The income statement 2017 includes several adverse effects and one-off extraordinary expenses in a total amount of about CHF 76 million which are mainly in conjunction with the discontinuation of diamond wire production at Diamond Materials Tech (DMT) in Colorado Springs, inventory provisions, currency translation losses on customer prepayments and trade receivables and the discontinuation of manufacturing activities in Thun, which will take place during the course of 2018. EBITDA was CHF 12.4 million (2016: CHF 10.5 million).
On an adjusted basis, without adverse effects affecting the income statement above the EBITDA line, the adjusted EBITDA would amount to CHF 46.5 million (2016: comparably adjusted EBITDA of CHF 13.6 million). The net loss for fiscal year 2017 was reduced to CHF -79.3 million (2016: CHF -97.1 million), on an adjusted basis it would be CHF -3.1 million (2016: comparably adjusted net result of CHF -55.3 million).
After the repayment of the straight bond in May 2017 and conversion of CHF 71.3 million of the convertible bond into shares of the company in December 2017, Meyer Burger has a solid balance sheet structure. As of Dec. 31, 2017, the net cash position amounts to CHF 67.6 million (31.12.2016: net debt of CHF 3.4 million) and the equity ratio to 51.7% (31.12.2016: 37.2%).
For fiscal year 2018, the company is targeting to achieve net sales of about CHF 450 million to CHF 500 million, with an EBITDA margin of about 10%.
In fiscal year 2017, Meyer Burger experienced strong momentum, especially for cell technologies. Due to the continuing strong growth in end installed PV capacity, utilization rates of existing production lines with many customers were at a high level. This fact and the continuous pressure on prices for solar modules as well as increasing requirements for further module efficiency enhancements have led many customers to order either upgrade technologies or to expand their production capacities.