Standing out from the crowd with positive growth and margins, PV project developer, S.A.G. Solarstrom reported sales in the first nine months of 2011 of €221.2 million, a 51.4% increase over the same period in 2010. EBIT margin also increased from €7.5 million in the first six months of 2010 to €11.7 million in 2011. Increased project business outside Germany contributed to the margin improvements, according to the company.
A key boost to revenue in the third quarter was the completion of a 48MWp solar park project in Northern Italy, 3-months ahead of schedule to gain higher FiT rates. S.A.G. Solarstrom guided full-year sales of between €260million and €280 million with EBIT between €16 million and €18 million.
“Up to now, we have performed very well in a fiscal year in which it was almost impossible to plan, due to the many regulatory changes, and which was also characterized by a very weak German market and an enormous price decline of over 30% on the component market,” commented Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. “We can therefore confirm our unchanged overall forecast for the year, after the hitherto business trend in the fourth quarter.”
S.A.G. Solarstrom has also followed the general trend to diversify sales outside of Germany over the last few years. Sales outside Germany reached 83.5% of revenue in the first nine months of 2011, up from 48% in the same prior year period and one of the highest amongst its peers.