SMA reports 42% increase in turnover, Meyer Burger swings to a loss

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From pv magazine Germany.

German inverter manufacturer SMA Solar Technology reported solid financial results for the first half of 2020 despite the Covid-19 crisis.

The company saw its sales increase by 42% to €514 million compared to the same period last year. The company attributed the boost to strong project business in the US and the positive trading business in Europe. EBITDA reached €24 million, well above the previous year’s figure of €9 million. In the first half of the year, SMA sold inverters with a total output of 7.1 GW, compared to 4.0 GW in the same period a year earlier.

The group’s net profit improved significantly to €3 million in the first half. In the same period last year, SMA posted a loss of €14 million. “As we forecast, incoming orders in the second quarter were weaker due to the corona crisis. However, we expect global demand to recover in the coming months. Against this scenario, we continue to assume that we will be able to achieve our sales and earnings targets,” said SMA CEO Jürgen Reinert. The company predicts total sales of between €1 and €1.1 billion for whole fiscal year.

Meanwhile, Swiss solar company Meyer Burger saw its sales and profits decrease in the first half of the year as a consequence of its plan to become a solar panel manufacturer.

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The company’s net sales fell significantly in the first half of 2020, dropping from CHF122.6 million in the first half of 2019 to CHF51 million. EBITDA fell to a negative CHF 27.5 million compared to a positive CHF14.5 million a year ago. The company posted a net loss of CHF38.6 million in the period, down from a profit of CHF1.8 million a year earlier.

Meyer Burger booked orders worth CHF32.2 million in the first six months of the year compared to CHF94 million in the first half of 2019.

The company successfully completed a capital increase with gross proceeds of CHF165 million in order to finance its plan to produce PV panels after shareholders approved the move at an extraordinary general meeting on July 10. As part of the change in strategy, Meyer Burger also sold the microwave and plasma technology company Muegge GmbH, based in Reichelsheim, Germany, to investment company HQ Equita. This led to a cash inflow of around CHF 24 million.

Meyer Burger confirmed plans to start manufacturing of its own solar cells and modules in the second quarter of 2021.

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