• Incoming orders increased by +9% to CHF 455.6 million
• Net sales rose by +40% to CHF 453.1 million
• EBITDA reached CHF 10.5 million, turnaround confirmed
• Cash flow from operating activities improved by CHF 54.5 million to CHF +2.6 million
• Recapitalisation programme successfully completed
• Balance sheet structure substantially strengthened through capital increase in December 2016
• Targets 2017: Similar level of net sales as in the previous year and substantial improvement in profitability
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) recorded in fiscal year 2016 incoming orders of CHF 455.6 million, representing an increase of 9% compared to the previous year (2015: CHF 418.9 million). Order backlog amounted to CHF 244.5 million as of 31 December 2016, and provides a solid starting position for fiscal year 2017. Net sales increased by 40% to CHF 453.1 million (2015: CHF 323.6 million).
At the EBITDA level, Meyer Burger confirmed the turnaround with a positive EBITDA of CHF 10.5 million (2015: CHF -55.9 million). EBITDA 2016 includes one-time extraordinary expenses in an amount of CHF 3.5 million related to the structural programme. The net result for fiscal year 2016 was substantially reduced compared to the previous year, but was still at CHF -97.1 million (2015: CHF -169.0 million), including one-time depreciation, impairment and provisions in an amount of CHF 11.9 million due to the decision to discontinue wire production at the US subsidiary DMT. With the structural programme, which was already launched at the end of September 2016, and additional optimisations Meyer Burger has laid the basis to also reach the turnaround on net profit level as quickly as possible.
For fiscal year 2017, the company is targeting to achieve a similar level of net sales as in the previous year with a substantial improvement in profitability.
