Meyer Burger confirms strong increase in incoming orders, revises its net sales and EBITDA targets for 2015 due to project delays

Meyer Burger confirms strong increase in incoming orders, revises its net sales and EBITDA targets for 2015 due to project delays

Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) today announced the continuing positive trend in incoming orders. The volume of new orders reached CHF 367 million as of the end of October 2015, representing an increase of 44% compared to the first ten month period of 2014 (31 October 2014: CHF 254 million). This strong increase in incoming orders is mainly due to various large and mid-sized orders for photovoltaic systems and solutions. The increased project activities in the PV area are clear signs for an improvement in investment behaviour by customers and an increased technology demand to further improve solar cell production lines in terms of cell efficiency and performance capabilities with new technologies (Heterojunction, SmartWire Connection) or upgrade technologies (MB PERC, inspection and measurement systems). The production and delivery of manufactured systems and solutions on the part of Meyer Burger to its customers is also running according to plans.

However, due to project delays in certain larger existing customer projects, the final acceptance for a number of machines and systems by those customers will most likely not occur before year-end 2015 from today’s point of view, but will be delayed into the first half of 2016. Due to the recognition of sales in accordance with the Completed Contract Method (as a rule, net sales from the sale of machinery are recognized when a final acceptance test has been signed by the customer), there are also delays in the recognition of net sales for the orders concerned. For this reason, Meyer Burger has to revise its net sales target for 2015 from about CHF 400 million to between CHF 290 – 340 million. These new expectations in net sales would lead to an estimated loss at EBITDA level of between CHF 40 - 65 million for the fiscal year 2015. The net sales and profit contributions from these orders with delayed acceptances are expected to be realized in the first half of 2016.            

For further information, please contact:

Financial queries:

Michel Hirschi
Chief Financial Officer
Phone +41 33 221 28 00
ir@meyerburger.com

Media queries:

Werner Buchholz

Head of Corporate Communications

Tel: +41 33 221 25 06

werner.buchholz@meyerburger.com

Ingrid Carstensen

Corporate Communications

Tel: +41 33 221 28 34

ingrid.carstensen@meyerburger.com

About Meyer Burger Technology Ltd

www.meyerburger.com

Meyer Burger is a leading global technology company specialising on innovative systems and processes based on semiconductor technologies. The company’s focus is on photovoltaics (solar industry) while its competencies and technologies also cover important areas of the semiconductor and the optoelectronic industries as well as other selected high-end markets based on semiconductor materials. The company currently employs about 1,600 people across three continents. Over the past ten years, Meyer Burger has risen to the forefront of the photovoltaic market and established itself as an international premium brand by offering superior precision products and innovative technologies.

Meyer Burger’s offering in systems, production equipment and services along the photovoltaic value chain includes the manufacturing processes for wafers, solar cells, solar modules and solar systems. Meyer Burger provides substantial added value to its customers and clearly differentiates itself from its competitors by focusing on the entire value chain.

The company’s comprehensive product portfolio is complemented by a worldwide service network with spare parts, consumables, process know-how, customer support, after-sales services, training and other services. Meyer Burger is represented in Europe, Asia and North America in the respective key markets and has subsidiaries and own service centres in China, Germany, India, Japan, Korea, Malaysia, the Netherlands, Switzerland, Singapore, Taiwan and the USA. The company is also working intensively to develop new markets such as South America, Africa and the Arab region. The registered shares of Meyer Burger Technology Ltd are listed on the SIX Swiss Exchange (Ticker: MBTN).

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This press release may contain “forward-looking statements”, such as guidance, expectations, plans, intentions, or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this press release are based on data available to Meyer Burger Technology Ltd as of the date that this press release is published. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.