Singulus Technologies announced financial results for the first half of 2020.

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Unedited press release follows:

SINGULUS TECHNOLOGIES Reports Preliminary Financial Results for the First Half 2020

Kahl am Main, August 12, 2020 – The global impacts of the COVID-19 pandemic were felt in nearly all of SINGULUS TECHNOLOGIES AG’s (SINGULUS TECHNOLOGIES) segments in the first half of the year. In the first quarter the impacts of the pandemic were mainly limited to the business activities within China. However, in the meantime they are experienced all over the world.

The sales in the amount of € 16.2 million in the first half-year 2020 were substantially lower than the prior-year level of € 44.1 million due to COVID-19. In the second quarter 2020 sales in the amount of € 5.3 million (previous year: € 23.3 million) were booked. In the second quarter 2020 earnings before interest and taxes (EBIT) in the amount of € -8.5 million were realized (previous year: € 0.5 million). The EBIT in the first half-year 2020 declined to € -14.3 million (previous year: 1.6 million). As of June 30, 2020, the liquidity position of SINGULUS TECHNOLOGIES amounted to € 6.4 million. In the period after the completion of the reporting period until July 31, 2020, further payments from the machine activities with a volume of € 14.2 million were received.

During the reporting period the order intake of € 66.9 million developed favorably compared with the previous year (€ 27.1 million). This includes the contracts, which SINGULUS TECHNOLOGIES signed with a subsidiary of the China National Building Materials Group (CNBM), Beijing, China, on January 15, 2020. Accordingly, CNBM has given the starting signal for an additional factory for the production of CIGS solar modules. For this new site SINGULUS TECHNOLOGIES will supply production machines worth more than € 50 million for the first 150 MW capacity. The order backlog of € 77.0 million (June 30, 2019: € 49.0 million) was therefore significantly above the prior-year level.

Dr.-Ing. Stefan Rinck, Chief Executive Officer of the SINGULUS TECHNOLOGIES AG, remarks: “SINGULUS TECHNOLOGIES’ order intake and the work on ongoing projects were significantly affected in the past couple of months due to the restrictions caused by COVID-19. During the course of the first half of the year, the completion of the projects in the order backlog as planned was impossible. Several new projects were delayed by our customers to the second half of the year. These impacts have affected all of our segments. However, we expect that these projects can be successfully continued or completed in the second half of the year.” Dr. Rinck adds: “We have also initiated several cost saving programs. These concern both personnel and non-personnel expenses. We have also been applying the instrument of short-term labor for the two German sites in Kahl am Main and in Fürstenfeldbruck since April 1, 2020.”

The headcount within the SINGULUS TECHNOLOGIES Group as of June 30, 2020 remained at a steady level of 354 employees (December 30, 2019: 351 employees).

Outlook for the business year 2020 not possible
While in the first quarter, starting in China, already a broad spectrum of industries, and thus our customers, was affected by COVID-19 in Asia, the pandemic has reached global scope and thus affects all of our customers and suppliers. The impacts of the COVID-19 pandemic on all of our company’s divisions are substantial.

Due to the current situation SINGULUS TECHNOLOGIES is not able to specify the impacts with sufficient accuracy. Accordingly, the Executive Board refrains from providing an outlook for the key financial results.

Consolidated key figures SINGULUS TECHNOLOGIES pursuant to IFRS (unaudited)

SINGULUS TECHNOLOGIES – Innovations for New Technologies
SINGULUS TECHNOLOGIES develops and assembles innovative machines and systems for efficient and resource-saving production processes, which are used worldwide in the solar, semiconductor, medical technology as well as consumer goods and data storage sectors.