30.03.2017
SMA Solar Technology AG DE000A0DJ6J9
DGAP-News: 2016 Results: SMA Solar Technology AG Successfully Continues on Path to More Profit and Higher Cash Flow
DGAP-News: SMA Solar Technology AG / Key word(s): Final Results
2016 Results: SMA Solar Technology AG Successfully Continues on Path to More
Profit and Higher Cash Flow
30.03.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
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SMA Solar Technology AG - Corporate News
2016 Results: SMA Solar Technology AG Successfully Continues on Path to More
Profit
and Higher Cash Flow
Overview of fiscal year 2016 [1]:
- Inverter output sold rises to a record level of 8.2 GW (2015: 7.3 GW)
- Sales nearly at the previous year's level at EUR946.7 million (2015:
EUR981.8 million)
- Earnings before interest, taxes, depreciation and amortization (EBITDA)
increased to EUR141.5 million (2015: EUR121.1 million)
- Operating cash flow considerably increased to EUR147.5 million (2015:
EUR102.7 million)
- Financial stability thanks to solid equity ratio of 48.3% (December 31,
2015: 49.1%) and high net cash of EUR362.0 million (December 31, 2015:
EUR285.6 million)
- Managing Board and Supervisory Board recommend dividend payment of EUR0.26
per share
- Managing Board anticipates sales of up to EUR175 million and EBITDA of up
to EUR18 million in first quarter of 2017 and confirms sales and earnings
forecast for the year as a whole
Niestetal, March 30, 2017-SMA Solar Technology AG (SMA/FWB: S92)
successfully continued on its path to more profit and higher cash flow in
2016 and achieved a sales record by selling inverter output of 8.2 GW (2015:
7.3 GW). SMA Group sales were nearly at the previous year's level at
EUR946.7 million (2015: EUR981.8 million). Despite an unexpectedly sharp
decrease in average selling prices, earnings before interest, taxes,
depreciation and amortization (EBITDA) increased significantly to EUR141.5
million (EBITDA margin: 14.9%; 2015: EUR121.1 million, 12.3%). The main
earnings driver was still the segment for large-scale PV power plants
(Utility). At the same time, the segment for commercial PV systems
(Commercial), among others, recorded strong business performance. The most
important markets were North America, Japan, India, Great Britain and
Germany.
Net income doubled to EUR29.6 million in the past fiscal year (2015: EUR14.3
million). Earnings per share thus amounted to EUR0.85 (2015: EUR0.41). Due
to its attractive business model and increased flexibility, SMA generated
high operating cash flow of EUR147.5 million (2015: EUR102.7 million). With
net cash of EUR362.0 million (2015: EUR285.6 million) and an equity ratio of
48.3% (2015: 49.1%) at the end of 2016, the company has an extremely solid
balance-sheet structure. A long-term credit line of EUR100 million from
domestic banks underscores SMA's investment-grade credit rating. The
Managing Board and the Supervisory Board will recommend that the Annual
General Meeting on May 23, 2017, set a dividend of EUR0.26 per share for
fiscal year 2016. This corresponds to a dividend payout ratio of 31% of net
income.
"In addition to extremely low power generation costs, climate targets are
also an important growth driver for the photovoltaics industry," said SMA
Chief Executive Officer Pierre-Pascal Urbon. "However, the fundamental
change in the energy sector will only be possible with digitization. Thanks
to automation, in the future supply and demand will be reconciled more
cost-effectively than before. SMA has focused its strategy on benefiting
from attractive growth opportunities. This year, for example, we are
launching a new energy management platform that allows commercial customers
to monitor energy flows across different sectors (photovoltaics, heating,
ventilation and air conditioning technology, and storage systems) for the
first time. In developing our platform further, we will optimize total
energy costs at a local level and facilitate interconnection with global IoT
platforms. With SMA's range of solutions, companies can develop new business
models and increase their competitiveness. With our innovative inverter
solutions, we also ensure high connectivity, grid stability and reliability.
These are important prerequisites for an even faster expansion of
photovoltaics."
For the first quarter of 2017, the SMA Managing Board is anticipating sales
of EUR165 million to EUR175 million (Q1 2016: EUR248.1 million) and earnings
before interest, taxes, depreciation and amortization (EBITDA) of EUR15
million to EUR18 million (Q1 2016: EUR41.3 million). The SMA Managing Board
is confirming the sales and earnings guidance for fiscal year 2017 as
published on January 26, 2017, which forecasts sales of between EUR830
million and EUR900 million and EBITDA of between EUR70 million and EUR90
million. Net cash will rise to more than EUR400 million thanks to high
operating cash flow.
"Fiscal year 2017 will undoubtedly be a challenge for the entire
photovoltaics sector," said SMA Chief Financial Officer Ulrich Hadding. "The
continued high pricing pressure in all markets and segments combined with
poor weather conditions in important sales markets such as the U.S. are also
impacting SMA's business performance in the first quarter. However, we
expect business to pick up over the coming quarters and are therefore
confirming our forecast for the year as a whole. Due to the low capital
intensity of our business model, we will continue to build our financial
strength in the current fiscal year."
The SMA Annual Report for 2016 is available online at
www.SMA.de/IR/FinancialReports.
About SMA
The SMA Group with sales of around EUR1 billion in 2016 is the global market
leader for solar inverters, a key component of all PV plants. SMA offers a
wide range of products and solutions that allow for high energy yields for
residential and commercial PV systems and large-scale PV power plants. To
increase PV self-consumption efficiently, SMA system technology can easily
be combined with different battery technologies. Intelligent energy
management solutions, comprehensive services and operational management of
PV power plants round off SMA's range. The company is headquartered in
Niestetal, near Kassel, Germany, is represented in 20 countries and has more
than 3,000 employees worldwide, including 500 working in Development. SMA's
multi-award-winning technology is protected by approximately 900 patents and
utility models. 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 is currently the only company in the solar industry that is listed
in the TecDAX index.
SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Head of Corporate Communications:
Anja Jasper
Tel. +49 561 9522-2805
[email protected]
Press Contact:
Susanne Henkel
Manager Corporate Press
Tel. +49 561 9522-1124
Fax +49 561 9522-421400
[email protected]
Disclaimer:
This corporate news 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 Managing 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.
[1] Railway Technology is no longer included in the figures for 2016. The
comparative figures for the previous year were therefore adjusted
retroactively.
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30.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
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Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: [email protected]
Internet: http://www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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