• Incoming orders +23% to CHF 560.7 million
• Net sales +4% to CHF 473.3 million
• EBITDA reported was CHF 12.4 million; EBITDA adjusted CHF 46.5 million
• Net result reported of CHF -79.3 million; Net result adjusted CHF -3.1 million
• Cash flow from operating activities of CHF +12.8 million
• Solid balance sheet with equity ratio of 51.7%
• Outlook 2018: Targeting net sales of CHF 450 – 500 million; EBITDA margin of about 10%
• Change in the Board of Directors: Eric Meurice nominated to be elected as new member of the Board, Heinz Roth and Prof Dr Konrad Wegener will not stand for re-election at AGM 2018
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) recorded in fiscal year 2017 incoming orders of CHF 560.7 million, +23% compared to the previous year (2016: CHF 455.6 million). Order backlog amounted to CHF 343.8 million as of 31 December 2017 or +40% compared to year-end 2016. Net sales rose by 4% to CHF 473.3 million (2016: CHF 453.1 million).
The income statement 2017 includes several adverse effects and one-off extraordinary expenses in a total amount of about CHF 76 million which are mainly in conjunction with the discontinuation of diamond wire production at Diamond Materials Tech (“DMT”) in Colorado Springs, inventory provisions, currency translation losses on customer prepayments and trade receivables and the discontinuation of manufacturing activities in Thun which will take place during the course of 2018. EBITDA was CHF 12.4 million (2016: CHF 10.5 million). On an adjusted basis, without adverse effects affecting the income statement above the EBITDA line, the adjusted EBITDA would amount to CHF 46.5 million (2016: comparably adjusted EBITDA of CHF 13.6 million). The net loss for fiscal year 2017 was reduced to CHF -79.3 million (2016: CHF -97.1 million), on an adjusted basis it would be CHF -3.1 million (2016: comparably adjusted net result of CHF -55.3 million).
After the repayment of the straight bond in May 2017 and conversion of CHF 71.3 million of the convertible bond into shares of the company in December 2017, Meyer Burger has a solid balance sheet structure. As of 31 December 2017, the net cash position amounts to CHF 67.6 million (31.12.2016: net debt of CHF 3.4 million) and the equity ratio to 51.7% (31.12.2016: 37.2%).
For fiscal year 2018, the company is targeting to achieve net sales of about CHF 450 – 500 million, with an EBITDA margin of about 10%.
