Meyer Burger publishes preliminary results for the first half of 2019

Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) today announced preliminary unaudited results for the first half of 2019. Margins remained under pressure due to the drop in prices for standard PV equipment, especially in the PERC business. Meyer Burger is in advanced discussions with potential customers for its Heterojunction core equipment and SmartWire Cell Connection technology, however new order completions have been delayed. Overall, business activity fell short of expectations. Meyer Burger expects to report for the first half of 2019 orders of approximately CHF 94 million (H1 2018 CHF 137.9 million, adjusted for sale of the wafering business CHF 94.5 million), net sales of approximately CHF 122 million (of which CHF 3 million in wafering equipment; H1 2018 CHF 232.3 million, adjusted for sale of wafering business CHF 200.7 million). Despite a substantial reduction in costs, EBITDA was negative (H1 2019 CHF -14 million; H1 2018 CHF +29.2 million). The total order backlog was at CHF 166 million as of 30 June 2019. Meyer Burger expects a breakeven net result following the extraordinary income of the sale of the wafering business.

 

The newly constituted Board of Directors of Meyer Burger is conducting a thorough review of the company’s business model and corporate strategy; the results of which will be disclosed in due course.

 

Dr Hans Brändle, Meyer Burger CEO, said: "I am disappointed with our half-year results. We have however achieved a decisive breakthrough with the delivery of our Heterojunction and SmartWire cell connection technologies to REC. At the Intersolar in May 2019, they introduced their groundbreaking new solar module with an energy yield that leaves the PERC competition far behind. The pioneering module is manufactured with our technology at very competitive costs while achieving an industry-leading module performance. The first production line will soon be fully ramped up and the modules are already enjoying strong demand in the high-end segment. This success opens up new strategic opportunities for us."

 

Dr Remo Lütolf, Chairman of the Board of Directors of Meyer Burger, added: "Business development in the first half of 2019 underlines the need to challenge our business model and corporate strategy. We will evaluate all strategic options for the future. This includes discussions with industrial partners to develop new business models that create sustainable value for our company and our shareholders.”

 

The consolidated half-year reults 2019 including all detailled information will be published on 15 August 2019.

 

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This press release may contain “forward-looking statements”, such as guidance, expectations, plans, intentions, or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this press release are based on data available to Meyer Burger Technology Ltd as of the date that this press release is published. The company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.