Kahl am Main, October 25, 2012 - Following talks with Optical Disc customers SINGULUS TECHNOLOGIES (SINGULUS) has to concede that despite a high utilization rate in disc manufacturing, larger investments in Blu-ray production equipment will not be realized this year anymore. This has a negative impact on the development of SINGULUS' business results for the year 2012. Due to the disappointing development of this year’s sales levels for Blu-ray machines as well as the still difficult situation on the market for equipment for the production of solar cells, SINGULUS had to implement a couple of measures, which had an additional negative impact on the key financial figures.
The Executive Board has resolved drastic measures owing to the business situation. In the Optical Disc segment this mainly affects the foreign subsidiaries and the product segment “Mastering”. Furthermore, the work area of machines for wet-chemical production steps at the subsidiary SINGULUS STANGL SOLAR GmbH (“Wet-Chemical”) is affected by the decline in the market for silicon-based solar cells. Overall, in the Solar segment structures and capacities in the wet-chemical division as well as capitalized development expenses for traditional coating technology are therefore further adjusted. Accordingly, at the end of the business year 2012 the headcount at the Fürstenfeldbruck site will be reduced by about 40 %. The impairment review of all balance sheet items resulted in provisions, write-offs on inventories and on accounts receivable as well as write-downs in the amount of € 43.3 million for the current quarter 2012. The majority of the necessary balance sheet adjustments do not result in additional cash outflows. SINGULUS has sufficient liquid funds. The balance sheet continues to remain stable and is still very solid with an equity ratio of approximately 40 %.
Against this background pursuant to preliminary results SINGULUS expects sales of about € 83.5 million (previous year: € 121.8 million) for the first nine months and a negative result of about € 10.9 million (previous year: € 6.3 million) excluding the aforementioned extraordinary charges. The order intake in the first nine months stood at € 110.6 million (previous year: € 137.0 million). The order backlog amounted to € 53.9 million as of September 30, 2012 (previous year: € 50.8 million). Due to the trends in the Optical Disc segment sales for the full-year 2012 will also fall short of expectations and will be in a range from € 100 to 115 million (previous year: € 160.0 million). This will lead to an overall negative result including extraordinary charges in a range from - € 54 to 56 million for 2012. On a favorable note, the course of business in the third quarter only (excluding extraordinary charges) resulted in positive earnings, however.
SINGULUS sees its strategy in the Semiconductor segment further confirmed and intends to further expand the position as a provider for vacuum coating equipment for the semiconductor sector. In the period under review SINGULUS realized an order intake of € 22.5 million for TIMARIS coating machines in various configurations. Correspondingly, the order intake in the past nine months exceeded the cumulated order intake of the previous three years.
SINGULUS thus continues to gradually implement a structural change from a pure supplier of machines in Optical Disc to a leading provider for vacuum technology in different segments such as Optical Disc, Solar and Semiconductor. New application areas will be developed in the future. On the one hand, capacities have to be adjusted accordingly. On the other hand, investments in industries of the future and expansions into new work areas are made.
SINGULUS TECHNOLOGIES AG, Hanauer Landstrasse 103,
D-63796 Kahl/Main, ISIN: DE0007238909, WKN: 723890
Maren Schuster, Investor Relations,
Tel.: +49 6188 440612
Bernhard Krause, Corporate Communications,
Tel.: + 49 6181 98280 20/ +49 170 9202924