Despite the Corona pandemic, SMA Solar was able to significantly improve its financial results over the past year and has met its 2020 forecasts. Overall, the German PV company has installed more than 100 GW of solar inverter power globally.
From pv magazine Germany
“Despite the considerable challenges presented by the coronavirus pandemic, we achieved the sales and earnings growth forecast at the start of the year in 2020,” said SMA CEO Jürgen Reinert on Friday.
According to its preliminary results, 2020 sales grew to reach over €1 billion, compared to the €915.1 million generated in 2019. At 14.4 GW, sales of its solar inverters were 26% higher year-on-year, and the company now has over 100 GW of installed inverter capacity globally.
SMA’s other financial results also appear to have recorded improvements, with EBITDA expected to be around €72 million – almost double compared to 2019. Like its sales, this figure is in the scope of the predictions it made at the start of least year, before the Corona pandemic took grip. Depreciation and amortization are expected to be around €44 million, leaving a profit of almost €30 million.
CEO Reinert attributes the positive results to the fact SMA quickly implemented effective infection control measures and worked closely together with customers and suppliers. This meant production was unaffected, and the company did not have to rely on state aid.
Further growth in 2021
For the current financial year 2021, the SMA management board predicts further growth, with sales increasing to between €1.075 billion to €1.175 billion. EBITDA is also projected to grow to between €75 million and €95 million. The U.S. and European solar markets are expected to remain strong for the inverter manufacturer, as is the global energy storage market.
SMA has further said it will press ahead with its “Strategy 2025”, which involves the ongoing development of its inverter product range toward creating a system landscape for decentralized energy supply.
The board of directors assumes that lower production costs, further price declines and the use of economies of scale will boost the company’s profitability. Concurrently, the streamlining of its product portfolio, which focuses on higher margin products and systems, should see further improvements.
The figures and strategies will be presented at today’s Capital Markets Day, while the final results are expected to be shared on March 25.
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Source: pv magazine