S.A.G. Solarstrom AG: 2009 sales and earnings better than expected
- Consolidated group sales up 56% to €152.9 million despite difficult market environment
- Tripling of EBIT to €8.5 million, EBIT margin of 5.6%
- Forecast for 2010: sales of between €190-€210 million, EBIT of between €8-€11 million
- Dividend recommendation, for the first time, of €0.10 per share
Freiburg, March 31, 2010. S.A.G. Solarstrom AG, Freiburg, (German security identification number: 702 100, ISIN: DE0007021008) posted impressive results for the financial year 2009 that came in above the company’s own expectations. Sales revenue grew by €55.2 million to €152.9 million (previous year €97.7 million) with EBIT improving from €2.8 million to €8.5 million in 2009. This also boosted the group profit which increased significantly to €7.7 million after taxes (previous year: €2.0 million). As was the case in 2008, all four S.A.G. business areas generated a positive operating profit. The business area Project Planning and Plant Construction made a significant contribution to the improvement in sales and earnings.
S.A.G. Solarstrom AG’s ability to quickly develop new markets and demonstrate flexibility when faced with changing market conditions were decisive factors in the marked successes achieved in the financial year 2009. In addition, considerably higher sales levels combined with a disproportionately low increase in costs allowed the company to register a significant improvement in earnings. The EBIT margin improved to 5.6 %, from 2.9 % in the previous year.
As planned, S.A.G. Solarstrom AG will publish detailed information on the individual segments in the Annual Report on April 22, 2010.
In 2010, S.A.G. Solarstrom AG expects sales of between €190 and €210 million and an EBIT of between €8 and €11 million. The company’s long-term EBIT target margin remains at between 5 and 10 %. This outlook assumes that, during the course of 2010, financing of large-scale projects can be assured and that components will continue to be available in quantities sufficient to match growth, in spite of the continuing reluctance of banks to provide finance.
Dividend of €0.10 per share recommended
For the first time since the founding of the company, S.A.G. shareholders will benefit from the company’s excellent earnings performance by way of a dividend. “Our shareholders have had to be patient up till now, but our strong group earnings and positive cash flow mean that we will propose a dividend of €0.10 per share at the annual general meeting on June 28, 2010”, says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) of Freiburg, Germany, are a manufacturer-independent provider of high-quality photovoltaic plants configured to customers’ individual needs. The group constructs efficient plants of all sizes both in Germany and abroad. S.A.G. Solarstrom AG also produce solar energy at their own plants.
S.A.G. Solarstrom AG’s service portfolio covers the entire life cycle of photovoltaic plants, including energy- and weather-data management, yield reports, and remote maintenance, as well as insurance and financing. The group thus offers a comprehensive value chain in photovoltaics, from yield reports, planning, construction, operations, and monitoring to optimization, repowering, and deconstruction.
Founded in 1998, S.A.G. Solarstrom AG are considered pioneers in the solar industry. Around 160 specialists work at the four locations in Germany and subsidiaries in Italy, Spain, Austria, and Switzerland.
S.A.G. Solarstrom AG are listed on the open market, Entry Standard of the Frankfurt Stock Exchange as well as according to the rules and standards M:access of the Munich Stock Exchange.
Further information: www.solarstromag.com
S.A.G. Solarstrom AG
Sasbacher Straße 5
79111 Freiburg
Public Relations / Investor Relations
Jutta Lorberg
Tel.: +49-(0)761-4770-311
E-mail: pr@solarstromag.com / ir@solarstromag.com