DGAP-News: NEW VALUE AG: Meyer Burger and 3S Industries - Strong results in 2009
(firmenpresse) - NEW VALUE AG / Miscellaneous
22.03.2010 16:23
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Meyer Burger was able to compete well during the most severe recession seen
for decades. In fiscal year 2009, the company generated net sales in the
amount of CHF 420.9 million (2008: CHF 448.4 million). The gross margin
came to 40.4%, only slightly below the previous year's margin, and the
operating margins remained at attractive levels. EBITDA for fiscal year
2009 reached CHF 63.3 million, corresponding to a margin of 15.0%. EBIT
amounted to CHF 41.3 million, reflecting a margin of 9.8%. Meyer Burger
closed fiscal year 2009 with group earnings of CHF 29.2 million (2008: CHF
35.0 million). The company is financially sound with total assets as of 31
December 2009 amounting to CHF 460.2 million, and equity ratio of 42.7%
(previous year 31.5%). Through the acquisition of Diamond Wire Technology,
Inc. in September 2009 and the merger with 3S Industries Ltd in January
2010, Meyer Burger Group is now a full system provider offering integrated
product solutions along the entire value chain of the solar industry. 3S
was not consolidated by the end of 2009. 3S Industries' net sales increased
to CHF 117.6 million (2008: CHF 101.8 million). New Value became a
shareholder of Meyer Burger after the merger in January 2010.
Meyer Burger Technology AG (SIX Swiss Exchange: MTBN) generated strong
results in 2009. Despite the global economic crisis and very limited credit
availability that affected the financing of large projects in the solar
industry, the company recorded only a moderate drop in sales of 6% to CHF
420.9 million and its operating margins remained at attractive levels.
These results underline Meyer Burger Group's robust state and strong market
position. Through the acquisition of Diamond Wire Technology, Inc. in
September 2009, and the merger with 3S Industries Ltd in January 2010, the
company has been able to expand its range of products and services
considerably while also significantly strengthening its position. Today,
Meyer Burger Group serves its customers as a full system provider offering
them integrated product solutions along the entire value chain of the solar
industry.
Incoming orders and sales
During the first half of 2009 the tight credit situation, which had already
intensified towards the end of 2008, made it very difficult for many solar
cell manufacturers to obtain financing for their planned infrastructure
projects. As far as Meyer Burger was concerned, this meant delays with
regard to the delivery of machinery for which orders had already been
placed and, more generally, fewer new orders were received. The situation
has stabilised during the second half of the year and a remarkable increase
in demand was seen toward the end of 2009. Meyer Burger recorded a total
volume of CHF 193.7 million in new orders during 2009. As of 31 December
2009, the order backlog amounted to CHF 516.4 million, which continues to
provide a sound basis for the company's performance for the current fiscal
year. Meanwhile, there are signs of an improvement in the financing
situation with regard to some large projects that involve a substantial
expansion of capacity among solar cellproducers over the next two to three
years. Overall, net sales declined by CHF 27.4 million to CHF 420.9 million
in 2009. 34% of these sales were generated with customers in Europe and 60%
with Asian customers.
Results of operations
Due to the lower sales number, gross profit was reduced by CHF 13.7 million
to CHF 170.1 million. The gross margin for 2009 was 40.4%, compared with
41.0% for the previous year. The minimal change in the margin is due to a
slightly different product mix. Meyer Burger Group has a very solid
financial position. Total assets as of 31 December 2009 amounted to CHF
460.2 million. Equity stood at CHF 196.3 million, which corresponds to an
equity ratio of 42.7%.
Strategic growth along the value chain
The takeover of the business activities of Diamond Wire Technology
(nowadays Diamond Material Tech, Inc. - DMT) in September 2009 enabled
Meyer Burger to complete a key strategic acquisition in the area of diamond
wire technology. DMT is the world leader in the development of diamond wire
for use in shaping, slicing and wire saws. Through the marketing and sales
cooperation with Solaris (product of Oerlikon Systems), a coating system
for crystalline solar cells, Meyer Burger has broadened its offerings by
another core technology within the cell manufacturing during December 2009.
In January 2010, the merger with 3S Industries Ltd has further strengthened
the company's position in the area of cell and module production. 3S is a
world leader in the supply of production lines and equipment used to
manufacture solar modules and, through its companies Somont, 3S Swiss Solar
Systems and Pasan, covers the entire value chain of solar module
production.
Information about New Value AG
New Value, officially listed at the SIX Swiss Exchange, invests directly in
promising private companies in Switzerland and neighbouring countries with
above-average market and growth potential. As an investment company, New
Value promotes innovative business models with venture capital and
accompanies those to market success. The portfolio covers companies of
different stages of development, starting with the market introduction
phase up to medium-sized enterprises with stable profits. A broad
investment approach is deliberately followed regarding industry sectors.
The portfolio contains companies active in renewable energy, medical
technology, health, information technology and new materials. New Value
assigns great value to ethical business concepts and good corporate
governance while selecting their portfolio companies. Criteria such as
meaningfulness, social responsibility and ecological sustainability are
considered by New Value as decisive competitive advantages, which affect
and enhance the quality of products and services offered and thus,
facilitate an above average increase of value potential. Since the
formation of New Value, EPS Value Plus AG, Zurich, has served as investment
manager.
Kontakt:
Marcel Rogenmoser
22.03.2010 16:23 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: NEW VALUE AG
Bodmerstrasse 9
8027 Zürich
Schweiz
Phone: +41-43-344 38 38
Fax: +41-43-344 38 39
E-mail: info(at)newvalue.ch
Internet: www.newvalue.ch
ISIN: CH0010819867
WKN: 552932
Listed: Freiverkehr in Berlin, München, Düsseldorf, Stuttgart; Open
Market inFrankfurt; Foreign Exchange(s) SIX
End of News DGAP News-Service
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