Major PV equipment specialist Meyer Burger reported a 56% increase in 2014 sales and new order intake 13% above 2013 levels.
Meyer Burger reported full year 2014 revenue of CHF315.8 million (US$328.9 million), compared to CHF202.7 million in the prior year, a 56% increase.
On a regional basis Asia accounted for 49% of net sales, up slightly from 45% in 2013. Europe accounted for 27% of sales in 2014, down significantly from 40% in 2013. Sales to the US accounted for 24% of the total, up from 14% in the previous year. The ROW accounted for just 0.2% of sales, down from 1% in 2013.
Hit from bankrupt GTAT
Despite the strong increase in sales in 2014, Meyer Burger was impacted by the bankruptcy of GT Advanced Technologies (GTAT). Meyer Burger reported a negative EBITDA of CHF95.6 million (US$100 million), compared to a negative CHF117.3 million in 2013.
Without the losses related to job losses and equipment write-offs due to the GTAT bankruptcy, the company would have further reduced losses to a negative EBITDA of CHF75 million, according to the company.
Net losses for 2014 totalled CHF134.7 million (US$141.1 million), compared to CHF162.8 million in the previous year.
Meyer Burger noted that it was still in discussions with GTAT over the total amount the bankrupt GTAT owes the company.
Order intake bright spot
Meyer Burger reported incoming orders of CHF326.0 million (341.6 million) in 2014, a 13% increase from the prior year when orders totalled CHF287.7 million.
The company noted that the average run-rate of ‘normal business was 67% above the level in 2013, which was primarily due to the upturn in demand for PV solutions and especially PV upgrade systems as well as for its Specialised Technologies solutions.
However, large orders amounted to around CHF42 million in 2014, compared to CHF 118 million in the previous year.
Meyer Burger reported a book-to-bill ratio of 1.03 in 2014, compared to 1.42 in 2013, though order intake was higher in 2014.
The company reported its order backlog stood at CHF190.1 million (US$199.2 million at the end of the year, flat with the previous year.
Meyer Burger noted that it was targeting around CHF400 million (US$419 million) in revenue for 2015 and wanted to achieve break-even for the year.