- Sales in the first quarter with 87 million Euros over expected value
- EBIT of 6 million Euros achieved in Q1 (6.9 % EBIT-margin)
- Net working capital ratio with 14 % at a low level
- Excellent balance sheet structure with liquid funds of 222 million Euros
Niestetal, May 15, 2009 - SMA Solar Technology AG (SMA) is presenting its Quarterly Financial Report January to March 2009 today. In the first quarter of 2009, SMA achieved a positive result despite a decrease in sales. The manufacturer of photovoltaic (PV-) inverters clearly profited from the high flexibility of its business model and its unique positioning in the solar market.
As a result of declining market development in the first quarter, sales decreased by 25 % compared to the first quarter of last year to 86.7 million Euros (previous year: 115.1 million Euros). This corresponds to a sold inverter output of 243 megawatt (previous year: 331 MW). In the first three months, SMA achieved a positive EBIT of 6.0 million Euros (previous year: 24.3 million Euros). The EBIT margin lies at 6.9 % in Q1 (previous year: 21.1 %). The group's net profit was 5.5 million Euros (previous year: 17.3 million Euros).
At the end of the reporting period on March 31, 2009, SMA reports earnings per share of 0.16 Euros (previous year: 0.50 Euros, converted to 34.7 million shares).
The net working capital ratio was successfully kept at a low level also to the 31st March 2009 at
13.6 % (December 31, 2008: 11.4%). With this SMA reached a significantly better value than the target net working capital ratio of 16 to 18 %., The balance sheet indicates a solid structure at the end of the quarter. With a cash and cash equivalents plus securities position of 222 million Euros, SMA can finance future growth.
"With a market share of approx. 38 % in 2008, SMA's business development depends directly on the difficult to predict development of the global photovoltaic market. Therefore we only produce to order. Our production concept allows us to quickly adapt capacity corresponding to demand", says Günther Cramer, CEO of SMA Solar Technology AG, "thus we were able to close the first quarter profitably despite the decrease in sales. With our new inverter factory in Kassel, which went into operation in
April, we were able to continue to develop this competitive advantage and are well prepared for growing demand."
SMA is also consistently driving forward its internationalisation. With the newly established companies in the Czech Republic and Belgium, SMA is now represented in eleven countries on four continents. Other subsidiaries are planned for the United Arab Emirates and Portugal. In the first quarter of the current fiscal year, foreign markets had an increasing share of total sales. The share of sales generated abroad was about 52.5 % in Q1 (previous year: 39.8 %).
After a weaker first quarter, SMA management anticipates a significantly better business development for the second quarter of 2009. Compared to the first quarter of 2009, management is expecting an increase in sales of at least 65 % to about 145 to165 million Euros.
In the long-term management anticipates a growth of the photovoltaic market but cannot rule out a slight decline in global demand for 2009.
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 ten 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.
SMA Solar Technology AG
Director of Press and Lobbying
Tel. +49 561 9522-11 21
Fax.+49 561 9522-11 03
SMA Solar Technology AG
Fax.+49 561 9522-22 23
Anna Raudszus (Institutional investors/analysts)
Tel. +49 561 9522-22 22
Julia Damm (Private investors)
Tel. +49 561 9522-11 64
Link to the financial report:
<link ir finanzberichte external-link-new-window>www.sma.de/ir/finanzberichte (German)
<link ir financialreports external-link-new-window>www.sma.de/ir/FinancialReports (English)
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.