SMA Solar Technology AG / Final Results
31.03.2010 07:04
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* Sales increased by 37 % to EUR 934 million
* EBIT increased to EUR 228 million
* Again highly profitable with an EBIT margin of 24.4 %
* Earnings per share improved to EUR 4.64
* Proposed dividend raised to EUR 1.30 per share for 2009
* 2010 sales forecast of between EUR 1.1 and 1.3 billion confirmed
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 EUR 934.3
million (previous year: EUR 681.6 million). Accordingly, sales exceeded the
forecast of EUR 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 EUR 400
million in infrastructure expansions between 2010 and 2012.
'In addition, an amount of about EUR 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 EUR 228.4 million (previous year: EUR
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 EUR 1.30 per share be
distributed for the successful business year of 2009 (previous year: EUR
1.00 per share).
Consolidated profit increased by about 35 % to EUR 161.1 million (previous
year: EUR 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 EUR 4.64 (previous year: EUR 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 EUR 365.0 million. Less
non-current and current financial liabilities, net cash amounted to EUR
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 EUR 310 and 330 million for the
first quarter (previous year: EUR 86.7 million).
For fiscal 2010, the Managing Board is expecting sales of between EUR 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
www.SMA.de/IR/Finanzberichte.
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
Germany
Press contact:
Volker Wasgindt
Head of Press and Association Work
Phone +49 561 9522-11 21
Fax +49 561 9522-11 03
Volker.Wasgindt@SMA.de
Investor Relations:
Anna Raudszus (Institutional Investors/Analysts)
Director Investor Relations
Phone +49 561 9522-22 22
Fax +49 561 9522-22 23
ir@SMA.de
Julia Damm (Private Investors)
Phone +49 561 9522-11 64
Disclaimer:
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 www.SMA.de. The company accepts no
obligation whatsoever to update these future-oriented statements or to
adjust them to future events or developments.
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Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Deutschland
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info@sma.de
Internet: http://www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: SMA Solar Technology AG: SMA confirms preliminary figures and record results for fiscal 2009
| Source: EQS Group AG