1,531 | 370 | |
| Cash and cash equivalents as of 01 / 01 | 354,083 | 225,010 | |
| Cash and cash equivalents as of 09 / 30 | 26 | 233,048 | 284,321 |
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| Equity attributable to the shareholders of the parent company | |||||||
|---|---|---|---|---|---|---|---|
| Share capital € ˈ000 |
Capital reserve € ˈ000 |
Market valuation of securities € ˈ000 |
Other retained earnings € ˈ000 |
Total € ˈ000 |
Equity attributable to non-controlling interest € ˈ000 |
Consolidated shareholders' equity € ˈ000 |
|
| Shareholders' equity as of January 1, 2010 |
34,700 | 119,200 | 0 | 253,687 | 407,587 | 0 | 407,587 |
| Dividend payments of SMA Solar Technology AG |
0 | 0 | 0 | –45,110 | –45,110 | 0 | –45,110 |
| Consolidated net profit Q1–Q3 2010 | 0 | 0 | 0 | –296,964 | –296,964 | –27 | 296,937 |
| Differences from currency translation | 0 | 0 | 0 | 561 | 561 | 0 | 561 |
| Overall result | 297,498 | ||||||
| Changes in minority interests | 0 | 0 | 0 | 0 | 0 | 83 | 83 |
| Shareholders' equity as of September 30, 2010 |
34,700 | 119,200 | 0 | 506,102 | 660,002 | 56 | 660,058 |
| Shareholders' equity as of January 1, 2011 |
34,700 | 119,200 | 0 | 574,508 | 728,408 | 2 | 728,410 |
| Dividend payments of SMA Solar Technology AG |
0 | 0 | 0 | –104,100 | –104,100 | 0 | –104,100 |
| Consolidated net profit Q1–Q3 2011 | 0 | 0 | 0 | 126,398 | 126,398 | 0 | 126,398 |
| Changes not shown in the income statement |
0 | 0 | -35 | 0 | –35 | 0 | –35 |
| Differences from currency translation | 0 | 0 | 0 | –1,994 | –1,994 | 0 | –1,994 |
| Overall result | 124,369 | ||||||
| Changes in minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Shareholders' equity as of September 30, 2011 |
34,700 | 119,200 | –35 | 594,812 | 748,677 | 2 | 748,679 |
008
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008 Interim Management Report
034 Interim Consolidated Financial Statements
064 Other Information
The Condensed Interim Consolidated Financial Statements of SMA Solar Technology AG as at September 30, 2011 were prepared – as were the Consolidated Financial Statements as at December 31, 2010 – in compliance with the International Financial Reporting Standards (IFRS) adopted and published by the International Accounting Standards Board (IASB), as endorsed and defined as mandatory by the European Union. Accordingly, the Interim Financial Statements of SMA Technology AG are prepared in line with IAS 34 Interim Financial Reporting in the 2011 fiscal year. In accordance with the regulations of IAS 34, a condensed reporting format compared with the Consolidated Financial Statements as at December 31, 2010 was chosen. The Condensed Financial Statements do not include all the information and disclosures required for Consolidated Financial Statements and are therefore to be read in conjunction with the Consolidated Financial Statements as at December 31, 2010.
The Condensed Interim Consolidated Financial Statements were prepared in euros. Unless indicated otherwise, all amounts stated were rounded to full thousands of euros (€ '000) or millions of euros (€ million) for the sake of clarity.
The Managing Board of SMA Solar Technology AG authorized the Interim Consolidated Financial Statements for submission to the Supervisory Board on November 4, 2011.
The registered office of the Company is Sonnenallee 1, 34266 Niestetal, Germany. The shares of SMA Solar Technology AG are traded publicly; they are listed in the Prime Standard of the Frankfurt Stock Exchange. Since September 22, 2008, the Company's shares have been listed in the technology index TecDAX.
The SMA Group produces in Germany, the USA and Canada and distributes inverters throughout the world. More detailed information on segments is provided in chapter 4.
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The scope of consolidation as at December 31, 2010 was expanded compared to the scope as at December 31, 2009 due to the newly acquired companies SMA Immo GmbH & Co. KG (Niestetal) ("SMA Immo"), previously SMA Immo GmbH (Niestetal), SMA Solar Technology Beteiligungsgesellschaft mbH (Niestetal) and the newly founded companies SMA Solar Technology Canada Inc. (Vancouver), SMA Solar India Private Limited (Mumbai) and SMA Solar UK Ltd. (London). All companies were fully consolidated. The company so far operating under the name of SMA Service GmbH in Niestetal was renamed SMA Immo Beteiligungs GmbH (Niestetal). Non-controlling interest's share in equity of the consolidated companies is shown separately within equity.
The IFRS 3 rule was not applied to the acquisition of shares in SMA Immo. It was not applicable in this case because this acquisition did not involve a business as defined in IFRS 3. Rather, this transaction concerns the acquisition of a group of assets. The costs of acquisition were allocated to the individually identifiable assets on the basis of their relevant fair values. There have been no significant effects on the net assets, financial position, and results of operations of of SMA Solar Technology AG.
The scope of consolidation as at September 30, 2011 was expanded compared to the scope as at December 31, 2010 due to the newly founded companies SMA Japan Kabushiki Kaisha (Tokyo) and SMA Solar Thailand Co. Ltd. (Bangkok), as well as the acquisition of dtw Sp. z o.o. (Zabierzów, Poland). All companies were fully consolidated. The Interim Consolidated Financial Statements are based on the Financial Statements of SMA Solar Technology AG and the subsidiaries included in consolidation, which are prepared in accordance with uniform accounting policies throughout the Group. More detailed information is provided in the Notes to the Consolidated Financial Statements as at December 31, 2010.
As at August 1, 2011, 100% of the shares carrying voting rights in dtw Sp. z o.o. (Zabierzów, Poland) were acquired. dtw is one of the leading manufacturers of technologically innovative core components for the production of inverters. With the acquisition of its longstanding supplier, SMA has secured technological leadership in the area of solar inverters. In recent years, dtw recorded strong growth and generated 2010 sales of € 74 million. The acquisition represents an important strategic step for SMA to develop more efficient products and to further develop its technology leadership. SMA will coordinate the development processes in mechanics, electromagnetic devices and power electronics and thus shorten the development time significantly. In addition, new development projects in various magnetic materials are studied with novel alloys. The Managing Board of SMA is confident of being able to differentiate more clearly from the competition by acquiring dtw.
Notes to the Condensed Interim Financial Statements as at September 30, 2011
004 The Share
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The fair value of the identifiable assets and liabilities of dtw Sp. z o.o. as at August 1, 2011 is comprised as follows:
| Carrying amounts | Fair values at date | ||
|---|---|---|---|
| before acquisition | Adjustment | of acquisition | |
| € million | € million | € million | |
| Goodwill | 1.2 | –0.9 | 0.3 |
| Research and development projects | — | 8.9 | 8.9 |
| Fixed assets | 2.4 | 0.4 | 2.8 |
| Inventories | 10.2 | 1.6 | 11.8 |
| Trade receivables | 5.2 | — | 5.2 |
| Cash and cash equivalents | 10.5 | — | 10.5 |
| Other receivables | 1.5 | — | 1.5 |
| Other liabilities | –5.4 | — | –5.4 |
| Deferred taxes | — | –2.1 | –2.1 |
| Net assets | 25.6 | 7.9 | 33.5 |
| Purchase price | 33.5 | ||
| Cash and cash equivalents assumed | 10.5 | ||
| Net outflow from acquisitions | 23.0 |
The goodwill amounting to € 0.3 million includes the synergy effects of cost savings resulting from coordinated development work. The purchase price was paid exclusively with cash funds. Taking into account the acquired cash and cash equivalents of dtw Sp. z o.o., the net outflow of funds from the acquisition amounted to € 23.0 million.
The gross amount of receivables corresponds to the market value. As SMA was dtw's main customer, these are predominantly collectible receivables due from SMA. For the other receivables, there is no reason to expect that they will be uncollectible.
By the inclusion of dtw, Group sales have increased by € 0.7 million and the net profit for the year by € 0.2 million. If dtw had been included in the Group from January 1, 2011, Group sales and the net profit for the year would have been € 5.5 million and € 1.5 million higher, respectively.
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There were no changes to the accounting and valuation policies in the present Interim Consolidated Financial Statements as at September 30, 2011 compared with the Consolidated Financial Statements of SMA Solar Technology AG as at December 31, 2010. A detailed description of these policies is published in the Notes to the Consolidated Financial Statements as at December 31, 2010.
The SMA Group has implemented all accounting standards that are to be applied mandatorily from the 2011 fiscal year in the preparation of the Interim Consolidated Financial Statements. This relates primarily to IAS 1 "Presentation of Financial Statements". The other standards to be applied initially in fiscal 2011 have no significant impact on the Interim Consolidated Financial Statements.
All accounting standards that are mandatory from the fiscal year 2011 have been implemented in the preparation of the Consolidated Financial Statements.
The standards to be applied initially in the fiscal year 2011 have no significant impact on the Interim Consolidated Financial Statements. The Consolidated Financial Statements as at December 31, 2010 contain a detailed description of the new accounting standards that are on principle relevant to the SMA Group.
The Group's operating segments were defined in compliance with the regulations contained in IFRS 8 and match those of the Consolidated Financial Statements as at December 31, 2010. Sales in the Photovoltaics Technology division are among other factors subject to fluctuations because of discontinuous incentive programs.
008 Interim Management Report
034 Interim Consolidated Financial Statements
064 Other Information Notes to the Condensed Interim Financial Statements as at September 30, 2011
The segment information pursuant to IFRS 8 is made up as follows for the third quarters of 2011 and 2010:
| Segment | Photovoltaics Technology | |||
|---|---|---|---|---|
| Medium Power Solutions | High Power Solutions | |||
| € million | Q3 2011 | Q3 2010 | Q3 2011 | Q3 2010 |
| External sales | 313.9 | 538.2 | 150.5 | 81.8 |
| Internal sales | 25.4 | 26.3 | 9.3 | 3.8 |
| Total sales | 339.3 | 564.5 | 159.8 | 85.6 |
| Depreciation and amortization | 4.9 | 6.0 | 0.7 | 0.9 |
| Operating profit (EBIT) | 30.0 | 165.4 | 40.4 | 17.8 |
| Sales by regions | ||||
| Germany | 187.1 | 332.3 | 58.2 | 33.3 |
| European Union | 95.1 | 172.1 | 51.4 | 41.8 |
| Third-party countries | 45.7 | 57.2 | 42.5 | 7.8 |
| Sales deductions | –14.0 | –23.4 | –1.6 | –1.1 |
| External sales | 313.9 | 538.2 | 150.5 | 81.8 |
The segment information pursuant to IFRS 8 is made up as follows for the first nine months of 2011 and 2010:
| Segment | Photovoltaics Technology | |||
|---|---|---|---|---|
| Medium Power Solutions | High Power Solutions | |||
| Q1–Q3 | Q1 –Q3 | Q1–Q3 | Q1 -- Q3 | |
| € million | 2011 | 2010 | 2011 | 2010 |
| External sales | 837.2 | 1,237.3 | 321.1 | 184.2 |
| Internal sales | 55.2 | 56.9 | 15.7 | 14.6 |
| Total sales | 892.4 | 1,294.2 | 336.8 | 198.8 |
| Depreciation and amortization | 14.2 | 14.5 | 2.0 | 2.3 |
| Operating profit (EBIT) | 89.9 | 350.8 | 71.4 | 42.5 |
| Sales by regions | ||||
| Germany | 465.8 | 816.9 | 92.2 | 90.1 |
| European Union | 259.6 | 320.5 | 122.6 | 69.3 |
| Third-party countries | 144.9 | 150.2 | 108.4 | 27.3 |
| Sales deductions | –33.1 | –50.3 | –2.1 | –2.5 |
| External sales | 837.2 | 1,237.3 | 321.1 | 184.2 |
Notes to the Condensed Interim Financial Statements as at September 30, 2011
Interim Management Report
Interim Consolidated Financial Statements
008 034
| Q3 2011 | Q3 2010 | Q3 2011 | Q3 2010 | Q3 2011 | Q3 2010 | Q3 2011 | Q3 2010 | |
|---|---|---|---|---|---|---|---|---|
| 8.0 | 5.7 | 4.1 | 1.0 | 0.7 | 0.0 | 477.2 | 626.7 | |
| 1.8 | 4.6 | 108.8 | 148.8 | –145.3 | –183.5 | 0.0 | 0.0 | |
| 9.8 | 10.3 | 112.9 | 149.8 | –144.6 | –183.5 | 477.2 | 626.7 | |
| 0.1 | 0.1 | 1.0 | 1.3 | 5.8 | 0.2 | 12.5 | 8.5 | |
| 0.5 | 1.6 | 6.0 | 16.8 | –2.3 | –3.3 | 74.6 | 198.3 | |
| 2.6 | 2.0 | 2.7 | 1.0 | 0.0 | 0.0 | 250.6 | 368.6 | |
| 3.9 | 2.2 | 0.0 | 0.0 | 0.7 | 0.0 | 151.1 | 216.1 | |
| 1.5 | 1.5 | 1.4 | 0.0 | 0.0 | 0.0 | 91.1 | 66.5 | |
| 0.0 8.0 |
0.0 5.7 |
0.0 4.1 |
0.0 1.0 |
0.0 0.7 |
0.0 0.0 |
–15.6 477.2 |
||
| Railway Technology | Electronics Manufacturing | |||||||
| Railway Technology | Electronics Manufacturing | Reconciliation | ||||||
| Q1–Q3 2011 |
Q1 –Q3 2010 |
Q1–Q3 2011 |
Q1 -- Q3 2010 |
Q1–Q3 2011 |
Q1 –Q3 2010 |
Q1–Q3 2011 |
||
| 23.4 | 17.8 | 9.8 | 3.2 | 0.7 | 0.0 | 1,192.2 | –24.5 626.7 Continuing operations Q1 -- Q3 2010 1,442.5 |
Medium Power Solutions High Power Solutions Railway Technology Electronics Manufacturing Reconciliation Continuing operations
Segment Photovoltaics Technology Railway Technology Electronics Manufacturing
| 1,442.5 | 1,192.2 | 0.0 | 0.7 | 3.2 | 9.8 | 17.8 | 23.4 |
|---|---|---|---|---|---|---|---|
| 0.0 | 0.0 | –413.3 | –364.5 | 329.5 | 287.7 | 12.3 | 5.9 |
| 1,442.5 | 1,192.2 | –413.3 | –363.8 | 332.7 | 297.5 | 30.1 | 29.3 |
| 21.3 | 34.6 | 0.6 | 15.1 | 3.6 | 3.0 | 0.3 | 0.3 |
| 418.2 | 178.3 | –7.4 | –0.4 | 29.6 | 15.4 | 2.7 | 2.0 |
| 916.0 | 571.4 | 0.0 | 0.0 | 3.1 | 6.3 | 5.9 | 7.1 |
| 396.5 | 394.9 | 0.0 | 0.7 | 0.1 | 0.0 | 6.6 | 12.0 |
| 182.8 | 261.1 | 0.0 | 0.0 | 0.0 | 3.5 | 5.3 | 4.3 |
| –52.8 | –35.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 1,442.5 | 1,192.2 | 0.0 | 0.7 | 3.2 | 9.8 | 17.8 | 23.4 |
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The reconciliation of the total segment operating profit (EBIT) pursuant to IFRS 8 to profit before income taxes produces the following figures:
| Q3 2011 € million |
Q3 2010 € million |
Q1–Q3 2011 € million |
Q1–Q3 2010 € million |
|
|---|---|---|---|---|
| Total segment earnings (EBIT) | 76.9 | 201.6 | 178.7 | 425.6 |
| Eliminations | –2.3 | –3.3 | –0.4 | –7.4 |
| Consolidated operating profit (EBIT) | 74.6 | 198.3 | 178.3 | 418.2 |
| Financial result | –0.1 | 0.2 | 2.0 | 0.4 |
| Profit before income taxes | 74.5 | 198.5 | 180.3 | 418.6 |
Circumstances are shown in the reconciliation which by definition are not part of the segments. In addition, unallocated parts of the Group head office, including cash and cash equivalents and owned buildings, are included therein, the expenses of which are assigned to the segments. Business relations between the segments are eliminated in the reconciliation.
Segment assets as at September 30, 2011 increased as against the reporting date of the last Consolidated Financial Statements (December 31, 2010) by € 80.8 million in the Medium Power Solutions segment, by € 22.9 million in the High Power Solutions segment and by €18.2 million in the Electronics Manufacturing segment.
In the reconciliations as at September 30, 2011, segment assets increased by € 87.5 million compared to December 31, 2010.
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| Q1–Q3 2011 € ˈ000 |
Q1–Q3 2010 € ˈ000 |
|
|---|---|---|
| Material expenses | 649,240 | 623,731 |
| Personnel expenses | 132,633 | 148,560 |
| Depreciation | 30,863 | 14,324 |
| Other | 40,239 | 101,975 |
| 852,975 | 888,590 |
Cost of sales include, as direct costs, the product-related material expenses as well as all other expenses for the areas of production, purchasing and service as well as facility management and IT. Despite a slight decrease of 6.6% in inverter output sold, following the shift in the product mix, material expenses increased by 4.1% year-on-year in the period under review. In the last nine months, the purchasing and service areas have been expanded in a targeted manner. However, this expansion was more than offset by the reduction of variable employee compensation as well as lower expenses for temporary employees. This resulted in a reduction in personnel expenses of 10.7%. The depreciation development is marked in particular by the investments in buildings and machinery during the last twelve months. The change of the other expenses resulted mainly from the lower provisions for obligations deriving from sales transactions and a reduction of the freight and shipping costs year-on-year. Furthermore, the expenses for facility management and IT are allocated to all functional areas of activity based on their utilization as of the beginning of the year. This change results in a relief of the other expenses in the period under review.
| Q1–Q3 2011 € ˈ000 |
Q1–Q3 2010 € ˈ000 |
|
|---|---|---|
| Material expenses | 808 | 592 |
| Personnel expenses | 24,277 | 24,793 |
| Depreciation | 332 | 1,076 |
| Other | 20,058 | 14,123 |
| 45,475 | 40,584 |
008 Interim Management Report
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Selling expenses include expenditure for global sales activities, internal sales departments and marketing. On a year-on-year basis, SMA systematically expanded its global distribution and marketing structures to benefit from the global developments in the photovoltaics markets. The increased expenses for wages and salaries as a result of the increase in employees are more than offset by the reduced variable compensation. The reduction of depreciations is caused by the changes in the apportionment procedure. Other expenses contain proportional costs for facility management and IT. The increase is mainly attributable to the growing global marketing activities. SMA supports solar power professionals in the distribution of PV plants with specific marketing measures, thereby influencing the decision-making process.
| Q1–Q3 2011 € ˈ000 |
Q1–Q3 2010 € ˈ000 |
|
|---|---|---|
| Material expenses | 4,240 | 1,853 |
| Personnel expenses | 45,989 | 49,189 |
| Depreciation | 2,974 | 3,519 |
| Other | 20,031 | 8,655 |
| 73,234 | 63,216 | |
| Capitalized development projects | –9,680 | –9,925 |
| 63,554 | 53,291 |
Research and development expenses include all costs that may be attributable to the areas of product development, development-related testing and product management. In order to strengthen its technological leadership even further, SMA systematically expanded the development department. SMA employed 32% more staff in comparison to the previous year. The increased expenses for wages and salaries are more than offset by the reduced variable compensation and result in a 6.5% reduction in personnel expenses. The reduction of depreciations is also caused by the changes in the apportionment procedure. Other expenses contain proportional costs for facility management and IT. The increase is mainly attributable to outsourced development services. SMA works systematically with development cooperations to reduce development times.
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008
| Q1–Q3 2011 | Q1–Q3 2010 | |
|---|---|---|
| € ˈ000 | € ˈ000 | |
| Material expenses | 91 | 95 |
| Personnel expenses | 30,720 | 28,653 |
| Depreciation | 511 | 2,425 |
| Other | 20,382 | 3,600 |
| 51,704 | 34,773 |
Administrative expenses include expenses for the Managing Board, for quality management as well as for the accounting, controlling, legal, compliance and human resources departments. In view of the future growth, SMA has systematically expanded the finance and human resources departments. Therefore, personnel expenses increased by € 2.1 million. The reduction of depreciations is caused by the changes in the apportionment procedure. The change in other expenses mainly results from the adjustment of the apportionment procedure as well as the realization of strategically important projects.
Other income mainly comprises income from foreign currency valuation as well as nonoperating income, for example, from assets classified as "at fair value through profit or loss".
Other expenses include, in particular, expenses incurred from foreign currency valuation, impairment losses on receivables and inventories, expenses for the disposal of tangible assets as well as for assets classified as "at fair value through profit or loss".
| Q1–Q3 2011 € ˈ000 |
Q1–Q3 2010 € ˈ000 |
|
|---|---|---|
| Wages and salaries Expenses for temporary employees Social security contribution and welfare payments |
171,865 34,344 27,410 |
169,595 56,363 25,239 |
| 233,619 | 251,197 |
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The increase in employees includes the acquisition of dtw. The moderate increase in wages and salaries by 1.3% year-on-year is attributable to a lower variable compensation. SMA bases the variable compensation on the earnings before taxes. In addition, significantly fewer temporary employees were deployed in the period under review than in the record year 2010. This development is reflected in the expenses for temporary employees.
The average number of employees in the Group amounted to:
| Q1–Q3 2011 € ˈ000 |
Q1–Q3 2010 € ˈ000 |
|
|---|---|---|
| Research and Development | 848 | 640 |
| Production and Service | 2,720 | 1,939 |
| Sales | 493 | 337 |
| Administration | 411 | 318 |
| 4,472 | 3,234 | |
| Trainees and interns | 426 | 358 |
| Temporary employees | 1,370 | 1,781 |
| 6,268 | 5,373 |
During the period under review, employees in the facility management and IT departments have been regrouped from administration to production and service. For reasons of comparability, the previous year's figures were adjusted accordingly.
| Q1–Q3 2011 € ˈ000 |
Q1–Q3 2010 € ˈ000 |
|---|---|
| 3,814 | 1,947 |
| 744 | 16 |
| 4,558 | 1,963 |
| 704 | 530 |
| 844 | 11 |
| 1,033 | 1,011 |
| 2,581 | 1,552 |
| 1,977 | 411 |
008
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The average of freely available funds increased since Septermber 30, 2010 from approx. € 375 million to approx. € 400 million by September 30, 2011. In the last year, these funds were primarily invested in the form of overnight and term deposits. Considering the money holdings on the current bank accounts, in 2010 this resulted in an average interest rate of about 0.7% p. a.
In the same period in 2011, an average amount of approx. € 350 million in the form of overnight and term deposits as well as in interest-bearing securities (within the framework of two asset management mandates) was invested. Here, the average interest rate (including the money stock on the current bank accounts) increased to approx. 1.45% p. a. In addition, € 50 million were invested in two mutual funds (a money market fund and a pension fund). The positive result of this investment is reflected in the market-to-market valuation in the financial results.
Earnings per share are calculated by dividing the consolidated earnings attributable to the shareholders by the weighted average of ordinary shares in circulation during the period.
The consolidated earnings attributable to the shareholders are the consolidated net profit after tax excluding the portion attributable to non-controlling interests. Since there are no shares held by the Company on the reporting date nor are there any other special cases, the number of ordinary shares issued equates the number of shares in circulation.
The calculation of earnings in relation to the weighted average number of shares in accordance with IAS 33 produces earnings of € 1.52 per share for the period from July 1 to September 30, 2011 and earnings of € 3.64 per share for the period from January 1 to September 30, 2011, each on the basis of 34.7 million shares. The calculation of earnings in relation to the weighted average number of shares in accordance with IAS 33 produces earnings of € 4.00 per share for the period from July 1 to September 30, 2010 and earnings of € 8.56 per share for the period from January 1 to September 30, 2010, each on the basis of 34.7 million shares.
There are no options or conversion options at the reporting date. Therefore, there are no diluting effects so that the diluted and basic earnings per share are the same.
054
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064 Other Information Selected Notes to the Balance Sheet SMA Group
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Goodwill | 311 | 0 |
| Software | 8,550 | 8,393 |
| Development projects | 39,696 | 19,849 |
| Prepayments | 0 | 1,000 |
| 48,557 | 29,242 |
The goodwill is a result of the first-time consolidation of dtw Sp. z o.o. (Zabierzów, Poland), acquired August 1, 2011, in the Consolidated Financial Statements of SMA.
The additions to the development projects reflect the intensified development activities to secure the SMA Group's technological leadership. The additions to software result, among other things, from the purchase of software licenses for the growth-related expansion of the ERP system.
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Land and buildings incl. buildings on third-party property | 119,253 | 114,180 |
| Technical equipment and machinery | 34,898 | 34,706 |
| Other equipment, fixtures and furniture | 86,081 | 77,252 |
| Prepayments, assets under construction | 105,296 | 42,369 |
| 345,528 | 268,507 |
The addition to land and buildings is in particular attributable to the expansion of the parking garage, leasehold alterations and improvements of the buildings.
The prepayments as at September 30, 2011 include investments for the expansion of the site at Sandershäuser Berg and for the construction of office buildings amounting to € 45.4 million.
Interim Consolidated Financial Statements 034
Interim Management Report
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008
15. Inventories
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Raw materials, consumables and supplies | 204,630 | 148,548 |
| Unfinished goods, work in progress | 27,084 | 17,895 |
| Finished goods and goods for resale | 82,755 | 71,091 |
| Prepayments | 1,125 | 304 |
| 315,594 | 237,838 |
Inventories are measured at the lower value of acquisition or production costs and net realizable value. As of the 2010 fiscal year, SMA specifically started to build up inventories of raw materials, consumables and supplies to guarantee a high delivery capacity. Finished goods consist primarily of Sunny Central inverters, which were produced mainly for projects whose realization has been postponed. The change in the impairment on inventories, included under expenses as production costs, amounts to € 6.1 million (Q1–Q3 2010: € 0.0 million).
As at September 30, 2011, other current financial assets include in particular financial assets amounting to € 126.2 million as well as accrued interest. In the previous year, time deposits with a term of over three months amounting to € 190.0 million were shown here. The other non-current financial assets include a rent deposit for buildings in the USA amounting to USD 2.5 million (December 31, 2010: USD 5.0 million).
The change in equity, including effects not shown in the income statement, is presented in the Statement of Changes in Equity.
On May 26, 2011, the Annual General Meeting of SMA Solar Technology AG passed a resolution to distribute a dividend for the fiscal year 2010 amounting to € 104.1 million (€ 3.00 per qualifying bearer share).
008 Interim Management Report
034 Interim Consolidated Financial Statements
064 Other Information
Other provisions account for all discernible risks and all contingent liabilities on the balance sheet date and break down as follows:
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Warranties | 135,119 | 118,091 |
| Other obligations deriving from sales transactions | 20,658 | 44,342 |
| Other | 7,453 | 4,904 |
| 163,230 | 167,337 |
Warranty provisions consist of general warranty obligations (periods of between five and ten years) for the various product areas within the Group. In addition, provisions are made for individual cases, which are used in the following year.
Other obligations deriving from sales transactions contain several claims made in delivery contracts, which are set up in the amount of the expected claims. The reduction compared to December 31, 2010 mainly comprises the release of provisions and leads to a corresponding improvement of results. The other provisions contain mainly provisions for longservice anniversaries, death benefits as well as partial retirement and service contributions.
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Finance lease liabilities | 5 | 10 |
| Liabilities towards credit institutions | 19,625 | 20,655 |
| Derivative financial liabilities | 1,388 | 535 |
| 21,018 | 21,200 |
The liabilities towards credit institutions were incurred for the financing of SMA Immo's properties and have an average time to maturity of eleven years.
Derivative financial liabilities consist of interest rate derivatives related to the financing of SMA Immo.
Interim Management Report Interim Consolidated Financial Statements 034
Other Information 064
008
20. Other financial liabilities
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Liabilities Human Resources department Liabilities Sales department Other |
66,485 21,029 3,149 |
99,468 32,699 1,112 |
| 90,663 | 133,279 |
Liabilities in the Human Resources area contain obligations towards employees regarding performance-based bonuses, positive vacation and flexitime balances as well as variable salary components and contributions to the workers' compensation association. The reduction of this amount is due to a lower profitability in the current fiscal year. Liabilities in the Sales area primarily contain liabilities towards customers from advance payments received and bonus agreements.
| 09/30/2011 € ˈ000 |
12 / 31 / 2010 € ˈ000 |
|
|---|---|---|
| Deferred income for extended guarantees | 70,614 | 53,397 |
| Liabilities from prepayments received | 34,769 | 19,661 |
| Liabilities due to tax authorities | 2,516 | 3,116 |
| Liabilities from subsidies received | 1,387 | 1,524 |
| Other | 455 | 210 |
| 109,741 | 77,908 |
The accrual item for extended guarantees includes liabilities from chargeable guarantee extensions granted for the products in the Photovoltaics Technology division. The main items included in the liabilities due to tax authorities are tax liabilities from payroll accounting as well as turnover tax liabilities. The liabilities from subsidies received relate to taxable government grants from funds of the common-task program "Improvement of the Regional Economic Structure" (EU GA), granted as investment subsidies. The total amount of retransfer of government grants is stated under other operating income.
058
Interim Management Report 008
Interim Consolidated Financial Statements 024
Other Information 052
As at September 30, 2011, the Balance Sheet included one forward transaction intended to hedge the exchange rate risks of expected future sales generated with customers in the USA. The derivative is still classified as held for trading. It is not part of a hedging relationship as defined by IAS 39. The acquisition of SMA Immo has resulted in the initial recognition of interest rate derivatives in fiscal 2010. SMA Immo is exposed to interest risks due to existing financial liabilities. To secure interest in the long term and to have a secure basis for calculating the financing, interest derivatives were concluded for a part of these financial liabilities. The derivatives are classified as held for trading. They are not part of a hedging relationship as defined by IAS 39.
As at September 30, 2011, there were fund shares (amounting to € 50.7 million) which were classified as held for trading, and interest-bearing securities classified as available for sale amounting to € 49.9 million. In addition, there was a security held to maturity of € 25.6 million.
008
059
Interim Consolidated Financial Statements 034
Interim Management Report
Other Information 064
The liquid funds shown in the Statements of Cash Flows correspond to the balance sheet item "Cash and cash equivalents".
The gross cash flow amounting to € 124.6 million (previous year: € 410.7 million) shows the operating income prior to any commitment of funds.
Net cash flow from operating activities decreased in fiscal 2011 to € 65.0 million (previous year: € 296.9 million). The decrease is mainly attributable to the year-on-year lower gross cash flow (€ –286.1 million).
The increase in net working capital results primarily from a targeted increase in the raw material stocks of critical components and the business-related increase in finished goods. Inventories increased on a year-on-year basis by a gross amount of € 72.0 million to a total of € 315.6 million. The changes in the other net assets were in particular caused by the payment of variable salary components to employees, future benefit obligations from warranty extensions as well as liabilities from prepayments received.
The net cash flow from investing activities decreased in the period under review to € –80.2 million after € –192.3 million in the same period last year. The outflow of funds due to investments in fixed assets and intangible assets amounted to € 121.4 million (previous year: € 120.00 million). On August 1, 2011, 100% of the shares carrying voting rights in dtw Sp. z o.o. (Zabierzów, Poland) were acquired. Taking into account the acquired cash and cash equivalents of dtw Sp. z o.o., the net outflow of funds for the acquisition amounted to € 23.0 million.
Pursuant to IAS 7.17, monetary investments with a term to maturity of more than three months are allocated to the net cash flow from investing activities. The outflow of funds for the acquisition of the shares in SMA Immo in fiscal 2010 amounted to € 1.4 million. In addition, short-term financial liabilities on current accounts amounting to € 1.1 million were assumed following the acquisition.
060
008 Interim Management Report
034 Interim Consolidated Financial Statements
064 Other Information
The net cash flow from financing activities includes the dividend of SMA Solar Technology AG and the redemption of credit liabilities of SMA Immo in the period under review.
Cash and cash equivalents amounting to € 233.0 million (December 31, 2010: € 354.1 million) include cash in hand, bank balances and short-term deposits with an original term to maturity of less than three months. Together with the time deposits with a term to maturity of more than three months and other financial assets, this results in financial resources amounting to € 359.2 million (December 31, 2010: € 544.1 million).
Other Disclosures
The Share 004
008
061
Interim Management Report Interim Consolidated Financial Statements 034
Other Information 064
There were no significant events on or after the reporting date other than those presented in or recognizable from the statements in the Notes to the Consolidated Financial Statements.
There were no significant changes concerning related parties as against December 31, 2010. The scope of transactions with team-time GmbH in the first nine months of the current year was identical to the previous extent.
Niestetal, November 4, 2011
SMA Solar Technology AG The Managing Board
Jürgen Dolle Roland Grebe
Uwe Hertel Pierre-Pascal Urbon Marko Werner
008 Interim Management Report
034 Interim Consolidated Financial Statements
064 Other Information
062
Auditor's Review Report
(Translation – the German text is authoritative)
We have reviewed the Condensed Interim Consolidated Financial Statements – comprising the Condensed Income Statement, the Condensed Statement of Comprehensive Income, Condensed Balance Sheet, Condensed Statement of Changes in Equity, Condensed Statements of Cash Flows and Selected Explanatory Notes – together with the Interim Group Management Report of SMA Solar Technology AG, Niestetal, for the period from January 1, 2011 to September 30, 2011, which are components of the Quarterly Financial Report pursuant to Section 37x (2) of the German Securities Trading Act (WpHG). The preparation of the Condensed Interim Consolidated Financial Statements in accordance with the International Financial Reporting Standards (IFRS) applicable to interim financial reporting as adopted by the EU and of the Interim Group Management Report in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of the Company's Managing Board. Our responsibility is to issue a review report on the Condensed Interim Consolidated Financial Statements and on the Interim Group Management Report based on our review.
We conducted our review of the Condensed Interim Consolidated Financial Statements and of the Interim Group Management Report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer – IDW). Those standards require that we plan and
Auditor's Review Report
008
063
Interim Consolidated Financial Statements 034
Interim Management Report
Other Information 064
perform the review so that we can preclude through critical evaluation, with moderate assurance, that the Condensed Interim Consolidated Financial Statements have not been prepared, in all material respects, in accordance with the IFRSs applicable to interim financial reporting as adopted by the EU and that the Interim Group Management Report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical assessments and therefore does not provide the assurance attainable in a financial statements audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the Condensed Interim Consolidated Financial Statements have not been prepared, in all material respects, in accordance with the IFRSs applicable to interim financial reporting as adopted by the EU nor that the Interim Group Management Report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.
Hanover, November 4, 2011
Deloitte&Touche GmbH Wirtschaftsprüfungsgesellschaft
| Scharpenberg | Schwibinger |
|---|---|
| Wirtschaftsprüfer | Wirtschaftsprüfer |
| (German Public Auditor) | (German Public Auditor) |
008 Interim Management Report
034 Interim Consolidated Financial Statements
064 Other Information Disclaimer
064
This Quarterly Financial Report was published in German and English on November 11, 2011. The German version is authoritative. Both versions are available as downloads on our website:
www.SMA.de/IR/Finanzberichte www.SMA.de/IR/FinancialReports
This document contains forward-looking statements and information – that is, statements related to future, not past, events. These statements may be identified by words such as "expects", "looks forward to", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "will", "projects" or words of similar meaning. Such statements are based on our current expectations and certain assumptions, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond SMA's control, affect our operations, performance, business strategy and results and could cause the actual results, performance or achievements of SMA to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. For us, particular uncertainties arise, among others, from changes in general economic and business conditions (incl. margin developments), in the legal and regulatory framework, changes in currency exchange rates and interest rates. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, sought, estimated or projected. SMA does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.
| November 11, 2011 Publication of the Quarterly Financial Report January to September 2011, Analyst Conference Call: 9:00 a. m. CET |
|
|---|---|
| ma rch 30, 2012 |
Publication of the Annual Report SMA Group 2011 and Annual Financial Statement SMA AG 2011, Analyst Conference Call: 9:00 a. m. CET |
| ma rch 30, 2012 |
Press Conference on Annual Results, Frankfurt am Main |
| May 11, 2012 | Publication of the Quarterly Financial Report January to March 2012, Analyst Conference Call: 9:00 a. m. CET |
| May 22, 2012 | Annual General Meeting, Kassel, Kongress Palais |
| august 10, 2012 | Publication of the Half-Yearly Financial Report January to June 2012, Analyst Conference Call: 9:00 a. m. CET |
| November 9, 2012 Publication of the Quarterly Financial Report January to September 2012, Analyst Conference Call: 9:00 a. m. CET |
pUblisher SMA Solar Technology AG coNcept UNd desiGN FIRST RABBIT GmbH, Cologne Text SMA Solar Technology AG pUblicatioN date November 11, 2011
Sonnenallee 1 34266 Niestetal Germany Phone: + 49 561 9522–0 www.SMA.de
Stephanie Kniep Phone: + 49 561 9522–2222 Fax: + 49 561 9522–2223 E-mail: [email protected]
SMA Solar Technology AG Sonnenallee 1 34266 Niestetal germany phone: + 49 561 9522 0 Fax: + 49 561 9522 100 E-mail: [email protected] www.SMA.de
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