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SMA Solar Technology AG: Managing Board of SMA Solar Technology AG Decreases Forecast for Current Fiscal Year
DGAP-News: SMA Solar Technology AG / Key word(s): Change in Forecast
SMA Solar Technology AG: Managing Board of SMA Solar Technology AG Decreases
Forecast for Current Fiscal Year
24.10.2016 / 13:43
The issuer is solely responsible for the content of this announcement.
SMA Solar Technology AG: Managing Board of SMA Solar Technology AG Decreases
Forecast for Current Fiscal Year
24.10.2016 / 13:43
The issuer is solely responsible for the content of this announcement.
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SMA Solar Technology AG-Corporate News
Managing Board of SMA Solar Technology AG Decreases Forecast for Current
Fiscal Year
Niestetal, October 24, 2016 - The Managing Board of SMA Solar Technology AG
(SMA/FWB: S92) is adjusting its sales and earnings forecast for the 2016
fiscal year. The new forecast anticipates sales between EUR900 million and
EUR950 million (previously EUR950 million to EUR1,050 million) and
continues to anticipate a significant year-on-year increase in EBIT to
between EUR60 million and EUR70 million (previously EUR80 million to EUR120
million). This forecast adjustment was mainly caused by price pressure
emerging in all market segments worldwide since the middle of 2016 and
numerous delays in major solar projects. Based on provisional figures, SMA
achieved sales of more than EUR220 million and EBIT of more than EUR20
million in the third quarter of 2016. In the third quarter, the gross
margin was around 25%. High net cash of more than EUR350 million as of
September 30, 2016 underlines the attractive cash flow profile of SMA.
"SMA will also achieve a positive result in the current fiscal year. After
a successful third quarter in 2016, we expect weaker business at year-end
due to the significant increase in price pressure and numerous project
delays in the EMEA and North American regions," explained SMA Chief
Executive Officer Pierre-Pascal Urbon. "SMA has reacted to changes in
market conditions in good time. This year, we presented significantly cost-
reduced product innovations and solutions to our customers at leading trade
fairs in Europe and in the USA. Other innovations also resulting in a
decrease in manufacturing costs are planned for the years to come. In the
middle of the year, the Managing Board of SMA resolved the closure of the
production sites in Denver, USA, and Cape Town, South Africa, at the end of
2016 in order to decrease the Group's fixed costs and further increase
flexibility. The positive effects of product innovations and restructuring
activities are expected to be seen in earnings from 2017. With a high
equity ratio of nearly 50% and net cash of more than EUR350 million, SMA is
one of the most solid companies in the solar industry. Financial strength
SMA Solar Technology AG-Corporate News
Managing Board of SMA Solar Technology AG Decreases Forecast for Current
Fiscal Year
Niestetal, October 24, 2016 - The Managing Board of SMA Solar Technology AG
(SMA/FWB: S92) is adjusting its sales and earnings forecast for the 2016
fiscal year. The new forecast anticipates sales between EUR900 million and
EUR950 million (previously EUR950 million to EUR1,050 million) and
continues to anticipate a significant year-on-year increase in EBIT to
between EUR60 million and EUR70 million (previously EUR80 million to EUR120
million). This forecast adjustment was mainly caused by price pressure
emerging in all market segments worldwide since the middle of 2016 and
numerous delays in major solar projects. Based on provisional figures, SMA
achieved sales of more than EUR220 million and EBIT of more than EUR20
million in the third quarter of 2016. In the third quarter, the gross
margin was around 25%. High net cash of more than EUR350 million as of
September 30, 2016 underlines the attractive cash flow profile of SMA.
"SMA will also achieve a positive result in the current fiscal year. After
a successful third quarter in 2016, we expect weaker business at year-end
due to the significant increase in price pressure and numerous project
delays in the EMEA and North American regions," explained SMA Chief
Executive Officer Pierre-Pascal Urbon. "SMA has reacted to changes in
market conditions in good time. This year, we presented significantly cost-
reduced product innovations and solutions to our customers at leading trade
fairs in Europe and in the USA. Other innovations also resulting in a
decrease in manufacturing costs are planned for the years to come. In the
middle of the year, the Managing Board of SMA resolved the closure of the
production sites in Denver, USA, and Cape Town, South Africa, at the end of
2016 in order to decrease the Group's fixed costs and further increase
flexibility. The positive effects of product innovations and restructuring
activities are expected to be seen in earnings from 2017. With a high
equity ratio of nearly 50% and net cash of more than EUR350 million, SMA is
one of the most solid companies in the solar industry. Financial strength
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