Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — H1 2021 Earnings Presentation
21 slides from Sma Solar Technology's earnings presentation, Aug 14, 2021
Slide 1: Analyst / Investor Presentation: Half-Yearly Financial Results January to June 2021
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Half-Yearly Financial Results: January to June 2021 Presented by Ulrich Hadding, CFO August 12, 2021 SMA Solar Technology 1
Slide 2: Disclaimer
Disclaimer IMPORTANT LEGAL NOTICE This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Comp
Slide 3: Review H1 2021
Review H1 2021 SMA Solar Technology 3
Slide 4: Profitability increased significantly in H1 2021 despite lower sales
Profitability increased significantly in H1 2021 despite lower sales Key financials (in € million) H1 2020 H1 2021 Change 2020/12/31 2021/06/30 Change MW sold 7,105 6,798 -4% Net cash 226 170 -25% Sales 514 488 -5% Total assets 1,051 1,046 0% Home Solutions 139 148 6% NWC ratio (in %)1 21% 28% Busin
Slide 5: H1 2021 revenues slightly behind expectations mainly due to lower sales in Business Solutions
H1 2021 revenues slightly behind expectations mainly due to lower sales in our Business Solutions segment Sales (in € million) Sales by segment (in € million) 1 H1 2020 GW 14.4 7.1 6.8 products services H1 2021 1,027 134 5 139 Home Solutions Americas 31% 140 8 148 -5% 514 156 158 488 Business Soluti
Slide 6: EBITDA significantly higher than in H1 2020
EBITDA is significantly higher than in H1 2020 mainly driven by product portfolio and cost improvements in our gross margin EBITDA (in € million) EBIT by Segment (in € million) H1 2020 Margin 7% 5% 8% H1 2021 72 Home Solutions 12 38 30 24 Business Solutions 0 20201 H1 2020 H1 2021 -12 151 0 Large Sc
Slide 7: Net Working Capital on a high level mainly driven by increased inventories
Net Working Capital on a high level mainly driven by increased inventories which are necessary to ensure our ability to fulfill our product order backlog Net Working Capital (in €million) Group Balance Sheet (in €million) 31.12.2020 30.06.2021 Change NWC ratio 21% 28% Non-current assets 329 334 2% 2
Slide 8: Cash Flow from Operating Activities is positive in H1 2021
Cash Flow from Operating Activities is positive in H1 2021 and significantly better than in H1 2020 Cash Flow (in € million) H1 2020 H1 2021 Net Income 3 13 Gross Cash Flow 28 32 Cash Flow from Operating Activities -85 12 Net Capex -15 -20 Free Cash Flow (Adj.) -100 -8 Net Investments from Securitie
Slide 9: H1 2021 proved SMA is on track to deliver increased profitability and positive cash flows
H1 2021 proved that SMA is on track to deliver increased profitability and positive cash flows from operating activities Financial highlights H1 2021 Top Line • H1 revenues slightly below expectations, YoY sales decline is due to price decline and COVID-19 effects in our Business Solutions segment.
Slide 10: Market & Competition
Market & Competition SMA Solar Technology 10
Slide 11: Global PV installations expected to grow by 12% p.a. in the medium term
Global PV installations expected to grow by 12% p.a. in the medium term Core business: PV installations1 REGIONS SEGMENTS +12% p.a. in GWdc in GWdc 195 195 177 177 155 155 138 60 65 138 China 55 101 112 48 46 87 APAC2 41 69 34 Utility 36 39 AMER 33 36 Commercial 46 50 27 44 41 EMEA 27 33 39 45 Resid
Slide 12: Global investments in PV inverter technology will see a moderate growth
Global investments in PV inverter technology will see a moderate growth PV inverter revenue1 REGIONS +6% p.a. SEGMENTS in bn€ in bn€ 6.0 6.3 6.0 6.3 5.6 5.6 5.6 5.6 1.4 1.3 1.2 1.3 2.4 2.5 China 1.9 2.2 1.6 1.7 1.8 1.5 APAC2 Utility 1.7 1.4 1.8 1.6 1.7 1.3 1.3 AMER 1.1 Commercial 1.8 1.9 1.9 1.8 1.9
Slide 13: SMA is perfectly positioned to profit from long-term megatrends
SMA is perfectly positioned to profit from long-term megatrends Annual PV Capacity Additions Cumulative Global Storage Power2 Annual Electric Vehicle Sales by scenario1 by scenario3 GW GWdc Million units 500 750 50 25-45 300-630 400 40 500 300 30 14-25 200 20 250 200-225 138 100 10 3 0 0 0 2020 2025
Slide 14: SMA maintained its market position ranking #3 globally
SMA maintained its market position ranking #3 globally GLOBAL1 • In 2020, the PV inverter industry continued to experience a Others Comp. 1 consolidation. 24% 25% 21% • The top two Chinese inverter suppliers were able to gain market 37% shares and strengthen their position – especially in their home
Slide 15: Current Developments
Current Developments SMA Solar Technology 15
Slide 16: H1 negatively impacted by coronavirus crisis, management expects sales to accelerate
H1 negatively impacted by coronavirus crisis, management expects sales to accelerate, current political developments support positive outlook Management expects sales Supply shortage of Political focus on to accelerate electronic components fighting climate change • Companies challenged by the • The
Slide 17: Outlook & Guidance 2021
Outlook & Guidance 2021 SMA Solar Technology 17
Slide 18: Order backlog for products remains on a high level with €361m
Order backlog for products remains on a high level with €361m at the end of H1 2021 and is 12% higher compared to H1 2020 Order backlog by segment (in €m) Order backlog development (in €m) and region (in %) Total order backlog: €852m (June 30th, 2021) +12% Large Scale & Project Solutions1 855 836 85
Slide 19: Management confirms sales and profitability guidance for 2021
Management confirms sales and profitability guidance for 2021 Guidance 2021 (in €m) Management comments SALES • For H2 2021, management expects sales and profitability to increase compared to H1 2021. 2020 1027 2021e 1075 +100 • Increased material and freight costs are largely offset by lower-than-e
Slide 20: Why invest in SMA?
Sustainability Why invest in SMA? has been anchored in our corporate mission since SMA was founded. We combine long- term economic success with environmental protection, social responsibility and sound governance. Carbon neutrality on a global scale is our goal for 2025. Financial stability is secur
Slide 21: SMA Solar Technology AG Investor Relations
SMA Solar Technology AG Investor Relations Sonnenallee 1 34266 Niestetal, Germany Tel. +49 561 9522 - 0 Fax +49 561 9522 - 1133 www.sma.de/investor-relations IR@SMA.de SMA Solar Technology 21