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Annual Report 20 1 0 Sma Solar Technology Ag ANNUAL REPORT 2010 SMA SOLAR TECHNOLOGY AG THE FUTURE OF SOLAR TECHNOLOGY BUSINESS GROUP FIGURES HIGHLIGHTS 2010 SMA Group 2010 2009 2008 2007 2006 Sales € million 1,920.1 934.3 681.6 327.3 192.9 Export ratio % 44.9 38.4 42.3 29.4 20.1 Inverter output sold MW 7,750 3,381 2,180 950 430 Capital expenditure1 € million 158.3 82.1 63.9 12.3 15.0 Depreciation € million 31.3 16.3 8.9 16.0 9.0 Operating profit (EBIT) € million 516.8 228.4 167.4 59.3 33.4 KEY FIGURES AND HIGHLIGHTS 2010 Operating profit margin % 26.9 24.4 24.6 18.1 17.3 Consolidated net profit € million 365.0 161.1 119.5 36.8 20.5 Earnings per share2 € 10.52 4.64 3.44 1.06 0.59 Employees (average during the period)3 5,519 3,412 2,513 1,600 1,164 MORE THAN 1,500 NEW JOBS CREATED in Germany 5,179 3,236 2,400 1,535 1,133 abroad 340 176 113 65 31 BUSINESS IN FOREIGN MARKETS IS BOOMING SMA Group 12 / 31 / 2010 12 / 31/ 2009 12 / 31/ 2008 12 / 31/ 2007 12 / 31/ 2006 HIGH DIVIDEND AND REPRESENTS APPROX. OF € 3.00 PLANNED Total assets € million 1,251.5 718.6 469.6 163.2 112.3 45 % OF SALES Equity € million 728.4 407.6 280.8 64.4 40.7 Equity ratio % 58.2 56.7 59.8 39.5 36.2 Net working capital4 € million 284.6 98.6 78.0 59.4 34.3 EBIT RECORD Net working capital ratio % 14.8 10.6 11.4 18.1 17.8 OF € 0.5 BILLION Net Cash € million 523.4 344.8 239.4 41.2 20.9 GROUP SALES INCREASE TO ALMOST € 2 BILLION PERFORMANCE OF THE SMA SHARE 2010 percent5 SMA share TecDAX® ÖkoDAX® 110 100 90 80 70 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SMA IS BY FAR THE WORLD TREMENDOUS GROWTH MARKET AND TECHNOLOGY OF THE SOLAR MARKET, BOTH LEADER IN GERMANY AND ABROAD 1 excl. fi nance leases 4 inventories and trade receivables minus trade payables 2 converted to 34,700,000 shares 5 rebased to 100 % 3 incl. temporary employees SMA TALKS STRAIGHT. SMA MAKES RENEWABLE ENERGIES COMPETITIVE THE SUPPORT AND THE USE OF RENEWABLE ENERGIES ARE WAY Too expensive – THEY CRIPPLE THE ECONO- MY. SOLAR POWER IS A TOPIC FOR AFICIONADOS. IT IS FAR TOO COMPLICATED AND TOO EXPENSIVE FOR THE AVERAGE CITIZEN. AT THE END OF THE DAY, IT IS ONLY THE ASIAN MODULE MANUFACTURERS WHO BENEFIT FROM THE SUPPORT PROGRAMS OF THE FED- ERAL GOVERNMENT. THE SOLAR INDUSTRY IS NOT VI- ABLE WITHOUT SUPPORT. THE SUN SIMPLY DOES NOT SHINE ENOUGH TO PRODUCE SOLAR POWER IN GER- MANY. THE SYSTEM COMPONENTS OF SOLAR PLANTS ARE SIMPLY WAY TOO EXPENSIVE! WIDESPREAD PREJUDICES 002 SMA Annual Report 2010 Table of Contents TABLE OF CONTENTS STRAIGHT TALK 006 006 Letter to Our Shareholders 016 Climate Change 028 Photovoltaics as a Competitive Factor for Germany 040 With Vision and Traction – 30 Years of Photovoltaics 050 Technology Leadership 062 Location Germany TO OUR SHAREHOLDERS 074 074 The Share CORPORATE GOVERNANCE STATEMENT 078 078 Corporate Governance Report 079 Declaration of Conformity Concerning the German Corporate Governance Code 080 Transparency 081 Remuneration Report 085 Corporate Governance Practices 086 Functions of the Managing Board and the Supervisory Board QUICKER NAVIGATION THANKS TO VALUE GRAPHIX Additional Information Statement of Segment Report Comprehensive Incomes Reference to the Internet Balance Sheet Other Disclosures Reference to a Chapter Statement of Cash Flows Corporate Responsibility Fundamentals Consolidation Table of Contents SMA Annual Report 2010 003 CONSOLIDATED MANAGEMENT REPORT 090 094 Business and General Conditions 116 Results of Operations, Financial Position and Net Assets 127 Supplementary Report 128 Risk Report 141 Other Reports 143 Forecast Report CONSOLIDATED FINANCIAL STATEMENTS 150 154 Statement of Comprehensive Income SMA Group 155 Consolidated Balance Sheet SMA Group 156 Consolidated Statements of Cash Flows SMA Group 157 Statement of Changes in Equity SMA Group 158 Notes SMA Group 205 Responsibility Statement 206 Auditor‘s Report REPORT OF THE SUPERVISORY BOARD 207 OTHER INFORMATION 212 212 SMA Solar Technology AG – Income Statement 213 SMA Solar Technology AG – Balance Sheet 214 Technical Glossary 216 Financial Glossary 216 Disclaimer Inside: Financial Calendar 2011, Imprint, Contact 30 20 SMA 1981–2011 10 ON THE SUNNY SIDE FOR 30 YEARS 1999 Introduction of the system solution Sunny Island for the stand-alone power supply; the innovation is Introduction2002 of multi-string technology characterized by simple scalability and the for optimal control of multiple strands of integration of other energy sources (wind, water) solar modules by means of an inverter 1995Innovation award for the Sunny Boy with string technology; installation of more than 550 small string inverters for the at the time biggest roof- 2003 integrated PV system of Academy Start of the serial production of Mont-Cenis in Herne, Germany the multifunctional central inverter Sunny Central; sales grow to more than € 100 million; incor- Incorporation2000 of the first foreign company poration of SMA China SMA America; SMA has 400 employees SMA2001 is the first inverter manufacturer to receive the UL certificate for the Sunny Boy 1991Start of the serial production of the PVWR 1500 1989Fitting of Deutsche Bundesbahn trains with SMA power electronics and more than 1,200 battery chargers for the first time 1987Development of the first transistor inverter for photovoltaic systems (PVWR 1500) Incorporation1981 of SMA (System-, Mess- und Anlagentechnik) Regel- systeme GmbH The 2006 Sunny Mini Central 8000TL with an efficiency of 98 % is world champion; the Sunny Island 5048 is the first modular off-grid inverter; incorporation of SMA Korea Sunny 2004 Beam: First radio-controlled communica- tion device for plant monitoring; first delivery of the Sunny Central MV station with an output of 1 MW Biggest 2008 initial public offering in Germany; German Fairness Prize; SMA Bluetooth® standard for wireless system monitoring; SMA has more than 2,500 employees; SMA has equipped more than 2007 Innovation award for Sunny Backup (solar 4,000 rail vehicles worldwide as system supplier power, even in case of a grid failure); SMA for onboard electrical system inverters is the first manufacturer to open an own test center for solar technology; incorporation of SMA France, SMA Hellas, and SMA Australia SMA2005 has 1,000 employees; incorporation of SMA Iberica and SMA Italia 2009 Opening of the world’s biggest CO2-neutral inverter factory in Niestetal; incorporation of SMA Czech Re- public, SMA Belgium, SMA Middle East; SMA delivers 72 Sunny Central 500HE units for the at the time big- gest PV system in the world (110 hectares) near Leipzig For 2010 the first time, more than 5,000 employees; new in- verter production in the United States and Canada; SMA opens the power-grid-independent Solar Academy; the first three-phase solar inverter Sunny Tripower 17000TL receives an innovation award; record sales and result; incorporation of SMA India, SMA Canada, and SMA UK; SMA has 17 foreign companies on four continents 006 STRAIGHT TALK Letter to Our Shareholders Letter to Our Shareholders STRAIGHT TALK 007 LETTER TO OUR SHAREHOLDERS Dear shareholders, SMA is looking back at an excellent year 2010. With € 1.92 billion, we achieved the highest sales in the history of the Company. The operating profit (EBIT) of the Group grew to € 516.8 million. Thus, we once again increased the EBIT margin compared to the previous year, and we managed to produce approx. 8 GW of inverter capacity within a period of twelve months. For comparison: This corresponds to the power generated by nearly six nuclear power plants. 1,500 NEW JOBS The SMA Group’s dynamic growth is also reflected in the organization: In 2010, for the first time, the number of employees including temporary employees exceeded the threshold of 5,000 worldwide; more than 1,500 new employees were permanently hired last year. Our employees constitute a crucial pillar of our corporate success. Their performance and their extraordinary dedication have once again contributed in a vital manner to the excellent result SMA achieved in the last year. I would like to take this opportunity to express my deep appre- ciation for this strong commitment on behalf of the entire Managing Board! MARKET LEADERSHIP STRENGTHENED In the year 2010, due to globally attractive framework conditions, the global market for pho- tovoltaic systems developed in an extremely positive manner and once again achieved clear growth in comparison to 2009. According to our estimates, solar power plants with a capac- ity of 17 GW to 20 GW have been newly installed worldwide. This corresponds to a growth of between 125 % and 170 % compared to the previous year. Newly installed capacity of approx. 7 GW has been added in Germany, which continues to be the biggest photovoltaics market in the world. Due to the sustained high demand, at the beginning of 2010 we more than doubled our pro- duction capacities to 11 GW. However, because of substantial global shortages of electronic components and semiconductors we were unable to fully utilize them. This resulted in delays in the shipment of our inverters. Only during the second half of the year, the availability of electronic components at our suppliers gradually improved and also our delivery times re- turned to normal again. 008 STRAIGHT TALK Letter to Our Shareholders The fourth quarter 2010 was dominated by a severe drop in demand in Germany, in particular due to the continued reduction of the feed-in tariff: Many retailers waited with their new or- ders to see which effects the renewed reduction of the solar subsidy at the beginning of 2011 will have on the purchasing behavior of the plant operators.
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