Meyer Burger Technology Ltd. announced that Dr. Gunter Erfurt, Chief Operating Officer (COO) has been appointed new Chief Technology Officer (CTO). Dr. Dirk Habermann, Chief Innovation Officer will step down from the Executive Board and will become General Manager of the Dutch entity for Specialised Technologies, and head special projects regarding new technologies within the Group. Daniel Lippuner, a Swiss citizen and former Group Chief Executive Officer at Saurer Group in Shanghai, China, and Wattwil, Switzerland, will take over the role as Chief Operating Officer. The changes will be effective as of 1 September 2017. As of that date, the Executive Board consists of Dr. Hans Brändle (CEO), Michel Hirschi (CFO), Michael Escher (CCO), Dr. Gunter Erfurt (CTO) and Daniel Lippuner (COO).

The company reported consolidated earnings results for the first half ended 30 June 2017. For the period, the company reported net sales of CHF 212.294 million against CHF 217.759 million a year ago. EBITDA was CHF 6.949 million against CHF 6.247 million a year ago. LBIT was CHF 8.801 million against CHF 20.802 million a year ago. Loss before taxes was CHF 16.804 million against CHF 28.717 million a year ago. Net loss was CHF 16.962 million against CHF 25.559 million a year ago. Cash flow from operating activities was CHF 3.489 million against CHF 15.445 million a year ago. Negative currency effects impacted net sales by about CHF 2.6 million or 1.2% in the first half of 2017. Operating income after costs of products and services amounted to CHF 98.2 million against CHF 107.2 million a year ago. The operating income was burdened by several items, such as exceptional warranty provisions for an update /exchange of solar modules produced in the years 2008-2009, value adjustments on inventory in connection with streamlining the product portfolio, and negative currency effects on trade receivables and customer prepayments, for a total amount of CHF 11.4 million. Without the adverse effects mentioned above, EBITDA on an adjusted basis amounts to CHF 18.4 million. The difference in the operating cash flow compared to the previous year period is mainly due to changes in net working capital.

The company confirms its previous outlook for 2017 of a similar net sales level compared to the previous year. Based on the planned customer acceptances, the company expects net sales of about CHF 440 milling to CHF 460 million and EBITDA of about CHF 30 million to CHF 45 million for fiscal year 2017.

The company provided earnings guidance for the second half of 2017. The company was and still is expecting higher sales in the second half of 2017. The company expects a substantially higher EBITDA contribution of around 11%.