The PV inverter group suffered a 26% loss in sales in the January to June period, to €341.2m ($456m) from €461.5m at the same stage in 2013.

SMA Solar sold 2GW of inverters, compared to the 2.5GW it managed in the first six months of 2013, noting that in Germany alone demand fell 40% year-on-year.

The group also reported negative earnings before interest and taxes (Ebit) of €62.4m,