Meyer Burger Technology AG (SIX Swiss Exchange: MBTN) has decided to change its financial reporting from Swiss GAAP FER to IFRS (International Financial Reporting Standard) retrospectively as of 1 January 2009. With this move, the consolidated financial statements of the globally active Meyer Burger Technology Group will become even more transparent and internationally comparable for the capital market.
The half-year statements as of 30 June 2009 will be prepared in full compliance with IFRS. In view of different accounting principles, the change from Swiss GAAP FER to IFRS will lead to changes affecting, inter alia, the treatment of goodwill, customer prepayments, pension fund obligations, derivative financial instruments for cash flow hedging, employee participation plans and the treatment of minority interests within the Group.
Under IFRS, goodwill is recognised as an intangible asset. It is subject to an annual impairment test and recognised at purchase price less any accumulated impairment losses. Under Swiss GAAP FER, Meyer Burger has so far amortised goodwill over five years using the straight-line method. In the case of customer prepayments, under IFRS there is no re-evaluation at closing foreign exchange rates at the end of the reporting period as there is under Swiss GAAP FER. Furthermore, pension fund obligations are calculated differently, which will lead to a change in personnel costs as compared with Swiss GAAP FER. Under IFRS, financial instruments to hedge cash flows will be recorded at their fair value. Under Swiss GAAP FER, such hedging transactions were not entered in the balance sheet but were disclosed in the notes to the financial statements. Under IFRS, the treatment of employee participation plans will, in some cases, be recognised as expenses. In view of existing contractual agreements, the minority interests of subsidiaries AMB and Hennecke will be carried as 100% participations with immediate effect in accordance with IFRS, and will be reported in the balance sheet accordingly.
The effects of the change to IFRS in relation to the balance sheet, income statement, cash flow statement and changes in equity for fiscal year 2008 will be published on 3 September 2009 together with the Half-Year Report 2009 of Meyer Burger Group, following a detailed review by the Company auditors PricewaterhouseCoopers Ltd. The respective figures of the previous year and effects of the changes will be disclosed in detail in the financial statements prepared in line with IFRS as of 30 June 2009.
For further information, please contact:
Michel Hirschi, Chief Financial Officer
+41 33 439 05 05 – ir@meyerburger.ch
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 competences 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, Hennecke Systems GmbH and and AMB Apparate + Maschinenbau GmbH, have their headquarters and production facilities in Germany. The group also has subsidiaries and own service centres in Germany, Norway, China and Japan, which all are 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 generated net sales of CHF 455 million in fiscal year 2008 and employed more than 630 staff worldwide as of year end 2008.
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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.
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