Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs....
Transcript of Analyst and Media Conference 1st Half-Year 2014 · periods (+57% vs. H1 2013 MCHF 13.8 / +49% vs....
Analyst and Media Conference 1st Half-Year 2014 12 August 2014
The first half of 2014 in review We made significant investments into the future Peter Pauli, Chief Executive Officer
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
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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Development and status in today’s photovoltaic market Peter Pauli, Chief Executive Officer
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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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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Aug
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Mey
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Pre
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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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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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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
11
Specialised Technologies
12
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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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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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
Incoming orders / Order backlog
787.6
128.4 82.5
156.8
0
100
200
300
400
500
600
700
800
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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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
27
0
10
20
30
40
50
60
70
80
90
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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Net sales
575.0
307.8
90.4 129.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
2011 2012 2013 2014
MCHF
17
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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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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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
Development in personnel
2186 1842 1781 1951
79
36 194 +170 -6 188
0
500
1000
1500
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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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
50.0
100.0
150.0
200.0
2011 2012 2013 2014
EBITDA EBITDA margin
MCHF
+8%
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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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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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Net result
76.6
-34.4
-80.6 -88.0 -100
-80
-60
-40
-20
0
20
40
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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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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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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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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Thank you for your attention.
Disclaimer
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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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