Singulus Technologies announced financial results for the first quarter of 2016.

For more information visit: www.singulus.de

Edited press release follows:

SINGULUS TECHNOLOGIES announces key figures for Q1 2016

• Sales and EBIT at low levels

• Implementation of the resolved bond restructuring initiated

• Available liquidity of € 12.8 million as of March 31, 2016

• Slightly negative EBIT expected for 2016

• Extensive Solar orders still in negotiations

Kahl am Main, 19. May 2016 – In the quarter under review, due to the lower order backlog at year-end, sales in the SINGULUS TECHNOLOGIES Group amounted to only € 14.1 million, which was slightly higher than the prior-year level of € 12.6 million, however. The earnings before interest and taxes (EBIT) came to € -5.8 million and nearly reached the level of the previous year of € -5.9 million. The order intake in the 1st quarter 2016 amounted to € 10.4 million (previous year: € 62.8 million). The order backlog amounted to € 22.9 million as of March 31, 2016 (previous year: € 64.2 million).

The order intake in the prior-year quarter was impacted by major orders for the delivery of vacuum coating machines as well as by an order for the delivery of process machines of the SILEX II type. In the 1st quarter 2016 the extensive orders for production machines for CIGS thin-film solar modules currently in negotiations could not yet be concluded. The amount of cash and cash equivalents declined by € 6.2 million in the 1st quarter of 2016 to € 12.8 million.

Implementation of the resolved bond restructuring
The second bondholder meeting of the SINGULUS TECHNOLOGIES AG with respect to the SINGULUS bond 2012/2017 (ISIN DE000A1MASJ4 / WKN A1MASJ) had resolved a restructuring of the SINGULUS bond on February 15, 2016, which the Extraordinary General Meeting on February 16, 2016 also passed. Actions for rescission were filed against the resolutions of both assemblies. However, both the action for rescission against the resolutions of the bondholder meeting as well as the action for rescission against the resolutions of the Extraordinary General Meeting were revoked by the plaintiffs on short notice. Accordingly, the SINGULUS TECHNOLOGIES AG commenced the implementation of the resolved restructuring of the SINGULUS bond.

The resolutions passed by the bondholders meeting with respect to agenda items 4 to 7 as well as 12 and 13 have already been concluded at the custodian Clearstream Banking AG. Accordingly, the respite of the interest payment under the SINGULUS bond until March 23, 2017 and the temporary waiver of certain termination rights have become effective. The implementation of the resolution with respect to the exchange of the SINGULUS bond into purchase rights (agenda item 11) as well as the corporate actions resolved by the Extraordinary General Meeting will commence during the course of the year. A capital increase in kind by € 5,760,000.00 through the issuance of 5,760,000 new bearer shares with a nominal value of € 1.00 each to the exclusion of the subscription rights of the current shareholders should be implemented by the beginning of August of this year. The subject of the payment in kind are the entire claims from the certificates of indebtedness arising from the SINGULUS bond. In addition to the issuance of new shares, the company will issue a new secured bond with a nominal volume in the amount of € 12 million as further consideration.

In order to enable both the current and future shareholders to participate in the ordinary annual general meeting, the meeting will be postponed from June 7, 2016 to August 31, 2016.

Outlook for the Business Year 2016
For the current business year SINGULUS TECHNOLOGIES projects sales in a range of € 115 to 130 million. Despite the higher sales compared with the previous year, the company still expects a negative EBIT for 2016 in the range of € -2.0 to -6.0 million.

The forecast for the full-year targets for 2016 is mainly based on the assumptions that the Solar market will continue to perform favorably, the extensive orders for production machines for CIGS thin-film solar modules in discussion will be received in the short term and the associated sales can be realized in the current business year as planned.