Consolidated net sales of approximately CHF 307 million for the GroupNet sales development and implementation of consolidation and optimisation programme led to a positive result of approximately CHF 3 - 5 million at EBITDA levelPublished guidance for the year 2012 for sales and EBITDA margin confirmed from today’s perspective
The difficult situation in the photovoltaic market continued unabated in the first half of 2012. In this challenging environment, the Meyer Burger Group achieved an incoming new order volume of approximately CHF 130 million. The order backlog as per the end of June 2012 was around CHF 670 million and it can be expected that a portion of this will be recognised as sales in the current year.
In light of current overcapacities at solar cell and module manufacturers and cautious consumer demand, the Meyer Burger Group has achieved consolidated sales of about CHF 307 million in the first six months of 2012.
Net sales development and the implementation of the optimisation and consolidation programme announced for 2012 have resulted in the Meyer Burger Group achieving a positive result of around CHF 3 - 5 million at EBITDA level for the first half of 2012. Meyer Burger has successfully implemented a significant portion of its optimisation and consolidation measures and expects to achieve noticeable positive effects in the second half of 2012. The full potential of the optimisation and consolidation efforts resulting in a sustainable reduction in operating costs is expected to be realised in 2013.
Cash flow
In the first half of 2012, a significant increase in net working capital was recorded mainly due to the market driven reduction in customer prepayments compared to the previous year. This led to a negative operating cash flow of approximately CHF 100 million.
The cash flow from investment activities is largely made up of a substantial investment in connection with the new production and competence centre in Thun and it reached around CHF 30 million by the end of the first half of 2012.
The straight bond issue for approximately CHF 130 million in spring 2012 has led in total to a positive cash flow from financial activities of approximately CHF 100 million.
Taking cash and cash equivalents amounting to approximately CHF 240 million at the end of the first half of 2012 into account as well as committed un-used credit limits, the Meyer Burger Group has over CHF 300 million in liquidity available.
Outlook
It is very difficult to estimate when the current overcapacities in the photovoltaic market will be reduced and when positive demand will generate new investment programmes by the cell and module manufacturers. From today’s perspective, Meyer Burger confirms its forecasted guidance ranges for the full year 2012 and it expects to achieve the lower half of its guidance (net sales of between CHF 600-800 million and an EBITDA margin of between 4-8%).
As the technology leader in the photovoltaic market, Meyer Burger focus is on sustainable research and development and making it a reliable, long-term partner for its customers.
Further details on the financial statements for the first half of 2012 as well as the complete half year report 2012 will be published on 16 August 2012.
For further information please contact:
Michel Hirschi
Chief Financial Officer
Tel +41 (0) 33 221 28 00
ir@meyerburger.com
Ingrid Carstensen
Corporate Communications
Tel +41 (0) 33 221 28 34
ingrid.carstensen@meyerburger.com
About Meyer Burger Technology Ltd
www.meyerburger.com
Meyer Burger Technology Ltd is a leading global technology group. With its innovative systems and production equipment, Meyer Burger creates sustainable added value for customers in photovoltaics (solar industry), in the semiconductor and optoelectronic industries as well as other selected industries which focus on semiconductor materials. The Group currently employs more than 2,500 people across three continents. In its core business – photovoltaics – customers rely on comprehensive solutions and complementary technologies along the entire value chain including the manufacturing processes for wafers, solar cells, solar modules and solar systems.
The Group’s core competences encompass a broad range of production processes, machines and systems that are used for the production of ultra-thin, high quality wafers, for the inspection and measurement of solar cells, for laminating, soldering and testing of solar modules and for building-integrated solar systems. With the acquisition of Roth & Rau AG, with its cutting-edge products and technologies for the next generation of crystalline silicon solar cells, Meyer Burger Group is further expanding its market leadership along the entire photovoltaic value chain.
Meyer Burger Group is a full line system provider who covers all of the most important technology elements along the photovoltaic value chain from crystalline silicon to complete solar systems. A worldwide service network including spare parts, consumables, re-grooving services, process know-how, customer support, after-sales services, training and other services completes the comprehensive product portfolio. 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, Norway, Switzerland, Singapore, Spain, Taiwan and the USA. The company relies on selected independent agents in other important markets. The registered shares of Meyer Burger Technology Ltd are listed on 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.
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