10.11.2016
SMA Solar Technology AG DE000A0DJ6J9
DGAP-News: SMA Solar Technology AG: SMA Solar Technology AG Considerably Increases Operating Earnings and Net Cash Flow in First Nine Months of 2016
DGAP-News: SMA Solar Technology AG / Key word(s): 9-month figures
SMA Solar Technology AG: SMA Solar Technology AG Considerably Increases
Operating Earnings and Net Cash Flow in First Nine Months of 2016
10.11.2016 / 07:06
The issuer is solely responsible for the content of this announcement.
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SMA Solar Technology AG - Press Release
SMA Solar Technology AG Considerably Increases Operating Earnings and Net
Cash Flow
in First Nine Months of 2016
Overview January to September 2016:
- Sales increase to EUR708.8 million (Q1-Q3 2015: EUR686.9 million)
- International share again rises to 90.0% (Q1-Q3 2015: 86.9%)
- High profitability with operating earnings (EBIT) of EUR59.4 million
(Q1-Q3 2015: EUR9.9 million)
- Net cash flow considerably increased to EUR123.6 million (Q1-Q3 2015:
EUR70.4 million)
- Financial stability thanks to solid equity ratio of 49.7% (December 31,
2015: 49.1%)
and high net cash of EUR352.8 million (December 31, 2015: EUR285.6
million)
- Managing Board confirms its sales and earnings forecast for fiscal year
2016 adjusted on October 24, 2016
Niestetal, November 10, 2016 - SMA Solar Technology AG (SMA/FWB: S92)
increased its sales and earnings from January to September 2016 despite
high price pressure in all market segments and regions. SMA Group sales
rose by 3.2% year on year to EUR708.8 million (Q1-Q3 2015: EUR686.9
million). Operating earnings (EBIT) increased considerably to EUR59.4
million (Q1-Q3 2015: EUR9.9 million). The main earnings driver was the
segment for large-scale PV power plants (Utility). In addition, the segment
for commercial PV systems (Commercial) continued its positive business
performance. From January to September 2016, SMA sold PV inverters with a
cumulative power of 5.7 GW (Q1-Q3 2015: 5.0 GW). SMA's high international
share of sales of 90.0% (Q1-Q3 2015: 86.9%) underscores its strong
international positioning.
As a result of increased sales volumes and the fixed cost reduction, EBITDA
improved considerably from January to September 2016 to EUR107.9 million
(EBITDA margin: 15.2%; Q1-Q3 2015: EUR64.6 million, 9.4%). The result
includes one-time items from the consolidation of worldwide production
sites. Consolidated earnings amounted to EUR36.9 million (Q1-Q3 2015:
EUR-13.7 million). Earnings per share thus amounted to EUR1.06 (Q1-Q3 2015:
EUR-0.39).
The considerable increase in SMA's flexibility and the attractiveness of
the business model can be seen in its net cash flow in particular. The net
cash flow increased considerably in the first nine months of 2016 to
EUR123.6 million (Q1-Q3 2015: EUR70.4 million). Net cash increased to
EUR352.8 million (December 31, 2015: EUR285.6 million). With an equity
ratio of 49.7% (December 31, 2015: 49.1%), SMA has a comfortable equity
capital base and continues to boast a very solid balance sheet structure.
"In a market environment characterized by increasing price pressure, SMA
has shown its strengths in the first nine months of 2016 and considerably
increased its net cash flow. Thanks to our strong product portfolio for
large-scale PV power plants and medium-sized PV systems and our service
business, we compensated for the market-driven decline in small PV systems
and successfully defended our global market leadership," explained SMA
Chief Executive Officer Pierre-Pascal Urbon. "In the coming months, the
policy of Donald Trump president-elect will be an important issue for the
industry. While the introduction of import duties on Chinese goods in the
U.S. as it is planned by Trump could be advantageous for us, he has never
made a secret of the fact that he doesn't think much of renewable energy.
However, the current U.S. incentive programs (Investment Tax Credit) were
passed jointly by Democrats and Republicans in Congress. Therefore, the
situation should not be overestimated at present. Another factor
influencing the market is the halving of the Chinese photovoltaic market.
To tap into foreign markets, Chinese competitors, who are fighting for
survival, are trying to offset the disadvantages in the functionality and
quality of their products, and the lack of service infrastructure with an
aggressive pricing policy. It is alarming that many Chinese PV inverters do
not even come up to legal standards. In contrast, SMA has a complete,
multi-award-winning product portfolio for all power ranges, certified for
compliance with international standards, and a global sales and service
network that allows us to support our customers on-site. Our
internationalization strategy and consolidation of our production locations
are absolutely the right course. Our goal is to at least absorb the market
fluctuations while also keeping costs as low as possible. With our solid
financial position, we are well-placed to deal with the changes ahead."
The SMA Managing Board confirms its sales and earnings forecast for
fiscal year 2016 adjusted on October 24, 2016. This forecast anticipates
sales of EUR900 million to EUR950 million and a significant increase in
operating earnings (EBIT) year on year to between EUR60 million and EUR70
million. The earnings forecast takes into account one-off items from the
consolidation of global production sites of a low double-digit amount.
However, the positive impact on earnings from the disposal of SMA Railway
Technology GmbH is no longer considered in the forecast.
(Railway Technology is no longer included in the figures for Q1-Q3 2016 as
the Group intends to sell this division. The comparative figures for the
previous year's quarters were therefore adjusted retrospectively. Railway
Technology is still included in the sales and earnings forecast for fiscal
year 2016.)
You can find the quarterly statement for January to September 2016 at
www.SMA.de/IR/FinancialReports.
About SMA
The SMA Group with sales of EUR1 billion in 2015 is the global market
leader for solar inverters, a key component of all PV plants, and offers
innovative key technologies for future power supply structures. It is
headquartered in Niestetal, near Kassel, Germany, and is represented in 20
countries. The Group employs more than 3,000 people worldwide. SMA has an
extensive range of products, which offers the right inverters for all
module types and plant sizes; for small residential systems as well as
large-scale plants, grid-connected photovoltaic systems as well as off-grid
and hybrid systems. Moreover, SMA offers system technology for various
battery technologies and system sizes and collaborates with renowned
battery manufacturers and companies from the automotive industry. The SMA
technology is protected by about 700 patents and utility models worldwide.
The range of services is supplemented by comprehensive services and
operational management of large-scale PV power plants. 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 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 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.
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10.11.2016 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,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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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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