Corporate | 5 November 2010 07:30
SINGULUS TECHNOLOGIES AG / Key word(s): Quarter Results
05.11.2010 07:30
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Press Release
SINGULUS TECHNOLOGIES: Balance Sheet Adjustments and Delayed Solar Orders
Impact Financial Results
- Executive Board reevaluates balance sheet assets
- Further consolidation: Optical Disc activities centralized in Kahl
- Cost base improves
- Order intake above prior-year level
- Blu-ray sales significantly expanded
- Favorable outlook for Blu-ray in 2011
- Pick-up of Solar expected for 2011
Kahl am Main, November 05, 2010 - The SINGULUS TECHNOLOGIES AG (SINGULUS)
generated sales of EUR 81.0 million in the first nine months of the current
business year (previous year: EUR 95.9 million). On this basis and an
insufficient order intake in the Solar segment the Executive Board is not
expecting to achieve the full-year targets with respect to sales (forecast:
EUR 130-135 million) and earnings (breaking even). The Executive Board of
SINGULUS announced this in an adhoc announcement pursuant to § 15 WpHG on
October 26, 2010 and adjusted the sales forecast for 2010 to a range from
EUR 118 to 125 million. In addition, an operating loss will be incurred for
the full year. The reason for the lower order intake is the continuing
restraint for new investments into thin-film solar technology. In
particular the business activities for equipment for wet-chemical processes
are still negatively impacted by the late effects of the international
financial and economic crisis. In addition, orders for planned complete
systems for the production of silicon-based solar cells are still lagging
behind.
In the 3rd quarter 2010 sales of EUR 31.6 million increased slightly
compared with the EUR 28.8 million realized in the same quarter one year
ago. Cumulated sales in the first nine months of 2010 amounted to EUR 81.0
million (previous year: EUR 95.9 million). The order intake of EUR 29.9
million in the 3rd quarter 2010 was significantly higher than in the
previous year (EUR 15.2 million). As a result 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
significantly to EUR 43.7 million (previous year: EUR 30.3 million).
Further consolidation planned, cost structure improves
Against the backdrop of current developments, 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
restructuring measures amounting to EUR 67.8 million (extraordinary
charges) in total. This includes adjustments of tangible and intangible
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. Furthermore, 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 result (before extraordinary expenses) amounted to - EUR 13.1
million in the first nine months (previous year: - EUR 13.9 million). In
the 3rd quarter 2010 a negative result (before extraordinary expenses) in
the amount of - EUR 5.0 million (previous year: - EUR 6.2 million) was
realized.
Outlook - still unchanged favorable prospects for 2011
SINGULUS TECHNOLOGIES still reaffirms its goals for the upcoming years even
after the adjustments of the prospects for 2010. The Executive Board
expects the company to generate stable and positive earnings in the future
as the No. 1 player in the Blu-ray market. The Executive Board is still
confident for the business activities in the Solar segment to expand as
planned and to contribute positively to the Group's results sustainably.
We are working very hard to achieve the projected turnaround in the year
2011.
In this connection SINGULUS sees the following points confirming this:
Optical Disc segment
_ Only global one-stop supplier and No. 1 for Blu-ray equipment
_ Strong growth for Blu-ray in the next years expected
_ Profitable products
_ Product offer for rewritable/once-recordable Blu-ray (BD-RE/BD-R)
Solar segment
_ Projects for complete systems in negotiations
_ Position in attractive, rapidly growing solar market
_ SINGULUS AR coating technology establishing itself
_ Expansion of sales & marketing in Asia
_ Solar segment expected to break-even in 2011
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,
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
05.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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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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