In 2010, Meyer Burger Group recorded net sales of CHF 826.0 million (2009: CHF 420.9 million), representing an increase of 96%. The sales growth was based on 62% organic growth and 34% as a result of M&A activities. EBITDA rose to CHF 187.5 million with a margin of 22.7% (2009: EBITDA CHF 63.3 million, margin 15.0%). At EBIT level, Meyer Burger increased its profit to CHF 127.9 million und the EBIT margin reached 15.5% (2009: 9.8% margin). Group earnings amounted to CHF 97.9 million (2009: CHF 29.2 million). As of year-end 2010, Meyer Burger has a very solid and healthy balance sheet structure. As a result of the merger with 3S Industries Ltd and the excellent result in 2010, total assets increased to CHF 1,066.8 million. Cash and cash equivalents amounted to CHF 393.5 million as of 31 December 2010, and equity increased to CHF 642.9 million (31.12.2009: CHF 196.3 million). The equity ratio rose to 60.3% (31.12.2009: 42.7%). With its products and technologies, Meyer Burger is very well positioned in its markets, and expects ongoing strong growth in the solar industry in the years to come. For fiscal year 2011, Meyer Burger anticipates net sales of about CHF 1.2 billion and an EBITDA margin of around 20%. The Board of Directors will propose to the Ordinary General Meeting of Shareholders on 21 April 2011 to elect Peter Pauli, Chief Executive Officer, as member of the Board of Directors.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) achieved excellent results in fiscal year 2010. Both, incoming orders and order backlog surpassed the CHF 1 billion mark, and net sales almost doubled. Higher profit margins, sound cash flows and a very solid balance sheet structure demonstrate the outstanding condition of Meyer Burger Group.
Dynamic growth
The solar industry recovered significantly during 2010. It became already evident during the first half of 2010 that large projects, which will substantially increase manufacturing capacities at solar cell producers in the years 2011-2013, received financial backing at normal conditions again. This trend was further confirmed during the second half of the year. Meyer Burger succeeded in concluding a number of major orders in this environment and recorded CHF 1,329.8 million in new orders (previous year: CHF 193.7 million). For the first time in the company’s history, incoming orders and order backlog surpassed the CHF 1 billion mark. As of 31 December 2010, the order backlog amounted to CHF 1,048.5 million.
Net sales rose by 96% to CHF 826.0 million (previous year: CHF 420.9 million). The increase is based on 62% organic growth and 34% growth as a result of M&A activities. Sales grew most rapidly in Asia (+150%), which continuous to be the most important customer region with 76% of net sales. Europe provided 17% of net sales and customers in the USA accounted for 7%.
Attractive profit margins
Gross profit more than doubled year-on-year to CHF 408.8 million compared to CHF 170.1 million in 2009. The gross margin for the period rose to 49.5% from 40.4% in 2009. The increase in margin was mainly due to very high production volumes at the manufacturing sites in Thun and Zülpich, which resulted in leverage on fixed production costs. This effect was further supported by general process optimisation, as well as a changed product mix.
