Singulus Technologies announced preliminary financial results for the first quarter of 2020.
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Unedited press release follows:
SINGULUS TECHNOLOGIES Reports Preliminary Results for the First Quarter 2020
Kahl am Main, April 30, 2020 – The SINGULUS TECHNOLOGIES AG (SINGULUS TECHNOLOGIES) reports preliminary financial results for the first quarter of 2020. According to current calculations the sales generated by SINGULUS TECHNOLOGIES amounted to approx. € 10.9 million in the first quarter 2020, below the prior-year level of € 20.8 million. Consequently, the earnings before interest and taxes (EBIT) were negative at € -5.8 million (previous year: € 1.1 million).
The order intake in the first quarter 2020 came to around € 63.5 million, above the previous year’s level of € 11.8 million. On January 15, 2020, SINGULUS TECHNOLOGIES had signed contracts with a subsidiary of the China National Building Materials Group (CNBM), Beijing, China, for the delivery of machines for the production of CIGS solar modules for the site in Xuzhou, China. The order volume for the planned factory in the city of Xuzhou exceeds € 50 million in the first expansion stage. The order backlog totaling around € 79.0 million (March 31, 2019: € 57.0 million) was also above the volume of the previous year.
The spread of the SARS-COV-2 virus and the ensuing restrictions of private and business lives have significant global impacts, which increasingly burden the development at SINGULUS TECHNOLOGIES.
Dr.-Ing. Stefan Rinck, Chief Executive Officer of the SINGULUS TECHNOLOGIES AG, remarks: “The impact of the pandemic on the development of the global economy is broader and more severe than we all had expected in the beginning. We have to a large extent applied for short-time work for our company at the two German sites in Kahl am Main and in Fürstenfeldbruck. In addition, the Supervisory Board, the Executive Board and management has agreed to reduce their monthly salary by 20 % for three months.”
Dr. Rinck continues: “Despite all of the logistic difficulties, our sales organization is still serving all customers as intensively as possible and we try to work on the existing orders as much as possible despite the impact of the COVID-19 pandemic and the disrupted supply chains.”
The already existing impacts of the COVID-19 pandemic on all areas of the company are currently still intensifying even though the individual impacts cannot be specified with certainty at the moment. SINGULUS TECHNOLOGIES is currently not able to provide an outlook, which correctly includes the negative impact for the full-year 2020. Accordingly, the Executive Board has decided that the former forecast for the business year 2020 as published in connection with the full-year results for 2019 can no longer be maintained.
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.