SMA Solar Technology AG: SMA confirms preliminary figures and record results for fiscal 2009

  • Sales increased by 37 % to € 934 million
  • EBIT increased to € 228 million
  • Again highly profitable with an EBIT margin of 24.4 %
  • Earnings per share improved to € 4.64
  • Proposed dividend raised to € 1.30 per share for 2009
  • 2010 sales forecast of between € 1.1 and 1.3 billion confirmed

Niestetal, March 31, 2010 – SMA Solar Technology AG (FWB: S92) today publishes its consolidated financial statements for 2009 and the individual financial statements for the AG, thus confirming the preliminary figures announced on February 23, 2010.

SMA succeeded in continuing on its path of growth and success in 2009. In a highly dynamic market environment, SMA’s inverter output sold in fiscal 2009 totaled 3.4 GW, which is an increase of above 50 % on a year-on-year basis (previous year: 2.2 GW). Based on the assumption of a total installed photovoltaic capacity of 7 to 8 GW worldwide, this means that SMA raised its global market share in the last year to more than 40 % (previous year: approx. 38 %) and again increased the distance to the competition. A key factor for this is the particular position of the company: SMA is the technology leader in the field of solar inverters, offers a product portfolio for all applications, all power classes and all module types and benefits from a strong international sales and service network as well as a unique concept of flexibility.

SMA’s consolidated sales increased in fiscal 2009 by 37 % to € 934.3 million (previous year: € 681.6 million). Accordingly, sales exceeded the forecast of € 850 to 900 million, which the Managing Board raised a second time in the fourth quarter of 2009. Owing to the Company’s international sales and service structures, business in foreign markets grew by 25 % in 2009 and accounted for 38.4 % of total sales.

In particular, the strong slump in the price for solar modules led to an exceptional increase in demand in Germany in the second half of the year. In 2009, SMA succeeded in increasing the production capacity at the Niestetal site to markedly above 5 GW a year. In the fourth quarter alone, SMA sold an inverter output of 1,415 MW, which is proof of its high level of flexibility.

SMA is the sole inverter manufacturer worldwide which adapted its production capacities significantly early on and with great success. SMA expects continuing strong growth of the worldwide photovoltaics market. Accordingly, the company has expanded its production capacities for several months to a total annual capacity of 11 GW. This expansion of capacities will be finalized soon so that these 11 GW will be available in the second quarter of 2010. However, at present, a limiting factor is the delivery bottleneck in the semiconductor industry, which was not able to increase its capacities at the same speed. SMA, however, assumes that the situation in the market for semiconductor products will ease at the beginning of the second half of the year. Then, SMA will be able to fully utilize its new additional capacities.

“SMA has built up and expanded its position as technology and global market leader in the international competitive environment. We have an excellent position worldwide and serve a multitude of foreign markets in addition to the German market”, explains Günther Cramer, CEO of SMA Solar Technology AG. “In combination with our special strategy of flexibility and the consistent expansion of our production capacities, we will be able to respond flexibly to all developments in dynamic PV markets in the future as well.”

In good time, the Managing Board has set the points for a demand that will expectedly grow strongly worldwide. SMA intends to invest more than € 400 million in infrastructure expansions between 2010 and 2012.

“In addition, an amount of about € 80 million will be invested in research and development in this year alone in order to further expand our technology leadership and to meet future requirements regarding inverters”, says Cramer. “Even today, we have far more than 400 engineers, who constantly deal with the improvement of existing and the development of new products.”

In fiscal 2009, SMA generated EBIT of € 228.4 million (previous year: € 167.4 million); the EBIT margin of 24.4 % was at the level of the previous year (24.6 %).
SMA’s Managing Board and Supervisory Board are proposing to the Annual General Meeting that a 30 % higher dividend of € 1.30 per share be distributed for the successful business year of 2009 (previous year: € 1.00 per share).

Consolidated profit increased by about 35 % to € 161.1 million (previous year: € 119.5 million). With an unchanged volume of 34.7 million shares as at the balance sheet date of December 31, 2009, the earnings per share amounted to € 4.64 (previous year: € 3.44).

SMA reduced its net working capital ratio to 10.6 % as at the closing date of December 31, 2009 (December 31, 2008: 11.4 %). On December 31, 2009, cash and cash equivalents and securities totaled € 365.0 million. Less non-current and current financial liabilities, net cash amounted to € 344.8 million. The equity ratio fell slightly on a year-on-year basis to 56.7 % on December 31, 2009 (December 31, 2008: 59.8 %).

The strong demand for SMA’s solar inverters has continued in the first quarter of 2010. Due to the excellent development of business, SMA is expecting consolidated sales of between € 310 and 330 million for the first quarter (previous year: € 86.7 million).

For fiscal 2010, the Managing Board is expecting sales of between € 1.1 and 1.3 billion with a slightly declining EBIT margin of between 20% and 23 %.

The annual report 2009 for the SMA Group and the individual financial statements for the AG are available on the corporate website at

About SMA
The SMA Group generated sales of c. 934 million Euro in 2009 and is the worldwide market leader for photovoltaic inverters, a key component of all solar power plants. It is headquartered in Niestetal, near Kassel, Germany, and is represented on four continents by 13 foreign subsidiaries. The Group employs a staff of over 4,000 (incl. temporary employees). SMA’s product portfolio includes the most comprehensive range of inverters on the market, offering a compatible inverter for every type of photovoltaic module and for all plant sizes. The product range covers both inverters for photovoltaic plants connected to the grid as well as inverters for off-grid systems. Since 2008, the Group’s parent company SMA Solar Technology AG has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has received numerous awards for its excellence as an employer.

SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal

Press contact:
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Phone +49 561 9522-11 21
Fax +49 561 9522-11 03

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Fax +49 561 9522-22 23

Julia Damm (Private Investors)
Phone +49 561 9522-11 64

This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the executive board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.