Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs....

32
Analyst and Media Conference 1st Half-Year 2014 12 August 2014

Transcript of Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs....

Page 1: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Analyst and Media Conference 1st Half-Year 2014 12 August 2014

Page 2: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

The first half of 2014 in review We made significant investments into the future Peter Pauli, Chief Executive Officer

Page 3: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Increase in incoming orders and net sales – PV equipment market slowly recovering on a low basis – Incoming orders MCHF 156.8 (+90%) and net sales MCHF 129.0 (+43%)

significantly broader based – Incoming orders «usual business» +57% vs. H1 2013 – Volume of large orders MCHF 27 vs. 0 in H1 2013

– Meyer Burger maintained its market position in the PV industry and succeeded in using its core competencies in other specialised technology areas (e.g. screens)

Long-term prospects for PV industry remain intact – End installed PV basis continues

to grow – Cell and module manufacturers

need to make technology upgrades and capacity expansions

– New markets want to establish their own PV industry

– Reducing the dependency on energy suppliers of other countries

16 23 40 70

101 139

174 209

245 282

321

191 244

299

362

430

0

50

100

150

200

250

300

350

400

450

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

GW: End installed PV basis globally

Market position maintained

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Historic data High scenario Low scenario Medium scenario

Source: EPIA Global Market Outlook for PV 2014-2018; July 2014

Page 4: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Significant strategic investments executed

Investments in net working capital of above MCHF 40 in H1 2014 – Significant preparatory efforts in a variety of strategic important projects

– Large project with diamond wire technology in specialised non-PV industry – Important show case in Middle East

– Investments in inventories (esp. machines before acceptance) of MCHF 22

Investments in Research & Development

– Again high investments in R&D of MCHF 30.2 in H1 2014 (23% of net sales) for new products and solutions

– Ensuring technology leadership and breadth of our technology portfolio in the PV industry

– About 12% of R&D investments used for Specialised Technologies – targeted development of specific solutions for technologies outside PV

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Page 5: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Development and status in today’s photovoltaic market Peter Pauli, Chief Executive Officer

Page 6: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Global photovoltaic environment

6 Source: Estimated installations in 2014 (GWp), Deutsche Bank, Solar Update, 6.1.14

14 GWp

8 GWp

10 GWp

x

1 GWp each 1

GWp each

Global Demand

47+ GWp

8 GWp

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Page 7: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Recent PV market developments

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With an installed PV capacity of 11 GW in 2013, Europe remains a solar power, however, growth has slowed (+17.7 MW in 2012)

Vast untapped potential, especially in the sunbelt regions Projects in new PV markets (eg. South America, Asian countries, India,

Middle East) are heavily reliant on their country‘s political and economic stability and on the financing of specific projects

Generally, political engagement and committment remains important in the solar industry

Alternative energies, especially solar, are in political focus Market and need is global Today’s projects are global, also for Chinese manufacturers China is the new market leader in installed PV capacity (+11.8 GW in 2013)

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Page 8: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Photovoltaic market in China and its impact on the global market

PV volume market has evolved in Asian market

China has developed a strong local market

Global suppliers are fighting for market share in China

Local production will become a success factor – Local production facility for laminators

in Shanghai – Broad service organisation in China

providing direct customer support

Chinese Players «go global»

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Page 9: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Integrated production sytems (IPS)

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Number of projects increasing and becoming more global

Significant influences continue to impact project closure

Complexity of integrated production systems (IPS) remains a challenge for both customers and also for Meyer Burger

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Page 10: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

PV production potential until 2017

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Wafer Cell Module UK 0.3 0.3 1.0 Turkey 0.2 0.3 1.1 Thailand 0.3 0.3 0.9 Singapore 0.5 0.5 0.5 Germany 0.5 0.5 0.5 Algeria 0.4 0.4 0.7 Brazil 0.3 0.3 0.9 South Africa 0.2 0.2 0.8

Growth potential ≥ 1GW Wafer Cell Module China 21.1 19.7 3.1 Saudi Arabia 2.0 2.0 2.2 Taiwan 2.5 2.0 1.5 Qatar 2.0 2.0 2.0 Malaysia 1.5 1.7 1.7 USA 1.7 1.6 1.3 Mexico 0.7 0.7 1.8 Japan 0.2 1.5 1.3 India 0.6 0.6 1.4 South Korea 1.0 0.8 0.8

Growth potential ≥ 2GW

Growth potential ≥ 0.5GW

Wafer Cell Module Ghana 0.1 0.1 0.6 Australia 0.0 0.0 0.7 Canada 0.1 0.1 0.5 Indonesia 0.0 0.0 0.6 Morocco 0.0 0.0 0.6 Iran 0.0 0.0 0.6 Philippines 0.0 0.0 0.5

Source Meyer Burger

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A B

C

D

E

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We possess the power of technology

SmartWire Connection (SWCT) TCO layer and wafer thickness suitable for SmartWire 80% less silver Higher energy yield Higher efficiency Longevity and micro-crack resistant

C

Adapted test metrology High cap cells Busbarless cells DragonBack PED (Chipping)

Single Wafer Tracking Quality & performance control

B

Diamond Wire Thinner wafer Lower costs

E High efficiency Lower system cost (BOS) Independent of wafer

thickness

Only 6 process steps Low COO

Temperature coefficient Higher energy yield

Bifacial Higher energy yield

Heterojunction (HJT)

Texture

a-Si front/ rear side

Test & Sort

TCO / metal rear contact

Print front side

Print BS

A

D

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Page 12: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Specialised Technologies

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Technology Applications Markets

Displays / touch panels LED Glass Sensors

USA Europe

Semi LED Touch panel Printed electronics Anti-reflection coating Microelectro-mechanical

systems MEMS

Europe USA MENA South America Asia

MES Database Sensors Logistics

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Page 13: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Customer focussed

Our customers profit from lowest manufacturing and operating

costs (TCO) with innovative, integrated PV technologies and solutions

our broad, deep technology know-how in the PV and other Specialised Technology markets

individual, customised, globally positioned service and support

our global presence with local service networks

significantly higher production efficiency and energy generation with our upgrade systems and solutions

advanced technologies for increased competitiveness, especially for new PV market entrants

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Page 14: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Financial statements 1st Half-Year 2014 in detail Michel Hirschi, Chief Financial Officer

Note: Figures H1 2011 / 2012 in accordance with IFRS Figures H1 2013 / 2014 in accordance with Swiss GAAP FER

Page 15: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Incoming orders / Order backlog

787.6

128.4 82.5

156.8

0

100

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2011 2012 2013 2014

MCHF

15

Incoming orders H1 2014 Volume of new orders total MCHF 156.8 90% increase compared to H1 2013 Higher run-rate in «usual» daily business

(excluding large orders) Mix of orders positive (existing and new PV

markets, Specialised Technologies) Book to bill ratio 1.21 in H1 2014

(H1 2013: 0.91) Various large projects in new PV markets being

worked on → Test installations working under local conditions, project discussions proceeding, project financing / political conditions with certain projects not solved yet, prepayments for equipment open

Order backlog 30 June 2014 Order backlog MCHF 211.3

(31.12.2013: MCHF 190.3)

Incoming orders 1st Half-Year

+90%

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Page 16: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Incoming orders per month «Normal» / «Large orders»

13 9 17 18 14 12 14 9 13 19 24

8 21 22 25 21 20 21

5 22

12

79

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20

30

40

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60

70

80

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100

J F M A M J J A S O N D J F M A M J

Orders "usual" business Large orders (Press releases)

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H1 2013 total MCHF 82.5

Ø run rate «usual business» H1 2014 MCHF 21.6 → Significantly higher than in previous half-year periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5)

Large orders will continue to impact our total incoming orders substantially (irregular timing)

H1 2014 total MCHF 156.8

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Page 17: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Net sales

575.0

307.8

90.4 129.0

0.0

100.0

200.0

300.0

400.0

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600.0

700.0

2011 2012 2013 2014

MCHF

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Net sales 43% higher than in H1 2013 → in line with expectations for H1 2014

Production output substantially above the 43% increase in sales in H1 2014. Larger number of machines awaiting acceptance by customers at 30.06.2014, becoming relevant in terms of sales in the following months

With scheduled deliveries and acceptances, we except substantially higher net sales in H2 2014

Strongest region in net sales was again Asia (esp. China)

Net sales 1st Half-Year

Change in net sales by region

America +55%

Europe +14%

Asia +87%

+43%

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Page 18: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

48%

29%

11%

12%

CHFEURUSDOther

Split of net sales MCHF 129.0

18

51%

28%

21%

Asia Europe America

54% 25%

12%

10%

Maschines / systemsSpare parts / consumablesOther goods / softwareServices

By type of sales By regions By currencies

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Page 19: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Operating income after costs of products and services

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Operating income* 1st Half-Year Margin operating income after costs of products

and services H1 2014 of 51.3% by 7.6 percentage points lower than in H1 2013, but 7.3 percentage points higher compared to H2 2013

Significant preparatory efforts put into certain projects (test lines, show cases, etc.) and considerable investments of about MCHF 22 in inventories (esp. machines before acceptance)

Lower margin mainly due to – Change in product mix – Sale of some inventory

Margin on operating income after costs of products and services still on a high level

306.5

170.9

53.3 66.2

53.3% 55.5% 58.9%

51.3%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2011 2012 2013 2014

Op. Income Op. income margin

MCHF

+24%

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* Operating income after costs of products and services

Page 20: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Development in personnel

2186 1842 1781 1951

79

36 194 +170 -6 188

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500

1000

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2000

2500FTE

20

Employees

+170 FTE (Production +134, R&D +14, Services +6, Sales +5, F&A +11)

Increase in personnel mainly in production areas at site of DMT (USA) and in Thun

-6 temporary employees Personnel expenses Personnel expenses MCHF 95.9; +11% vs.

H1 2013 (MCHF 86.6). Increase mainly due to: – Temporarily a higher number of temporary

employees 188 (H1 2013: 36 temporary employees)

– Restructuring measures at R&R: One-off expenses of MCHF 2.3 for transfer company

– FTE H1 2014: 1,951, H1 2013: 1,842 Positive cost effects of restructuring measures

(reduction of about 100 positions) at site in Hohenstein-Ernstthal not reflected in number of FTE as at 30.06.2014 and in PEX for H1 2014 yet. Expenses for transfer of FTE into hive-off vehicle no substantial PEX reduction in 2014. Reduction of PEX in Hohenstein--Ernstthal by about MCHF 5.5 (annualised) as of 2015.

No. of employees (incl. temporary employees)

Permanent employees Temporary employees

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Page 21: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

EBITDA

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EBITDA 1st Half-Year

Other operating expenses Total other operating expenses MCHF 25.5

(H1 2013: MCHF 26.5) Decline of other operating expenses by MCHF 1.0

– Reduced cost base achieved in the past could be continued in H1 2014

– Compared to H1 2013 only an increase in maintenance and repair of MCHF 1.2, of which MCHF 0.8 at DMT

– Release of a provision no longer required of MCHF 4.8. In H1 2013 release of provisions no longer required of MCHF 5.2

EBITDA Slight reduction of loss +8% Reflects the high level of preparatory works and

capacity adjustments in terms of production Improvement in EBITDA expected for H2 2014

154.9

4.4

-59.9 -55.2

26.9%

1.4%

-66.2% -42.8% -100.0

-50.0

0.0

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100.0

150.0

200.0

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EBITDA EBITDA margin

MCHF

+8%

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Page 22: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

EBIT

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EBIT 1st Half-Year Depreciation and amortisation totalled MCHF 33.0 (H1 2013: MCHF 36.6)

Property, plant and equipment – Depreciation of MCHF 9.6

Intangible assets

– Scheduled amortisation of intangible assets mainly related to M&A activities of recent years MCHF 23.3 in H1 2014

125.1

-47.4

-96.5 -88.1

21.8%

-15.4%

-106.7%

-68.3%

-150.0

-100.0

-50.0

0.0

50.0

100.0

150.0

2011 2012 2013 2014

EBIT EBIT margin

MCHF

+9%

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Page 23: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

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Financial result / Taxes

Financial result Financial result, net MCHF -6.5 (H1 2013: MCHF -0.4)

– Financial income: Interest income of MCHF 0.2 – Financial expenses: Interest expenses of MCHF 3.2 for straight bond, unrealised

FX translation effects on valuation of intercompany loans to foreign subsidiaries of MCHF 0.9, other interest expenses of MCHF 1.3 (MCHF 0.5 for loan secured by mortgage certificates in Thun), other financial expenses MCHF 1.3 in H1 2014

– Variation compared to H1 2013 mainly due to negative unrealised FX translation effects in H1 2014 / positive effects in H1 2013 on valuation of intercompany loans to foreign subsidiaries → H1 2014: negative effect MCHF 0.9; H1 2013: positive effect MCHF 4.8

Taxes Tax income of MCHF 6.6 (H1 2013: Tax income of MCHF 16.7)

– Reduction of temporary differences and related deferred taxes – Meyer Burger did not capitalise loss carry-forwards in H1 2014, as results on an

EBITDA level have not fundamentally improved yet – If the same had been applied as in the previous year period (capitalisation of loss

carry-forwards also in H1 2014), the tax income would have been at about MCHF 20

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Page 24: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Net result

76.6

-34.4

-80.6 -88.0 -100

-80

-60

-40

-20

0

20

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60

80

100

2011 2012 2013 2014

MCHF

24

Net result Attributable to the shareholders of MBTN

MCHF -86.5 Minority interests MCHF -1.5

Earnings per share in the 1st Half-Year EPS CHF -0.99

(H1 2013: CHF -1.36) Ø number of outstanding shares

87’487’201 (H1 2013: 58’140’034) Cash EPS CHF -1.13

(H1 2013: CHF -1.42)

Net result 1st Half-Year

Note: EPS and number of outstanding shares calculated on basic number of shares Cash EPS = Cash flow from operating activities / average number of outstanding shares (basic)

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Page 25: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Income statement

TCHF H1 2014 in % H1 2013 in%

Net sales 129 042 100.0% 90 421 100.0%

Other income 4 986 7 598

Income 134 027 98 019

Changes in inventories of finished products and work in process

35 913

622

Cost of products and services -108 752 -48 581

Capitalised services 5 054 3 195

Operating income after costs of products and services

66 242

51.3%

53 255

58.9%

Personnel expenses -95 889 -86 578

Other operating expenses -25 542 -26 528

EBITDA -55 189 -42.8% -59 852 -66.2%

Depreciation, impairment of property, plant, equipment -9 626 -10 475

Amortisation, impairment of intangible assets -23 334 -26 174

EBIT -88 148 -68.3% -96 502 -106.7%

Financial result -6 486 -364

Operating result -94 634 -73.3% -96 866 -107.1%

Non-operating result - -462

Earnings before taxes -94 634 -73.3% -97 328 -107.6%

Income taxes 6 593 16 692

Result -88 041 -68.2% -80 636 -89.2% 25

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Page 26: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Balance sheet TCHF 30.06.2014 in % 31.12.2013 in% Cash and cash equivalents 139 353 173 179

Trade and other receivables 54 237 48 011

Inventories 169 684 147 887

Other current assets 9 731 8 643

Total current assets 373 004 49.3% 377 719 48.2%

Other long-term receivables 799 694

Property, plant and equipment 137 638 141 665

Intangible assets 154 222 178 088

Other long-term assets 90 544 85 851

Total long-term assets 383 203 50.7% 406 298 51.8%

Total assets 756 207 100% 784 017 100%

Current financial liabilities 30 298 298

Trade payables 59 059 44 043

Customer prepayments 57 321 66 092

Current provisions 29 107 46 574

Other current liabilities 42 545 43 888

Total current liabilities 218 332 28.9% 200 894 25.6%

Non-current financial liabilities 132 008 163 201

Non-current provisions 3 631 3 381

Deferred tax liabilities 5 709 5 692

Other non-current liabilities 2 367 2 228

Total non-current liabilities 143 715 19.0% 174 502 22.3%

Equity incl. minority interests 394 160 52.1% 408 621 52.1%

Total liabilities and equity 756 207 100% 784 017 100% 26

Cash and cash equivalents lower than at year-end 2013, despite the capital increase in March 2014

Substantial investments in net working capital

Solid balance sheet structure MCHF 30 loan secured by

mortgage certificates (maturity 18 April 2015) reclassified from non-current financial liabilities to current financial liabilities

Non-current financial liabilities reflect MCHF 130 5% Bond 2017

Equity ratio above 52%

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Balance sheet – Net working capital

TCHF 30.06.2014 31.12.2013 31.12.2012 01.01.2012 Trade and other receivables 54 237 48 011 64 518 132 601

Inventories 169 684 147 887 173 733 212 005

Other current assets (excl. cash, cash equiv.) 9 731 8 643 17 190 37 153

Current assets excl. cash, cash equivalents 233 651 204 540 255 441 381 758

Current financial liabilities 30 298 298 825 1 361

Trade payables 59 059 44 043 31 404 65 555

Customer prepayments 57 321 66 092 62 247 229 024

Provisions 29 107 46 574 73 272 93 818

Other current liabilities 42 545 43 888 74 551 96 797

Current liabilities 218 332 200 894 242 298 486 555

Net working capital 15 319 3 646 13 143 -104 796

./. Reclassified financial liability (mortgage loan) 30 000

Net working capital 45 319 3 646 13 143 -104 796

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About MCHF 22 invested in inventories (esp. machines before acceptance)

Relatively low amount of new customer prepayments in H1 2014

Liquidity and cash flow from operating activities in H1 2014 are strongly impacted by the substantial investments in net working capital

Reclassification of mortgage loan MCHF 30 from non-current to current financial liabilities has no influence on cash

Slight increase in receivables by about MCHF 6

Investment of over MCHF 40 in NWC (cash investments)

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Balance sheet – Assets / Liabilities Balance sheet relations

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Liabilities and equity Assets

177.0 217.7 228.2 229.0

289.3 227.1 178.1 154.2

381.8 255.4

204.5 233.7

260.2

134.5 173.2 139.4

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

MCHF Cash, cash equivalentsOther current assetsIntangible assetsOther fixed assets

543.9 416.1 408.6 394.2

564.4

418.6 375.4 362.0

0

200

400

600

800

1000

1200

MCHF Liabilities

Equity

Equity ratio

49% 50% 52% 52%

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Cash flow

TCHF H1 2014 H1 2013

Result -88 041 -80 636

Reversal of non-cash income/expenses 29 753 6 014

CF from operating activities before change in NWC -58 288 -74 622

Change in NWC -40 442 -7 717

Cash flow from operating activities -98 730 -82 339

Investments in property, plant, equipment, net -5 544 -3 509

Investments in intangible assets, net -420 -360

Sale of investment properties - 170

Cash flow from investing activities -5 963 -3 699

Capital increases (incl. premium) 75 557 144 860

Purchase of shares in Roth & Rau AG -3 792 -

Sale of treasury shares 495 -

Borrowing of current financial liabilities - 149

Borrowing of non-current financial liabilities - 30 000

Repayment of non-current financial liabilities -1 259 -

Cash flow from financing activities 71 001 175 009

Cash, cash equivalents at beginning of period 173 179 134 503

Change in cash, cash equivalents -33 692 88 970

Currency translation effects on cash, cash equivalents -133 1 020

Cash, cash equivalents at end of period (30 June) 139 353 224 493

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CF from operating activities Excluding the investments in NWC, the «real cash burn» amounts to MCHF 58.3 (MCHF 74.6 in H1 2013) → Substantial improvement vs. H1 2013

CF from investing activities Investments in property, plant, equipment represent «normal» CAPEX investments

CF from financing activities Cash inflow of MCHF 75.6 resulting from capital increase in March 2014

Lower NWC investments and substantially improved CF from operating activities expected for H2 2014

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Page 30: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Outlook

Market in general – Market for PV single equipment continues to be cautious, but certain recovery can be felt – Cell and module manufacturers need to make technology upgrades, some of them also

have to do capacity expansions – Meyer Burger posts orders with its innovative strategic products (heterojunction, diamond

wire and corresponding saws, SmartWire Connection, high efficiency measurement technology)

PV market is undergoing structural change

– Demand / interest for integrated product lines are rising in new markets – Large projects have their own dynamics in terms of political and financial conditions and

requirements – Forecast about exact timing of incoming orders and customer prepayments is difficult – Meyer Burger is active in various projects and well positioned as project partner

Entire fiscal year 2014

– We expect to achieve substantial improvements in incoming orders and net sales compared to the previous year

– Measures to further advance focussing process which have been initiated in 2014 already, will reduce operating costs by about MCHF 10 (annualised basis) as of 2015

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Page 31: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Thank you for your attention.

Page 32: Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs. H2 2013 MCHF 14.5) Large orders will continue to impact our total incoming orders

Disclaimer

32

Information in this presentation may contain “forward-looking statements”, such as guidance, expectations, plans, intentions or

strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this presentation are based on data available to Meyer Burger Technology Ltd as of the date that this presentation is released. The company does not undertake any obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise.

This presentation is not being issued in the United States of America and should not be distributed to U.S. persons or

publications with a general circulation in the United States. This presentation does not constitute an offer or invitation to subscribe for, exchange or purchase any securities. In addition, the securities of Meyer Burger Technology Ltd have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent registration under an applicable exemption from the registration requirements of the Securities Act or any state securities laws.

The information contained in this presentation does not constitute an offer of securities to the public in the United Kingdom

within the meaning of the Public Offers of Securities Regulations 1995. No prospectus offering securities to the public will be published in the United Kingdom. Persons receiving this presentation in the United Kingdom should not rely on it or act on it in any way.

In addition, the presentation is not for release, distribution or publication in or into Australia, Canada or Japan or any other

jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

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