German inverter manufacturer SMA has managed to shake off the impact of the pandemic by posting strong revenue and profits for 2020.
From pv magazine Germany
German inverter manufacturer SMA Solar Technology AG reported a 26% year-on-year jump in revenue to €1.03 billion in fiscal 2020, as shipments rose 12% to 14.4 GW, pushing total revenue past the €1 billion mark for the first time since 2012.
It also posted a net profit of €28.1 million, from a net loss of €8.6 million in 2019. Net liquidity fell from €303 million to €226 million in 2020, it said.
“The decline is in particular due to the fact that the comparative figure at the end of 2019 included increased customer prepayments on account of a major order that was processed in the first quarter of 2020,” the manufacturer said. “By the end of 2020, customer prepayments were back to normal levels.”
The company reported strong demand in the residential PV segment, especially in Europe, the Middle East, and Africa. In the large-scale business, it gained market share, especially in the United States, and it was able to consolidate its leading position in Australia.
“SMA headquarters is now supplied with electricity exclusively from PV and wind turbine systems in the immediate vicinity,” said SMA CEO Jürgen Reinert. “Our heating supply here is now also completely CO2 neutral. It is our goal to make SMA fully CO2 neutral around the world starting 2025 at the latest.”
The SMA managing board has also confirmed its sales and earnings forecast for 2021, first published in February. The aim is to increase sales to between €1.07 billion and €1.17 billion, with EBITDA to rise to between €75 million and €95 million. For the first quarter of 2021, SMA expects sales between €235 million and €245 million, up slightly from last year. First-quarter EBITDA is forecast between €14 million and €17 million – slightly higher than in the first quarter of 2020.
“Due to the ongoing coronavirus crisis worldwide and increasing prices for raw materials and PV modules, we have recorded a relatively subdued start to the year,” said Reinert. “At the same time, incoming orders increased in March. Our current product order backlog plus sales already cover around 50% of the annual guidance.”
However, the management board assumes that SMA will be able to benefit from expected growth in PV markets in Europe and North America, as well as the global storage market. The implementation of cost-cutting measures in 2018 is also set to have a positive impact on profitability this year.
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Source: pv magazine