Meyer Burger Technology Ltd – 1st Half Hear 2011
• Excellent results once again
• Continuing dynamic growth and attractive profit margins
• Guidance for full year 2011 increased
Meyer Burger Group increased its net sales by 61% to CHF 575.0 million in the first half of 2011 compared with CHF 356.9 million in the corresponding period in 2010, despite an economic environment that was marked by strong turbulence in foreign exchange rates. The increase in sales is solely due to organic growth. Adjusted for foreign exchange rate effects, net sales actually grew by 66%. With this achievement in net sales, Meyer Burger Group is on track to meet its ambitious full year sales target of CHF 1,200 million. The order backlog as of 30 June 2011 amounted to CHF 1,240.8 million, which provides an excellent basis for the business performance during the second half of 2011 and for the year 2012.
EBITDA in the first half of 2011 reached CHF 154.9 million, corresponding to a margin of 26.9% (H1 2010: EBITDA of CHF 64.6 million and a margin of 18.1%). At EBIT level, Meyer Burger generated a profit of CHF 125.1 million and an EBIT margin of 21.8% (H1 2010: EBIT of CHF 34.4 million, EBIT margin of 9.6%). Group earnings for the first half of 2011 came to CHF 76.6 million compared with CHF 23.6 million in the same period last year.
Meyer Burger is adjusting its guidance for full year 2011 and expects, excluding the pro-rata results of Roth & Rau AG, net sales for the entire year of CHF 1,200 million as previously communicated. In terms of EBITDA, the Company increases its margin guidance for the entire year 2011 to between 23 to 25%. This outlook is still based on the assumption that customers will realise their expansion projects as planned.
