SMA Solar Technology AG / Change of Personnel/Preliminary Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
- Sales more than doubled to c. EUR 680 million
- EBIT rose c. 170 % to more than EUR 160 million
- Dividend of EUR 1.00 planned for 2008
- Financing of further growth secured through capital generated by
the IPO and a positive cash flow
- Managing Board to be expanded to five members
- Chief Financial Officer Reiner Wettlaufer moves to
Niestetal, 19/02/2009 - SMA Solar Technology AG (FWB: S92) has completed
the most successful financial year in company history with new record sales
Based on preliminary figures the company saw sales more than double to
c. EUR 680 million in 2008 over EUR 327 million for the previous year as a
result of the high demand for SMA solar inverters. During the reporting
period the EBIT rose by c. 170 % to more than EUR 160 million (previous
year: EUR 59 million). The EBIT margin of SMA thus increased from 18 % in
2007 to more than 24 %. In view of the excellent development of business
the Managing and Supervisory Boards will recommend to the annual general
meeting a dividend of EUR 1.00 per share to be paid out. SMA will present
the complete financial statements at the annual press conference on March
31, 2009 in Frankfurt am Main.
'We achieved outstanding results in 2008 while simultaneously expanding our
market and technology leadership and our share of exports,' said Günther
Cramer, Chief Executive Officer of SMA Solar Technology AG.
The further development of the photovoltaic markets is currently difficult
to predict in view of the situation on the financial markets. In recent
months the market for photovoltaic modules has increasingly turned from a
sellers' market to a buyers' market with considerably decreasing module
prices. This development however has not affected solar inverter
manufacturers like SMA, because this market segment has been characterized
by intense competition from the very beginning. SMA has responded very well
to these competitive conditions at an early stage.
'The photovoltaic market will continue to develop dynamically in particular
with regard to technological innovations aiming at cost reduction and with
regard to further internationalization. SMA will therefore continue to
expand its R&D activities and position itself in new markets with the clear
goal to achieve market leadership,' Günther Cramer added. 'In order to
ensure that the necessary management resources are available, the Managing
Board will be strengthened through the addition of executives with
extensive managerial experience at SMA.'
The Supervisory Board therefore resolved today to expand the Managing Board
from four to five members combined with a partial realignment of duties. In
addition, the contracts of company founders Günther Cramer and Peter Drews,
which were set to expire in August 2009, will be extended through 2011.
This move ensures full continuity at the managerial level.
In the context of this realignment, the strategy and development function
will be divided. CEO Günther Cramer will concentrate on the development of
corporate strategy and human resources. Both of these segments are destined
to play a vital role in the future success of SMA.
Roland Grebe (48), graduate engineer, will become the new Managing Board
member in charge of research and development. Roland Grebe has been with
SMA for 24 years and is currently a senior manager in charge of the
development of important product lines. In creating a Managing Board
posi-tion with sole responsibility for R&D, SMA is laying the best
groundwork for the future expansion of its R&D capacities as well as for
expanding the company's technological leadership.
In line with his personal plans for the future CFO Reiner Wettlaufer has
decided to not extend his contract as Chief Financial Officer but to seek
election to the Supervisory Board at the 2009 annual general meeting. He
will maintain close ties to the company as a Supervisory Board member and
as a major shareholder on a long-term basis.
'Together with the two other company founders, Reiner Wettlaufer has helped
SMA become one of the best companies in the photovoltaic industry through
outstanding personal engagement,' said Dr. Erik Ehrentraut, Chairman of the
Supervisory Board. 'He has managed the company's finances in an exemplary
manner throughout the company's history, in particular during phases of
extreme growth and international expansion, and he had a key role in
preparing SMA for its successful initial public offering in June 2008. The
Supervisory Board would like to express its sincere gratitude for his
outstanding performance and personal involvement for over 28 years.'
Mr. Wettlaufer will be replaced by Pierre-Pascal Urbon, who currently
serves as Managing Board member in charge of sales, marketing and investor
relations. The highly experienced financial and capital markets expert will
combine the finance and investor relations functions.
Marko Werner (45), graduate engineer, will succeed Pierre-Pascal Urbon as
Chief Marketing & Sales Officer. Marko Werner has been with SMA for 22
years and currently serves as senior vice president in charge of group-wide
Effective June 11, 2009, on the day after the annual general meeting, the
Managing Board of SMA Solar Technology AG will therefore consist of the
following five members: Günther Cramer (CEO; strategy & human resources),
Peter Drews (Chief Operating Officer), Roland Grebe (Chief Technology
Officer), Pierre-Pascal Urbon (Chief Financial Officer) and Marko Werner
(Chief Marketing & Sales Officer).
Managing Board members Günther Cramer and Peter Drews have also announced
that they will seek election to the Supervisory Board in 2011 following the
expiration of their new two-year contracts. All company founders will
maintain their ties to the company as major shareholders and intend to hold
on to their stakes in the long term.
The newly expanded Managing Board of SMA will continue to pursue the
company's successful strategy characterized by a complete product range,
clear technological leadership, a global presence with sales and service
outlets located worldwide and a high degree of production flexibility.
About SMA Solar Technology AG
SMA is 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
eight 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 plant. 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
Tel. +49 561 9522-11 21
Fax.+49 561 9522-11 03
Anna Raudszus (Institutional Investors/Analysts)
Phone: +49 561 9522-11 72
Julia Damm (Private Investors)
Phone: +49 561 9522-22 22
Tel. +49 561 9522-22 22
Fax.+49 561 9522-22 23
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 for-ward to,' 'anticipates,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'will,' 'project' 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 fu-ture 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 (including margin
developments, 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.
19.02.2009 Financial News transmitted by DGAP
Issuer: SMA Solar Technology AG
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service