In 2014, after a very difficult year 2013, Meyer Burger Technology Ltd. achieved better results despite negative effects from special items (restructuring measures, GTAT bankruptcy proceedings).
As expected, the technology group achieved a strong increase in net sales compared to the previous year. In addition, incoming orders further improved and reflect the upturn in demand especially for Photovoltaic (PV) upgrade technologies and Specialised Technologies. This positive trend in incoming orders continued during the first months of 2015. New orders in 2014 reached CHF 326.0 million, representing a 13% increase year-on-year (2013: CHF 287.7 million). Net sales rose substantially by 56% to CHF 315.8 million (2013: CHF 202.7 million).
EBITDA amounted to CHF -95.6 million (2013: CHF -117.3 million) and was negatively influenced by special items mainly in connection with the Chapter 11 filing of GT Advanced Technologies Inc. (GTAT). Excluding non-recurring special items, adjusted EBITDA totalled approximately CHF -75 million. The net result for the year was CHF -134.7 million (2013: CHF -162.8 million).
For 2015, Meyer Burger has defined the target to reach break-even at the EBITDA level and to achieve net sales of about CHF 400 million. In addition, the Company has defined a long-term target for the year 2020: Based on the strong long-term market potential and the unique positioning of Meyer Burger Group, the Company wants to achieve net sales of CHF 1.3 billion, an EBITDA margin of 13% to 15% and sustainable positive cash flows in 2020.
Highlights of the financial results:
- Net sales and incoming orders increased in 2014 compared to the previous year
- Net sales 2014 rose by 56% to CHF 315.8 million
- Incoming orders of CHF 326.0 million; +13% compared to the previous year
- Profitability impacted by special items; EBITDA of CHF -95.6 million
- (2013: CHF -117.3 million); adjusted EBITDA of CHF -75 million
- Net result of CHF -134.7 million (2013: CHF -162.8 million)
- Equity ratio at a solid level of 46.6%
- Long-term outlook – Road 2020 defined with target net sales of CHF 1.3 billion
