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Meyer Burger Technology Ltd: Half Year Results 2020

Published in: Solar, Press Releases, Renewable News

Meyer Burger Technology Ltd: Half Year Results 2020 image
  • Transformation of the business model from machine supplier to vertically integrated cell and module manufacturer
  • Capital increase successfully completed with gross proceeds of CHF 165 million
  • Cash inflow of approximately CHF 24 million from the sale of Muegge GmbH and book profit of approximately CHF 4 million
  • Net revenues of CHF 51.0 million (H1 2019 adjusted: CHF 110.2 million) affected by corona and business transformation
  • EBITDA of CHF -27.5 million (H1 2019: CHF 14.5 million) and net profit of CHF -38.6 million (H1 2019: CHF 1.8 million)

2020 is a year of transformation for Meyer Burger. In the first half of 2020, the Board of Directors decided to adjust the business model and prepare the company for the future. Meyer Burger wants to position itself as a technologically leading manufacturer of solar cells and solar modules. As a result, the production machines for heterojunction/SmartWire technology will in future only be manufactured exclusively for its own use. In order to finance the realignment, the company has successfully completed a capital increase with gross proceeds of CHF 165 million, following the approval of the shareholders at the Extraordinary General Meeting on 10 July 2020. The sale of the microwave and plasma technology company Muegge GmbH resulted in a cash inflow of approximately CHF 24 million and a book profit of approximately CHF 4 million.

Financial review

Business in the first half-year 2020 was constrained by the strategic realignment as well as the exceptional situation of the COVID-19 pandemic. In this difficult market environment, Meyer Burger had incoming orders of CHF 32.2 million (H1 2019: CHF 94.0 million). Adjusted for divestments and currency effects, the orders received fell by 60.1%. Orders on hand as of 30 June 2020 amounted to CHF 76.1 million (31.12.2019: CHF 105.1 million).

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