Meyer Burger Half-year Results 2022

Meyer Burger Technology AG / Key word(s): Half Year Results Meyer Burger Half-year Results 2022 18-Aug-2022 / 06:45 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Agreement signed with D. E. Shaw Renewable Investments (DESRI) for the long-term supply of 3.75–5 gigawatts of solar modules, accelerated expansion of production capacities to 3 gigawatts planned, potential capital measure in preparation, half-year result marked by expansion of production facilities

• An agreement has been signed with D. E. Shaw Renewable Investments (DESRI) for the supply of at least 3.75 gigawatts (GW) of solar modules.
• A potential capital measure to finance the accelerated expansion to approximately 3 GW in connection with the agreement with DESRI, to be launched in the next months, is being prepared.
• Results for the first half of 2022 reflect the successful establishment of the company in the market for premium solar modules, as well as the ramp-up of existing production capacity and its ongoing expansion.
• Thanks to the new business model, sales increased to CHF 56.7 million in the first half of 2022. The company generated EBITDA of CHF -24.4 million (H1 2021: CHF -30.9 million) and achieved a result of CHF -41.0 million (H1 2021: CHF -37.2 million).
• Total assets amount to CHF 510.7 million (December 31, 2021: CHF 492.7 million) with an equity ratio of 43.1% (December 31, 2021: 53.0%). The cash position amounts to CHF 185.8 million (December 31, 2021: CHF 246.8 million).

Meyer Burger and D. E. Shaw Renewable Investments (DESRI) have signed a binding agreement to supply at least 3.75 GW of solar modules for DESRI’s large-scale projects. DESRI is a leading developer, owner, and operator of renewable energy projects in the United States. The modules are planned to be manufactured at Meyer Burger’s Goodyear, Arizona site, with delivery of the modules between 2024 and 2029. DESRI has a first right of refusal to increase the contract quantity to 5 GW under the current contract as well as to enter into a contract extension beyond the 5-year term. DESRI will make a substantial annual down payment to enable Meyer Burger to procure and finance materials for production. The parties have agreed not to disclose further details of the contract. DESRI and Meyer Burger intend to develop their cooperation into a long-term partnership in the field of solar module supply; therefore, the contract signed yesterday is a major milestone for both companies.