SMA Solar’s 2014 net loss widens to EUR 179m
Mar 26, 2015 10:08 CET
March 26 – German solar inverter maker SMA Solar Technology AG (ETR:S92) saw its net loss expand to EUR 179.3 million (USD 197.7m) in 2014 from EUR 66.9 million a year back, because prices and sales fell.
The company’s 2014 operating loss grew substantially to EUR 164.9 million from EUR 89.1 million. SMA explained that the earnings before interest and tax (EBIT) result includes a loss of EUR 104.7 million related to high expenditure for provisions for its planned job cuts, further one-time items from impairment and the loss from the Zeversolar business in China.
The loss before interest, tax, depreciation and amortisation widened to EUR 58.4 million from EUR 5.5 million in 2013 and EBITDA margin was a negative 7.3% compared to an also negative 0.6% a year back.
SMA’s sales dropped by 13.6% year-on-year to EUR 805.4 million as subsidy cuts and expiring subsidies led to a sharp reduction in demand in key European markets such as Germany, Spain, Italy and Greece and other factors, the company said. The result is a bit higher than its substantially reduced sales forecast from December 2014. The company sold 5,051 MW of photovoltaic (PV) inverters, 5.8% less than in 2013.
The company reaffirmed its sales forecast from January 30, 2015, for sales of between EUR 730 million and EUR 770 million this year.
(EUR 1.0 = USD 1.103)
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