SMA Solar Technology AG’s sales in the first half year of 2010 almost as high as those of the whole of 2009, SMA Solar Technology AG
Release Date: 2010-08-13
Today, SMA Solar Technology AG (SMA/FWB: S92) presents its financial report for the first six months from January to June 2010. With group sales of EUR 815.8 million and an inverter output sold of 3,146 MW, the data published today is slightly above the preliminary figures of July 6, 2010. “This means that the first half year of 2010 was the most successful half year in SMA's history,” says Günther Cramer, CEO of SMA.SMA is the only inverter manufacturer worldwide offering the matching inverter type for every module type and all performance classes. This unique position enabled SMA to benefit particularly from the strong demand in the first half year of 2010. Main demand incentives came from the German photovoltaics market. Against the backdrop of the early adjustment of feed-in remuneration for solar energy from July 1, 2010, many plant operators in Germany brought forward their investments. Greater demand was also recognizable in foreign markets. France, Italy, Belgium as well as North America and Australia were among the most important foreign markets. For the entire year of 2010, SMA’s Managing Board expects substantial growth of the global market to up to 14 GW (2009: approx. 8 GW).
SMA's group sales totaled EUR 815.8 million from January to June 2010. Accordingly, sales more than tripled compared to the same period of the previous year (Q1-Q2 2009: EUR 247.1 million). EUR 476.5 million was attributable to the second quarter (Q2 2009: EUR 160.4 million), which corresponds to about 58 % of total sales. Development of sales in the first half year was influenced by the limited availability of electronic components. In total, SMA sold an inverter output of 3.1 GW in the first six months, of which 1.9 GW in the second quarter alone. The Managing Board of SMA maintains its sales forecast of EUR 1.5 to 1.8 billion for the entire year of 2010, announced on July 6.
Operating profit (EBIT) improved to EUR 219.9 million in the reporting period (Q1-Q2 2009: EUR 35.0 million). Due to changes in the product mix and economies of scale, the EBIT margin in the first six months of 2010 increased to 27.0 % following 14.2 % in the previous year’s period. For the entire year of 2010, SMA’s Managing Board confirms its profitability target (EBIT) of 24 % to 27 % in relation to sales. Consolidated net profit was EUR 158.2 million in the first half year (Q1-Q2 2009: EUR 26.0 million). In the reporting period, SMA’s earnings per share of EUR 4.56 were almost identical to the figure of the whole of 2009 (2009: EUR 4.64 per share; total number of shares 34.7 million in each year). In the first six months of 2009, the earnings per share were EUR 0.75.
The net working capital more than doubled by June 30, 2010 and increased to EUR 252.6 million (December 31, 2009: EUR 98.6 million). The net working capital was 16.8 % in relation to sales of the last twelve months. Accordingly, the ratio was within the corridor of 16 % to 18 % as expected by the management. In essence, the rise in the net working capital is attributable to the planned increase in inventories (in particular in raw materials, consumables and supplies). With EUR 231.7 million, inventories were more than doubled (December 31, 2009: EUR 112.5 million) in order to ensure the maximum utilization of production.
SMA received several awards in the first half of 2010 for extraordinary achievements. For example, the completely redesigned Sunny Central 800CP won the Intersolar Award. The jury was convinced by this central inverter particularly because of its enormous cost-minimizing potential and its high level of efficiency. In addition, on the occasion of the 25th Photovoltaics Solar Energy Symposium in Bad Staffelstein, SMA received the innovation award for its new three-phase multi-string inverter Sunny Tripower. SMA’s reporting has set new standards for TecDAX companies. Its annual report 2009 won several awards by the League of American Communications Professionals (LACP), including being ranked 18th among the best annual reports 2009 worldwide.
“Due to our high power of innovation and unique position in the solar market, we closed the first half year of 2010 with record results. In the forthcoming months, we will concentrate, in particular, on the increase in our production quantities and on the expansion of our technology and market leadership,” explains Günther Cramer. “Our global presence helps us to benefit from the strong growth of the photovoltaics market. Therefore, we adhere to our sales and earnings forecast.”
| Type: | NORMAL |
| Company: | SMA Solar Technology AG |
| Country: | Germany |