Press Release
Thun, 13 February 2020
Meyer Burger announces preliminary financial information for fiscal year 2019; Board of Directors continues to explore all strategic options
Meyer Burger Technology AG (SIX Swiss Exchange: MBTN) today announced preliminary unaudited results for the fiscal year 2019. Financial key figures reflect the ongoing transformation of the Group and the divestments. Meyer Burger achieved incoming orders of CHF 188 million in fiscal year 2019, compared to CHF 326.8 million in 2018. Adjusted for the divestments, incoming orders decreased by approximately 32%. Orders on hand as of 31 December 2019 amounted to CHF 105 million (31.12.2018: CHF 200 million, excluding the orders transferred with the sale of the wafering business). The book-to-bill ratio was 0.72 for fiscal year 2019 (0.59 in 2018).
Regarding the announced North American framework contract for the Heterojunction (HJT) core equipment, the closing is not yet finalized.
Net sales reached approximately CHF 262 million (2018: CHF 407.0 million), broadly in line with analyst consensus. Adjusted for divestments and currency effects, the organic decline in sales for the continuing operations was -27%. Total cash as of 31 December 2019 was CHF 62 million, thereof CHF 26 million with limited availability.
Meyer Burger announced on 15 August 2019 that it entered into a memorandum of understanding (MoU) for a strategic collaboration with REC Solar Pte. Ltd (REC). The negotiations with REC are progressing towards a close strategic cooperation. This partnership is expected to allow both parties to benefit from the commercial value of its disruptive high-efficiency technology as well as to protect its intellectual property in the coming years, thereby reducing the risk of commoditization.
As announced earlier in 2019, the Board of Directors continues to evaluate all strategic, commercial and capital market options for Meyer Burger and has hired Credit Suisse as its financial advisor.
Meyer Burger has entered into discussions with its largest shareholder, Sentis Capital PCC, with the goal of creating significant long-term shareholder value for all stakeholders.
Further details on the financial statements for 2019 as well as the annual report 2019 will be published on 12 March 2020.
Contacts:
Nicole Borel
Head of Corporate Communications
Tel: +41 (0)33 221 28 34
Jan Gregor
c/o Gregor Communications GmbH
Tel: +41 (0)33 221 24 02
