SINGULUS TECHNOLOGIES reports mixed results for first nine months of 2016
SINGULUS TECHNOLOGIES AG has reported an order intake of € 144.1 million for the first nine months of the business year 2016 (previous year: € 84.4 million) significantly above the level of the comparable prior-year period.
In the quarter under review the order intake came to € 12.6 million (previous year: € 11.3 million). As of September 30, 2016, the order backlog amounted to € 134.0 million and is thus also considerably above the prior-year level as of September 30, 2015 amounting to € 40.7 million.
In the course of the business year 2016 SINGULUS TECHNOLOGIES was able to conclude a major order with the Chinese state-owned enterprise China National Building Materials (CNBM). This includes three contracts each for two subsidiaries of the Group for the delivery of machines for the set-up of two independent production sites for the manufacturing of CIGS solar modules. The order volume for the two production sites combined totals approximately € 110.0 million.
Due to the delay in the order placement and the resulting delayed project start, the financial key figures of the interim report of the SINGULUS TECHNOLOGIES AG as of September 30, 2016 were strongly impacted. In the third quarter, SINGULUS TECHNOLOGIES received the first prepayments for the three delivery contracts for the first of the two production sites. Accordingly, the production of the machines for this site has already been started and the first revenues will be realized during the further course of the business year. However, the major part of sales will only be realized in 2017.
During the first nine months of the current business year, SINGULUS TECHNOLOGIES recorded sales of € 36.7 million, which was thus below the level of the prior-year period in the amount of € 57.7 million. Sales in the third quarter came to € 12.1 million (previous year: € 28.5 million). The loss on an operating basis (EBIT) amounts to € -14.7 million for the first nine months of the current business year (previous year: € -13.9 million).
In connection with the bond restructuring, a restructuring income in the amount of € 41.2 million was realized in June 2016. The income was reported as financial income. From this a financial result of € 38.4 million was recognized. The operating cash flow was positive at € 11.6 million during the first nine months (previous year: € -8.7 million). The available liquid funds increased by € 8.5 million to € 27.5 million as of the end of the third quarter.
In the past couple of weeks, SINGULUS TECHNOLOGIES has to a large extent concluded the restructuring of the corporate bond due in 2017. All of the resolutions passed by the second bondholder meeting and the Extraordinary General Meeting were successfully implemented by the company.
