Meyer Burger Technology Ltd to change its financial reporting from IFRS to Swiss GAAP FER Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) has decided to change its financial reporting from IFRS to Swiss GAAP FER, effective retroactively from 1 January 2013, and to publish the annual accounts 2013 in accordance with Swiss GAAP FER. The registered shares of Meyer Burger Technology Ltd continue to be listed on the SIX Swiss Exchange and traded in the Domestic Standard and will remain part of the Swiss Performance Index SPI.
The Board of Directors of Meyer Burger Technology Ltd has taken the decision to change the company’s financial reporting from IFRS to Swiss GAAP FER effective retroactively from 1 January 2013. The principal reasons for this decision are the continuously increasing complexity and the extensive detailed regulations of IFRS. Meyer Burger is convinced that Swiss GAAP FER provides a solid alternative for transparent financial reporting in accordance with the “true and fair view” principle. The Company will continue to present its consolidated financial statements in high-quality and with detailed informative value.
The registered shares of Meyer Burger Technology Ltd remain listed on the SIX Swiss Exchange and continue to be part of the Swiss Performance Index SPI. The shares will also remain traded in the Domestic Standard (of SIX Swiss Exchange).
Changing the financial reporting standards to Swiss GAAP FER will mainly impact the company’s accounting policies with respect to goodwill and other intangible assets resulting from acquisitions (customer relationships) and in terms of retirement benefit obligations. Under Swiss GAAP FER, Meyer Burger would have treated customer relationships which resulted from acquisitions as goodwill (recognised as goodwill at the time of the acquisition). With the change to Swiss GAAP FER, Meyer Burger will offset the entire goodwill against equity and regarding the retirement benefit obligations, the company will have considerably lower liabilities on the basis of the existing retirement plans than under IFRS.
The effects of the change to Swiss GAAP FER lead to lower balance sheet totals and to a reduction of the equity ratio. For the most recent balance sheet as at 30 June 2013, which includes the effects of the capital increase and the net loss for the first half-year period, the equity ratio stood at over 50% after the above mentioned restatements have been taken into account (equity ratio of over 46% as at 31 December 2012). A detailed transition statement from IFRS to Swiss GAAP FER will be included in the financial statements of the Annual Report 2013. The Report will be published on 24 March 2014.
For further information:
Werner Buchholz
Head of Corporate Communications
Phone +41 (0)33 221 25 06
werner.buchholz@meyerburger.com
About Meyer Burger Technology Ltd
www.meyerburger.com
Meyer Burger is a leading global technology Group specialising on innovative systems and processes based on semiconductor technologies. The Group’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 Group currently employs more than 1,800 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.
The Group’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 Group’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 Group 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, the Netherlands, Switzerland, Singapore, Taiwan and the USA. The Group 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).
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, EXCHANGE OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF MEYER BURGER TECHNOLOGY LTD HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE 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.
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.
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