S.A.G. Solarstrom AG: All set for the post-feed-in tariff era
Annual General Meeting decides on dividend of 12.5 Eurocents
Freiburg, May 25, 2012. With the results of its vote, the Annual General Meeting of S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) on May 24, 2012 very clearly expressed its trust in the business policy of the Executive and Supervisory Boards. A dividend of 12.5 Eurocents was decided on for fiscal year 2011. Shareholders will thus profit, despite the difficult market environment, from the stable development of the S.A.G. Solarstrom Group, which has been distributing a dividend since 2010. The committee also passed, with a large majority, anticipatory resolutions for possible increases in capital, convertible and warrant bonds or profit-sharing rights, as well as for the repurchase of own shares, and consented to a new compensation for the Supervisory Board.
In 2011, S.A.G. Solarstrom AG was one of the few companies in the solar industry that was able to disclose a positive EBIT result. At the Annual General Meeting, CEO Dr. Karl Kuhlmann once again emphasized that S.A.G. Solarstrom AG is strongly positioned through its four pillar business model and is able to withstand the challenges of a market with dramatically declining feed-in tariffs.
In the first quarter of 2012, the Group was able to more than triple the installation volume in the business area Project Planning and Plant Construction in comparison with the previous year's quarter - adjusted for the special effects of the major Serenissima project - and thus increase sales in this business area by 64.7%. The business area Partner Sales was also able to more than double the installation volume, and despite the considerable decline in prices for components and systems on the market, achieve an increase in sales of 43.4%. In the two business areas Plant Operation and Services, and in Power Production, considerable increases in sales were recorded in comparison with the same quarter in the previous year.
Kuhlmann outlined the cost cutting program Slim 2012, the planned continuation of international expansion and initial pilot projects in Germany and abroad without feed-in tariffs, in which electricity from photovoltaic power can already prove itself in the competition with conventional electricity. "If policies follow this development with a sense of proportion, the phase-out of the feed-in tariff will be potentially foreseeable".
The Annual General Meeting rewarded the successful work of the Executive and Supervisory Boards, despite a very difficult market environment, with a high level of consent in the voting results. The dividend proposal of 12.5 Eurocents was accepted by more than 99% of the voting capital in attendance, and the actions of both Boards were approved for fiscal year 2011. The auditing firm BDO AG, Freiburg i. Br. was elected as the annual auditor for fiscal year 2012. The Annual General Meeting also approved a new remuneration system for the Supervisory Board, which allows for a higher basic remuneration and a change to the assessment base for variable remuneration elements.
The Annual General Meeting once again authorized the company to acquire its own shares of up to 10% of the capital stock. This new empowerment will apply until May 23, 2017. The authorized capital for optional implementation of increases to capital has been raised by almost €1.8 million to a total of €16,779,200. In addition, the Annual General Meeting consented to create new authorized capital in the amount of €8,908,800 for issuing convertible and/or warrant bonds or profit-sharing rights.
"This mark of confidence by the Annual General Meeting demonstrates that we are on the right track with our work. We are convinced that S.A.G. Solarstrom AG will not only master the consolidation phase of the solar industry but will also emerge from it stronger than before", says Kuhlmann in conclusion.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent provider of high-quality photovoltaic plants configured to customers' individual needs. The Group constructs efficient plants of all sizes both in Germany and abroad. S.A.G. Solarstrom AG also produces solar energy at its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of photovoltaic plants, including forecast and energy services, yield reports, and remote service and maintenance, as well as insurance and financing. The Group thus offers a comprehensive value chain in photovoltaics, from yield reports, planning, construction, operations, and monitoring to optimization, repowering, and deconstruction. Founded in 1998, S.A.G. Solarstrom AG is considered a pioneer in the solar industry. Around 230 specialists work at the four locations in Germany and the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock Exchange as well as according to the m:access rules and standards of the Munich Stock Exchange.
Further information: www.solarstromag.com
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