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Singulus Reports 2011 Financial Results

Singulus Technologies announced financial results for its full 2011 business year.

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Unedited press release follows:

Turnaround Achieved in 2011 – Optimistic Outlook for 2012

March 27, 2012

• Forecast for the business year 2011 met
• Sales of + 33.2 % significantly above prior-year level
• Positive EBIT in the amount of € 6.7 million
• Order intake in 2011 considerably higher
• Optimistic outlook for 2012
• Blu-ray Disc market will continue to grow in the coming years
• Semiconductor segment gains momentum in 2012

Kahl am Main, March 27, 2012 – The SINGULUS TECHNOLOGIES AG (SINGULUS) reports sales of 160.0 million for the business year 2011. With an increase of 33.2 % the sales were significantly above the prior-year level (previous year: € 120.1 million).

In the Optical Disc segment sales increased by € 15.8 million compared with the previous year’s level and totaled € 104.5 million as of the end of the period under review. Within the Solar segment sales in the amount of € 52.4 million were achieved. Accordingly, the sales within this segment doubled compared with the previous year (€ 25.5 million). In the Semiconductor segment the company realized sales in the amount of € 3.1 million in the year under review (previous year: € 5.9 million).

The earnings before interest and taxes (EBIT) amounted to € 6.7 million in the year under review (previous year: € -80.2 million, adjusted for restructuring charges and impairments in the amount of € 53.0 million an EBIT of € -27.2 million resulted for the prior-year period). This corresponds to an improvement of the operating result by € 33.9 million after adjusting for one-time effects. The earnings before interest, taxes, depreciation and appreciation (EBITDA) amounted to € 18.5 million in the business year 2011 (previous year: € -16.6 million, adjusted for one-off items a total of € -11.0 amounted for the previous year).

At 29.7 % the gross margin in the business year 2011 increased considerably (25.8 %). The operating expenses came to € 40.1 million in the business year 2011 (previous year: € 110.7 million).

In the year under review the cash flow from operating activities was positive at € 7.5 million. In the prior-year period the operating cash flow was negative at € -0.9 million. The improvement is mainly due to the substantially increased sales as well as the achieved cost savings. As a result, cash and cash equivalents increased by € 5.5 million in the year under review.

Successful issue of 7.75% corporate bond – € 60 million placed before end of offer period
On March 12, 2012 SINGULUS successfully placed its first corporate bond. Since the issue volume of € 60 million was already achieved on the first day of the offer period due to strong demand, the subscription period was already closed ahead of schedule on March 12. The corporate bond has an annual coupon of 7.75 % and a term to maturity of five years. Due to the early termination of the offer period, trading of the bond at the Open Market of Deutsche Börse AG in the segment “Entry Standard for Bonds” on the Frankfurt Stock Exchange (ISIN: DE000A1MASJ4 / A1MASJ) already started on March 14, 2012. Issue and value date is still March 23, 2012.

The net proceeds from the issue are used by SINGULUS to finance larger projects in the Solar segment, the expansion of the system partnership with producers of thin-film solar cells, the development of new products in the Solar division and the development of manufacturing equipment for the next generation of Blu-ray Discs. Furthermore, SINGULUS intends the set-up of new business areas in the vacuum coating technology through research and development as well as through acquisitions of companies and company divisions.

Optimistic outlook for the year 2012
Following three years with negative earnings SINGULUS once again reported positive earnings for the business year 2011. After a stage of consolidation and transition, the turnaround was finally achieved in the past year.

The company’s goal is to continue to maintain the market leadership in the Optical Disc segment for dual-layer Blu-ray Disc production equipment. In addition, SINGULUS will position itself ever stronger in the silicon and thin-film solar technology as a machine supplier as well as a development partner for new cell concepts.

SINGULUS possesses proven know-how in the manufacturing of machines for the vacuum coating of different materials. This know-how in the area of the development of vacuum coating machines is intended to be transferred to additional application areas by SINGULUS. The business activities in the segment Semiconductor only serve as an example for this and will be extensively expanded in the course of the growing market for the MRAM semiconductor technology. In addition, the company is constantly reviewing other sectors and work areas, where new market segments can be developed on the basis of the present know-how in the area of vacuum coating.

The orders received in the Semiconductor and Solar segment in the first quarter 2012 as well as project negotiations for Blu-ray production lines show a favorable trend at the beginning of 2012.

With the two strong core work areas Optical Disc and Solar as well as the opportunities presented by the semiconductor market and the potential inherent in new applications of vacuum coating we are optimistic for the year 2012.

At a Glance – Consolidated Key Figures