Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — H1 2022 Earnings Presentation
14 slides from Sma Solar Technology's earnings presentation, Aug 14, 2022
Slide 1: Analyst / Investor Presentation Half-Yearly Financial Results: January to June 2022
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Half-Yearly Financial Results: January to June 2022 SMA Presented by Thomas Pixa, CFO Solar Technology 1 August 11, 2022
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 2022
Review H1 2022 SMA Solar Technology 3
Slide 4: H1 2022 profitability mainly impacted by under-utilization of production
H1 2022 profitability mainly impacted by under-utilization of production as a result of the ongoing supply constraints Key financials (in € million) H1 2021 H1 2022 Change 2021/12/31 2022/06/30 Change MW sold 6,798 5,757 -15% Net cash 222 176 -21% Sales 488 472 -3% Total assets 1,052 1,026 -3% Home
Slide 5: Revenues below prior year in Home Solutions and Large Scale & Project Solutions
Revenues below prior year in Home Solutions and Large Scale & Project Solutions due to effects of material shortages and project postponements Sales (in € million) Sales by segment (in € million) H1 2021 GW 13.6 6.8 5.8 products services 1 H1 2022 984 140 8 148 Home Solutions Americas 31% 133 3 136
Slide 6: H1 2022 EBITDA below H1 last year as a result of the lower level of sales
H1 2022 EBITDA below H1 last year as a result of the lower level of sales and under-utilization of production due to the ongoing supply challenges EBITDA (in € million) EBIT by Segment (in € million) H1 2021 Margin 1% 8% 3% H1 2022 38 Home Solutions 30 17 16 9 Commercial & -12 Industrial Solutions 2
Slide 7: Net Working Capital increased due to higher inventories as a result of stockpiling
Net Working Capital increased due to higher inventories as a result of stockpiling measures to mitigate effects of material shortages Net Cash | NWC (in € million) Group Balance Sheet (in € million) 2021/12/31 2022/06/30 Change Net Cash -21% Non-current assets 333 341 2% 222 176 Working capital 416
Slide 8: Negative H1 result and build-up of inventories lead to negative cash flow
Negative H1 result and build-up of inventories lead to negative cash flow from operating activities and negative adjusted free cash flow Cash Flow (in € million) H1 2021 H1 2022 Net Income 13 -11 Gross Cash Flow 32 -3 Cash Flow from Operating Activities 12 -14 Net Capex -20 -28 Free Cash Flow (Adj.)
Slide 9: So, what do we take away from H1/2022?
So, what do we take away from H1/2022? • Strong demand for SMA’s products and solutions confirmed with the highest order intake in the first half year over the last 10-years. • Sales achievement was subdued by the ongoing shortage of electronic components. • Profitability was impacted by a low level
Slide 10: Current Development & Outlook 2022
Current Development & Outlook 2022 SMA Solar Technology 10
Slide 11: Revenues and sales pipeline remain affected by material shortages, high module prices
Revenues and sales pipeline remain affected by material shortages, high module prices and project postponements The Situation Mitigation Measures • Manufacturers in Europe continue to be affected by the global • SMA has taken measures to increase ability to deliver, such as: material shortage • Even
Slide 12: Order backlog for products increased significantly to €861m at the end of H1 2022
Order backlog for products increased significantly to €861m at the end of H1 2022 reflecting high demand for SMA’s products Order backlog by segment (in €m) Order backlog development (in €m) and region (in %) Total order backlog: €1,290m (June 30, 2022) +23% Large Scale & Project Solutions1 238 62 1
Slide 13: Management confirms sales and profitability guidance for 2022
Management confirms sales and profitability guidance for 2022 Guidance 2022 (in €m) Management comments SALES • H1 2022 sales and EBITDA within our expectations as 2021 984 mentioned on our Capital Markets Day in May. 2022e 900 +150 EBITDA • Supply constraints continue to limit SMA’s ability to conv
Slide 14: 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 14