SMA Solar Technology AG: Annual General Meeting of SMA Solar Technology AG Discharges Managing Board and Supervisory Board, Resolves Dividend
SMA Solar Technology AG Corporate NewsAnnual General Meeting of SMA Solar Technology AG Discharges Managing Board and Supervisory Board, Resolves DividendNiestetal, May 23, 2017 - The shareholders of SMA Solar Technology AG (SMA/FWB: S92) granted full discharge to the Managing Board and Supervisory Board for the 2016 fiscal year with a clear majority of over 99% at today's Annual General Meeting in Kassel. The remaining items on the agenda were also passed with a large majority. Nearly 400 shareholders attended the 2017 Annual General Meeting of SMA Solar Technology AG, and 85% of those with voting rights were present. The Annual General Meeting followed the suggestion of the Managing Board and Supervisory Board and approved the dividend payout of EUR 0.26 per qualifying bearer share for the 2016 fiscal year.
"After the successful turnaround, SMA regained good strength in earnings and significantly increased cash flow last year," said SMA Chief Executive Officer Pierre-Pascal Urbon. "SMA has excellent fundamentals and is maintaining the dividend policy pursued since the IPO. As in the boom years, most of our earnings should remain within the company. In this way, we can ensure that SMA is able to implement its strategy from its own resources and become an energy service provider in the years to come." In the 2016 fiscal year, SMA generated EUR946.7 million in sales and significantly increased EBITDA to EUR 141.5 million. Net income amounted to EUR 29.6 million. With a payout totaling EUR 9 million, the payout ratio in relation to net income amounts to 32.8%. The depository banks will begin dividend payments on May 24, 2017.
In the first four months of 2017, SMA posted a positive trend in order intake. Since the beginning of the year, order backlog increased by 20% to a total of EUR 646 million. Around EUR 250 million of this amount was attributable to product business. The SMA Managing Board therefore confirmed its sales and earnings forecast for the 2017 fiscal year. The forecast anticipates sales of EUR 830 million to EUR 900 million and EBITDA of EUR 70 million to EUR 90 million. Net cash will amount to between EUR 400 million and EUR 450 million due to high operating cash flow.
The Annual General Meeting elected Alexa Hergenröther to the Supervisory Board by a large majority. She was appointed by the court in August 2016, after Dr. Winfried Hoffmann had stepped down from his position as a shareholder representative. The 12-member SMA Supervisory Board provides equal representation of shareholders and employees. Alexa Hergenröther joined the existing members, Roland Bent, Peter Drews, Dr. Erik Ehrentraut, Kim Fausing and Reiner Wettlaufer, in representing shareholder interests. Employees continue to be represented on the Supervisory Board by Oliver Dietzel, Johannes Häde, Heike Haigis, Yvonne Siebert, Dr. Matthias Victor and Hans-Dieter Werner.
The presentation and the speech 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.
About SMA The SMA Group with sales of around EUR1 billion in 2016 is the global market leader for solar inverters, a key component of all PV plants. SMA offers a wide range of products and solutions that allow for high energy yields for residential and commercial PV systems and large-scale PV power plants. To increase PV self-consumption efficiently, SMA system technology can easily be combined with different battery technologies. Intelligent energy management solutions, comprehensive services and operational management of PV power plants round off SMA's range. The company is headquartered in Niestetal, near Kassel, Germany, is represented in 20 countries and has more than 3,000 employees worldwide, including 500 working in Development. SMA's multi-award-winning technology is protected by more than 900 patents and utility models. Since 2008, the Group's parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and is currently the only company in the solar industry that is listed in the TecDAX index.
SMA Solar Technology AG Sonnenallee 1 34266 Niestetal Germany
Head of Corporate Communications: Anja Jasper Tel. +49 561 9522-2805 Presse@SMA.dePress Contact: Susanne Henkel Manager Corporate Press Tel. +49 561 9522-1124 Fax +49 561 9522-421400 Presse@SMA.de
Disclaimer: This corporate news serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This corporate news can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
23.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: SMA Solar Technology AG Sonnenallee 1 34266 Niestetal
Germany Phone: +49 (0)561 / 9522 - 0 Fax: +49 (0)561 / 9522 - 100 E-mail: firstname.lastname@example.org Internet: http://www.sma.de ISIN: DE000A0DJ6J9 WKN: A0DJ6J Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service