Press Release

Thun, 13 February 2020

 

 

Meyer Burger announces preliminary financial information for fiscal year 2019; Board of Directors continues to explore all strategic options

 

 

Meyer Burger Technology AG (SIX Swiss Exchange: MBTN) today announced preliminary unaudited results for the fiscal year 2019. Financial key figures reflect the ongoing transformation of the Group and the divestments. Meyer Burger achieved incoming orders of CHF 188 million in fiscal year 2019, compared to CHF 326.8 million in 2018. Adjusted for the divestments, incoming orders decreased by approximately 32%. Orders on hand as of 31 December 2019 amounted to CHF 105 million (31.12.2018: CHF 200 million, excluding the orders transferred with the sale of the wafering business). The book-to-bill ratio was 0.72 for fiscal year 2019 (0.59 in 2018).

 

Regarding the announced North American framework contract for the Heterojunction (HJT) core equipment, the closing is not yet finalized.

 

Net sales reached approximately CHF 262 million (2018: CHF 407.0 million), broadly in line with analyst consensus. Adjusted for divestments and currency effects, the organic decline in sales for the continuing operations was -27%. Total cash as of 31 December 2019 was CHF 62 million, thereof CHF 26 million with limited availability.

 

Meyer Burger announced on 15 August 2019 that it entered into a memorandum of understanding (MoU) for a strategic collaboration with REC Solar Pte. Ltd (REC). The negotiations with REC are progressing towards a close strategic cooperation. This partnership is expected to allow both parties to benefit from the commercial value of its disruptive high-efficiency technology as well as to protect its intellectual property in the coming years, thereby reducing the risk of commoditization.

 

As announced earlier in 2019, the Board of Directors continues to evaluate all strategic, commercial and capital market options for Meyer Burger and has hired Credit Suisse as its financial advisor.

 

Meyer Burger has entered into discussions with its largest shareholder, Sentis Capital PCC, with the goal of creating significant long-term shareholder value for all stakeholders.

 

Further details on the financial statements for 2019 as well as the annual report 2019 will be published on 12 March 2020.

 

Contacts:

Nicole Borel

Head of Corporate Communications

Tel: +41 (0)33 221 28 34

nicole.borel@meyerburger.com

 

Jan Gregor

c/o Gregor Communications GmbH

Tel: +41 (0)33 221 24 02

jan.gregor@meyerburger.com

 

 

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED DIRECTLY OR INDIRECTLY TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES OF AMERICA. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR, EXCHANGE OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF MEYER BURGER TECHNOLOGY LTD HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES OF AMERICA SECURITIES LAWS.

 

This media release may contain statements referring to the future, such as expectations, plans, intentions or strategies concerning the future. Such statements involve uncertainties and risks. Readers must therefore be aware that such statements can diverge from actual future occurrences. All statements concerning the future in this media release are based on data which were available to Meyer Burger Technology AG at the time of publishing this media release. The company does not undertake to update future-oriented statements made in this media release at a later date on the basis of new information, future events or suchlike.