GERMANY: The successful work of Executive and Supervisory Boards in fiscal year 2012 was rewarded at the shareholders’ meeting of S.A.G. Solarstrom AG and complete confidence in the Boards was expressed at the meeting of June 12, 2013 in Merzhausen.
All resolutions were passed with the vast majority of over 92 percent of the issued voting capital present. All members of the Supervisory Board were reelected with over 97 percent of the issued voting capital present.
The vast majority of the shareholders’ meeting also approved the standardization of the authorized capital and the splitting of a conditional capital, enabling the company to issue convertible bonds and/or warrant bonds or profit participation rights. With its resolutions, the shareholders’ meeting affords the company full flexibility and capacity to act.
“We are very pleased with the high degree of confidence displayed by our shareholders”, says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. “ S.A.G. Solarstrom AG is thus excellently equipped for the challenges of the business years 2013 and 2014”.
S.A.G. Solarstrom AG prepares for punitive tariffs – forecast confirmed
The capital market assessed the decision to reinforce the Group and to not pay a dividend very positively overall. Considerable markdowns in stock did not occur. Some investors and other market participants also welcomed the decision.
The shareholders voted with a very large majority of nearly 98% of the issued voting capital present against a dividend payment. In view of the market environment, which remains difficult with punitive tariffs on Chinese modules introduced at the start of June, these liquid reserves should provide the Group with additional room for maneuver.
In his address, Dr. Karl Kuhlmann very clearly criticized the EU Commission’s decision to introduce punitive tariffs. “We consider this decision to be a big mistake. These customs duties will not benefit the German module manufacturers at all, as the duties will lead to a considerable decline in the market”. However, S.A.G. Solarstrom AG sticks to its forecast for 2013 to increase installation and sales volume to over 117 MWp and to achieve a positive operating result. Currently, new sourcing options and further cost reduction potential is being explored throughout the system for this purpose.
New business units and new markets
In his speech, the CEO listed the milestones of business activities in 2012. Despite an extremely challenging market environment with a sharp fall in component and system prices, S.A.G. Solarstrom AG achieved a positive consolidated result of €1.1 million and was thus one of the very few solar companies that was able to successfully stand its ground on the market and adapt flexibly to the changes.
Kuhlmann provided an outlook of the business year 2013 with intense project activity in the UK, the expansion of the secondary market business, the development of the Latin American market, new integrated energy concepts and solutions for own consumption and storage.