SMA Solar Technology AG Generates Positive Operating Earnings from January to September 2015

SMA Solar Technology AG Generates Positive Operating Earnings from January to September 2015

Overview January to September 2015:

- Sales increase by approximately 27% to €699.2 million (Q1-Q3 2014: €549.3 million)
- International share rises significantly to 86.7% (Q1-Q3 2014: 75.9%)
- Positive operating earnings (EBIT) of €3.4 million (Q1-Q3 2014: €–72.7 million)
- Net cash increases to €250.6 million (December 31, 2014: €225.4 million) despite severance payments
- Equity ratio still high at 46.7% (December 31, 2014: 46.8%)
- Managing Board confirms raised sales and earnings guidance for fiscal year 2015

From January to September 2015, SMA Solar Technology AG (SMA/FWB: S92) recorded good results, which included an increase in sales of 27.3% to €699.2 million (Q1-Q3 2014: €549.3 million). Sales were mainly driven by the large-scale PV power plant segment (Utility). At the same time, the residential PV system and commercial PV system segments as well as service business also posted sales growth. A high international share of sales of 86.7% (Q1-Q3 2014: 75.9%) reflects SMA Group’s outstanding international position. The most important foreign markets in the reporting period were North America, Japan, Great Britain and Australia. SMA sold PV inverters with an output of 5.0 GW in the first nine months of the year (Q1-Q3 2014: 3.3 GW). This is nearly as much as in all of last year.

As a result of increased sales volumes, reduced fixed costs and positive exchange rate effects, EBITDA improved considerably to €58.9 million (Q1-Q3 2014: €–8.2 million). From January to September 2015, SMA generated positive earnings before interest and taxes (EBIT) of €3.4 million after negative earnings in the same period of the previous year (Q1-Q3 2014: €–72.7 million).

Despite severance payments in the wake of staff reductions, gross cash flow improved considerably in the reporting period to €26.4 million (Q1–Q3 2014: €–46.1 million). Net cash increased to €250.6 million (December 31, 2014: €225.4 million). With an equity ratio of 46.7% (December 31, 2014: 46.8%), SMA remains financially sound and is therefore able to implement the company strategy from its own resources.

“SMA completed the turnaround earlier than expected having already generated positive operating earnings before interest and taxes in the first nine months of the year,” explained SMA Chief Executive Officer and Chief Financial Officer Pierre-Pascal Urbon. “We have continued to extend our technology and market leadership in recent months and are the clear global market leader according to a study by IHS. As a photovoltaic systems specialist, the success of our strategy of offering holistic solutions for all attractive photovoltaic markets, all module technologies and all power classes is reflected in even distribution of sales, both in regions and market segments. SMA is in an outstanding position to benefit from the increase in global demand expected in 2016.” The company has an attractive cash flow profile thanks to an adjusted fixed cost base, reduced working capital and low capital intensity. In 2015, SMA will generate positive free cash flow and further increase its net liquidity.

Against the backdrop of its positive business growth from January to October 2015, a significantly better sales and earnings development in the third quarter compared to the same period of the last year (sales Q3 2015: €269.9 million, Q3 2014: €208.1 million; EBIT Q3 2015: €18.3 million, Q3 2014: €–10.3 million) as well as a high order backlog, the Managing Board of SMA has again raised its sales and earnings forecast for the current fiscal year on November 11, 2015. The new forecast predicts sales of €925 million to €975 million (previously: €850 million to €900 million) and an operating result (EBIT) of €10 million to €30 million (previously: €0 million to €10 million).

You can find the quarterly financial report for January to September 2015 at

About SMA
The SMA Group with sales of more than €800 million in 2014 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. The technology is protected by 740 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 also in the TecDAX index.

SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal

Head of Corporate Communications:
Anja Jasper
Tel.: +49 561 9522-2805

Press contact:
Susanne Henkel
Manager Corporate Press
Tel.: +49 561 9522-1124
Fax +49 561 9522-421400

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 The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.