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Analyst and Media Conference1st Half-Year 201216 August 2012
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Highlights 1st Half-Year 2012
Peter M. Wagner, Chairman of the Board of Directors
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Very Difficult Situation in the Solar Industry Consolidation process in photovoltaic industry continued – as expected –
unabated during H1 2012– Stagnant demand by customers
for new production equipment– Various competitors face severe financial
difficulties Impacts on image of the solar industry in
the public Quality and strong financial position become
even more important– Meyer Burger has the right portfolio, organisation
and financial power to emerge even stronger from the currently difficult market environment
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Results in line with guidance (proportionately for the half-year period) Incoming orders MCHF 128.4 → compared to historic peak in H1 2011 a
decline of 84%, but an increase of 44% again compared to H2 2011 Order backlog of MCHF 672.6 as at 30 June 2012 Customers increasingly interested in new and integrated technologies
Decline in Net Sales and Profitability in line with Expectations
67.3
192.7 213.4
356.9
575.0
307.8
0
200
400
600
2007 2008 2009 2010 2011 2012
MCHF 1st Half-Year
4
EBITDA Net sales
5.6
30.1 24.2
64.6
154.9
4.60
60
120
180
2007 2008 2009 2010 2011 2012
MCHF 1st Half-Year
Note: H1 2008-2012 in accordance with IFRS; H1 2007 in accordance with Swiss GAAP FER
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Financial Stability
Cost reductions: Optimisation and concentration programme that was announced in March 2012 has been implemented to a large part
– Programme aims to sustainably reduce annual cost base by approximately MCHF 20 – 30 (partly effective in H2 2012, full impact to materialise in 2013)
– Non-recurring expenses and accruals in CHF single-digit million incur in the income statement 2012 for the implementation of the programme
Issuance of a 5-year straight bond in April 2012– Strengthening our liquidity at the right time
Meyer Burger with very strong liquidity and high equity ratio– Over MCHF 300 in liquidity at our disposal– 54.2% equity ratio
5
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Strategic Investments
Explicit commitment for R&D investments– R&D projects and technological improvements are pushed with undiminished
effort– Approx. MCHF 40 invested in R&D during H1 2012 (P&L relevant)– Integrated Heterojunction Line (thin wafers, cell technology, bonding
technology) New production/competence centre in Thun (MB Wafertec, MB Technology Ltd)
– Certain parts still to be completed (e.g. interior fittings, etc.)– Relocation done during May / June 2012– Focussing on one location from previously 17 sites in and around Thun
6Heterojunction Line Roth & Rau
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Successful Evolution of the Meyer Burger Group
Peter Pauli, Chief Executive Officer
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Emerging Markets
Strong political interest in renewable energy throughout the „sunbelt“ regions of the world offers the PV industry exciting newopportunities
Federally initiated projects and investments ensuring the expansionof the solar industry promote energy self-sufficiency and the growthof the local value chain
Meyer Burger expanding sales and market development activitiesin emerging markets such as South America, India and SoutheastAsia
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Existing Markets
The consolidation of the photovoltaic industry is in an intensive phase
Discussions with customers are revealing a growing interest in advanced photovoltaic technologies and industrialised processes
Project activity is increasing with a focus on new and integratedtechnologies
Customers require solutions developed in close cooperation withtheir technology suppliers which will help them to return toprofitability
Asian markets remain technology focussed and more receptivetowards new projects
European markets continue to battle with fiscal political issues and is suffering under cautious consumer behaviour
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Focussing our Strengths: Simplification of Group Structure
Complete integration of Roth & Rau sales network into Meyer Burger’s global sales organisation
Ongoing reduction in number of Roth & Rau legal entities (3 of 26 already closed, a further 5 are in the liquidation process)
Simplification of legal structures in accordance with local practices in process
Roth & Rau CTF Solar GmbH sold 10
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Focussing our Strengths: Developing Synergies
Focussing technologies into new centres of competencefor wafer, cell and module
Combining core competencies into a complete integrated systemand process offering under the Meyer Burger umbrella brand
Development of smaller, combined (manual/automated) modulelines which meet the cultural and economic needs of countries likeIndia
Integration of MB Automation into Hennecke Systems GmbH
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Focussing our Strengths: Cost Effective Measures
Announced reduction of overall global Meyer Burger Group personnel by around 15% in process
Consoliation of 17 locations in the Thun area into a single state-of-the-art research, production and competence centre
Meyer Burger Technology Ltd legal headquarters successfullymoved from Baar to Thun
Initialisation and introduction of Group-wide processes for supplychain management, technology and innovation and informationtechnology
Consolidation of Group structure Strict cost control (investments must be approved by Executive
Board)
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Drivers of the PV Industry -US$/kWh competitive von Solarzellen Based on today’s price level, solar energy is already competitive It is the market players and manufacturers of solar systems who are
no longer profitable
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$/W
2010 2014
$/W
att
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Drivers of the PV Industry -US$/kWh competitive von Solarzellen Competitive generation of electricity is the driver for successful
photovoltaic systems in a sustainable, economical energy industry
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Photovoltaic systems US$/kWh – lowest costs
Solar system US$/kWpMaterial & Resources(BoS & Solar system)
Performance factor Panel & System ie. temperaturecoefficient TC, Efficiency (Power)
Location (kWh/kWp)
$
Solar system x Performance factor x Location
kWh
BoS = Balance of System Photovoltaic
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Solar systems –Technologies are the drivers
US$/kWp is strongly driven by:– Cell technologies (ie. Heterojunction HJT) – Material utilisation (ie. silicon) and resources (ie. skilled technicians)
High efficiency cell technologies such as HJT require the supportingPV Technologies:
Wafering: 120 – 140 µm thin, high quality n-mono c-Si wafers
HJT coating
Electrical connections (5 Bus Bar, Multi-Wire)
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Meyer Burger owns all of these technologies, processes and systems whichreduce the costs of solar systems and directly support our customers in thecompetitive production of electrical energy.
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Financial Statements 1st Half-Year 2012in detailMichel Hirschi, Chief Financial Officer
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Incoming Orders / Order Backlog
99.0
590.1
787.6
128.4
0
100
200
300
400
500
600
700
800
900
2009 2010 2011 2012
MCHF
17
Incoming Orders H1 2012 Volume of new orders MCHF 128.4 Structural changes of market that started
in H2 2011 have accentuated Despite this: Increase in incoming orders
of 44% compared to H2 2011 Customers very hesitant regarding new
orders to increase production capacities –Orders mainly in upgrades, complemen-ting solutions, etc. from Asia
Slightly more project activities for production lines among others from new markets (e.g. Thailand, Vietnam)
Order Backlog 30 June 2012 Order backlog MCHF 672.6
(31.12.2011: MCHF 909.9) Various deliveries of machinery backlog
postponed for the time being
Incoming orders 1st Half-Year
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Net sales
213.4
356.9
575.0
307.8
0
100
200
300
400
500
600
700
2009 2010 2011 2012
MCHF
18
Decline in net sales of 46% in line with expectations and guidance
Sales mainly from orders produced in 2011 which were billed in H1 2012
Like-for-like decline in net sales (organic) of 65% reflects the challenging market environment(net sales of R&R MCHF 105.0)
Most important region in terms of net sales continues to be Asia
Net sales 1st Half-Year
Change in net sales by region
USA+8%
Europe-53%
Asia-47%
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51%41%
5% 3%
CHF EUR USD Others
Split of Net SalesMCHF 307.8
19
By currencies
77%
5%
18%
Asia USA Europe
87%
8%5%
Machines / systemsSpare parts / consumablesServices
By type of salesBy region
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Operating Income after Costs of Products and Services
20
Operating income after costs of products and services 1st Half-Year
Margin of operating income after costs of products and services slightly higher than in previous year’s period
New: Software revenue by AIS and service business by Ortner with very high margin
Individual projects with exceptionally high margins
Non-recurring effects from structural changes within the group
Changes in product mix76.4
164.9
306.5
170.9
35.8%
46.2%
53.3% 55.5%
0
10
20
30
40
50
60
0
50
100
150
200
250
300
350
2009 2010 2011 2012
Op. Income Margin
MCHF %
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Development of Personnel
2791 2538
267-253
-150 117
0
500
1000
1500
2000
2500
3000
3500FTE
21
Employees Decline in personnel
– -253 FTE (Production -276, S&M +28, R&D -12, F&A +7)
– -150 temporarily employed staff mainly in serviceRemaining temporary staff due to temporary needs in certain regions
– Additional employees left by end July 2012 MBTN keeps/fosters its specialist workforce to be
prepared for the coming upswingPersonnel expenses Personnel expenses MCHF 114.6; +39%
(H1 2011: MCHF 82.5). Increase due to– Full consolidation of R&R (H1 2011 no
costs reflected, as participation was in «investments in associated companies»)
– Personnel expenses R&R in H1 2012 MCHF 43.2
Decline in personnel expenses on like-for-like comparison by 13% (excluding R&R)
No. of employees (incl. temporary staff)
Employees (permanent contracts)Temporary employees
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EBITDA
22
EBITDA 1st Half-YearOther operating expenses Total other operating expenses MCHF 51.6
(H1 2011: MCHF 69.1), of which MCHF 18.3 for R&R
Decline of other operating expenses on like-for-like comparison by 52% (excl. R&R)– Transport costs MCHF 11.7 lower– Consulting expenses MCHF 3.9 lower
As of 30.06.2011 mainly re R&R acquisition– External R&D costs MCHF 1.7 higher
(material for tests)
EBITDA EBITDA margin 1.5% Higher EBITDA expected in H2 2012 –
Margin guidance for entire fiscal year therefore unchanged
24.2
64.6
154.9
4.6
11.4%
18.1%
26.9%
1.5%
0
5
10
15
20
25
30
0
20
40
60
80
100
120
140
160
180
2009 2010 2011 2012
EBITDA EBITDA margin
MCHF %
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EBIT
23
EBIT 1st Half-Year Depreciation and amortisation totalled MCHF 51.8(H1 2011: MCHF 29.8)
Property, plant and equipment– Depreciation of MCHF 10.9
Intangible assets– Amortisation of intangible assets
related to M&A activities of recent years MCHF 39.6 in H1 2012
– Other depreciation of intangible assets (mainly software) of MCHF 1.3
13.2
34.4
125.1
-47.1
6.2%
9.6%
21.8%
-15.3%-20
-15
-10
-5
0
5
10
15
20
25
-60
-40
-20
0
20
40
60
80
100
120
140
2009 2010 2011 2012
EBIT EBIT margin
MCHF %
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Financial Result and Taxes
Financial result Financial result, net of MCHF -1.0 (H1 2011: MCHF -32.7)
– Interest income MCHF 0.7, interest expenses MCHF 1.3, other financial expenses MCHF 0.4 in H1 2012
– Interest expenses for straight bond contained in interest expenses for the first time
– More stable FX situation than in the previous two years: Insignificant FX effects in H1 2012 (whereas MCHF -29.8 in H1 2011). Foreign currency translation effects in financial result, which resulted from the valuation of intercompany loans to foreign subsidiaries, dropped out and cancelled each other out
Taxes Tax income of MCHF 14.0 (H1 2011: Tax expense of MCHF 15.3)
– Release of deferred tax liabilities due to the reduction of temporary differences in intangible assets
– Capitalisation of loss carry-forwards– Normal (owed) income taxes 24
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Profit for the Period
12.1
23.6
76.6
-34.2-40
-20
0
20
40
60
80
100
2009 2010 2011 2012
MCHF
25
Profit for the period Attributable to shareholders of MBTN
MCHF -33.1 Attributable to non-controlling interests
MCHF -1.0
Earnings per share 1st Half-Year EPS CHF -0.70
(H1 2011: CHF 1.63) Ø number of outstanding shares
47’637’864 (H1 2011: 47’083’752) Cash EPS CHF -2.03
(H1 2011: CHF 3.79)
Profit for the period 1st Half-Year
Note: EPS and average number of outstanding shares on a diluted basisCash EPS = Operating cash flow / average number of outstanding shares (diluted)
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Income Statement
TCHF H1 2012 in % H1 2011 in%
Net sales 307 813 100.0% 575 029 100.0%
Other income 10 562 5 456
Income 318 374 580 484
Costs of products and services thirds -75 611 -438 209
Changes in inventories of finished products and work in process -79 659 145 053
Capitalised services 7 749 19 154
Operating income after costs of products and services 170 852 55.5% 306 483 53.3%
Personnel expenses -114 604 -82 545
Other operating expenses -51 603 -69 053
EBITDA 4 645 1.5% 154 885 26.9%
Depreciation and amortisation -51 769 -29 775
EBIT -47 124 -15.3% 125 110 21.8%
Financial income 724 1 507
Financial expenses -1 763 -34 239
Result from investments in associated companies 8 -465
Earnings before taxes EBT -48 155 -15.6% 91 913 16.0%
Income taxes 13 998 -15 323
Profit for the period -34 156 -11.1% 76 590 13.3%26
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Balance Sheet
TCHF 30.06.2012 in % 31.12.2011 in%
Cash and cash equivalents 238 623 260 180
Trade and other receivables 104 022 165 966
Inventories 234 586 212 005
Other current assets 378 3 787
Total current assets 577 608 44.2% 641 938 46.6%
Property, plant and equipment 158 722 132 824
Investments in assoc. companies 182 177
Intangible assets 497 639 540 195
Other long-term assets 71 376 62 218
Total long-term assets 727 919 55.8% 735 414 53.4%
Total assets 1 305 527 100% 1 377 352 100%
Current financial liabilities 1 426 1 608
Trade payables 44 360 65 555
Customer prepayments 159 689 229 367
Other current liabilities 144 740 190 369
Total current liabilities 350 215 26.8% 486 898 35.4%
Non-current financial liabilities 133 023 8 257
Other non-current liabilities 114 499 119 663
Total non-current liabilities 247 522 19.0% 127 920 9.3%
Equity incl. non-controlling interests 707 791 54.2% 762 534 55.4%
Total liabilities and equity 1 305 527 100% 1 377 352 100% 27
Improved cash position through issue of straight bond with nominal value MCHF 130 (5% coupon, maturity in May 2017)
Inventories and machines in production are reported at net value within balance sheet: directly allocable customer prepayments are deducted
Intangible assets from acquisitions of previous years 2008-2011
Continuing high equity ratio of over 54%
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+MCHF 60-70of possibilities in
un-used credit linesand mortgage loans
Balance Sheet – High cash position and additional credit limits
39.3
392.7
250.3
104.2
0
100
200
300
400MCHF
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Net liquidity at balance sheet dateCash, cash equivalents at balance sheet date
96.6
393.5
260.2238.6
0
100
200
300
400MCHF
Total MCHF 300-310available
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Balance Sheet – Assets / LiabilitiesHealthy Balance Sheet Relations
29
LiabilitiesAssets
30.3 46.8195.2 230.3146.2
395.4
540.2 497.6
187.1
231.1
381.7 339.0
96.6
393.5
260.2238.6
0
500
1000
1500MCHF Cash, cash
equivalentsOther currentassetsIntangibleassetsOther fixedassets
196.3
642.9762.5 707.8263.9
423.9
614.8597.7
0
500
1000
1500MCHF Liabilities
Equity
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Cash Flow
TCHF H1 2012 H1 2011
Profit for the period -34 156 76 590
Reversal of non-cash income/expenses 7 431 76 289
Change in NWC -69 810 25 598
Cash flow from operating activities -96 536 178 477
Investments in property, plant, equipment, net -27 227 -24 514
Investments in intangible assets -2 026 -1 009
Sale of investments net of cash -137 -
Investments in associated companies (R&R) - -69 388
Other 4 -
Cash flow from investing activities -29 387 -94 911
Capital increases (incl. Premium) 2 198 4 118
Purchase of treasury shares -11 326 -
Issuance of straight bond 129 091 -
Purchase of R&R shares since 1.1.2012 -10 103 -
Repayment of financial liabilities -4 261 -282
Cash flow from financing activities 105 600 3 836
Cash, cash equivalents at beginning of period 260 180 393 543
Change in cash, cash equivalents -20 322 87 402
Currency translation differences on cash and cash equivalents -1 235 -1 815
Cash, cash equivalents at end of period(30 June) 238 623 479 130 30
CF from operating activitiesRelatively strong increase in NWC, primarily due to decline in customer prepayments as a consequence of the market and order situation
CF from investing activitiesInvestments in property, plant and equipment mainly reflect the substantial investments in the new production and competence centre in Thun
CF from financing activitiesIncrease in cash through issuance of straight bondContinuing purchases of smaller positions in R&RPurchase of treasury shares
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Meyer Burger Well Positioned for the Future Comprehensive portfolio along the value chain in PV
– Systems and solutions across all processes – wafer, cell, module processes H2 2012 remains a challenging period
– Strict cost control and managing of cash flows– Business with updates (possible even without increase in capacities)– Establishing production lines with new customers in emerging markets as well as deploying
the technological advances within our system offering to existing customers– Push technology developments and improvements that lead to further increases in
efficiency and reduction of costs of ownership at our customers– Continuing focus on our strengths and make use of synergies within the Group
Guidance 2012– Measures already implemented as part of the optimisation and concentration programme
will lead to lower personnel expenses and other operating expenses in H2 2012, which will have a positive impact on the EBITDA margin
– Guidance net sales MCHF 600 – 800 / EBITDA-Marge 4 – 8% remains unchanged. However, we expect to reach our goals in the lower half of this guidance range.
We expect demand to increase again substantially in 2013– Consolidation in the equipment market supports the fact, that Meyer Burger Group will even
stronger profit from the coming market recovery 31
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Thank you for your attention.
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Disclaimer
33
Information in this presentation may contain “forward-looking statements”, such as guidance, expectations, plans, intentions orstrategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautionedthat actual future results may differ from those expressed in or implied by the statements, which constitute projections ofpossible developments. All forward-looking statements included in this presentation are based on data available to MeyerBurger Technology Ltd as of the date that this presentation is released. The company does not undertake any obligation toupdate 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 orpublications with a general circulation in the United States. This presentation does not constitute an offer or invitation tosubscribe for, exchange or purchase any securities. In addition, the securities of Meyer Burger Technology Ltd have notbeen and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any statesecurities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent registration underan 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 Kingdomwithin the meaning of the Public Offers of Securities Regulations 1995. No prospectus offering securities to the public will bepublished in the United Kingdom. Persons receiving this presentation in the United Kingdom should not rely on it or act on it inany way.
In addition, the presentation is not for release, distribution or publication in or into Australia, Canada or Japan or any otherjurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction, and persons intowhose possession this document comes should inform themselves about, and observe, any such restrictions.
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