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Meyer Burger equipment orders in 2015 top US$430 million

Meyer Burger reported a 40% increase in new order intake in 2015, reaching CHF418.9 million (US$432 million).

Leading PV manufacturing equipment supplier Meyer Burger reported a 40% increase in new order intake in 2015, reaching CHF418.9 million (US$432 million). 

As a result, the book-to-bill ratio (incoming orders to net sales) reached 1.29, compared to 1.03 in 2014. 

Meyer Burger noted that the volume in new orders rose by 40.4% at constant exchange rates (in CHF +28.5%) compared to the previous year and came to CHF418.9 million (US$432 million). Approximately US$342 million was related to the PV sector, according to PV Tech estimates.

The company noted that it had secured a number of large orders with a total value of about CHF142 million (US$146.4 million) in 2015, which included primarily new technology buys such as the company’s PERC (Passivated Emitter Rear Cell) technology MAiA 2.1, heterojunction cell coating equipment and diamond wire technology for wafer production and PV module measurement technologies.

In particular, Meyer Burger noted that solar cell technology upgrades were a key part of the new order intake, primarily for PERC that includes rear side cell passivation with aluminium oxide (AIOx) combined with a silicon nitride layer on the front and back sides of solar cells.

Meyer Burger noted that its order backlog increased by 35.5% to CHF257.5 million as at 31 December 2015, compared to CHF190.1 million at the end of 2014. 

A total of CHF55.7 million (US$57.4 million) or around 17.2% of net sales were said to have been invested in R&D in 2015, compared to CHF59.5 million and 18.8% of net sales in 2014.

Financial results

Meyer Burger reported net 2015 sales of CHF323.6 million (US$333.8 million), an increase of 8.3% at constant exchange rates and around the mid-point of previously lowered guidance due to several customer delays in completing capacity expansion plans, although these are expected to be included in sales in 2016. 

PV segment sales were around CHF 253.3 million (US$261.1 million) in 2015, compared to around CHF 242.5 million (US$250 million) in 2014.

On a geographical basis, Asia accounted for 63% of net sales in 2015, compared to 49% in 2014. Europe accounted for 22% of net sales in 2015, compared to 27% in 2014 and the US accounted for 15% of net sales, compared to 24% in 2014.

The company reported a negative EBITDA of CHF55.9 million (US$57.6 million), down from negative CHF95.6 million in 2014, due to restructuring efforts. 

Current assets include cash and cash equivalents stood at CHF101.5 million (US$104.6 million), while inventories stood at CHF117.8 million at year end. 

Guidance

Meyer Burger said that its key goal in 2016 was a solid growth in net sales and to achieve break-even at the EBITDA level. The long-term goal in its roadmap for 2020/21 is sales in the order of CHF1.3 billion (US$1.34 billion) and an EBITDA margin between 13% and 15%. 

Tags: c-si manufacturing, solar cell, monocrystalline wafer, perc, heterojunction solar cell, meyer burger

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