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Annual General Meeting of SMA Solar Technology AG Grants Full Discharge to the Managing Board and Supervisory Board with a Clear Majority
The Annual General Meeting accepted the proposal of the Managing Board and Supervisory Board that no dividend be distributed for the fiscal year 2014. SMA generated sales of €805.4 million and earnings before interest and taxes (EBIT) of €-164.9 million in 2014. "The SMA Managing Board and Supervisory Board reject the option of a dividend payment from the company's assets. Our shareholders as well as the shareholder representatives DSW and SdK expressly support this view. This will enable us to maintain SMA's high net cash and implement the necessary transformation of the company from our own resources," said SMA Chief Executive Officer and Chief Financial Officer Pierre-Pascal Urbon.
In the first quarter of 2015, SMA generated considerably better earnings than in the same period of the previous year. With the sales and order backlog generated by the end of March 2015, SMA has already achieved more than 60% of its annual sales target. The positive sales performance continued in the second quarter. However, in light of the high volatility of the photovoltaic markets, the SMA Managing Board is keeping to its forecast for the fiscal year 2015, which predicts sales of €730 million to €770 million. Given that the savings from the current transformation will only be recognized in profit or loss from mid-2015 at the earliest, the Managing Board is forecasting negative operating earnings (EBIT) of €-30 million to €-60 million for the current year. Considering likely depreciation and amortization of approximately €70 million, the SMA Managing Board expects positive earnings (EBITDA) in 2015. The Managing Board expects to return to positive operating earnings (EBIT) in 2016. For the first half of 2015, the Managing Board is anticipating sales of €400 million to €450 million and operating earnings (EBIT) of €-15 million to €-25 million.
The presentation given by the Managing Board at the Annual General Meeting along with further information can be found on the Internet at www.sma.de/en/investor-relations/annual-general-meeting.
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