Meyer Burger Technology AG · OTC:MYBUF

Meyer Burger Technology — FY2012 Earnings Presentation

39 slides from Meyer Burger Technology's earnings presentation, Mar 25, 2013

  1. Slide 1: Analyst and Media Conference Results Fiscal Year 2012

    Analyst and Media Conference Results Fiscal Year 2012 25 March 2013

  2. Slide 2: Highlights

    Highlights Peter M. Wagner, Chairman

  3. Slide 3: Strong increase of globally installed PV base – End user market

    Strong increase of globally installed PV base – End user market  Installed PV base > 100 GW by year-end 2012 (+42% new installed capacity in 2012)  High demand of end installed base confirms the positive trend for PV  Europe represents about 55% of newly installed PV capacity in 2012 (2011: 70%)

  4. Slide 4: A challenging year for Meyer Burger

    A challenging year for Meyer Burger  Consolidation process in photovoltaic industry continues as expected  Incoming orders MCHF 223.4, Net sales MCHF 645.2, EBITDA MCHF -33.2  Cost reduction programmes (announced in March / Nov 2012) largely implemented 25 March 2013, Meyer Burger Technology Ltd,

  5. Slide 5: Structural measures executed

    Structural measures executed  Reduction in number of consolidated companies from 46 (as at 31 Dec 2011) to 29 active companies  Number of employees reduced to about 2,000 FTE by mid-2013 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation  New products and solutio

  6. Slide 6: Financial measures executed and planned

    Financial measures executed and planned Strengthened liquidity  Issuance of straight bond MCHF 130 in May 2012  Entered into loan agreement, secured by mortgage liabilities, in the amount of 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation MCHF 30 for building i

  7. Slide 7: Market consolidation reflected in Meyer Burger Group

    Market consolidation reflected in Meyer Burger Group Peter Pauli, Chief Executive Officer

  8. Slide 8: Development of market – where will the PV journey lead

    Development of market – where will the PV journey lead  Global PV market continues to grow  Renewable energy requires new business models for Worldwide operating and planned energy providers and distributors solar parks (> 10MW)  25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and M

  9. Slide 9: Market opportunities

    Market opportunities  Paradigm shift in the energy supply PV to benefit from rising fossil fuel prices and reduced renewable  Energy requirements in new markets energy costs  Political framework conditions exist in new 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presen

  10. Slide 10: Difficult market environment for cell and module manufacturers

    Difficult market environment for cell and module manufacturers  Price decline in solar modules puts enormous pressure on module manufacturers – however, it is necessary to reach and keep grid parity  Cautious investment behaviour of cell and module manufacturers in 2012 and currently 25 March 2013

  11. Slide 11: Consolidation of Meyer Burger Group in 2012

    Consolidation of Meyer Burger Group in 2012  Pro active consolidation of companies within the Group AMB Roth & Rau B.V. 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Transport Ink Jet  Increased synergies  Making use of location economies MB Wafertec Slicing

  12. Slide 12: Focusing strengths – combined offering

    Focusing strengths – combined offering Wafer Cell Module Systems Porcess 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Pulling/Growing Texturing Soft Touch Soldering BIPV System Technologies Cropping PECVD-Coating Interconnection / Lay-up Shading Bricking / Squ

  13. Slide 13: Global Sales – System and line concept

    Global Sales – System and line concept Module Line Open the market globally based on smart wire and conventional (iPERC) technologies and enable a local, + Potential in Wafer System lines 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Cell decentralised producti

  14. Slide 14: Global Sales – Single equipment / upgrades

    Global Sales – Single equipment / upgrades Wafer The single equipment is orientated on the core competencies of the OEMs. 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation In essence: Wafering Speed Inspecting 30 criteria Yield Wafer Cropping Detailled accuracy Bri

  15. Slide 15: Global Sales – Non PV markets

    Global Sales – Non PV markets The existing technologies and competences in the Meyer Burger Group are serving equally alternative, non PV markets and therefore enable a broad product offering. 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Technology Market/Indu

  16. Slide 16: Holistic and integrated R&D

    Holistic and integrated R&D Press Release 11 Feb 2013 Photovoltaics has reached a new level in technology, performance and longevity. SmartWire Connection Technology  5% higher power output 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation New Technologies  10% h

  17. Slide 17: Sustainable, yet flexible strategy

    Sustainable, yet flexible strategy From a provider of integrated single equipment to a provider of integrated system solutions – we are changing todays’ energy mix. 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation 2002 - 2011 Strategy approach: Single equipment, t

  18. Slide 18: Investment Highlights

    Investment Highlights Strong secular growth trend in renewables and photovoltaics in particular 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Unique positioning along the entire PV value chain thanks to unique product and system portfolio Technological leadersh

  19. Slide 19: Financial statements Fiscal Year 2012 in detail

    Financial statements Fiscal Year 2012 in detail Michel Hirschi, Chief Financial Officer

  20. Slide 20: Incoming orders / Order backlog

    Incoming orders / Order backlog Incoming orders FY 2012  Low demand with almost no seasonality Incoming orders  Volume of new orders MCHF 223.4 (H1 ‘12 MCHF 128.4; H2 ‘12 MCHF 95.0) MCHF 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation  Structural changes in th

  21. Slide 21: Net sales

    Net sales  Decline in net sales of 51% in line with expectations and guidance (guidance March 2012 MCHF 600-800) Net sales  Sales mainly from orders received in 2011 MCHF 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation  Stable product mix H1/H2 1400 1315.0  L

  22. Slide 22: Split of net sales (1/2)

    Split of net sales MCHF 645.2 (1/2) By region By type of sales 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation 3% 16% 7% 3% 81% 90% Machines / systems Asia USA Europe Spare parts / consumables 22 Services

  23. Slide 23: Split of net sales (2/2)

    Split of net sales MCHF 645.2 (2/2) By customers By currencies 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation 5% 2% 23% 7% 3% 34% 2% 65% 59% Customer 1 Customer 2 Customer 3 Customer 4 CHF EUR USD Other Other 23

  24. Slide 24: Operating income after costs of products and services

    Operating income after costs of products and services Operating income after costs of products and services  Large proportion of sales derived from orders that were negotiated with customers and MCHF 49.5% % 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation produc

  25. Slide 25: Development of personnel

    Development of personnel  Capacity adjustments and optimisation programmes in 2012 Employees No. of employees (incl. temporary staff)  Decline in personnel by 22% (FTE) FTE 267 -605 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation – -605 FTE (Production -513, S&

  26. Slide 26: EBITDA

    EBITDA EBITDA Other operating expenses  Total other operating expenses MCHF 103.8 MCHF % (2011: MCHF 134.9) 300 278.4 30 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation  Roth & Rau effect also to be taken into account 250 22.7% 25  Effect of cost reduction mea

  27. Slide 27: EBIT

    EBIT EBIT  Depreciation and amortisation totalled MCHF 102.2 (2011: MCHF 161.71) MCHF %  Property, plant and equipment 150 127.9 25 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation 116.7 – Depreciation of MCHF 21.2 15.5% – Impairment of MCHF 3.9 (mainly demo 100

  28. Slide 28: Financial result / Taxes

    Financial result / Taxes Financial result  Financial result, net of MCHF -9.2 in FY 2012 (2011: MCHF -21.4) 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation  Interest income MCHF 1.0, interest expenses MCHF 5.0, other financial expenses MCHF 5.2 in FY 2012 – Int

  29. Slide 29: Net result

    Net result Net result Net result  Attributable to the shareholders of MBTN MCHF MCHF -111.1 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation 150  Attributable to non-controlling interests MCHF -4.8 97.9 100 Earnings / loss per share  EPS CHF -2.33 50 29.2 35.8

  30. Slide 30: Income statement

    Income statement TCHF 2012 in % 2011 in% Net sales 645 242 100.0% 1 315 039 100.0% Other income 20 370 20 254 Income 665 612 1 335 293 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Costs of products and services thirds -158 228 -721 290 Changes in inventories o

  31. Slide 31: Cash flow

    Cash flow  CF from operating activities Strong decline in incoming TCHF 2012 2011 orders and related customer Net result -115 904 35 825 prepayments as a consequence Reversal of non-cash income/expenses 65 918 196 642 of market situation. Change in NWC -118 027 -13 709 Impossible to adjust company

  32. Slide 32: Balance sheet

    Balance sheet TCHF 31.12.2012 in % 31.12.2011 in%  Balance sheet relations ok, but Cash, cash equivalents 134 504 260 180 relatively low on cash, cash Trade and other receivables 81 626 165 966 equivalents Inventories 173 733 212 005  Decline in trade receivables and Other current assets 765 3 787

  33. Slide 33: Balance sheet – Net cash position at year-end 2012

    Balance sheet – Net cash position at year-end 2012 Cash, cash equivalents Net cash position at balance sheet date at balance sheet date MCHF MCHF 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation 393.5 400 392.8 400 Expected proceeds from capital increase 300 MCHF

  34. Slide 34: Balance sheet – Assets / Liabilities

    Balance sheet – Assets / Liabilities Balance sheet relations Assets Liabilities & equity Cash, cash equivalents Liabilities MCHF MCHF Other current assets 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Equity Intangible assets 1500 Other fixed assets 1500 43% 60

  35. Slide 35: Outlook 2013

    Outlook 2013  Consolidation and optimisation programmes completed by mid-2013 – Announcement of staff reduction in Thun (120 FTE) in January 2013 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation – Expected workforce of about 2,000 FTE by mid-2013  Cost reduction

  36. Slide 36: Capital increase

    Capital increase  Discounted rights offering of new registered shares to existing shareholders Transaction  Banking syndicate has undertaken to underwrite all new shares out of capital increase subject to customary conditions Issuer  Meyer Burger Technology Ltd Issue size  MCHF 150 25 March 2013

  37. Slide 37: Passionate about PV

    Passionate about PV Strong long-term growth trend in renewables and photovoltaics in particular 25 March 2013, Meyer Burger Technology Ltd, Investor, Analyst and Media Presentation Excellent positioning along the entire PV value chain thanks to unique product and system portfolio Technological leade

  38. Slide 38: Thank you for your attention.

    Thank you for your attention.

  39. Slide 39: Disclaimer

    Disclaimer NOT FOR RELEASE, PUBLICATION, CIRCULATION OR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. This document does neither constitute an offer to buy or to subscribe for securities of Meyer Burger Technology AG nor a prospectus within the meaning of applicable Swiss law (i.e.

Meyer Burger Technology — FY2012 Earnings Presentation on 6ix