investor presentation april 2007 - meyer burger · 2019-07-18 · april 2007, meyer burger group....
TRANSCRIPT
Partner for precision slicing technology
Investor PresentationApril 2007
Highlights Fiscal Year 2006
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Overview of Results (1)
Fiscal Year 2006
45.567.4
169.7
0
30
60
90
120
150
180
FY 2004 FY 2005 FY 2006
+152%
Incoming Orders in CHF million
34.8
59.5
82.6
0
30
60
90
FY 2004 FY 2005 FY 2006
+39%
Net Sales in CHF million
Strong incoming orders
Dynamic growth in net sales
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Overview of Results (2)
Fiscal Year 2006
4.3
8.0
(0.5)-1
1
3
5
7
9
FY 2004 FY 2005 FY 2006
+85%
EBIT in CHF million
2.7
5.6
(1.0)-1.0
1.0
3.0
5.0
7.0
FY 2004 FY 2005 FY 2006
+108%
Net Earnings in CHF million
Increased profitability, EBIT margin 8.2%
Excellent net earnings
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Overview of Results (3)
Fiscal Year 2006
Successful IPO in November 2006
Solid Balance Sheet structure– Equity ratio of 40.7%
Well positioned for further growth– Increased personnel by 52%– Expansion of production capacities / organisational structures– Production in Thun started in February 2007, production
space of over 7,000 m2 available now
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Tremendous Start as a Public Company
Source: Bloomberg
40.00
45.00
50.00
55.00
60.00
65.00
70.00
75.00
80.00
23.11
.2006
30.11
.2006
07.12
.2006
14.12
.2006
21.12
.2006
28.12
.2006
04.01
.2007
11.01
.2007
18.01
.2007
25.01
.2007
01.02
.2007
08.02
.2007
15.02
.2007
22.02
.2007
01.03
.2007
08.03
.2007
15.03
.2007
22.03
.2007
29.03
.2007
CH
F
MBTN SPI Index Bloomberg Europe Energy-Alternate Source Index
+71.6%
+3.8%
+33.0%
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Our Growth Strategy
Expansion of offerings for the solar industry (photovoltaics)
Meyer Burger set to become an integrated system provider along the value chain in the solar industry
Focus on research and development
Focus on wire saw technology, integrated production monitoring and alternative technologies
Development and expansion of technology leadership
To allow our customers to optimise their production costs
Modularisation of machines
Reduction of individual components, faster production time and higher inventory turnover
Strengthening our market position
Through organic growth and selective co-operations and acquisitions
Exploitation of worldwide market growth
Increase market presence, in part by consolidating our service network and expanding our services
Meyer Burger Group in Fiscal Year 2006
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Focus on Solar Industry
Markets Solar OpticsSemiconductors
Our offering
Estimated share of group net sales FY 2006: CHF 82.6 million
Systems for slicing silicon blocks for solar panels. State-of-the-art wire saws in modular design with low slurry consumption.
~75%
Wire, band and ID/OD saws for cutting special, often small crystals into wafers, e.g. for lenses and filters, quartz glass for photo masks.
~6%
Wire saws up to 12'' for top-quality wafers. High- precision saws for slicing semiconductor wafers. ID saws for individual cutting and small-gauge wire saws for slicing wafers up to 8''.
~19%
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The Environment at Customers Wafer Manufacturing 30M
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Trends with our Customers
Solar industry
– Subsidy programmes for renewable energies lead to high demand for solar panels
– Silicon increasingly available– Growth in Asia (China) and Europe (Germany)– End-user markets show growth on a broad basis– Manufacturing sites become bigger and demand better technologies
to improve value chain– Overall demand for more automation and integration into individual
processes – Concentration on large manufacturing sites
Semiconductor industry
– Large Key Accounts expand their capacities
Optics industry
– Special applications, such as LED‘s, starting tentative demand– More machines needed as a result of overall growth
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Our Competitive Edge (1)
Present in every Growth Market
- Meyer Burger companies (CH, China, Japan)
- Service centres
- Agents
- Sales and service partners
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Our Competitive Edge (2)
Comprehensive Offering
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Our Competitive Edge (3)
Broadest Product Assortment
Cropping Block slicing
Wafer slicing
Wire saw DS 262
Wire saw DS 264
Band saw BS 805
Wire saw DS 265ID saw TS 207
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Offering Along the Entire Value Chain of Solar Industry
Offering along the entire value chain of wafer production from a single source, through partners
Ingot/block pulling Cropping
Block slicing
Edge grinding
Wafer slicing
Wafer pre-cleaning, separating
Wafer cleaning
Wafer measuring, sorting
PVA Tepla Meyer Burger Arnold Schmid Rena
Schmid Rena
Hennecke Meyer Burger Meyer Burger
Our target: Meyer Burger offers the complete process as an additional variant in its service portfolio
Will be interesting to future-oriented customers
Offers optimalcoordination of components
Realises improvementpotential inhandling
Control technology can be established(RTC = Real Time Control)
Working capitaland marketing investments required
SiC Processing
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27 – 28 Million Wafers Per Annum corresponds to 1,000 t Silicon p.a. or 100 MW p.a.
9.4%
6.1%
2.1%
24.5
%
1.3%
0%
5%
10%
15%
20%
25%
30%
35%
Poly etchingFurnace Bricking Cropping Edge Grinding
Surface Grinding
Automation
Water Treatment
Lifetime Scanner
Glueing Station
Wire saw
Precleaning SeparationCleaning M
easuring Slurry SupplyProcess Development
% o
f to
tal i
nves
tmen
t
Meyer Burger
other suppliers
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Market Expectations (1)
Increased Silicon Production
3238
4556
70
85
0102030405060708090
2005 2006 2007 2008 2009 2010
Silicon capacity production in thousands of tons
1.52.1
2.73.9
6.1
8.4
0123456789
10
2005 2006 2007 2008 2009 2010
Production of silicon cell modules Performance in GW
Source: Research Michael Rogol, photon-consulting.com
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Market Expectations (2)
Less silicon used per panel
11.510.5
9.58.5
7.5 7.0
0
2
4
6
8
10
12
2005 2006 2007 2008 2009 2010
Ø Silicon usage per watt in grams/watt
175-200220-240
250-270280-300
0
100
200
300
400
2004 2005 2006 2010
Estimated typical wafer thickness in µm
Meyer Burger offers high-precision slicing systemsfor such wafer thickness today already!
Source: Research Michael Rogol, photon-consulting.com
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1.75-2.00
2.55-2.802.50-2.752.40-2.65
0
0.5
1
1.5
2
2.5
3
3.5
2004 2005 2006 2010
Meyer Burger Technologies Enable Cost Reductions
Ø modul cost range per watt in USD/watt
At 30 MWp (10 million wafers) this can achieve savings of over CHF 6 million per annum
Technologies to reduce production costs
Wire thickness WGR pitch distance
Wafer thickness
[µm]
Wire diameter
[µm]
Kerf loss[µm]
Grit size[µm]
Slurry consumption
[kg/Wafer]
Slurryreductio
n [%]
Wafer/ kg Si
270 160 210 15 0.1865 0 35.7
200 140 170 10 0.1465 - 21.4 46.9
150 120 145 8 0.1287 - 45.3 58.0
Wafer thickness Kerf loss
Source: Research Michael Rogol, photon-consulting.com
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Prepared for Future Growth (1)
Adjusted Organisation in 2006
Recruitment of new employees throughout fiscal year 2006
Created 97 new full-time equivalent positions worldwide
FTE by function at year end 2006– Production, Logistics 61%– R&D 17%– Sales 14%– Finances, Admin. 8%
Strengthened middle management, procurement, order management, purchasing department, controlling, human resources, investor relations, marketing
Introduction of SAP for logistics, production, finances, HR, sales and after- sales service
187
284
0
50
100
150
200
250
300
2005 2006
Employees FTE as of 31 December
+52%
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Gradual relocation of production site from Steffisburg to Thun since August 2006
Production in Thun started during February 2007
Production capacity increased by 200% through optimised flow of goods and better use of available space
Installed two more regrooving machines in China
Outsourced inventory handling to an experienced team of RUAG, in order to gain more flexibility
Prepared for Future Growth (2)
Increased Production Capacities in 2006
Part of new production hall in Thun
Increased assembly and production space
2005 2007 Change in %
Assembly 2,000 m2 3,000 m2 50 %
Production 3,500 m2 7,000 m2 100 %
Total 5,500 m2 10,000 m2 81.8%
Financial Information
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Incoming Orders
In general increase in order volume throughout the year, with particular emphasis in H2 2006
Growth particularly in Germany and China, revival in USA
Large order in June 2006 for several parts of entire value chain of wafer production, including consumables
First order in such magnitude, successful first step of concept implementation with MB as integrated system provider
Further orders in similar size during H2 2006
Order backlog as of 31.12.2006 of CHF 141.4 million
– 286% increase compared to year end 2005
– Good platform for further strong growth in net sales during FY 2007
Strong demand continuing also during the first couple of months in 2007
67.4
169.7
0
30
60
90
120
150
180
FY 2005 FY 2006
+152%
Incoming Orders in CHF million
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Net Sales, Operating Income
Net Sales
Sales recorded after acceptance by customers (Completed Contract Method)
Highest growth in net sales in China, Norway, Germany and Taiwan
Net sales growing in all 3 target markets
Only small increase in deliveries during H2 2006 due to capacity constraints and transfer of production
Operating Income
Increase in inventories of finished products and work in process by CHF 14.7 million due to increase in sales and actual situation as of 31 December reflected
Operating income CHF 97.9 million; increase of 35% compared to FY 2005
As a result of the transfer of production site to Thun, certain deliveries and acceptances by customers have been delayed
59.5
82.6
0
20
40
60
80
100
FY 2005 FY 2006
+39%
Net Sales in CHF million
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Distribution Net Sales
51%
9%
40%
USD EURO CHF
Net Sales by Currency CHF 82.6 m in FY 2006
32%
65%
3%
Europe Asia America
Net Sales by Region CHF 82.6 m in FY 2006
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Gross Profit
Increase in gross profit due to higher sales
Gross margin (in relation to operating income) of 40.7% in FY 2006 compared to 37.5% in FY 2005
Material costs reduced despite the fact that in-house manufacture of components declined (components for machines increasingly sourced externally)
Material costs in FY 2005 burdened by one-off guarantee costs
Better purchasing conditions due to larger quantities purchased
27.1
39.9
0
10
20
30
40
50
FY 2005 FY 2006
+47%
Gross Profit in CHF million
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EBIT
Increase in personnel expenses +40% – Adjusted personnel to higher sales
volumes and growth– Adjusted Corporate organization
(costs for transfer production site, Being Public, project SAP)
Increase in operating expenses +43% Highest nominal increases:
– Maintenance & Repairs (infrastructure adjustments and transfer production site)
– Vehicles / Transport expenses (Shipping costs)
– Marketing expenses (Going Public and new marketing image)
– Other operating expenses
Exceeded targeted EBIT margin of 8% for entire FY 2006
EBIT margin FY 2006 of 8.2% influenced by strong increase in inventories of finished products and work in process
4.3
8.0
0
2
4
6
8
10
FY 2005 FY 2006
+85%
EBIT in CHF million
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Net Earnings
Financial result improved by approx. CHF 0.26 million as a result of less interest paid, and an increase in interest received in connection with the proceeds received from the IPO
Tax expenses approx. CHF 0.88 million higher, tax rate slightly decreasing
Earnings after taxes and minority interests CHF 5.6 million
Minority interests (8% of Meyer Burger Ltd) acquired as of 30 June 2006. As of 31 December 2006 no minority interests existing.
Earnings per share FY 2006: CHF 1.89
2.7
5.6
0
1
2
3
4
5
6
FY 2005 FY 2006
+108%
Net Earnings in CHF million
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Income Statement
TCHF FY 2006 FY 2005 in % FY 2004
Net sales 82,619 59,510 39% 34,773Changes in inventories of finished products and work in process 14,660 12,947 13% 876
Other income 624 - N/A -
Operating income 97,903 72,457 35% 35,649Cost of products and services (58,016) (45,315) 28% (18,917)
Gross profit 39,887 27,142 47% 16,732in % of operating income 40.7% 37.5% N/A 46.9%
Personnel expenses (23,444) (16,732) 40% (13,209)
Operating expenses (7,370) (5,144) 43% (3,289)
EBITDA 9,073 5,265 72% 234in % of operating income 9.3% 7.3% N/A 0.7%
Depreciation and amortisation (1,055) (926) 14% (727)
EBIT 8,018 4,339 85% (493)in % of operating income 8.2% 6.0% N/A n/a
Financial result (148) (406) (87)% (867)
Other result - (18) N/A -
Taxes (1,846) (962) 92% 296
Earnings after taxes 6,024 2,954 104% (1,064)Minority interests (416) (251) 66% 82
Earnings after taxes and minority interests 5,608 2,702 108% (982)
Prepared in accordance with Swiss GAAP FER
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Typical payment terms
The need for pre-financing, and consequently working capital, depends strongly on the geographical origins of the customer. Sales are always recorded at the time the customer confirms acceptance (Completed Contract Method).
Asia 30% advancepayment on order 70% covered by LC
60% payment 30 – 60 days
net on delivery
Order Delivery DispatchProductionCommissioning/Acceptance
Payment terms: Duration 4 – 10 months
10% payment 30 – 60 days
net after acceptance
Europe 25% advance payment on order
65% payment 30 – 60 days
net on delivery
10% payment 30 – 60 days
net after acceptance
USA
90% payment 30 – 60 days
net on delivery
10% payment 30 – 60 days
net after acceptanceNote: Details of payment terms are indicative
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Balance Sheet
Increase in cash and cash equivalents through proceeds from IPO and customer prepayments
Inventories higher to enable more deliveries and because of pre-ordering due to transfer of warehouse to Thun
Property, plant, equipment: Investments of CHF 2.8 m
Low amount of interest- bearing liabilities (CHF 8 m)
Net liquidity of CHF 39 m
Equity ratio influenced by payment terms
Equity ratio: A solid 40.7%
TCHF 31.12.2006 in % 31.12.2005 in %
Cash and cash equivalents 43,399 4,486Receivables 17,696 7,225Inventories 54,145 32,384Prepaid expenses, accr. income 2,113 352
Total current assets 117,353 94.1% 44,447 89.7%
Property, plant and equipment 5,664 3,670Intangible assets 609 253Financial assets 1,117 1,184Total long-term assets 7,391 5.9% 5,107 10.3%Total assets 124,744 100% 49,554 100%Current financial liabilities 4,430 103Trade payables 14,522 8,413Customer prepayments 43,578 12,128Other 7,875 4,673Total current liabilities 70,405 56.4% 25,317 51.1%Non-current liabilities 3,582 2.9% 10,584 21.3%Equity 50,757 40.7% 13,653 27.6%Total liabilities and equity 124,744 100% 49,554 100%
Prepared in accordance with Swiss GAAP FER
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Cash flowTCHF FY 2006 FY 2005
Earnings after taxes 6,024 2,954Depreciation of long-term assets 1,054 926Book profit on sale of long-term assets (530) -
Change pro-rata equity on eq. participat. 237 -
Increase/(decrease) in provisions 1,047 2,370Currency translation differences 45 36CF from op. act. before changes NWC 7,877 6,286Changes in net working capital (NWC) 7,456 (4,195)
Cash flow from operating activities 15,333 2,090Investments property, plant, equipment (2,843) (675)Investments financial assets (1,062) (1,184)Investments intangible assets (559) (61)Divestments property, plant, equipment 806 261Currency translation differences 12 (50)
Cash flow from investing activities (3,646) (1,709)
Capital increase 31,909 -
Change in financial liabilities (4,701) 173
Cash flow from financing activities 27,208 173Currency translation differences 18 (21)Change in cash and cash equivalents 38,913 534Cash, cash equival. at end of period 43,399 4,486
Meyer Burger generates strong operating cash flows
CAPEX increasing due to measures for capacity expansion
Realised one-time investments in H2 2006:- Transfer/Infrastructure TCHF681- Expansion demoline TCHF506- Regrooving systems TCHF553- Introduction SAP Phase I (Intangible assets) TCHF559
Carry-forward one-time investments of 2006 (CAPEX effective 2007): TCHF 1,200
Normal CAPEX in machines rented-out: TCHF 868
Net cash provided by change in net working capital as a result of increase in customer prepaymentsPrepared in accordance with Swiss GAAP FER
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BB Kapitalbet. mbH
20.26%
P. Pauli5.88%
Other Management &
Board of Directors4.13%
Free Float69.73%
Shareholder Structure as of 31.12.2006 Management holding considerable participations
Number of registered shares: 2,960,000
Nominal value of CHF 0.50 per share
Outlook
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Outlook
Continuously strengthening the organisation in order to realise growth potential
Financial targets 2007, based on assumption that benign economic conditions will prevail during the year
– Net sales growth of over 30%– EBIT margin of 9 – 11%
Additional momentum in the medium term through targeted acquisitions to enforce our growth objectives and to further strengthen our market position
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Proposals to the AGM (1)
on 4 May 2007
Approval of Consolidated Financial Statements and Statutory Annual Financial Statements 2006
Carry forward retained earnings
Granting of discharge (Décharge) to members of the Board of Directors and members of management
Re-election of PricewaterhouseCoopers as Group Auditors and Statutory Auditors
Elections to the Board of Directors
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Proposals to the AGM (2)
on 4 May 2007
Election of Professor Dr. Eicke R. Weber as a new member of the Board of Directors
– Doctorate in physics– Many years of international experience– Since July 2006 Director of Fraunhofer Institute for Solar Energy Systems
ISE, Freiburg (Germany)– Professor in Department for Mathematics and Physics and in the Department
of Applied Sciences at the Albert-Ludwigs-University of Freiburg– Member of the Materials Research Centre at the same University– Research experience: material research into semiconductors, particularly
silicon for microelectronics and photovoltaic, and into semiconductors for high-frequency and opto-electronic applications
Re-election of Dr. Alexander Vogel as member of the Board of Directors
Re-election of Peter Pauli as member of the Board of Directors
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Contacts & Important Dates
Peter Pauli Chief Executive Officer [email protected]
Michel Hirschi Chief Financial Officer [email protected]
Werner Buchholz Head of Corporate Communications [email protected]
Phone +41 (0)41 761 80 00Fax +41 (0)41 763 08 08Address Meyer Burger Technology Ltd
Grabenstrasse 25 CH-6340 Baar Switzerland
Dates 2007 4 May 2007 Annual General Meeting of Shareholders
11 September 2007 Publication Half-Year Results 2007
Q & A
Additional Information
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Corporate Structure
Meyer Burger Technology Ltd(Baar, CH)
Meyer Burger Ltd(Steffisburg, CH)
Meyer Burger Kabushiki Kaisha(Tokyo, Japan)
Meyer Burger Machinery Co. Ltd.(Shanghai, China)
SiC Processing (Wuxi) Ltd.(Wuxi, China)
100% 100%
100%
30% (non-consolidated equity participation)
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Operational Structure
Board of Directors
Chief Executive OfficerPeter Pauli
Sales & MarketingPeter Pauli
Production & LogisticsWerner Bettschen
Chief Financial Officer /Human Resources / IT
Michel Hirschi
Research & DevelopmentDr. Urs Schönholzer
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Well Positioned for the Future
We are the worldwide leader in the development and production of high- precision machines with band and wire saws and OD and ID slicing systems for use in the solar (photovoltaic), semiconductor and optical industries.
We offer the widest range of products for the solar and semiconductor industries and are linked to our customers over the long-term with our consumables service.
Subsidiaries in Japan and China. Service centres in Germany and on the Philippines. Additional partner organisations ensure that the key industrial nations are covered.
We have more than 50 years of experience in the development and production of slicing machines for hard and brittle materials as a technological leader.
Strong growth in net sales and increased profitability in fiscal year 2006. Clear corporate strategy strongly focused on sustainable value creation.
Worldwide leader in our industry
Global sales and service network
Over 50 years of experience
Strongly growing and profitable company
Widest range of products for the solar and semiconductor industries
Meyer Burger – partner for precision slicing technology
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Technology for precision slicing Cutting methods
Cutting with diamond-coated bands or disks on the inside or outside diameter
Cutting with wire and slurry comprising a mixture of
silicon carbide and glycol
diamond powder and glycol also termed “slice lapping”
Cutting with diamond-coated wire
Band saws or ID and OD saws
Diamond wire saws
Slurry saws
Meyer Burger has the most experience and the widest range of machinery for cutting hard, brittle materials
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The main end-user markets are currently Germany and Japan; in future the markets of China and the USA are expected to show strong growth
The industry demands high processing speeds with maximum utilisation of material and exceptional quality
Market expectations proceed on the assumption of new installed photovoltaic performances for 2006 – 2010 of accumulated ~ MW 10,000
Studies expect growth for photovoltaic in MWp: CAGR 2005 – 2009e of 25%
Expected market growth for cutting machines photovoltaic industry in CHF: CAGR 2005 – 2009e of 17%
Source: Market estimates Meyer Burger
Cutting silicon blocks/ingots into wafers
Solar Industry (Photovoltais)
Solar cells Solar modules Solar systems
Mono-/poly-silicon
Market Meyer Burger
Wire saw DS 264
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Shift of the semiconductor markets away from Europe and USA towards Asia
Only a few companies remain in the market who can meet the top quality demands of 300 mm-technology and develop it further
Growth is cyclical. China/Taiwan report broad, sustained growth
Semiconductor industry is fiercely quality- driven
Three of the top 5 companies in the semiconductor industry are customers of ours.
Semiconductor Industry
Wire saw DS 265
Ingot pulling Wafer polishing Wafer lapping
Cutting silicon ingots into wafers
Epitaxy Backend
Market Meyer Burger
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Sapphire is used as the base substrate for the production of LEDs in the “High Brightness” (“HB”) sector. Since 1998 sapphire has revolutionised the LED market that has been in existence for 40 years
Today HB-LEDs account for about half of the LED market
Key advantages: brightness, low power consumption, long life cycle
Possible substitutes such as aluminium/ nitride, ultraviolet LEDs or zinc-oxide are being researched, but a breakthrough is not expected in the foreseeable future
Sapphire will remain the dominant substrate for HB-LEDs in the next decade
Optics / Sapphire Industry
Saphir pulling Wafer slicing
Edge grinding/ polishing
External polishing
Substrate vapour coating
LED Chips, etc.
Wire saw DS 265
Market Meyer Burger
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Co-operation Partners
Meyer Burger’s technology leadership is based on close co-operation with a wide customer and supplier base is based on co-operation with key customers and suppliers
Product/Process development Sun Power MEMC Sawate DWT
Solar SemiCons Sapphire
Leader in cell technology 300 mm wafer technology 2“ – 4“ sapphire wafers for LED technology Diamond wire saws/Diamond wire technology
Consumables Bekaert SiC
Producer of cutting wire Slurry recycling and development
Research Uni Freiberg Uni Freiburg Fraunhofer
Institute
Prof. Dr. Möller Application Technology ISE, Thin-Wafer Technology Manufacturing Technology
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Important Notice
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATESTHIS DOCUMENTS 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 DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF MEYER BURGER TECHNOLOGY AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.
This document contains statements that constitute “forward-looking statements”, relating to Meyer Burger. Because 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 are based only on data available to Meyer Burger at the time of preparing this document. Meyer Burger does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.