Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that it has initiated a company-wide structural programme. The objective of the programme is to extensively strengthen the company’s strategic technology units focussed on high-end photovoltaic user markets and to increase its flexibility in the often challenging high-end key markets. In addition, the global service business will be strengthened and individually expanded within local customer and application markets. As a result of the structural programme, the total operating cost base will further decline by about CHF 50 million.
Meyer Burger has already executed numerous measures during the past five years, reduced its operating expenses, simplified its corporate structure and re-adjusted capacities due to the extremely challenging situation in the solar industry. The level of personnel and other operating expenses declined by over 36% from CHF 330 million in fiscal year 2011 to CHF 210 million in fiscal year 2015.
In the first half of 2016, Meyer Burger achieved a profit at the EBITDA level for the first time since 2012. The positive EBITDA of CHF 6.2 million and the positive cash flow from operating activities of CHF 15.4 million for the first half-year 2016 confirm the direction the company has taken and its resulting turnaround. However, further comprehensive cost reductions will be necessary in order to also enable long-term and sustainable profitability on the net earnings level.
The company’s mid- and long-term objective is to strengthen its strategic technology units focussed on high-end photovoltaic user markets and to increase its flexibility against short-term shifts in the market through industry-leading and manufacturing-proven technologies and products, as well as through an increased local services business.
