Half Year 2024 SMA Solar Technology AG Earnings Call Transcript
Key Points
- SMA Solar Technology AG (SMTGF) reported strong performance in the Large Scale segment, with sales more than doubling to EUR536 million compared to the first six months of 2023.
- The company's order backlog remains robust at EUR1.35 billion, with a significant portion attributed to the Large Scale segment.
- SMA Solar Technology AG (SMTGF) has successfully launched new products and innovations, including the SMA eCharger and Sunny Central FLEX, which have been well-received in the market.
- The company has maintained a strong market presence in key regions, with the Americas' revenue share increasing significantly from 20% to 41%.
- SMA Solar Technology AG (SMTGF) is focusing on reducing inventories and improving cash flow, with a target to reduce inventories by EUR80 million to EUR100 million by the end of the year.
- Group sales for the first half of 2024 were slightly below the previous year, at EUR759 million compared to EUR779 million.
- EBITDA decreased significantly from EUR125 million in the first half of 2023 to EUR81 million in 2024, with a reduced EBITDA margin of 11%.
- The Home and C&I segments faced challenges, with Home Solutions EBIT at minus EUR22 million and C&I Solutions EBIT declining to minus EUR45 million.
- Free cash flow was negative at minus EUR203 million, driven by increased net working capital and reduced sales in Home and C&I.
- The company faces ongoing challenges with high inventory levels at distributors and installers, impacting sales in the Home and C&I segments.
Thank you, operator, and welcome, everyone. We very much appreciate that you are taking the time for this investor and analyst call on our first half year 2024 results.
Today, my colleague and SMA's CEO, Jurgen Reinert, joins to provide us insights into the most important current business developments. Welcome to the call, Jurgen.
Thanks.
This conference call is scheduled for up to 60 minutes and will be recorded. After the management presentation, we will be happy to answer your questions. Today's presentation is available on our Investor Relations website. The replay will also be available on Investor Relations website as of tomorrow.
Our agenda for today. First, I
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