Kahl am Main, July 24, 2009 – At its meeting today the Supervisory Board of SINGULUS TECHNOLOGIES AG (SINGULUS) approved a restructuring programme proposed by the Executive Board. The Management Board will adjust capacities and processes in line with market developments and implement further measures offering the potential to realize savings. These include personnel cutbacks and a further reduction in materials costs. The current economic environment necessitates shedding a further approx. 190 employees worldwide. The related restructuring costs amounts roughly € 7.0 million, the expected cost savings will range between € 11-12 million in 2010.
Cumulatively, a provisional order volume of € 40.8 million (previous year: € 155.2 million) was booked in the first six months. Revenue for the first half of 2009 was down on the prior-year total (€ 81.3 million) at € 67.1 million. According to its provisional figures, SINGULUS posted a negative EBIT of € 10.6 million in the first half of 2009 (previous year: € -1.7 million).
The international economic crisis and the development of the Solar and Optical Disc markets have had a negative impact on SINGULUS' business performance. The market for solar technology has virtually ground to a halt since last autumn. Nor did Optical Disc key accounts place any orders in the first half of the year despite the growth of the Blu-ray Disc market. The total number of Blu-ray Disc production systems sold in 2009 will therefore remain well down on the sales total for 2008. SINGULUS moreover does not anticipate any significant recovery in business activity in the second half of the year.
The overall trend in the key performance indicators for the current financial year is negative. SINGULUS expects to post a revenue in a bandwidth of € 105 to 125 million and a clearly negative result for the 2009 financial year.
The company believes that there will be a recovery in its target markets of Solar and Optical Disc in 2010, and that the company's performance will return to positive territory with a significantly reduced cost base.
SINGULUS TECHNOLOGIES AG, Hanauer Landstrasse 103,
D-63796 Kahl am Main, Germany, ISIN: DE0007238909, WKN: 723890
For further information, please contact:
Robert Adolph, Head of Investor Relations,
Tel.: + 49 6188 440612, or
Bernhard Krause, Communication Worldwide,
Tel.: + 49 6181 982 80 20/ + 49 1709202924
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SINGULUS TECHNOLOGIES resolves extensive restructuring measures and announces provisional figures for first half of 2009
July 24, 2009