Singulus Technologies announced financial results for the first quarter of 2020.
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Unedited press release follows:
SINGULUS TECHNOLOGIES Reports Results for the First Quarter 2020
• Sales and EBIT lower than expected
• Gross margin weak due to low business volumes
• Conclusion of CIGS solar contracts increases order intake
• Outlook not possible due to COVID-19 pandemic
Kahl am Main, May 12, 2020- Sales for the SINGULUS TECHNOLOGIES Group (SINGULUS TECHNOLOGIES) amounting to € 10.9 million in the quarter under review in 2020 fell short of 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 EBITDA came in at € -4.8 million (previous year: € 2.0 million).
The order intake in the first quarter 2020 amounted to € 63.6 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 of € 79.0 million was also above the prior-year level of € 57.0 million.The level of cash and cash equivalents in the first quarter 2020 remained on the level as per December 31, 2019 and stood at € 14.0 million.In the first three months of the business year 2019 a low gross margin in the amount of 8.4 % (previous year: 31.1 %) was achieved.
Overall, the key results are mainly impacted by the low order backlog as of the end of the year. In addition, the COVID-19 pandemic in the core sales market China already had a very severe impact at the beginning of the year.
The headcount within the SINGULUS TECHNOLOGIES Group remained at a constant level of 354 employees as of March 31, 2020 (December 31, 2019: 351 employees).
Dr.-Ing. Stefan Rinck, CEO of SINGULUS TECHNOLOGIES, comments:“After large parts of the industry in Asia, and thus our customers, had already been shut down by COVID-19 since the end of January, the SARS-COV2 virus and the accompanying protective measures have now reached Western countries and thus our factories, customers and suppliers.The impacts of the COVID-19 pandemic on all areas of our company are currently still intensifying while the individual impacts cannot be specified with certainty at the moment.”
Dr.-Ing. Stefan Rinck continues:“SINGULUS TECHNOLOGIES is currently not able to provide an outlook, which correctly includes the impact caused by the COVID-19 pandemic for the full-year 2020.Accordingly, we decided end of April 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.”
| 2019 | 2020 | ||
|---|---|---|---|
| Sales (gross) | in million € | 20.8 | 10.9 |
| Order intake | in million € | 11.8 | 63.6 |
| Order backlog (March 31) | in million € | 57.0 | 79.0 |
| EBIT | in million € | 1.1 | -5.8 |
| EBITDA | in million € | 2.0 | -4.8 |
| Earnings before taxes | in million € | 0.5 | -6.4 |
| Net profit/loss | in million € | 0.2 | -6.6 |
| Operating-Cashflow | in million € | -9.1 | 1.3 |
| Shareholders´equity | in million € | 20.1 | 0.6 |
| Balance sheet total | in million € | 101.3 | 81.5 |
| Research & development expenses | in million € | 3.0 | 2.7 |
| Employees (March 31) | in million € | 350 | 354 |
| Weighted average shares outstanding, basic | in million € | 8,896,527 | 8,896,527 |
| Earnings per share, basic | in million € | 0.02 | -0.74 |
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.