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Meyer Burger forecasts 2018 net sales of CHF 450m-500m


Meyer Burger forecasts 2018 net sales of CHF 450m-500m

March 22 (Solar) – Meyer Burger Technology AG (SWX:MBTN) today reported a 4% year-on-year increase in 2017 net sales, in line with preliminary results, and said it expects its top line to range from CHF 450 million (USD 475m/EUR 386m) to CHF 500 million in 2018.

The Swiss solar equipment maker saw its net sales go up to CHF 473.3 million in 2017 from CHF 453.1 million a year earlier after experiencing a “substantially stronger” second half. The growth in organic sales from continuing operations was 3%.

Consistent with preliminary results, incoming orders jumped by 23% to CHF 560.7 million. The company said that 2018 has begun cautiously when it comes to incoming orders, reaching CHF 36.2 million for the first two months, but noted that momentum should pick up again during the course of the year.

Meyer Burger also anticipates registering an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of about 10% in 2018.

The table below gives more details about the company’s 2017 financial performance.

Figures in CHF 2017 2016
Net sales 473.3m 453.1m
EBITDA 12.4m 10.5m
Adjusted EBITDA 46.5m 13.6m
EBIT (loss) (19.3m) (44.4m)
Adjusted EBIT 14.8m (37.1m)
Net profit (loss) (79.3m) (97.1m)
Adjusted net profit (loss) (3.1m) (55.3m)

The company pointed out that its 2017 results were affected by a number of adverse effects and one-off extraordinary expenses totalling CHF 76 million. The adjusted figures exclude those effects.

Order backlog amounted to CHF 343.8 million as of December 31, 2017, which represents a 40% jump from a year back.

Also today, Meyer Burger announced that Eric Meurice has been nominated to be elected as a new member of the board of directors at a shareholders meeting scheduled for May 2, 2018. At the same time, Heinz Roth and Konrad Wegener will not stand for re-election, the company said.

(CHF 1.0 = USD 1.055/EUR 0.857)

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