Singulus forecasts return to profit in 2017, solar segment to drive sales

Share

Singulus is provided more detailed sales and earnings forecasts, as it attempts to convince bondholders to approve a credit-equity swap. It expects to register sales of between €115 and €130 million (US$130 – 147 million) in 2016, with solar comprising the vast bulk of its sales.

The German company will require bondholders to accept the “restructuring of the corporate bond” put on the table by the company earlier this year to meet the forecast sales.

The forecast for sales in 2016 and 2017 are well above those registered in past two years, and Singulus expects to achieve: “A slightly positive operating result (EBIT) and correspondingly improved earnings before depreciation and amortization (EBITDA).” Singulus recorded sales of €84 million (US$95 million) in 2015, up from €66.8 million (US$75.5 million) in 2014.

The forecast is based on the assumption that sales to solar manufacturers will continue to grow. Singulus expects “extensive orders” for its thin film solar production equipment, namely its Vistaris and Cisaris vacuum tooling, and continuing orders for its Silux II wet chemistry equipment, which is particularly well suited to heterojunction PV cell production.

Singulus supplied its thin film equipment to troubled Chinese producer Hanergy for CIGS solar module production in 2015, along with Silux II wet benches to an unnamed North American manufacturer.

The optical disk production equipment segment has been a particular headache for Singulus of late, with significant orders not forthcoming. It does expect orders for its next generation Blu-Ray disk Bluline III systems in 2016. The optical disk segment is expected to account for 20% of equipment sales in 2016.

Singulus has forecast an operating (EBIT) loss of between €2 and €3 million (US$2.25 – $3.4 million) in 2016.

The company has scheduled a second noteholders’ meeting for Monday, February 15 where the concept for Singulus’ restructuring of the outstanding bond will be put to vote again. The first vote, held on 18 January, did not reach 50% quorum of the outstanding bearer notes by value. This second meeting sets the quorum lower, at 25% of the outstanding notes by value.

The following day, Tuesday, February 16, an extraordinary general meeting will be held to discuss reaching a resolution on the capital measures required to undertake the restructuring process.

The February issue of pv magazine features an interview with Singulus CFO Markus Ehret, who discusses the company’s restructuring process and its hopes for a brighter solar future.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.