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
Sales
€1,904m
FY 2022: €1,066m
EBITDA
€311m
FY 2022: €70m
Free-Cash-Flow
€+57m
FY 2022: €+5m
Order backlog
€1,705m
FY 2022: €2,077m
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
products |
323 |
FY 2022 | |
services 1 | |
FY 2023 | |
12 | 335 |
571 | 580 |
9
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
2022/12/31 | 2023/12/31 | Change |
387
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)
FY 2022 | FY 2023 |
Net Income | 56 | 226 |
Gross Cash Flow | 33 | 333 |
Cash Flow from Operating Activities | 29 | 141 |
Net Capex | -62 | -84 |
Cash inflow from divestments | 381 | 0 |
Free Cash Flow2 | 5 | 57 |
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.