In 2019, SMA Solar Technology AG (SMA/FWB: S92) sold PV inverters with a total output of 11.4 GW. Inverter output sold in the past fiscal year was thus 34% higher than in the previous year (2018: 8.5 GW). According to preliminary calculations by the SMA Managing Board, sales increased to around €915 million (2018: €760.9 million) and therefore exceeded the Managing Board’s guidance of between €800 million and €880 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) of expected around €35 million (2018: –€69.1 million) were in line with the Managing Board’s guidance of between €20 million and €50 million. Depreciation and amortization are expected to be approximately €45 million. For the 2020 fiscal year, the SMA Managing Board is expecting sales to increase to between €1.0 billion and €1.1 billion and positive EBITDA of between €50 million and €80 million.
“After a difficult 2018, we successfully implemented a range of measures aimed at reducing costs and increasing sales in 2019,” said SMA Chief Executive Officer Jürgen Reinert. “In the last fiscal year, SMA’s inverter sales exceeded a total output of more than 10 GW for the first time ever. We regained market shares in our core business and continued SMA’s evolution into a systems and solutions provider by introducing system packages for private and commercial applications. In the field of the future of storage technology, we concluded contracts to supply more than 1 GW of battery inverter power, while our portfolio increased by 50% to 4.5 GW in the area of operations and maintenance services for large-scale PV power plants. We will continue along our successful path and expect a further increase in sales and earnings in 2020.”
Further cost reduction measures
The SMA Managing Board expects sales to increase to between €1.0 billion and €1.1 billion in 2020. Key stimuli include the ongoing positive market development expected in Europe and America and the growth of the storage market. SMA is well positioned to benefit from this market growth and gain additional market shares. In addition, the Managing Board is implementing further cost reduction measures. In this context, the SMA Managing Board is also expecting a significant increase in earnings. According to the Managing Board estimates, EBITDA will be between €50 million and €80 million in 2020.
At the Capital Markets Day on February 7, the SMA Managing Board will present the development of the markets and the positioning of the company in its core business and in key fields of the future. SMA will publish the complete consolidated financial statements for 2019 on March 26, 2020. (mfo)
