L R AS Published on Saturday 26 January 2019 - n° 261 - Categories:company results
Considerable 2018 losses at SMA
In 2018, the inverter manufacturer SMA generated sales of €761m (-15% over 2017). The EBITDA loss is expected to reach
67 million compared with a profit of €100 million. After depreciation of €80m, the operating loss would be €150m. According to management, the reasons for this underperformance are due to the policy of halting the construction of power plants in China, a slowdown in orders as buyers waited for lower prices, and problems in production. Deliveries reached 8.5 GW, a level equivalent to that of 2017.
As usual, forecasts for 2019 are optimistic, with sales expected to rise between €800 million and €880 million and positive EBITDA of €20 million to €50 million, thanks to improved economic conditions in the United States and Europe.
PV Magazine of 24 January
Editor's note The change in management four months ago may give hope for a change in the company's direction, but the company's comments do not indicate a profound upheaval in the company, which still believes that the situation will improve. It is launching new fields of activity around energy, abandoning its strong point in the production of inverters. It sells its Chinese subsidiary, leaving Huawei and Sungrow free to offer high domestic prices (in China) to sell inverters abroad at cost price, which will prevent SMA from being competitive. There is no sense of a shakedown being launched by the new management to reinvigorate the company.
