SMA Solar Technology AG (SMA/FWB: S92) shareholders granted full discharge to the Managing Board and Supervisory Board for the fiscal year 2013 with a clear majority of over 99% at today's 2014 Annual General Meeting in Kassel. The remaining items on the agenda were also passed with a large majority. More than 260 shareholders attended the 2014 Annual General Meeting of SMA Solar Technology AG, and 86% of those with voting rights were present.
The Annual General Meeting accepted the proposal of the Managing Board and Supervisory Board that no dividend be distributed for the 2013 fiscal year. "SMA has distributed an average annual dividend of €1.20 per share since the initial public offering. Our dividend policy provides for a distribution share of between 20% and 40% based on consolidated net profit. This was negative in the fiscal year ended. In view of the continuing volatile market environment, we do not consider that payment of a dividend is justifiable. Our shareholders as well as the shareholder representatives DSW and SdK expressly support this view. In order to return to profitable growth, we will continue to make intensive investments in research and development, as these investments ensure the future of SMA," explained SMA Chief Executive Officer Pierre-Pascal Urbon. The SMA Group generated sales of €932.5 million in 2013 and earnings before interest and taxes (EBIT) of €-89.1 million. In the best-case scenario, with sales of €1.0 billion to €1.3 billion, the SMA Managing Board predicts an EBIT of up to €20 million for 2014. The forecast is based on the assumption of a stable regulatory environment, particularly in Europe.
The presentation given by the Managing Board at the Annual General Meeting, along with further information, can be found on the Internet at www.sma.de/....
The Annual General Meeting accepted the proposal of the Managing Board and Supervisory Board that no dividend be distributed for the 2013 fiscal year. "SMA has distributed an average annual dividend of €1.20 per share since the initial public offering. Our dividend policy provides for a distribution share of between 20% and 40% based on consolidated net profit. This was negative in the fiscal year ended. In view of the continuing volatile market environment, we do not consider that payment of a dividend is justifiable. Our shareholders as well as the shareholder representatives DSW and SdK expressly support this view. In order to return to profitable growth, we will continue to make intensive investments in research and development, as these investments ensure the future of SMA," explained SMA Chief Executive Officer Pierre-Pascal Urbon. The SMA Group generated sales of €932.5 million in 2013 and earnings before interest and taxes (EBIT) of €-89.1 million. In the best-case scenario, with sales of €1.0 billion to €1.3 billion, the SMA Managing Board predicts an EBIT of up to €20 million for 2014. The forecast is based on the assumption of a stable regulatory environment, particularly in Europe.
The presentation given by the Managing Board at the Annual General Meeting, along with further information, can be found on the Internet at www.sma.de/....
