Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — Q3 2020 Earnings Presentation
24 slides from Sma Solar Technology's earnings presentation, Nov 12, 2020
Slide 1: Analyst / Investor Presentation: Quarterly Statement January to September 2020
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Quarterly Statement: January to September 2020 Presented by Ulrich Hadding, CFO November 12, 2020 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 Q1-Q3/2020
Review Q1-Q3/2020 SMA Solar Technology 3
Slide 4: Global revenues increased by 23% and all segments deliver good top line growth
Global revenues increased by 23% and all segments deliver good top line growth Key financials (in € million) Q1-Q3 2019 Q1-Q3 2020 Change 2019/12/31 2020/09/30 Change MW sold 7,494 10,651 42% Net cash 303 194 -36% Sales 631 774 23% Total assets 1,107 987 -11% Home Solutions 175 204 16% NWC ratio (in
Slide 5: Americas has nearly doubled its revenues and EMEA achieved sales growth
Americas has nearly doubled its revenues and EMEA achieved sales growth compared to the first three quarters of 2019 Sales (in € million) Sales by segment1 (in € million) 1 Q1-Q3 2019 GW 11.4 7.5 10.7 products services Q1-Q3 2020 915 166 10 175 +23% Home Solutions Americas 23% 774 195 9 204 631 32%
Slide 6: EBITDA is 61% higher than in Q1-Q3 2019 driven by strong sales growth
EBITDA is 61% higher than in Q1-Q3 2019 driven by strong sales growth in the first nine months of 2020 EBITDA (in € million) EBIT by Segment (in € million) Q1-Q3 2019 Margin 4% 4% 5% Q1-Q3 2020 41 34 Home Solutions 1 26 19 Business Solutions 0 2019 Q1-Q3/2019 Q1-Q3/2020 -4 5 Large Scale & One-Offs 2
Slide 7: Net Working Capital increased as a result of decreased liabilities
Net Working Capital increased as a result of decreased liabilities Net Working Capital (in €million) Group Balance Sheet (in €million) 31.12.2019 30.09.2020 Change NWC ratio 17% 25% Non-current assets 299 307 3% 160 260 Working capital 425 403 -5% 145 121 Other assets 65 71 9% 116 114 12 14 Total ca
Slide 8: Gross Cash Flow significantly higher; Adjusted Free Cash Flow negative due to decreased liabilities
Gross Cash Flow is significantly higher than in Q1-Q3 2019; Adjusted Free Cash Flow is negative mainly due to decreased liabilities Cash Flow (in € million) Q1-Q3 2019 Q1-Q3 2020 Net Income -10 9 Gross Cash Flow 19 43 Cash Flow from Operating Activities -59 -83 Net Capex -20 -24 Free Cash Flow (Adj.
Slide 9: Sales and earnings developed positively despite the COVID-19 crisis in Q1-Q3 2020
Sales and earnings developed positively despite the COVID-19 crisis in Q1-Q3 2020 Financial Highlights Q1-Q3 2020 Product Highlights SMA EV Charger Top Line • SMA sales increased by 23% reaching €744m in the first 3 quarters of 2020. • All segments grew their top line and the Home Solutions and Larg
Slide 10: Market & Competition
Market & Competition SMA Solar Technology 10
Slide 11: Global PV installations expected to grow by 17% p.a. in the medium term
Global PV installations expected to grow by 17% p.a. in the medium term after slow-down in 2020 Core business: PV installations1 REGIONS +17% p.a. SEGMENTS in GWdc in GWdc 139 130 139 130 112 40 112 China 101 37 101 30 83 30 79 APAC2 37 39 67 34 Utility 62 24 AMER 27 27 Commercial 22 22 34 40 30 26
Slide 12: Recovery of global investment level in PV inverter technology
Recovery of global investment level in PV inverter technology after Corona- affected installation decrease PV inverter revenue1 REGIONS +8% p.a. SEGMENTS in bn€ in bn€ 4.9 4.7 4.7 4.9 4.7 4.7 0.8 4.0 0.8 0.8 4.0 China 2.1 1.9 1.9 0.7 1.6 1.5 1.4 1.7 APAC2 1.1 Utility 1.0 1.0 1.0 1.5 1.4 1.5 AMER 0.9
Slide 13: Storage inverter technology and digital energy solutions drive market growth
Storage inverter technology and digital energy solutions drive market growth Market outlook by sector for market addressable by SMA1 • PV power generation costs decrease, integrated energy and digitalization will lead to a higher share of renewable energy in € bn and its growth. +4% p.a. 6.0 6.3 • A
Slide 14: PV is key for cost-effective, secure and sustainable energy generation
PV is key for a cost-effective, secure and sustainable energy generation – Annual installations are expected to triple by 2030 Long-term global market development1 • Digitalization accelerates the transition towards a PV installations in GWdc decentralized energy supply system based on renewable 300
Slide 15: Current Developments
Current Developments SMA Solar Technology 15
Slide 16: No significant impact from Covid-19 crisis, positive outlook for PV after U.S. election
Current external developments: No significant impact from Covid-19 crisis, positive outlook for PV after U.S. election Covid-19 crisis: SMA was able to maintain Joe Biden‘s electoral victory is a supply chain and delivery times positive signal for PV in the U.S. • With targeted changes in production
Slide 17: SMA has successfully launched comprehensive apps for installers and end customers
SMA has successfully launched comprehensive apps for installers and end customers SMA 360° App SMA Energy App The SMA 360° App offers all-round support for The new SMA Energy App allows residential PV solar installers. It connects PV system simulation, plant owners to visualize power production and
Slide 18: Outlook & Guidance 2020
Outlook & Guidance 2020 SMA Solar Technology 18
Slide 19: Solid order backlog for products of €332m at the end of Q3 2020
Solid order backlog for products of €332m at the end of Q3 2020 includes a high amount of orders that help us to secure the full year sales guidance Order backlog by segment (in €m) Order backlog development (in €m) and region (in %) Total order backlog: €792m (Sep. 30th, 2020) +3% Large Scale & Pro
Slide 20: Management confirms 2020 guidance based on strong sales and earnings
Management confirms 2020 guidance based on strong sales and earnings in Q1-Q3 despite negative effects on order intake from the COVID-19 crisis Guidance 2020 (in €m) Management comments • Management remains confident to grow sales to over 1,0 – 1,1 bn 1 billion Euros in 2020 based on strong level of
Slide 21: Why invest in SMA?
Sustainability Why invest in SMA? has been anchored in our corporate mission since SMA was founded. Our state-of-the art inverter production in Germany is CO2- neutral. Financial stability is secured by c. 43% equity ratio and nearly €200 million net cash. Clear focus as a leading specialist for PV
Slide 22: Back up
Back up SMA Solar Technology 22
Slide 23: Managing Board and shareholder structure
Managing Board and shareholder structure Shareholder Managing Board Structure1 Dr. Jürgen Reinert, CEO Ulrich Hadding, CFO Sales & Service, Technology, Finance, HR, Legal, Investor Relations Operations, Business Units • No pre-emption rights or other restrictions SMA Solar Technology 1. as of Septem
Slide 24: Thank you.
SMA Solar Technology AG Thank you. 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 24