Singulus Technologies announced financial results for the fist half of 2011.
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Unedited press release follows:
SINGULUS TECHNOLOGIES Reports Results for the 1st half of 2011
August 10, 2011
• Sales for the 1st half of 2011 above prior-year level (+31.0 %)
• New order intake rises 70.6 % to € 115.0 million (1st half 2010: € 67.4 million)
• Positive EBIT in the 2nd quarter
• Order backlog increases to € 85.9 million
• Full-year forecast of 33 % sales increase compared with 2010 and positive earnings reaffirmed
Kahl am Main, August 10, 2011. The order intake of the SINGULUS TECHNOLOGIES Group (SINGULUS) has significantly increased in the 1st half of the business year 2011. A total order intake of € 115.0 million (previous year: € 67.4 million) has been recognized. This corresponds to an increase of 70.6 % compared with the same period one year ago. Furthermore, the order intake in the 2nd quarter was substantially higher than in the prior-year quarter in 2010. The order backlog as of June 30, 2011 amounted to € 85.9 million, nearly twice the level of last year (previous year: € 45.5 million).
Sales in the first six months in 2011 came to € 64.6 million, substantially higher than the prior-year level of € 49.3 million. This corresponds to a percental increase of around 31.0 %. In the 2nd quarter sales amounted to € 44.8 million (previous year: € 27.8 million). In the 1st half-year 2011 earnings before interest and taxes (EBIT) were within expectations and amounted to € -0.2 million (previous year: € -8.0 million). In the quarter under review a positive EBIT of € 2.3 million was realized (previous year: € -2.5 million).
In the 1st half of 2011 the operating cash flow of the Group of € 7.5 million was positive and thus substantially higher than the prior-year level (previous year: € -11.6 million). In the 1st half of 2011 bank loans in the amount of € 17.8 million were reduced, in contrast the company received € 25.2 million from the capital increase. The number of employees in the SINGULUS Group declined slightly from 470 employees as of June 30, 2010 to 463 employees as of June 30, 2011. During the period under review 463 employees were employed on average in the group of companies (previous year: 506 employees).
Optical Disc-Segment with Blu-ray significantly above previous year
SINGULUS was able to realize the sales of a larger number of BLULINE II machines in the first half of the year. Long-time customers have continued to invest substantially in the production of Blu-ray discs. Accordingly, SINGULUS’ positive growth expectations for the Blu-ray disc market are confirmed.
Business trends and market development Solar
Overall the solar market exhibits a slow-down in growth particularly for silicon solar cells due to the decline in demand in Europe and the resulting excess capacities. In general, a market recovery is currently expected from 2012 onwards. Projects for thin-film solar technology have a longer development and planning period and are less affected by this slow-down.
SINGULUS is still in negotiations regarding major projects for the areas silicon and thin-film solar technology. However, up to date they have not been concluded.
However, up to now several successful contracts and cooperation agreements have been concluded this year in addition to the major order in the 1st quarter. SINGULUS is establishing itself as a partner for the photovoltaics industry for the development of new, highly-efficient cell concepts and new production processes, which enable a significant increase in performance as well as cost reductions.
Outlook
The Executive Board confirms its sales forecast of more than € 160 million published on May 26, 2011. Following three years with negative earnings, the company is expected to post a positive result for the full-year 2011.
SINGULUS TECHNOLOGIES relies on its two core business areas and a lean business model. For Optical Disc SINGULUS is market leader in the growth segment Blu-ray. Despite a short-term cooling, the activities in the Solar division will continue to have a positive impact on the business development of the company in the long-term. Accordingly, SINGULUS TECHNOLOGIES is very well positioned for the future.
SINGULUS Key Figures (IFRS unaudited)
