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In fiscal 2021, inverter manufacturer SMA Solar ended 2021 with around €983.7 million in sales and 13.6 GW in power sold in the inverter segment. The company's financial results were released this week.
According to the company, there was a simple drop in sales volume last year, compared to 2020, when the company recorded €1.027 billion in sales and 14.4 GW in power sold in the inverter segment.
The balance sheet also showed that net profit in 2021 was €23.0 million, compared to the €28.1 million recorded in 2020.
According to SMA, this decrease in sales and, consequently, in profits, was mainly due to the considerable challenges in relation to the global coronavirus pandemic and the situation regarding the supply of electronic chips, which has become increasingly tense throughout of the year.
“The chip shortage, which worsened significantly once again in the second half of the year, considerably hampered SMA's business performance in 2021,” explained Jürgen Reinert, CEO of SMA.
“As a European manufacturer, we were particularly affected here because most electronic component suppliers are located in the US and have their products produced in China. Therefore, customers in these regions receive preferential treatment when it comes to supply,” he added.
According to the manufacturer, another factor that impacted the company was SMA's withdrawal from an onerous long-term contract for operation and maintenance (O&M) services in photovoltaic plants.
“SMA terminated the unfavorable contract to reduce losses and free future fiscal years from financial burdens. There is no other contract in the SMA O&M portfolio that shows comparable conditions,” explained Reinert.
For the first quarter of 2022, the SMA Board of Directors forecasts sales of between €210 million and €220 million. Furthermore, an increase in sales of between €900 million and €1.050 billion is expected in fiscal 2022. “SMA started the new year with a large order book,” said Reinert.
“We expect electronic component shortages to continue in the coming months. However, we will continue to do everything in our power to also meet our order intake, which remains very healthy. In the medium and long term, we see excellent growth potential for SMA”, he commented.
“The fight against the global climate crisis, as well as the intensified search for an electricity supply independent of energy imports, will again accelerate the conversion to decentralized structures based on renewable energy sources in the coming years. SMA is in a strong position to participate in this growth, both in its core photovoltaics business and in future significant business segments such as battery storage systems, electric mobility and hydrogen production,” he concluded.
The SMA 2021 Annual Report is available online at www.sma.de/IR/FinancialReports.
