PV INVERTERS
SMA Will Be One Of The Few Companies In The Solar Sector Offering A Dividend SMA Solar Technology AG 2012 was characterized by overcapacity on the photovoltaic market, tougher competition, and increasing price pressure. Highlights 2012: •
7.2 gigawatts of inverter output sold (-5.3%)
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Sales at € 1.5 billion, near higher end of management guidance (2011: € 1.7 billion)
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SMA has a strong position in international markets as Export ratio rose to 56.3% (2011: 53.6%)
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Earnings before interest and taxes (EBIT) of € 102 million (2011: € 240.3 million)
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With a net working capital ratio of 18.3% SMA achieved the lower end of the management guidance
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Proposed dividend of € 0.60 per share
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Solid balance sheet structure with equity ratio of more than 60% and net cash of € 446.3 million(Dec. 31, 2011: € 473.3 million)
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Despite a difficult market environment SMA generated a positive free cash flow in 2012.
SMA Solar Technology AG attained its sales and earnings forecast in 2012 despite the difficult market environment. 70
EQ INTERNATIONAL - April 2013
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