SAG solar power could increase sales significantly in 2011, consolidated net income falls by 6.3 million to € -3.5 million €
The SAG Solar AG for the photovoltaic industry is very difficult in 2011 with an operating profit of EUR 6.2 million: Completed (2010 EUR 13.1 million). Revenue increased by 31.2% to € 264 million (2010: € 201 million), of which 73% were made abroad. The main driver of sales growth was the area of project planning and construction with the implementation of the 48 MWp project in Northern Italy. Group EBIT declined compared to last year mainly due to the business partner sales. The unusual competition in Germany led in this business in a negative EBIT of € 2 million (2010: € +3.3 million). In the business planning and systems beyond the European financial and economic crisis caused a decline in yields. New taxation models in the context of fiscal consolidation and required supplementary led to high one-time charges. The financial crisis also provided for a disproportionate increase in funding costs in the consolidated net profit of € 3.5 million: down beat (2010 EUR 6.3 million). The SAG Solar AG was able to compensate for the very difficult conditions in fiscal 2011 and one-time charges due to their high four-pronged business model well and is one of the few PV companies that were able to complete the fiscal year with a positive operating result. Management Board and Supervisory Board will propose even against the backdrop of high liquidity inflow in the first quarter of 2012 through the sale of the project Serenissima a dividend of 12.5 euro cents.
"We had over the year due to falling prices in percentage terms to implement more projects than at the beginning planned for 2011 based on a moderate price decline, we were faced with many completely unpredictable cost items within the financial and economic crisis. The SAG Solar AG was not only able to cope with all these effects, but also to generate a positive operating result, "said Dr. Karl Kuhlmann, CEO of SAG Solar AG. Project Planning and Plant Turnover in the planning and construction rose by 62.7% to € 201.5 million (2010: EUR 123.8 million), driven in particular by the sale of 48 MWp project Serenissima in northern Italy. The largest project of the current SAG group was connected to the end of August 2011 after 31 and December 2011 was a subsidiary of BNP Paribas Clean Energy Partners sold. EBIT for the top-selling division fell compared to last year due to the competitive situation and the described one-time effects to EUR 4.8 million (2010: EUR 6.7 million), the EBIT margin to 2.4% (2010: 5 4%). distribution partner The partner sales division was affected in its entirety by the difficult market environment in Germany, since the majority of the distributors in Germany operates. The high demand in the fourth quarter could not compensate for the first three quarters of weak. Revenue fell to 40.3 million euros so. (2010: EUR 58.9 million) due to the high competitive pressure was the deck in the fourth quarter also not profitable. Many partners were to ever realize revenues, granted significant discounts to their customers, going beyond the percentage price decline of the components. The Division therefore the only division of SAG Solar group with a negative EBIT of € 2 million (2010: +3.3 million Euros). Plant Operation and Services Revenues in the plant operation and services remained at 14.9 million . € (2010: EUR 15.3 million) as well as the EBIT of EUR 2.1 million (2010: 2.5 million €) pleasing given the difficult market environment stable. The slight decline in margins to 14.2% (2010: 16.1%) is targeted international expansion of the service area due to new markets. In 2011 was both a service center based in the U.S. and a subsidiary of meteocontrol GmbH in Italy and France. electricity production , the plant's own portfolio was expanded in fiscal 2011 to 26.1 MWp. 15.2 MWp of which are consolidated fully covered under this division, the remaining 10.9 MWp in the share of profit of joint ventures and associated companies of visible. Newly arrived a 5.1 MWp solar park Kameničná, Czech Republic, as well as a nearly 1 MW rooftop installation in Dortmund. Thus, sales volume increased significantly to € 7 million (2010: € 3 million). EBIT grew equally well to 1.3 million € (2010: EUR 0.7 million). The slight decline in the EBIT margin is introduced in the 2011 Czech solar tax due on current income. Temporary effects on the balance sheet at 31 December 2011 in the 1st Quarter of 2012 leveled the 48-MWp project led to the balance sheet date to temporary balance of effects. Thus, for the SAG Solar Group 31 December 2011 have a negative operating cash flow of € -61.3 million, due to the interim financing of the project and consequently has a high debt equity ratio of very low at 14.5%. The project was 31 December 2011 a subsidiary of BNP Paribas Clean Energy Partners has been sold, the purchase price was, however, occurs only in the first quarter of 2012. The effects have leveled with payment of the purchase price in the first quarter of 2012 already, so the SAG Solar Group 31 Designate in March 2012 a positive operating cash flow and balance sheet total is significantly lower. The equity ratio will improve as of that date back considerably. SAG Solar AG in a difficult market environment in 2012 is well positioned SAG solar power group also wants the 2012 sales volume in the design and construction as well as partner sales, which was in 2011 at around 100 MWp to increase significantly in a continued profit EBIT margin. This group intends to develop additional new country markets outside Europe. At the end of 2011 were also adjusted the cost structures within the company. "We as a roof system specialist and service provider well positioned for a certain fiscal year 2012 is not too easy," said Board Chairman Dr. Karl Kuhlmann. "In addition, we already setting the scene for a fair competition of electricity from solar to conventional energy sources. We are therefore convinced that the SAG is not solar power group that difficult transition from a subsidized market to a competitive market can only cope well, but will emerge stronger from it. "