Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — FY2020 Earnings Presentation
24 slides from Sma Solar Technology's earnings presentation, Mar 25, 2021
Slide 1: Analyst / Investor Presentation Financial Results 2020
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 2020 Presented by Ulrich Hadding, CFO March 25, 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 2020
Review 2020 SMA Solar Technology 3
Slide 4: Sales grew by 12% and profitability improved significantly in 2020
Sales grew by 12% and profitability improved significantly in 2020 Key financials (in € million) Comments 2019 2020 Change • 2020 Sales increased by 12% with strong growth in the MW sold 11,409 14,416 26% Home Solutions and Large Scale & Project Solutions segments. Business Solutions sales decreased
Slide 5: Revenues in Home Solutions grew by 10% and Large Scale & Project Solutions by 24%
Revenues in Home Solutions grew by 10% and segment Large Scale & Project Solutions delivered growth of 24% mainly driven by strong US business Sales (in € million) Sales by segment (in € million) 1 2019 GW 11.4 14.4 products services 2020 1,027 227 13 240 Home Solutions 915 250 13 264 31% Americas 2
Slide 6: EBITDA more than doubled driven by higher sales
EBITDA more than doubled driven by higher sales EBITDA (in € million) Comments Margin 4% • In 2020 profitability improved significantly driven 7% by higher sales and improvements in our product 72 portfolio. Our results were impacted by both positive and negative one-time effects in Q4 2020. • Home
Slide 7: Net Working Capital increased due to lower trade payables and advanced customer payments
Net Working Capital increased due to lower trade payables and advanced customer payments Net Working Capital (in € million) Group Balance Sheet (in € million) 31.12.2019 31.12.2020 Change NWC ratio 17% 21% Non-current assets 299 329 10% 160 Working capital 425 377 -11% 211 145 122 Other assets 65 10
Slide 8: Strong gross cash flow; adjusted free cash flow negative due to NWC increase
Strong gross cash flow compared to prior year driven by improved results; Adjusted free cash flow negative mainly due to increase of NWC Cash Flow (in € million) 2019 2020 Net Income -9 28 Gross Cash Flow 31 76 Cash Flow from Operating Activities -1 -31 Net Capex -28 -39 Free Cash Flow (Adj.) -29 -7
Slide 9: 2020 marks the financial turnaround of SMA
2020 marks the financial turnaround of SMA and the resilience of business model versus Covid-19 Financial highlights 2020 Top Line • SMA sales increased by 12% to €1,027m in 2020, YoY sales growth is attributable to strong performance in our Home Solutions and Large Scale & Project Solutions segment
Slide 10: Market & Competition
Market & Competition SMA Solar Technology 10
Slide 11: Global PV installations expected to grow by 9% p.a. until 2023
Global PV installations expected to grow by 9% p.a. until 2023, mainly driven by EMEA and Americas regions Core business: PV installations1 REGIONS +9% p.a. SEGMENTS in GWdc in GWdc 180 180 166 166 150 150 137 60 137 57 China 112 55 112 93 101 48 85 30 46 71 APAC2 41 Utility 35 67 35 37 AMER 30 33 3
Slide 12: Growing PV installation volumes will see slight increase in investments until 2023
Growing PV installation volumes with changes in country and product mix will see slight increase in investments until 2023 PV inverter revenue1 REGIONS +2% p.a. SEGMENTS in bn€ in bn€ 5.5 5.6 5.8 5.5 5.6 5.8 5.4 5.4 4.9 1.3 4.9 1.2 1.3 1.3 0.8 2.0 2.2 2.3 2.1 China 2.1 1.6 1.7 1.7 1.8 1.5 APAC2 Util
Slide 13: Market for battery storage inverters and digital energy solutions is growing rapidly
Market for battery storage inverters and digital energy solutions is growing rapidly Market outlook by sector for market addressable by SMA1 • The traditional PV inverter market outside of China will increase in € bn +9% p.a. slightly over the next years. Digital solutions and battery storage 8.6 ar
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 Long-term global market development1 • Digitalization accelerates the transition towards a decentralized energy supply PV installations system based on renewable energies. in GWdc 500 300-500 • With the electrification of addit
Slide 15: SMA is 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 300-500 500 500 50 25-45 400 40 300 30 14-25 250 200-225 200 20 137 100 10 3 0 0 0 2020 2025p 20
Slide 16: Current Developments
Current Developments SMA Solar Technology 16
Slide 17: Power-to-Gas is a consistent enhancement of our strategy
Power-to-Gas for SMA is not the “latest fashion”, but rather a consistent enhancement of our strategy Decarbonization requires CO2 Growing share of renewables neutral energy carriers requires storage Green Hydrogen will soon SMA is well positioned as early become economically feasible mover in an up
Slide 18: SMA has anticipated major trends and developed fitting answers
SMA has anticipated major trends and developments early on and has developed perfectly fitting answers in all key areas Political developments Market trends SMA solutions • EU climate target increase • PV and battery storage market growth • PV and storage solutions for all segments • New U.S. admini
Slide 19: Outlook & Guidance 2021
Outlook & Guidance 2021 SMA Solar Technology 19
Slide 20: Order backlog for products remained high at €386m at end of 2020
Order backlog for products remained on a high level with €386m at the end of 2020 Order backlog by segment (in €m) Order backlog development (in €m) and region (in %) Total order backlog: €855m (Dec. 31st, 2020) +12% 855 821 Large Scale & Project Solutions1 766 797 62 760 792 111 260 Business Soluti
Slide 21: Management expects further sales growth and increased profitability for 2021
Management expects further sales growth and increased profitability for 2021 Guidance 2021 (in €m) Management comments SALES • For Q1 2021 management expects sales of 235 to 245 million Euros and EBITDA of 14 to 17 million 2020 1027 Euros. 2021 e 1075 +100 • 2020 order intake of nearly 1.2 billion E
Slide 22: Backup
Backup 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, Investor Relations Operations, Business Units • No pre-emption rights or other restrictions SMA Solar Technology 1. as of February 2021
Slide 24: Thank you for participating!
Thank you SMA Solar Technology AG for Investor Relations Sonnenallee 1 participating! 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