Niestetal, May 27, 2014—SMA Solar Technology AG (SMA/FWB: S92) shareholders granted full discharge to the Managing Board and Supervisory Board for the fiscal year 2013 with a clear majority of over 99% at today’s 2014 Annual General Meeting in Kassel. The remaining items on the agenda were also passed with a large majority. More than 260 shareholders attended the 2014 Annual General Meeting of SMA Solar Technology AG, and 86% of those with voting rights were present.
The Annual General Meeting accepted the proposal of the Managing Board and Supervisory Board that no dividend be distributed for the 2013 fiscal year. “SMA has distributed an average annual dividend of €1.20 per share since the initial public offering. Our dividend policy provides for a distribution share of between 20% and 40% based on consolidated net profit. This was negative in the fiscal year ended. In view of the continuing volatile market environment, we do not consider that payment of a dividend is justifiable. Our shareholders as well as the shareholder representatives DSW and SdK expressly support this view. In order to return to profitable growth, we will continue to make intensive investments in research and development, as these investments ensure the future of SMA,” explained SMA Chief Executive Officer Pierre-Pascal Urbon. The SMA Group generated sales of €932.5 million in 2013 and earnings before interest and taxes (EBIT) of €-89.1 million. In the best-case scenario, with sales of €1.0 billion to €1.3 billion, the SMA Managing Board predicts an EBIT of up to €20 million for 2014. The forecast is based on the assumption of a stable regulatory environment, particularly in Europe.
The presentation given by the Managing Board at the Annual General Meeting, along with further information, can be found on the Internet at www.sma.de/en/investor-relations/annual-general-meeting.
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the “Company”) or any present or future subsidiary of the Company (together with the Company, the “SMA Group”) nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.