Ad-hoc | 26 October 2010 00:26
SINGULUS TECHNOLOGIES AG / Key word(s): Change in Forecast
26.10.2010 00:26
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc announcement pursuant to § 15 WpHG
Forecast for 2010 Adjusted
- Executive Board reevaluates balance sheet assets
- Further consolidation: Optical Disc activities centralized in Kahl
- Cost base improves
- Order intake above prior-year level
- Strong growth for Blu-ray achieved
- Outlook for 2011 favorable
Kahl am Main, October 25, 2010 - SINGULUS TECHNOLOGIES (SINGULUS) was not
able to realize all of the expected orders in the Solar segment in the
current business year 2010 up to now despite a higher order intake. On the
one hand the reason is the restraint for new investments in the area of
thin-film solar technology and on the other hand the delayed completion of
expected solar projects. The budgeted sales volume in the SINGULUS Group
cannot be achieved in the business year 2010. Accordingly, the Executive
Board of the SINGULUS TECHNOLOGIES AG adjusts the sales forecast for 2010
to a range from EUR 118 to 125 million (forecast: EUR 130 - 135 million).
According to preliminary results, in the first nine months of 2010 SINGULUS
achieved sales in the amount of EUR 81.0 million (previous year: EUR 95.9
million). In the 3rd quarter 2010 SINGULUS generated sales of EUR 31.6
million (previous year: EUR 28.8 million). The order intake of EUR 29.9
million in the 3rd quarter 2010 was significantly higher than in the
previous year (Q3 2009: EUR 15.2 million). Correspondingly, the order
intake in the first nine months of 2010 also rose to EUR 97.3 million
(previous year: EUR 56.0 million). The order backlog as of September 30,
2010 increased to EUR 43.7 million and is thus considerably above the
prior-year level (EUR 30.3 million).
Against the backdrop of the current development, the resolved repositioning
of the business activities as well as current market information, the
Executive Board reviewed the respective values of all balance sheet items
and accordingly in the course of its meeting on October 25, 2010 agreed to
recognize value adjustments and write-offs in the balance sheet as well as
other restructuring measures amounting to EUR 67.8 million (extraordinary
expenses) in total. This includes adjustments of intangible and tangible
assets from earlier acquisitions in the amount of EUR 40.7 million,
capitalized development expenses in the amount of EUR 7.5 million as well
as of receivables and inventories totaling EUR 17.3 million. These value
adjustments are not tied to an outflow of liquid funds. Overall,
restructuring charges in the amount of EUR 2.3 million were recognized. In
this connection all Optical Disc activities will be centralized in Kahl to
realize further cost reductions. First steps were already implemented with
the integration of the injection molding activities in Kahl. Now, essential
parts of the mastering activities will be relocated from Eindhoven to Kahl.
The operating results (before extraordinary expenses) is expected to amount
to - EUR 13.1 million (previous year: - EUR 13.9 million) for the first
nine months. In the 3rd quarter 2010 a negative result (before
extraordinary expenses) in the amount of - EUR 5.0 million was realized.
SINGULUS TECHNOLOGIES still reaffirms its medium-term goals even after
these adjustments.
SINGULUS TECHNOLOGIES AG, Hanauer Landstrasse 103,
D-63796 Kahl am Main, Germany, ISIN: DE0007238909, WKN: 723890
Contact:
Maren Schuster, Investor Relations,
Tel.: + 49 (0)6188 440 612 / +49 (0) 160 96090279
Bernhard Krause, Corporate Communications
Tel.: + 49 (0) 6181 98280 20 / +49 (0) 170 9202924
Contact:
SINGULUS TECHNOLOGIES AG, Hanauer Landstraße 103,
D-63796 Kahl/Main, ISIN: DE0007238909, WKN: 723890
Contact:
Maren Schuster, Investor Relations,
Tel.: + 49 (0) 6188 440 612,
Bernhard Krause, Corporate Communications,
Tel.: + 49 (0) 6181 98280 20 / +49 (0) 170 9202924
26.10.2010 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: SINGULUS TECHNOLOGIES AG
Hanauer Landstrasse 103
63796 Kahl am Main
Deutschland
Phone: +49 (0)1709202924
Fax: +49 (0)6188 440-110
E-mail: bernhard.krause@go-metacom.de
Internet: www.singulus.de
ISIN: DE0007238909
WKN: 723890
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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