Singulus reports declining revenue and profit

In the first nine months of the current financial year, German solar module equipment provider Singulus Technologies AG generated sales of €61.5 million ($68.1 million) compared to €91.0 million ($100.7 million) in the same period of 2018. Sales in the third quarter reached €17.4 million ($19.2 million) compared to €44.6 million ($49.4 million) in the previous year. EBIT for the first nine months was €0.3 million ($0.33 million; 2018: €4.0 million). In the third quarter, EBIT was shrinking from €5.2 million to €-1.3 million ($-1.4 million).
During the first nine months of fiscal year 2019, incoming orders totaled €33.9 million ($37.5 million), down from €74.6 million ($82.6 million) in the same period of 2018. In the reporting quarter, incoming orders declined to €6.8 million ($7.5 million) from (previous year’s €9.6 million ($10.6 million). The order backlog as of September 30, 2019 was €38.5 million ($42.6 million), previous year’s backlog was €90.3 million ($100 million).
The net result for the first nine months fell from €2.3 million ($2.5 million) in 2018 to €-1.9 million ($-2.1 million). Earnings for the third quarter alone fell from €4.3 million ($4.7 million) to €-1.9 million ($-2.1 million).
In November 2019, the subsidiary of the Chinese state-owned CNBM Group and Singulus confirmed the relevant parameters for the delivery of nine production systems of the first expansion stage with 150 MW for the next factory for CIGS solar modules in the city of Xuzhou, China. The legally binding contracts are to be concluded by the end of 2019. The expected project volume is currently around €57 million ($63 million). Once the contracts have been concluded, the agreed advance payments and the accompanying project start are expected in the near future.
»However, since this date has not yet been sufficiently specified and the exact impact on the sales and earnings targets cannot therefore be determined,« says Singulus, »the company is refraining from publishing a new forecast for the 2019 financial year.«

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