- Incoming orders CHF 156.8 million; +90% compared to H1 2013
- Net sales CHF 129.0 million; +43% compared to H1 2013
- Significant preparatory works, investments in net working capital of above CHF 40 million
- EBITDA slightly improved to CHF -55.2 million; CHF -59.9 million in H1 2013
- Solid balance sheet structure; equity ratio of 52.1%
Meyer Burger Group (SIX Swiss Exchange: MBTN) reports higher incoming orders (+90%) and net sales (+43%) during the first half of 2014 compared to same period in the previous year. This was achieved within a slowly recovering market for photovoltaic equipment and with a variety of systems and solutions in Specialised Technologies. The volume of small and mid-sized orders has increased noticeably compared to the first half of 2013 (+57%). In terms of large orders, a total order size of CHF 27 million was concluded, involving two contracts with leading wafer and module manufacturers in Asia for precision diamond wire cutting systems and innovative module equipment and a strategic contract for the delivery of industrial diamond wire-based cutting systems in specialised non-PV technologies.
Meyer Burger has put substantial preparatory efforts into certain projects and made considerable investments in inventories (esp. machines before acceptance) during the first half of 2014. Altogether, an amount of over CHF 40 million in cash was invested into net working capital. EBITDA for the first half of 2014 amounted to CHF -55.2 million. The balance sheet, with total assets of CHF 756.2 million and an equity ratio of 52.1%, continues to be solidly structured.
Details to the results for the first half of 2014
Incoming orders and order backlog
Meyer Burger Group recorded CHF 156.8 million in new orders for the first half of 2014, resulting in an increase of 90% compared to the previous year period (H1 2013: CHF 82.5 million). The average run-rate of “usual business” orders (without large orders) increased by 57% compared to the first half of 2013 (and by 49% compared to the second half of 2013). Large orders concluded in the first half of 2014 amounted to a total of CHF 27 million (H1 2013: 0). The book-to-bill ratio stood at 1.21 for the first half of 2014 (H1 2013: 0.91). The order backlog reached CHF 211.3 million as at 30 June 2014 (31.12.2013: CHF 190.3 million).
Overall, the broader base of incoming orders and net sales with equipment for existing and new photovoltaic markets, and for applications in the optoelectronic industry (e.g. screens) and other specialty markets is positive. It illustrates that Meyer Burger can maintain its leading market position in the PV industry and that the company is also succeeding in using its core competencies along the photovoltaic value chain to provide superior solutions to other specialised technology areas.
