Having posted record revenue of CHF 1.32 billion in 2011, major PV equipment supplier, Meyer Burger acknowledge that 2012 would be a lean year due to overcapacity and significant cuts to capital spending from PV manufacturers. The company guided revenue to be down significantly in 2012 and in the range of CHF 600–800 million and an EBITDA margin between 4-8%. Management noted that it didn’t expect a recovery in demand for equipment until 2013 and had started a restructuring plan to reduce operating costs with a 15% workforce reduction.
The company noted that the increase in net sales was based on 44% organic growth and CHF 125.9 million or 15% of growth resulting from the acquisition during the year of Roth & Rau. EBITDA for 2011 was CHF 278.4 million, an increase of 48% compared to the previous year.
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Meyer Burger recorded CHF 876.8 million of new orders in 2011, down from CHF 1,329.8 million in 2010. The order backlog at the end of 2011 was CHF 909.9 million, down from 1,048.5 million at the end of 2010.
On a regional basis, sales were dominated by Asia, increasing 68% year-on-year and contributing 80% of net sales in 2011. Europe provided 17% of net sales, while customers in the US accounted for 3% of net sales.
Meyer Burger noted in its full year report that it employed more than 3,000 people worldwide at the end of 2011. The number of full-time employees rose by 1,515 people or 119% year-on-year to a total of 2,791 employees, which included 1,300 directly added by the takeover of the Roth & Rau and its subsidiaries.
