OREANDA-NEWS. In 2014, after a very difficult year 2013, Meyer Burger Technology Ltd. (SIX Swiss Exchange: MBTN) 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.

DETAILS ON THE FINANCIAL RESULTS 2014

Incoming orders and oder backlog

In 2014, Meyer Burger’s volume in new orders reached CHF 326.0 million, representing an increase of 13% compared to the previous year (2013: CHF 287.7 million). The average run-rate of “normal business” was 67% above the level in 2013 and illustrates the upturn in demand for PV solutions and especially PV upgrade systems as well as for Specialised Technologies solutions. Large orders amounted to about CHF 42 million in 2014 compared to CHF 118 million in the previous year. The book-to-bill ratio stood at 1.03 in fiscal year 2014 (2013: 1.42). The order backlog was at CHF 190.1 million as of 31 December 2014 (31.12.2013: CHF 190.3 million).