24.10.2016
SMA Solar Technology AG DE000A0DJ6J9
DGAP-News: SMA Solar Technology AG: Managing Board of SMA Solar Technology AG Decreases Forecast for Current Fiscal Year
DGAP-News: SMA Solar Technology AG / Key word(s): Change in Forecast
SMA Solar Technology AG: Managing Board of SMA Solar Technology AG Decreases
Forecast for Current Fiscal Year
24.10.2016 / 13:43
The issuer is solely responsible for the content of this announcement.
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SMA Solar Technology AG-Corporate News
Managing Board of SMA Solar Technology AG Decreases Forecast for Current
Fiscal Year
Niestetal, October 24, 2016 - The Managing Board of SMA Solar Technology AG
(SMA/FWB: S92) is adjusting its sales and earnings forecast for the 2016
fiscal year. The new forecast anticipates sales between EUR900 million and
EUR950 million (previously EUR950 million to EUR1,050 million) and
continues to anticipate a significant year-on-year increase in EBIT to
between EUR60 million and EUR70 million (previously EUR80 million to EUR120
million). This forecast adjustment was mainly caused by price pressure
emerging in all market segments worldwide since the middle of 2016 and
numerous delays in major solar projects. Based on provisional figures, SMA
achieved sales of more than EUR220 million and EBIT of more than EUR20
million in the third quarter of 2016. In the third quarter, the gross
margin was around 25%. High net cash of more than EUR350 million as of
September 30, 2016 underlines the attractive cash flow profile of SMA.
"SMA will also achieve a positive result in the current fiscal year. After
a successful third quarter in 2016, we expect weaker business at year-end
due to the significant increase in price pressure and numerous project
delays in the EMEA and North American regions," explained SMA Chief
Executive Officer Pierre-Pascal Urbon. "SMA has reacted to changes in
market conditions in good time. This year, we presented significantly cost-
reduced product innovations and solutions to our customers at leading trade
fairs in Europe and in the USA. Other innovations also resulting in a
decrease in manufacturing costs are planned for the years to come. In the
middle of the year, the Managing Board of SMA resolved the closure of the
production sites in Denver, USA, and Cape Town, South Africa, at the end of
2016 in order to decrease the Group's fixed costs and further increase
flexibility. The positive effects of product innovations and restructuring
activities are expected to be seen in earnings from 2017. With a high
equity ratio of nearly 50% and net cash of more than EUR350 million, SMA is
one of the most solid companies in the solar industry. Financial strength
is of great importance in view of the market for major solar projects and
the long-term service business."
The new earnings forecast takes into account one-off effects from the
consolidation of global production sites of a low double-digit million
amount. Some of these one-time items are already included in the earnings
for the third quarter. However, the positive impact on earnings from the
disposal of SMA Railway Technology GmbH is no longer considered in the
forecast. The Managing Board of SMA continues to anticipate the conclusion
of an agreement for the disposal of the SMA Railway Technology GmbH
subsidiary within the fourth quarter of 2016. Due to antitrust approval
requirements, the transaction is now expected to be completed in the first
quarter of 2017.
In the first nine months of 2016, SMA is expected to have generated sales
of more than EUR715 million (Q1-Q3 2015: EUR699.2 million). The Utility
business unit, which accounts for more than 40% of sales, was the main
sales driver here. International business accounted for around 90% of sales
in the first nine months of the fiscal year. The gross margin increased to
around 25% year-on-year (Q1-Q3 2015: 19.4%) and EBIT rose to approximately
EUR60 million (Q1-Q3 2015: EUR3.4 million). SMA generated high operating
cash flows and thus increased net cash to more than EUR350 million as of
September 30, 2015 (December 31, 2015: EUR285.6 million). As of September
30, 2016, the order backlog amounted to EUR588 million in total and was
thus slightly lower than the level of the previous year (September 30,
2015: EUR629 million). Around EUR170 million thereof was attributable to
the product business (September 30, 2015: EUR275 million). SMA will publish
the quarterly statement January to September 2016 on November 10, 2016.
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 750 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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24.10.2016 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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513867 24.10.2016
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