- Overall difficult market environment; improving towards end of 2013
- Incoming orders of CHF 287.7 million; +29% compared to the previous year
- Operating expenses reduced by over CHF 97 million year-on-year
- Net sales 2013 of CHF 202.7 million; EBITDA of CHF -117.3 million
- Net result of CHF -162.8 million
- High equity ratio of 52.1%
- Share placement of 4.8 million registered shares out of the authorised capital
Meyer Burger Group was faced with a difficult market situation in the solar industry during most of fiscal year 2013. Towards the end of 2013, the Company successfully concluded several strategically important and in some cases long negotiated contracts for photovoltaic projects with existing and new customers as well as contracts for specialised technologies outside the PV industry. New orders amounted to CHF 287.7 million with over 70% generated during the second half of the year. This represents an increase in incoming orders by 29% year-on-year. Operating expenses were reduced by CHF 97.7 million compared to the previous year as a result of the cost reduction programmes that were completed during 2013. Meyer Burger reported net sales of CHF 202.7 million for fiscal year 2013 and despite this sustained cost reduction mentioned, posted an EBITDA of CHF -117.3 million and a net result of CHF -162.8 million.
Meyer Burger continues to have a solid balance sheet structure with an equity ratio of 52.1% as of 31 December 2013, even after the change of its financial reporting from IFRS to Swiss GAAP FER. The Company launches a share placement out of its existing authorised capital (up to 4.8 million registered shares) to further strengthen its balance sheet and liquidity.
Share placement out of authorised capital
Meyer Burger Technology Ltd has an authorised capital of up to 4,800,000 fully paid-in registered shares with a nominal value of CHF 0.05 each. The Company has mandated a banking syndicate consisting of Credit Suisse and UBS to place these 4,800,000 shares through an accelerated bookbuild procedure as a private placement in Switzerland and outside of Switzerland in accordance with applicable securities laws. The placement represents 5.7% of total shares issued. Subscription rights of shareholders will be excluded. The price of the new shares will be published after the close of the bookbuilding, which is currently expected to be on 20 March 2014. The net proceeds from the placement will be used to increase Meyer Burger’s financial flexibility and for general corporate purposes.
Application was made and granted for listing of and trading in the new shares to commence on 21 March 2014. The offered new shares will rank pari passu with the Company’s existing shares. Delivery against payment of the new shares is expected to be on 25 March 2014.
The Company has agreed to enter into a lock-up period of 180 days after this announcement and not to issue or sell any additional shares without the prior consent of Credit Suisse and UBS.
Comments to results fiscal year 2013
Meyer Burger changed its financial reporting from IFRS to Swiss GAAP FER in 2013. The change was effective retroactively from 1 January 2013 and the previous year’s consolidated financial statements have been restated accordingly.
