Previously communicated targets on Sales and EBITDA reachedConsolidated net sales of CHF 1.3 billion for entire GroupRoth & Rau companies are being focussed on their core competences
Roth & Rau AG, which is separately listed in Germany, announced preliminary (unaudited) results for the fiscal year 2011 separately yesterday. According to its announcement, Roth & Rau will report a loss of EUR -107 million on EBIT level, including one-off items of EUR 93 million.
The proportion of the loss incurred by Roth & Rau AG, to be included in the consolidated financial statements of Meyer Burger Group, will only have a limited effect on the Group’s earnings at EBITDA level (in absolute numbers). From today’s point of view, Meyer Burger expects EBITDA on a consolidated basis to be at approximately CHF 275 million. The Group has therefore also achieved its guidance regarding the EBITDA margin.
The consolidation effects from the results of Roth & Rau on an EBIT level at Meyer Burger Group will amount to approximately CHF -110 million. This negative effect on EBIT is mainly due to the ordinary depreciation on intangible assets identified in conjunction with the purchase price allocation and, as already communicated on 8 November 2011, due to a non-recurring impairment on the goodwill of Roth & Rau of approximately EUR 60 million (CHF 74 million). The Company expects also on the level of Group Earnings a substantially lower profit compared to the previous year.
Further details on the results for the fiscal year 2011 for Meyer Burger Technology Ltd will be published together with the Annual Report 2011 on 22 March 2012.
Restructuring and simplification of structures at Roth & Rau
Roth & Rau has decided to implement additional restructuring measures in order to adjust its cost structures to the changed market situation and to ensure rapid and sustainable improvement in its earnings and financial strength. It is planned to combine existing locations (with sales and service companies of Meyer Burger Group) and to reduce the number of employees in Hohenstein-Ernstthal. By merging sales activities, the companies will be able to pool competencies and to generate personnel and administrative cost savings. With all the measures taken since autumn of 2011, Roth & Rau will again be focussed on its core competences.
Given the majority participation of Meyer Burger Technology Ltd (since August 2011), existing syndicate loan agreements of Roth & Rau AG in an amount of EUR 75 million were terminated by Roth & Rau AG. Since 23 December 2011, Roth & Rau has bilateral guarantee credit lines of EUR 42 million by Meyer Burger Technology Ltd through German banks. Furthermore, as of 10 January 2012, Meyer Burger Technology Ltd also issued a binding letter of comfort in favour of Roth & Rau, which secures the allocation of liquidity by Meyer Burger Technology Ltd up to a maximum amount of EUR 50 million, should such need arise.
Additional information:
Werner Buchholz
Head of Corporate Communications
Tel +41 (0) 33 439 05 06
werner.buchholz@meyerburger.com
Ingrid Carstensen
Corporate Communications
Tel +41 (0) 33 439 38 34
ingrid.carstensen@meyerburger.com
About Meyer Burger Technology Ltd
http://www.meyerburger.com/
Meyer Burger is one of the world’s leading providers of innovative systems and production lines for photovoltaics in the solar industry and for the semiconductor and optoelectronic industries. Highly efficient wafers made from silicon, sapphire and other crystals are required in these three markets to manufacture solar modules, switching circuits or high-performance LEDs. 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 module 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 photovoltaics value chain. The merger of the two companies creates a full-line system provider which covers the most important technology elements in the photovoltaics value chain, from crystalline silicon to complete solar systems, specifically in the production processes of wafering, solar cells and solar modules. The Group’s comprehensive range of products includes a worldwide service network with wear and tear parts, consumables, re-grooving services, process know-how, customer support, after-sales services, training and other services. As a globally active company, Meyer Burger Group is represented in Europe, Asia and North America in the respective key markets and has over 2,500 employees since the Group’s expansion in August 2011.
Meyer Burger has its headquarters and the production facility of MB Wafertec (Meyer Burger Ltd) in Switzerland, while the group companies, Meyer Burger Automation GmbH, Hennecke Systems GmbH and AMB Apparate + Maschinenbau GmbH have their headquarters and production facilities in Germany. Diamond Wire Materials Tech, Inc. has its headquarters in Colorado Springs, CO, USA. The production facilities of 3S Modultec, 3S Photovoltaics and Pasan are also located in Switzerland, while Somont is located in Germany. The recently integrated Roth & Rau Group has its headquarters in Hohenstein-Ernstthal in Germany and has subsidiaries in Germany, Italy, the Netherlands, USA and various far Eastern countries. The entire Meyer Burger Group has subsidiaries and own service centres in Germany, Norway, Spain, USA, China, Japan, Singapore, South Korea, Taiwan and India. In other important markets, the Company relies on selected independent agents. The registered shares of Meyer Burger Technology Ltd are listed on 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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