- With € 160 million, sales in Q2 are at the upper end of the expectations
- Total sales increased to € 247 million in first six months
- Operating profit (EBIT) Q1-Q2 increased to € 35 million
- Amounting to 14.2 %, the EBIT margin Q1-Q2 is back in the two-digit range
- Optimistic outlook to fiscal year 2009: Sales between EUR 680 and 730 million with an EBIT margin of 18 to 20 %
Niestetal, August 14, 2009 - The results of the first half year give SMA Solar Technology AG (SMA) reason for a positive outlook to the overall year 2009. The half-yearly financial report January to June 2009 published today shows clear recovery of the demand for SMA photovoltaic (PV) inverters in the second quarter.
In the months April to June, SMA recorded an increase in sales of 85 % to € 160.5 million as compared to the first quarter. Sales are within the expectations for the second quarter that the Managing Board had specified with € 145 to 165 million on May 15, 2009. The second quarter contributed 65 % to the total sales of the first six months of € 247.1 million (previous year: € 292.6 million). Total sales in the first half year correspond to sold inverter power of 792 MW.
In the reporting period January to June 2009, SMA has again benefited from the international presence and the broad product range. Thanks to this positioning, SMA has been able to quickly react to regional and product-related demand changes. In the reporting period, the foreign share was 43 % (previous year: 47 %). Basically, demand was dominated by USA, Australia, Belgium, France and Italy. While in the first quarter, particularly inverters of the Sunny Boy product group with low power classes were sold, demand shifted in the second quarter increasingly to the Sunny Mini Central product group and thus to higher power classes. The large-scale project business has also picked up speed again in the second quarter.
In the second quarter, SMA achieved an EBIT of € 29.0 million and thus improved the EBIT in the reporting period January to June 2009 to € 35.0 million (previous year: € 68.7 million). Amounting to 14.2 %, the EBIT margin is back in the two-digit range (previous year: 23.5 %). In the first half year,
the consolidated net profit amounted to € 26.0 million (previous year: € 48.2 million). With 34.7 million shares as of the balance sheet date June 30, 2009, SMA achieved earnings per share of € 0.75 in the reporting period (previous year: € 1.39).
As of June 30, 2009, the net working capital ratio increased to 17 % (Dec. 31, 2008: 11.4 %) and thus marked the middle of the corridor of 16 to 18% that was aimed at. As of the end of the reporting period, the balance sheet structure is constantly solid. As of the balance sheet date June 30, 2009, the stock of liquid funds and securities amounts to EUR 179.3 million (Dec. 31, 2008: EUR 261.0 million). The reduced cash position is among other things attributable to cash outflows amounting to € 30.4 million for investments in fixed assets, particularly for the new inverter factory.
Due to the noticeable recovery of the photovoltaic market, the attractive promotion conditions in many countries and the considerably reduced prices for solar modules, the SMA Managing Board is looking optimistically to the overall year 2009 and expects a market growth. Considering the reduced specific prices for SMA inverters, the Managing Board expects sales in a range from € 680 to 730 million. The lower end of the guidance corresponds approximately to the sales of the previous year (previous year: € 681.6 million), the upper end is 7 % higher. Due to the change in the product mix and changed cost structures, the Managing Board expects an EBIT margin between 18 and 20 % for 2009.
"Due to the global promotion programs, the photovoltaic industry has been largely able to separate from the development of the global economic cycle. We hold fast to our estimate that on the long-term, the photovoltaic industry is a growth market. The financial and economic crisis does only decelerate this growth in partial markets", explains Chief Executive Officer Günther Cramer. "For 2009, we expect growth of the photovoltaic market as compared to the 5.7 GW of the previous year - despite the crisis. Recovery of the global demand for photovoltaic systems is already clearly noticeable. Due to our technology leadership, our complete product range, our flexibility and our global presence, we are perfectly positioned to benefit from this growth."
About SMA Solar Technology AG
SMA generated sales of more than EUR 680 m in 2008 and is thus worldwide market leader for photovoltaic inverters, a key component of all solar power plants. The SMA Group is based in Niestetal, near Kassel, and is represented by foreign subsidiaries in eleven different countries on four continents. The Group employs a staff of over 3,000 (incl. temporary staff). SMA produces a broad range of inverters, offering the right inverter for every type of photovoltaic module in use and for all sizes of photovoltaic plants. The product range covers both inverters for photovoltaic plants connected to the grid and inverters for off-grid systems. The company has been listed on the Frankfurt Stock Exchange Prime Standard (S92) since June 27, 2008; since September 22, 2008 the company's shares have been listed on the TecDAX. In the past, SMA received a number of awards for its excellence as an employer.
SMA Solar Technology AG
Head of Media and Association Relations
Phone: +49 561 9522-11 21
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SMA Solar Technology AG
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Anna Raudszus (Institutional Investors/Analysts)
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Phone: +49 561 9522-11 64
Link to the financial report:
<link ir finanzberichte _blank external-link-new-window external link in new>www.SMA.de/IR/Finanzberichte (German)
<link ir financialreports _blank external-link-new-window external link in new>www.SMA.de/IR/FinancialReports (English)
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