Meyer Burger announces strong growth in Net Sales and Earnings in 2008

Meyer Burger announces strong growth in Net Sales and Earnings in 2008

Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) today announced key figures (un-audited) for the annual results 2008. The company increased its Net Sales to CHF 455 million (+119% compared to the previous year) and confirms an order backlog of more than CHF 800 million as at 31st December 2008. Meyer Burger’s targeted EBIT margin of 13 – 15% (excluding effects for amortisation of goodwill and intangible assets from the acquired companies) was also markedly exceeded with an achieved margin of more than 16%. Meyer Burger will publish further details on its annual results at the press and analyst conference on 23rd March 2009.

The difficult economic situation and the credit crisis in particular, led to financing difficulties for some solar cell manufacturers with regards to orders they had already placed with Meyer Burger. Agreed shipments were postponed and Meyer Burger had to adjust its production capacities correspondingly at the beginning of 2009. Meyer Burger has now received positive signals from the market that the financing for planned expansion phases for different customers has become available again.

Recently, the company received a confirmation from the Chinese solar wafer manufacturer ReneSola that the customer’s financial situation had been clarified and Meyer Burger can ship in March 2009 the first wire saws in a value of about CHF 20 million out of an existing order. This delivery is part of a larger order concluded in July 2008 for an overall value of more than CHF 60 million.

Meyer Burger rates this delivery as a very positive signal within the industry. “The quantities are indeed still moderate, but clearly show that the industry is preparing itself for the time after the credit crisis” says Peter Pauli, CEO of Meyer Burger Technology Ltd. In January 2009, another partial delivery of a different postponed order was already executed. Wire saws supplied and installed in 2009 will guarantee the capacities for the solar market in 2010. “We continue to expect significant growth in the medium term” says Peter Pauli. Various economic stimulus packages throughout the world to promote renewable energies give support and confidence.

In the short term Meyer Burger will continue to act cautiously. Capacities remain at a reduced level for the time being and the introduction of partial short-time work for a certain period of time will also be considered if necessary. As soon as the economic situation improves, the appropriate capacities can be quickly increased, even on a short term basis. Meyer Burger will use the time to further optimise its manufacturing processes.

For further information, please contact:

Werner Buchholz, Head of Group Communications               

+41 33 439 05 06 - w.buchholz@meyerburger.ch 

About Meyer Burger Technology Ltd

www.meyerburger.ch

Meyer Burger Technology Ltd is a leading and globally active technology group for innovative systems and processes for cutting and handling crystalline and other high-grade materials.

The machines, competences and technologies of the different companies in the group are used in the solar industry (photovoltaics), semi-conductor and optical industry. The thinnest wafers made from silicon, sapphire or other crystals are required in these three markets to manufacture solar modules, switching circuits or high-performance LEDs. The group’s core competencies are made up of a whole range of production processes, machines and systems that are used within the value chain in the manufacture of high quality wafers. The comprehensive range of products is complemented by a worldwide service network with wear and tear parts, consumables, re-grooving service, process know-how, servicing, after-sales service, training and other services. As a globally active company, the group is represented in Europe, Asia and North America in the respective key markets.

Meyer Burger has its headquarters and the production facility of Meyer Burger Ltd in Switzerland, while the group companies, Meyer Burger Automation GmbH, Meyer Burger Services GmbH, Hennecke Systems GmbH and AMB Apparate + Maschinenbau GmbH, have their headquarters and production facilities in Germany. The group also has subsidiaries in China and Japan, and service centres in Germany and the Philippines, which are all represented by its own staff on-site. In Taiwan and the USA, Meyer Burger works with independent sales and service partners that are part of Meyer Burger’s global service network. In other important countries the company relies on selected independent agents. Meyer Burger employed more than 470 staff worldwide by end of June 2008.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF MEYER BURGER TECHNOLOGY AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.