- The best ever results in the Company's history in 2008
- Sales more than doubled to € 682 million
- EBIT rose to € 167 million in 2008
- EBIT margin of 24,6 % in 2008
- Earnings per share more than tripled to € 3.44
- Net working capital reduced to 11 % of sales
- Proposed dividend of € 1.00 per share for 2008
SMA Solar Technology AG (FWB: S92) today publishes its annual report including the consolidated financial statements for 2008 and the individual financial statements for the AG. The results published today are slightly above the preliminary figures announced on February 19, 2009 and at the top end of the Management Board's sales forecast (€ 650 – 690 million).
In the 2008 fiscal year, SMA had a disproportionately high share in the worldwide growth of the photovoltaics (PV) market. While the total market rose by about 100 % to ca. 5.7 GW (previous year: 2.8 GW) according to the German Solar Industry Association (Bundesverband Solarwirtschaft, BSW), SMA increased its PV inverter output sold by about 130 % to 2.2 GW (previous year: 950 MW). This corresponds to a global market share of approximately 38 % (previous year: ca. 34 %).
Consolidated sales in 2008 more than doubled to € 681.6 million (previous year: € 327.3 million). The share of sales from foreign markets increased significantly during fiscal year 2008 to about 42 % (previous year: 29 %).
In the fourth quarter of 2008, SMA generated sales of € 162.3 million and the EBIT stood at
€ 35.6 million. The EBIT margin thus was 21.9 % in the last quarter. In the reporting period from January to December 2008, SMA improved its EBIT margin significantly to 24.6 % (previous year: 18.1 %). Consolidated profit tripled in 2008 to € 119.5 million as compared to € 36.8 million in 2007. Based on a number of 34.7 million shares as at the balance sheet date of December 31, 2008, the earnings per share amounted to € 3.44 (previous year, converted to 34.7 million shares:
€ 1.06).
The Company was also able to improve the net working capital ratio significantly. On December 31, 2008, the net working capital ratio had fallen to 11.4 % (previous year: 18.1 %).
On the balance sheet date of December 31, 2008, cash and cash equivalents and securities totaled € 261.0 million. Less short-term and long-term financial liabilities net cash amounts to € 239,0 million. The equity ratio stood at 59.8 %. Accordingly, SMA has a solid financial basis for the medium term.
The annual report and the individual financial statements for 2008 are available on the corporate website at <link ir financialreports>www.SMA.de/IR/FinancialReports.
About SMA Solar Technology AG
SMA generated sales of more than € 680 million in 2008 and is thus worldwide market leader for photovoltaic inverters, a key component of all photovoltaic 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 2,500 (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.
Press contact:
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Volker Wasgindt
Head of Media and Association Relations
Phone +49 561 9522-11 21
Fax +49 561 9522-11 03
Volker.Wasgindt@SMA.de
Investor Relations Contact:
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Phone: +49 561 9522-22 22
Fax +49 561 9522-22 23
ir@sma.de
Anna Raudszus (Institutional Investors/Analysts)
Phone: +49 561 9522-22 22
Julia Damm (Private Investors)
Phone: +49 561 9522-11 64
Link to financial reports:
<link ir financialreports>www.SMA.de/IR/FinancialReports (English)
<link ir finanzberichte>www.SMA.de/IR/Finanzberichte (German)
Disclaimer:
This press release serves only as information and is not an invitation to purchase, hold or sell shares.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the executive board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.sma.de. The company accepts no obligation whatsoever to update these future-oriented statements or to conform them to future events or developments.
The information contained herein is not for publication or distribution in the United States of America, Japan, Canada or Australia.