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

• German inverter manufacturer SMA Solar Technology reported strong financial results for the very first half of 2020 in spite of the Covid-19 dilemma. Meyer Burger, nevertheless, saw sales as well as profits decline.

German inverter supplier SMA Solar Technoloy reported solid economic outcomes for the very first half of 2020 regardless of the Covid-19 situation.

The business saw its sales increase by 42% to EUR514 million contrasted to the very same duration last year. The business connected the boost to strong task business in the US and the favorable trading business in Europe. EBITDA reached EUR24 million, well above the previous year's number of EUR9 million. In the initial fifty percent of the year, SMA marketed inverters with an overall outcome of 7.1 GW, contrasted to 4.0 GW in the very same period a year previously.

The group's net revenue enhanced considerably to EUR3 million in the first fifty percent. In the very same period last year, SMA published a loss of EUR14 million. "As we forecast, inbound orders in the second quarter were weaker as a result of the corona situation. However, we expect international demand to recoup in the coming months. Against this situation, we remain to presume that we will have the ability to achieve our sales as well as profits targets," stated SMA CEO Jürgen Reinert. The business forecasts overall sales of between EUR1 and also EUR1.1 billion for whole.

Meanwhile, Swiss solar firm Meyer Burger saw its sales and earnings reduce in the initial half of the year therefore of its strategy to end up being a photovoltaic panel maker.

The company's net sales dropped considerably in the initial half of 2020, dropping from CHF122.6 million in the initial fifty percent of 2019 to CHF51 million. EBITDA fell to an adverse CHF 27.5 million compared to a favorable CHF14.5 million a year ago. The business posted a bottom line of CHF38.6 million in the period, down from an earnings of CHF1.8 million a year previously.

Meyer Burger reserved orders worth CHF32.2 million in the first six months of the year contrasted to CHF94 million in the first fifty percent of 2019.

The firm successfully finished a capital rise with gross proceeds of CHF165 million in order to fund its plan to create PV panels after investors accepted the step at a phenomenal basic meeting on July 10. As part of the change in approach, Meyer Burger likewise sold the microwave and also plasma modern technology company Muegge GmbH, based in Reichelsheim, Germany, to investment firm HQ Equita. This resulted in a money inflow of around CHF 24 million.

Meyer Burger verified strategies to start manufacturing of its very own solar cells and modules in the second quarter of 2021.