Meyer Burger Technology Ltd achieves strong operating results in 2011
- Record sales of CHF 1.32 billion and solid balance sheet
- EBITDA increased by 48% to CHF 278.4 million
- Guidance on Sales and EBITDA reached
- Profit for the year of CHF 35.8 million influenced by high amount of special items regarding Roth & Rau
- Challenging market environment to continue in 2012, upturn in demand expected in 2013
- Focussing our strengths and optimising synergies within the Group
Meyer Burger Group increased net sales by 59% to CHF 1,315.0 million in fiscal year 2011 (2010: CHF 826.0 million). Organic growth was 44%, whereas 15% of growth was based on the Roth & Rau acquisition. The Group posted an increase in EBITDA of 48% to CHF 278.4 million (2010: CHF 187.5 million). On the levels of EBIT and profit for the year, the results were negatively influenced by special items in conjunction with the acquisition of Roth & Rau. Meyer Burger achieved EBIT of CHF 116.7 million (2010: CHF 127.9 million) and profit for the year amounted to CHF 35.8 million (2010: CHF 97.9 million). The balance sheet structure remains very solid with net liquidity of CHF 250.3 million and an equity ratio of 55.4%.
In view of the continuing challenging market situation in photovoltaics and despite a good order backlog, Meyer Burger remains cautious regarding the outlook for 2012. At this point in time, there is little market visibility about the timing of new investment programmes by cell and module manufacturers. Meyer Burger Group will combine its resources and consolidate sales activities and subsidiaries in key markets worldwide during 2012. The Company will optimise synergies within the Group and strengthen efficiencies and sales activities along the value chain in photovoltaics.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) performed excellent again in 2011. The Group achieved strong organic growth and high incoming orders, despite the difficult market environment that solar cell and module manufacturers suffered from during the second half of 2011.
