11.08.2016
SMA Solar Technology AG DE000A0DJ6J9
DGAP-News: SMA Solar Technology AG: SMA Solar Technology AG Increases Sales and Earnings in First Half of 2016
DGAP-News: SMA Solar Technology AG / Key word(s): Half Year Results
SMA Solar Technology AG: SMA Solar Technology AG Increases Sales and
Earnings in First Half of 2016
11.08.2016 / 07:12
The issuer is solely responsible for the content of this announcement.
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SMA Solar Technology AG - Corporate News
SMA Solar Technology AG Increases Sales and Earnings in First Half of 2016
Overview of H1 2016:
- Sales rise to EUR494.1 million (Q1-Q2 2015: EUR429.3 million)
- Positive operating earnings (EBIT) of EUR39.3 million (Q1-Q2 2015:
EUR-14.9 million)
- International share again rises significantly to 91.1% (Q1-Q2 2015:
87.2%)
- Financial stability thanks to solid equity ratio of 49.2% (December 31,
2015: 49.1%) and high net cash of EUR294.1 million (December 31, 2015:
EUR285.6 million)
- Managing Board confirms its sales and earnings forecast for fiscal year
2016
- Managing Board announces new product solutions and the consolidation of
production locations to counter growing price pressure with sustainable
cost reductions
Niestetal, August 11, 2016 - SMA Solar Technology AG (SMA/FWB: S92)
reported a positive business performance in the first half of 2016 in a
market environment characterized by strong price pressure. The SMA Group's
sales increased by 15.1% to EUR494.1 million year on year (H1 2015:
EUR429.3 million). EBIT was EUR39.3 million (H1 2015: EUR-14.9 million).
The main earnings driver was the segment for large-scale PV power plants
(Utility). The segment for commercial PV systems (Commercial) also reported
a positive performance. Thanks to its international positioning, SMA is
continuing to benefit from the growth on foreign photovoltaic markets. The
international share of sales was 91.1% in the first six months of 2016 (H1
2015: 87.2%). From January to June 2016, SMA increased its sold PV inverter
output by 22.9% to 3.9 GW (H1 2015: 3.2 GW).
As a result of increased sales volumes and the fixed cost reduction, EBITDA
improved considerably in the first half of 2016 to EUR73.1 million (EBITDA
margin: 14.8%; H1 2015: EUR21.3 million, 5.0%). Consolidated earnings
amounted to EUR19.4 million (H1 2015: EUR-21.4 million). Earnings per share
thus amounted to EUR0.56 (H1 2015: EUR-0.62).
Gross cash flow improved considerably in the reporting period to EUR60.9
million (H1 2015: EUR-5.1 million). Net cash increased to EUR294.1 million
(December 31, 2015: EUR285.6 million). With an equity ratio of 49.2%
(December 31, 2015: 49.1%), SMA has a comfortable equity capital base and
still has a solid balance sheet structure.
Against the backdrop of the consistently high order backlog of EUR644
million and the expectation of stronger business in the second half of the
year, SMA's Managing Board is confirming the sales and earnings forecast
for fiscal year 2016 published on January 29, 2016. This forecast
anticipates sales of between EUR950 million and EUR1,050 million and a
significant year-on-year increase in EBIT to between EUR80 million and
EUR120 million. The Managing Board notes that the upper end of the forecast
earnings range is ambitious given the price developments in the solar
industry.
The Managing Board is anticipating a further intensification of price
pressure in 2017 compared to the current year and, in light of this, is
announcing the closure of the production locations in Denver, USA, and Cape
Town, South Africa. The aim of this is to sustainably improve the cost
structure by consolidating the global infrastructure. The Managing Board is
also planning targeted investments in technology development and is
announcing further product innovations to bolster its market positioning.
According to the Managing Board, the effects of the restructuring
activities and the product innovations are expected to be seen in earnings
within the next twelve months.
"The acceleration of price pressure in the solar industry has been
unexpectedly strong in recent weeks. We therefore immediately initiated
measures to lower our break-even point even further. The closure of our
production locations in Denver and Cape Town was extremely difficult for
us. However, this step is unavoidable if we are to lastingly counteract the
persistent price pressure and to achieve better production capacity
utilization in China and Germany in the future. The American market remains
highly important to us. We will be maintaining our presence at the
Californian location in Rocklin with Sales and Service moving ahead as
well, and we will further boost our leading position on the American
market. Moreover, we are planning to further expand our unique positioning
with innovative solutions. For example, SMA will be presenting a compact
system solution with integrated energy management for the rapidly growing
Commercial market segment to the public at Solar Power International in Las
Vegas in September 2016," said SMA's CEO Pierre-Pascal Urbon. The solar
industry's medium-term prospects are good for those companies emerging
successfully from the consolidation phase. "The cost of solar power
generated by PV systems will at last be at a similar level to that of on-
shore wind turbines before the end of the decade. This will mean entirely
new growth prospects for highly flexible companies such as SMA," stated
Urbon.
You can find the half-year financial report for January to June 2016 at
www.SMA.de/IR/FinancialReports.
About SMA
With sales of EUR1 billion in 2015, the SMA Group 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 3,500 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. 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 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 corporate news 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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11.08.2016 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.
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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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