- Results with net sales of CHF 307.8 million in line with expectations
- EBITDA CHF 4.6 million
- Solid balance sheet structure with sufficient liquidity and high equity ratio
- Targets for the entire fiscal year 2012 confirmed from today’s point of view
Meyer Burger Group reached results for the first half of 2012 that are in line with its expectations. These were achieved within a very difficult market environment for the photovoltaic industry. In view of the continuing overcapacities at cell and module manufacturers, many customers remained hesitant in terms of ordering new production equipment during the period under review. Net sales for the first half of 2012 amounted to CHF 307.8 million (CHF 575.0 million in H1 2011) and at EBITDA level, the Company reported a profit of CHF 4.6 million (CHF 154.9 million in H1 2011). For the first time in its successful corporate history since its IPO in 2006, Meyer Burger recorded a loss at Group earnings level of CHF 34.2 million (profit of CHF 76.6 million in H1 2011). The balance sheet structure remains very solid with an equity ratio of 54.2%. Meyer Burger Group also commands a high liquidity position. Cash and cash equivalents amounted to CHF 238.6 million as at 30 June 2012 and together with committed, un-used credit lines and possibilities for a mortgage loan, Meyer Burger Group has over CHF 300 million in liquidity at its disposal.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) reached results for the first half of 2012 that were in line with its expectations. The extremely tense situation in the photovoltaic industry and the fierce consolidation process which had begun in the second half of 2011, continued, as expected, unabated in the first six months of 2012. In view of the continuing overcapacities at cell and module manufacturers, many customers remained hesitant in terms of ordering new production equipment in the first half of 2012.
Incoming orders, order backlog
After incoming orders had already substantially declined in the second half of 2011 owing to the market situation for solar cell and module manufacturers, they increased by approximately 44% in the first six months of 2012 compared with the second half of 2011. In comparison to the first half of 2011, in which a historic peak result of CHF 787.6 million had been achieved, the volume of incoming orders for new manufacturing equipment amounted to CHF 128.4 million in the first six months of 2012 (a deviation of 84% against H1 2011). The order backlog as at 30 June 2012 amounted to CHF 672.6 million (CHF 909.9 million as at 31 December 2011).
Sales
Net sales amounted to CHF 307.8 million (CHF 575.0 million in H1 2011). The decline in sales of about 46% was within the scope of the Company’s expectations and, proportionately for the half-year period, is also in line with the Company guidance for net sales that was published in March 2012. Asia was once again the most important customer region with 77% of net sales. Europe provided 18% of net sales while customers in the USA accounted for another 5% of net sales.
Operating income
The operating income after costs of products and services reached CHF 170.9 million (CHF 306.5 million in H1 2011). The margin increased by 2.2 percentage points to 55.5% compared with 53.3% for the first half of 2011. This increase is mainly attributable to new revenues from software sales and services, individual projects with exceptionally high margins, non-recurring effects from structural changes within the Group and changes in the product mix.
