SMA Solar Technology AG (SMA/FWB: S92) closed the 2017 fiscal year with a sales record of around 8.5 GW (2016: 8.2 GW). According to provisional estimates by the Managing Board, SMA generated sales of more than €890 million in 2017 (2016: €946.7 million). The earnings before interest, taxes, depreciation and amortization (EBITDA) of expected more than €95 million (2016: €141.5 million) are at the top end of the Managing Board’s guidance; the EBIT guidance was surpassed. Net income is expected to amount to approximately €30 million and is therefore on par with the previous year (2016: €29.6 million). SMA has increased its net cash to an estimated €450 million (December 31, 2016: €362.0 million). For the 2018 fiscal year, the SMA Managing Board expects sales of €900 million to €1.0 billion and anticipates EBITDA of between €90 million and €110 million. For the first time, EBITDA includes expenses of more than €10 million for setting up the digital business. The Managing Board estimates that depreciation and amortization will amount to approximately €50 million.
“SMA closed the 2017 fiscal year better than originally forecast,” explained SMA Chief Executive Officer Pierre-Pascal Urbon. “We set a new sales record, in particular due to the strong business in Europe and Asia. All segments were profitable, and we increased net cash to around €450 million thanks to our positive earnings and the low capital intensity of our business model. We will use our many years of experience with photovoltaic inverters, battery-storage systems and energy management to expand into the rapidly growing energy services business.”
The SMA Managing Board expects sales to increase to between €900 million and €1.0 billion in 2018. This will be driven mainly by the generally good market development and in particular by the continued strength of the Asian and European business and the rising demand for system technology for storage applications. The Managing Board anticipates EBITDA of between €90 million and €110 million. This includes expenses of more than €10 million for setting up the energy services business. The Managing Board estimates that depreciation and amortization will amount to approximately €50 million.
“SMA wants to seize the opportunities of the digital transformation in the energy sector and is in an ideal position to do so,” said Urbon. “In the future, we will be launching numerous innovations and entering into new strategic partnerships. Our connected solutions help our customers around the world effectively reduce their electricity costs and contribute to a sustainable future.”
At Capital Markets Day on January 26, the Managing Board will talk about disruptions in the energy sector, the growth of SMA’s addressable market and SMA’s unique positioning and financial performance. The presentation containing additional information can be found at http://www.sma.de/en/investor-relations/publications/presentations.html from the beginning of the event. SMA will publish the complete consolidated financial statements for 2017 on March 28, 2018.
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.
“SMA closed the 2017 fiscal year better than originally forecast,” explained SMA Chief Executive Officer Pierre-Pascal Urbon. “We set a new sales record, in particular due to the strong business in Europe and Asia. All segments were profitable, and we increased net cash to around €450 million thanks to our positive earnings and the low capital intensity of our business model. We will use our many years of experience with photovoltaic inverters, battery-storage systems and energy management to expand into the rapidly growing energy services business.”
The SMA Managing Board expects sales to increase to between €900 million and €1.0 billion in 2018. This will be driven mainly by the generally good market development and in particular by the continued strength of the Asian and European business and the rising demand for system technology for storage applications. The Managing Board anticipates EBITDA of between €90 million and €110 million. This includes expenses of more than €10 million for setting up the energy services business. The Managing Board estimates that depreciation and amortization will amount to approximately €50 million.
“SMA wants to seize the opportunities of the digital transformation in the energy sector and is in an ideal position to do so,” said Urbon. “In the future, we will be launching numerous innovations and entering into new strategic partnerships. Our connected solutions help our customers around the world effectively reduce their electricity costs and contribute to a sustainable future.”
At Capital Markets Day on January 26, the Managing Board will talk about disruptions in the energy sector, the growth of SMA’s addressable market and SMA’s unique positioning and financial performance. The presentation containing additional information can be found at http://www.sma.de/en/investor-relations/publications/presentations.html from the beginning of the event. SMA will publish the complete consolidated financial statements for 2017 on March 28, 2018.
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.
