SMA Solar Technology : Analyst / Investor Presentation Financial Results 2023 (3 MB)

SMA SOLAR TECHNOLOGY AG

Analyst / Investor Presentation

Financial Results 2023

Presented by Barbara Gregor, CFO & Jürgen Reinert, CEO

March 27, 2024

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 Company (together with the Company, the "SMA Group") nor should it or any part of 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.

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The information contained in this presentation is subject to amendment, revision and updating, which does not underlie any prior announcement by the Company. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements as a result of, among others, factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of this presentation.

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Review FY 2023

Financial Year 2023

All three segments significantly improved their sales and contributed to the extraordinarily strong group result in 2023

Sales per region (in € million)

Sales by segment (in € million)

GW

12.2

+79%

1,904

25%

20.5

Home Solutions

Americas

1,066 24%

Commercial & Industrial Solutions

285

5

290

68%

474

5

479

EMEA

APAC

63%

13%

7%

Large Scale & Project Solutions

379

62 441

775

70

845

FY 2022

FY 2023

1.

Services include commissioning, extended warranties, service and maintenance contracts, operational management, remote system monitoring and digital energy services

Profitability significantly above prior year level driven by strong sales growth with good margins across all three segments

1. 2022 profitability includes positive one-time other income from fees earned related to a late order cancellation from a customer in Q1 2022 (€5m) and from the sale of property in Q3 2022 (€23m).

2.a 3.

2023 profitability includes positive one-time other income from fees earned related to late order cancellations from customers (€6m).

Segment Corporate reported an EBIT of €-5m in 2023 (mainly from exchange rate effects) and an EBIT of €+18m in 2022 (mainly income from the sale of property).

SMA continues to maintain a robust financial position with Net Cash of 283m€ and an equity ratio of over 40%

NWC | Net Cash (in € million)

Group Balance Sheet (in € million)

NWC

InventoriesTrade receivablesTrade payablesAdvanced Payments

Net Cash

22%

239 309

154

-90

-133

Dec. 31, 2022

220

21%

392 559 277

-304

-141

Dec. 31, 2023

+29%

283

Dec. 31, 2022

Dec. 31, 2023

Non-current assets

Working capitalOther assets1

Total cash

Shareholder's equity

Provisions2

Trade payables

Financial liabilities3

Other liabilities2,4

TOTAL

0 354 1,110

• 1. Other assets include financial receivables, income tax assets, value added tax receivables, other financial & non-financial assets and assets held for sale

• 2. Not interest-bearing

• 3. Liabilities due to banks only. Without IFRS 16 Leases of €31,8m (2022: €23,6m)

  428 11%

  462

  837 81%

  41

  74 80%

  220

  283 29%

  464

  686 48%

  159

  201 26%

  133

  304 228%

  0

  431 22%

  1,622 46%

• 4. Other liabilities include advanced customer payments, deferred income from extended guarantees and service & maintenance contracts, personnel-related liabilities, customer bonuses and other financial liabilities

Solid positive Free Cash Flow driven by significantly higher profitability compared to 2022

Cash Flow (in € million)

• 1. Cash proceeds from the sale of property in Q3 2022

• 2. w/o Net Investments from Securities and Other Financial Assets

SMA concludes an extremely successful year of 2023 with an especially strong Q4 for the Large Scale & Project Solutions segment

Home SolutionsCommercial & Industrial SolutionsLarge Scale & Project SolutionsReconciliation

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SMA Solar Technology AG published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 08:46:05 UTC.