SMTGF - SMA Solar Technology AG (SMTGF) Management on Q4 2020 Results - Earnings Call Transcript

SMA Solar Technology AG (SMTGF) Q4 2020 Earnings Conference Call Mar 25, 2021, 08:30 AM ET Company Participants Ulrich Hadding - CFO Conference Call Participants Jeff Osborne - Cowen and Company Constantin Hesse - Jefferies Guido Hoymann - Metzler Bank Presentation Ulrich Hadding …abrupt start We also decreased the trade receivables from €145 million to €220 million. These working capital improvements could not fully compensate for the decrease in trade payables from a high level of €175 million at the end of 2019 to €244 million at the end of 2020. The decrease in trade payables was a result of the downgrade of our credit rating early last year, which had been treated by concerns related to the COVID19 pandemic. After our strong 2020 results, we expect our rating to improve in '21 which would drive up our APs and increase our cash balance again. In the balance sheet, the

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SMA Solar Technology AG (SMTGF) Management on Q4 2020 Results - Earnings Call Transcript