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SINGULUS TECHNOLOGIES Reports Financial Results for 2019

EQS Group Tuesday, 24 March 2020 ()
DGAP-News: SINGULUS TECHNOLOGIES AG / Key word(s): Annual Results
24.03.2020 / 08:15
The issuer is solely responsible for the content of this announcement.*Press release*

*SINGULUS TECHNOLOGIES Reports Financial Results for 2019*

*- Sales and earnings within expectations*

*- Gross margin at prior-year level*

*- Increase in sales and earnings planned for 2020*

*- Already € 12.4 million prepayments received for large CIGS order*

*- COVID-19 pandemic impacts the short-term course of business*

Kahl am Main, March 24, 2020 - In the past business year 2019 SINGULUS TECHNOLOGIES achieved sales in the amount of € 79.4 million (previous year: € 127.5 million) pursuant to IFRS (International Financial Reporting Standards). In the period under review the operating result (EBIT) came to € -8.2 million (previous year: € 6.8 million). Due to the bankruptcy of a large customer in the Solar segment, the company incurred losses from impairments in the amount of € 3.3 million in 2019, which were reflected in the EBIT. Earnings before depreciation (EBITDA) of € -4.1 million were also negative (previous year: € 9.1 million).

On January 15, 2020 SINGULUS TECHNOLOGIES signed the contracts for a large order exceeding € 50 million with the China National Building Materials Group (CNBM), Beijing, China, for the site in Xuzhou for the delivery of machines for the manufacturing of CIGS solar modules. Up to date, for these orders SINGULUS TECHNOLOGIES already received € 12.4 million of the agreed prepayments. The contracts were recognized in the order backlog in the first quarter.

The order intake came to € 39.7 million overall in the year under review 2019 (previous year: € 86.8 million) and was substantially below previous year's level due to delays relating to significant projects. The order backlog amounted to € 26.3 million as of December 31, 2019 (previous year: € 66.0 million). The operating cash flow within the Group was negative at € - 3.2 million in the business year 2019 (previous year: € 2.5 million). The level of cash and cash equivalents increased slightly to € 14.8 million (previous year: € 13.5 million). Despite the overall lower sales, in the year under review the gross margin of 28.8 % remained around the previous year's level of 28.1 %.

As of December 31, 2019, the headcount within the SINGULUS TECHNOLOGIES Group increased to 351 employees in the business year 2019 (December 31, 2018: 343 employees). In Germany, the number of employees as of the year-end amounted to 296 (previous year: 293 employees).*Outlook*
For the current business year, (pursuant to IFRS) based on the current forecasts SINGULUS TECHNOLOGIES anticipates a substantial increase in sales and earnings compared with the past business year 2019. Sales in the business year 2020 should come in at a range from € 120 million to € 140 million. The operating earnings before interest and taxes (EBIT) should also develop favorably and come in at a mid-single-digit million range. It is an essential prerequisite for the planning that the partial payments, which are due based on the already contracted large orders, will actually be made without material delay.

To achieve the financial forecasts requires a course of business activities in this business year as planned. A material delay in ongoing projects caused by the COVID-19 pandemic could result in a significant negative impact on the sales and earnings targets for the business year 2020. However, it is currently impossible for the company to conclusively assess the implications and impacts on the business activities. The management is monitoring the situation in order to be able to promptly implement required countermeasures.

For the year 2021 the company forecasts a further increase in sales based on the average of the aforementioned range. The operating result (EBIT) should improve correspondingly.

*At a Glance - Consolidated Key Figures 2019 - 2018*
  *2019* *2018*  
Sales in million € 79.4 127.5  
Order intake in million € 39.7 86.8  
Order backlog (December 31) in million € 26.3 66.0  
EBIT in million € -8.2 6.8  
Earnings before taxes in million € -10.3 4.8  
Net profit/loss in million € -11.3 0.8  
Operating cash flow in million € -3.2 2.5  
Shareholders' equity in million € 7.0 19.7  
Balance sheet total in million € 83.7 104.1  
Research & development expenses in million € 13.4 13.4  
Employees (Dec. 31)   351 343  
Weighted average shares outstanding, basic shares 8,896,527 8,896,527  
Earnings per share, basic € -1.27 0.09  
*SINGULUS TECHNOLOGIES
Innovations for new technologies*
SINGULUS TECHNOLOGIES develops and assembles innovative machines and systems for efficient and resource-saving production processes, which are used worldwide in the solar, semiconductor, medical technology as well as consumer goods and data storage sectors.

SINGULUS TECHNOLOGIES AG, Hanauer Landstrasse 103,
D-63796 Kahl/Main, WKN A1681X / ISIN DE000A1681X5
Contact:
Maren Schuster, Investor Relations, Tel.: + 49 (0) 160 9609 0279
Bernhard Krause, Corporate Communications, Tel.: + 49 (0) 1728332224
Email: [email protected]

--------------------

24.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: SINGULUS TECHNOLOGIES AG
Hanauer Landstrasse 103
63796 Kahl am Main
Germany
Phone: +49 (0)1709202924
Fax: +49 (0)6188 440-110
E-mail: [email protected]
Internet: www.singulus.de
ISIN: DE000A1681X5, DE000A2AA5H5
WKN: A1681X, A2AA5H
Listed: Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1004843
End of News DGAP News Service
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