Singulus: 1H sales remain low, but confidence high

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With an order intake of €73.1 million (US$81.39 million) in the first half (1H) of 2015, Singulus has managed to increase its intake by $55.34 million compared to the same period last year. The order backlog has also seen a surge to $64.47 million compared with the year-end 2014. As of June 30, 2014, order backlog was $17.15 million.

Nevertheless, sales were still at a low level as expected by the company, with an EBIT of -$10.91 million. The half-year sales for 2015 stood at $32.51 million, slightly below that of the previous year. However, when comparing Q2 results, 2015 saw sales amounting to $18.48, above the $14.92 achieved in 2014. Losses were also reduced for the quarter under review compared to the same period the year before. In 2Q2015 the EBIT was -$4.34 million compared to 2014’s $8.24 million.

Significant solar orders for Singulus in 1H included one for ‘high performance’ crystalline silicon cell equipment, in the "double digit of millions" euro range. While the manufacturer placing the order was not announced by Singulus, the company’s SILEX wet chemical tooling seems the most likely to have been ordered, with its advantages in HJT production notable. Another major order in 1H was for CIGS production equipment, with it being publically known that Singulus was collaborating with Hanergy on CIGS tooling for its Solibro CIGS recipe.

Employee numbers have decreased from 352 to 338 from end of December 2014 to June 30, 2015.

The development of volume sales in the solar and optical disc divisions will pave the way toward reaching 2015 full-year goals. Singulus is confident that its solar division will achieve additional orders saying that the potential is there. Order timing from the solar segment will influence as to whether the bookings will make an impact on 2015 earnings.

The Singulus AGM in June concluded and approved all of the company’s proposed corporate actions and has enabled successful reorganization of the capital structure. The actions to be taken will be made public by Singulus in a "timely and comprehensive" manner, says the company.