welcome to the ordinary shareholders’ meeting - meyer burger

Welcome to the ordinary Shareholders’ Meeting 29 April 2015

Welcome and introduction of the representatives of the shareholders and of the Company

2014 in review

Market meets corporate strategy

Photovoltaic – Future mainstream technology within the power system

Financial statements fiscal year 2014 in detail

Agenda items and voting

Agenda

2 Meyer Burger Technology Ltd, Ordinary Shareholders‘ Meeting 2015

Board of Directors Peter M. Wagner Dr Alexander Vogel Peter Pauli Heinz Roth Prof Dr Konrad Wegener

Executive Board Peter Pauli – CEO Michel Hirschi – CFO

Auditors Rolf Johner PricewaterhouseCoopers Ltd, Bern

Notary Christina Häberli-Fontana Notary, Bern

Independent proxy André Weber Attorney-at-law, Zurich

Constitution of AGM 2015


2014 in review

Peter M. Wagner, Chairman of the Board of Directors

Results 2014 on profitability levels unsatisfactory also because of non-recurring special effects, but….. − Incoming orders MCHF 326.0; +13% compared to previous year − Net sales MCHF 315.8; +56% compared to previous year − Reduced loss on level EBITDA of MCHF -95.6; adjusted by special effects EBITDA MCHF -75

Market picks up speed – Customer orders increase

− Book to Bill ratio >1 − Growth potential in PV industry remains intact; high growth rates expected in the upcoming years − Large addressable market; Meyer Burger with unique PV product and solutions portfolio − Increase in demand for PV technology upgrades (esp. MB PERC) in 2014 / first months 2015 − Project discussions in large projects intensify, timing-wise still difficult to assess − Specialised Technologies continue to be stable and well positioned

Long-term targets «Road 2020» defined

− Targeting to reach net sales in the order of CHF 1.3 billion in 2020 − Targeting EBITDA margin of 13%-15% and high operating cash flows

PV market picking up


Paradigm shift Trend towards own use

6

GOOGLE North Bayshore Campus proposal with 1.6 MW solar supply

APPLE USD 850 m investment in California Flats solar project with First Solar

MIGROS Aare relies on PV electricity from own production

ALDI relies on solar energy to cover its needs

Meyer Burger Technology Ltd, Ordinary Shareholders‘ Meeting 2015

Heterojunction technology further developed successfully → Cell efficiencies of >23% reached

First HJT systems sold and final acceptance by customer

Further developments on − Diamond wire and saws − MB SWCT − MB PERC − Cell-to-matrix stringer − SpotLIGHT cell tester for high-efficiency cells − PiXDRO industrial inkjet technology

Several awards confirm outstanding technology

competence

R&D efforts pay off

7

67.5

92.1

63.7 59.5

5% 14%

31%

19%

05101520253035

0

25

50

75

100

2011 2012 2013 2014

MCHF %

R&D investments 2011-2014

R&D investments in % of net sales


Market meets corporate strategy

Peter Pauli, Chief Executive Officer

Meyer Burger’s strategic positioning in the market confirmed

Upgrade technologies New technologies Specialised Technologies

Meyer Burger Technology Ltd, Ordinary Shareholders‘ Meeting 2015 9

0

200

400

600

800

1000

1990 2000 2010 2015 2020 2025 2030 2035 2040

The global energy debate Mega trends

10

Source: EIA; International Energy Outlook 2013

2013 2030

7.2 8.4 Source: United Nations World Population, Roland Berger

+1.2

Quadrillion Btu

Non-OECD

OECD

+1.2 billion World population is growing by about 1.2 billion to 8.4 billion people in 2030 World population growth especially in developing regions

+43% Total energy demand is growing rapidly. +43% 2015 – 2040 Highest growth in Non-OECD countries

World population 2013 – 2030

Energy consumption worldwide


Energy market

Subsidy market

Energy market 2040

11

+52% 14 PWh

+19% 42 PWh

+48% 14 PWh

+16% 28 PWh

+34% 20 PWh

+75% 10 PWh

+63% 112 PWh

North Americas

Europe

Asia

Middle East

Africa

Eurasia

Increase of primary energy demand 2015 to 2040

South America

Source: EIA; International Energy Outlook 2013 Asia OECD and non OECD together

World: +43% +19% 42 PWh

Increase 2015 to 2040 Energy demand in 2040 1PWh = 1x1012 kWh = 1000 TWh Calculated with 3412 BTU = 1 kWh


Change in the energy market

12

USA

Europe

South America

Africa India

MENA

Countries in need of energy technologies

Countries saturated with energy technologies but with continued demand growth

China


Long-term increasing share of PV electricity

13

Year USA Other OECD Americas

EU Other OECD

China India Africa Middle East

Other de-veloping Asia

Eastern Europe

Non-OECD Americas

World

2013 12.5 1.3 78 18 18 2.3 0.3 0.1 1.4 3 0.2 135

2030 246 29 192 157 634 142 85 94 93 12 38 1721

2050 599 62 229 292 1738 575 169 268 526 67 149 4674

Source: IEA Technology Roadmap Solar Photovoltaic Energy edition 2014, «450 scenario»

Source: IEA International Energy Agency; 2014

Installed PV base by region in 2030 and 2050 (in GW)

16% share PV electricity with an estimated share of 16% of the total global electricity demand by 2050


16 2340

70101

139 174209

245

282321

370

422

191

244

299

362

430

512

605

0

100

200

300

400

500

600

700

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Highly efficient wafer, cell and module technologies are the keys

14

By 2020, the estimated installed PV base will rise to about 500 – 600 GW

Outside of China and Taiwan a shortage for highly efficient cells and modules is beginning to emerge

Meyer Burger is the only provider of highly efficient integrated wafer, cell and module technologies

Historic data High scenario Low scenario

Source: 2008-2018 EPIA,; EPIA Global Market Outlook for Photovoltaics 2014 - 2018 2019/2020 Meyer Burger estimates

GW Endmarket installed PV base globally 40+ GW of newly installed PV base in 2014 Total installed PV capacity of about 180 GW by 2014

EPIA Global Market Outlook for Photovoltaics 2014-2018 Photon Consulting Solar Annual 2015 with 49.2 GW (45.4 + 3.8))


31

3843

52

5963

70

82

93

0

10

20

30

40

50

60

70

80

90

100

2012 2013 2014 2015 2016 2017 2018 2019 2020

Addressable PV market

15

GW Additionally installed GW per year

Source: 2008-2018 EPIA, Photon Consulting: Solar Annual 2015, Estimates for 2019/2020: Meyer Burger

Current production capacities 48-53 GW end of 2014 (estimates Meyer Burger) Photon Consulting Solar Annual 2015 with Cell 46.3 GW and Modul 49.2 GW (including 3.8 GW thinfilm)

45+ GW of additional endinstallations (above contemporary production capacity)

+ Upgrade- / replacement business = CHF 18-20 billion addressable market in the next 5 years (2015-2019)

42


31

3842

52

5963

70

82

93

0

10

20

30

40

50

60

70

80

90

100

2012 2013 2014 2015 2016 2017 2018 2019 2020

Our value proposition to the market

16

GW Additionally installed GW per year

Source: 2008-2018 EPIA, 2019/2020 Meyer Burger

CHF 18-20 billion Addressable market in the next 5 years (2015-2019)

Business expansion New technologies: Heterojunction SmartWire Connection Existing technologies: DW Wafering MB PERC Metrology & Measurement tools

Upgrade technologies & replacement business DW Wafering BrickLine MB PERC Metrology & Measurement tools 3-5 busbar technology Inkjet printing technology Plasma sources Automation

42

52

Current production capacities 42


17

Photovoltaic project business - Global and integrated with Meyer Burger

Currently addressed major projects of > CHF 800 million

1 2

2 1

1

2

n No. of projects in the region


Meyer Burger processes are best-in-class and offer solutions to the total optimum

18

individual processes individual customers maximum output per Watt

integrated processes/factories major integrators maximum energy yield over lifetime


Photovoltaics Future mainstream technology within the power system

17–19.5% +/- 20% > 22% >24%

Cel

l pro

cess

es

Technology is the key to low system costs

20

0

0.2

0.4

0.6

0.8

1

1.2

STD PERC HJT HJT-Bi

system costs

energy costs 20 yrs

energy costs system lifetime

Savings potential of approx. 20% on the cost of entire solar systems. MB HJT bifacial increases efficiency and reaches 30% savings in system costs. Additional 5% to 30% higher energy yield.

Rel

ativ

e co

sts

USD

/W

Cell technologies and efficiencies

Standard MB PERC MB HJT

Bifacial efficiency converted to equivalent monofacial cell efficiency


System cost advantage: CAPEX

1.8 MW PV system with standard modules: 9’792 modules Total cost of 1’410 USD/kWp 1’800’000 kWh/a

1.8 MW PV system with MB HJT modules: 8’324 modules Total cost of 1’040 USD/kWp 1’900’000 to 2’300’000 kWh/a

21

Standard PV System Example: 34’000 m2

MB HJT PV System Savings: 5’100 m2

Pic

ture

: goo

gle

earth


C B

E D

A

The new photovoltaic generation - Benefits more obvious then ever

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

E

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

Single Wafer Tracking Quality & performance control

B

Diamond Wire

Thinner wafer Lower costs A

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

Printing

Curing

C

D

22 22

Heterojunction cells: - Low temperature coefficient of 0.20% - High efficiency >21% on pilot line - Better spectral response with dust / dirt - Long lifetime performance - Less m2 area - Less cabling (30 V DC for 300W)

Bifacial frameless glass-glass module in vertical position: - No sand accumulation - Fewer cleaning issues

Leading technology: - SmartWire connection - 80% less silver paste costs - No PID, no LID

Innovative solutions, engineered for hot desert conditions


Specialised Technologies Combining Process & Machine Technology for Customer Benefits

Large range of key technologies

25

Plasma & ion beam Process: coating and removal of surfaces in the nano- & micro-range, battery technologies Application: semiconductor, MEMS, optics, LED

Microwave Process: coating, etching patterning Applications: semiconductor, wood, rubber, pharma, medical technology, glass, ceramics

Inkjet Process: coating, etching, patterning, 3D micro patterning Application: lighting, display, energy, semiconductor, (printing) electronics

Automation & Software Process: industry 4.0, factory automation, RFID-solutions, transport and storage systems Application: photovoltaics, semiconductor, pharma, logistics

Specialised Technologies

20 nm 0.1 nm

Trend markets

Tren

d m

arke

ts

Tren

d m

arke

ts

Trend markets


Research and Development Is the driver which turns innovation into industrial solutions

Research and Development

A team of around 400 technical experts in our R&D centres worldwide strives to shape the industrial processes of the future. Over 236 registered patents and more than 250 patents pending underline our innovativeness and our goal to create sustainable added-value for our customers. Meyer Burger invested 19% of its net sales in R&D in 2014.

27

MCHF 59.5 resp. 19% of net sales in 2014 invested into research and development.


Collaboration with renowned innovation and research centers…

28

Category Company Industry

Innovative development of a product or a system solution

Ortner Factory Automation Solutions

Best Technical Development Manufacturing Award

Roth & Rau B.V. OLED

Photovoltaic Process Meyer Burger Ltd Photovolatics

…resulting in leading and internationally recognized products and industry solutions


Conclusion / Summary

29

Unique differentiation through the interaction of key processes in the photovoltaic (energy) market of the future.

Unique and diversified technology and product portfolio for high-end solutions in photovoltaics as well as other high-tech industries.

Gobal «footprint» positioning: Well positioned in the growth and volume markets.

Outstanding technological market position in photovoltaics and other high-tech industries. Very large market opportunities.

Technology expert for semiconductor technologies with many years of recognition in the industry.


Outlook 2015 and Road 2020

30

Sales of CHF 1.3 billion EBITDA margin 13-15% High operating cash flows

Sales growth of between 20% to 40% per annum (different growth rates in the different years) Continuous improvement of EBITDA margin Achieving positive cash flows

Sales growth of 20-30% to about CHF 400 million Strong cost control EBITDA break even Improved cash flow situation

2015 2016 - 2019 2020

Meyer Burger is uniquely positioned. With its technology portfolio along the PV value chain and in Specialised Technologies the group sustainably profits from market and

growth potential.


Financial statements fiscal year 2014 in detail Michel Hirschi, Chief Financial Officer

Note: Figures 2011 in accordance with IFRS, as of 2012 in accordance with Swiss GAAP FER

Incoming orders / Order backlog

Incoming orders FY 2014 Incoming orders +13% compared to 2013 Increase in demand for PV upgrade systems and

Specialised Technologies solutions Strong increase in globally installed modules,

capacities at Tier 1 and 2 producers well utilised and capacity increases planned

Incoming orders mainly in «usual business» Large orders MCHF 42 vs. MCHF 118 in 2013

(2013 incl. MCHF 40 for GTAT/Sapphire DW saws) Substantial number of projects being worked on Book to bill ratio 1.03 (2013: 1.42)

Order backlog 31 December 2014 Order backlog MCHF 190.1

(31.12.2013: MCHF 190.3)

32

877

223 288 326

0

250

500

750

1000

2011 2012 2013 2014

83

205

157 169

0

50

100

150

200

250

H1 13 H2 13 H1 14 H2 14

Incoming orders

Incoming orders HY 2013/2014

MCHF

MCHF

+13%


33

Incoming orders per month «Usual business» / «Large orders»

13 9 17 18 14 12 14 9 13 19 24

8 21 22 25 21 20 21 21

36 19 22 19

38 5 22

12

79

27

15

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 J A S O N D

Orders "usual" business Large orders (press releases)

Ø Run Rate «usual business» 2014 MCHF 23.8 (2013: MCHF 14.2) Large orders will continue to have a substantial influence on the total incoming orders (irregular timing)

Incoming orders 2013 MCHF 288 Incoming orders 2014 MCHF 326 MCHF

Run-rate «usual business» +67%


Net sales

Net sales 56% above previous year’s level H2 considerably stronger than H1, high level of

net sales in November and December (first, strategically important HELiA PECVD coating system invoiced to Asian customer)

Net sales from GTAT project that were expected but not realised in 2014 amounted to about MCHF 20-30

Strongest region in terms of sales was Asia (mainly China)

34

1315

645

203 316

0

250

500

750

1000

1250

1500

2011 2012 2013 2014

90 113 129

187

0

50

100

150

200

250

H1 13 H2 13 H1 14 H2 14

Net sales

Net sales HY 2013/2014

MCHF

MCHF

+56%

Change in net sales by region

USA +162%

Europe +3%

Asia +71%


49%

27%

24%

Asia

Europe

USA

42%

37%

11%

10%

CHFEURUSDOther

Split of net sales MCHF 315.8

35

By regions

40%

40%

15%

5%

PV equipment

Spec. Technologies & alternativematerialsServices, spare parts (PV)

Consumables

By type of sales By currencies


GT Advanced Technologies Inc. (GTAT) unexpectedly announced in October 2014 that they had filed for bankruptcy under Chapter 11 of the US Bankruptcy Code

Meyer Burger supplied GTAT with diamond wire saws and diamond wire materials for cutting sapphire; bankruptcy proceedings against GTAT are ongoing

Net sales: MCHF 20-30 could not be invoiced.

EBITDA: Write offs on receivables and production material had a negative effect of about MCHF 22 on EBITDA

Increase in personnel at DMT during H1 2014 specifically for this project; reduction of personnel again in H2. High effect on personnel expenses during 2014

Meyer Burger signed a “settlement agreement” with GTAT in April 2015. This settlement agreement is subject to the approval of the Bankruptcy Court.

Influence of GTAT Chapter 11 situation on financial statements 2014

36

Photo: Sapphire boules


608

285

103 133

46% 44% 51%

42%

0100200300400500600700

2011 2012 2013 2014

Operating income after costs of products and services

Margin reduced by about 8% to 42.3% in 2014

due to special effects. Material effect from GTAT situation

High investments in inventories of finished products and work in process due to GTAT order – effect of about MCHF 20

Normalised margin for operating income after costs of products and services for 2014 would be at about 50%

37

Operating income a c o p a s

Op. income a c o p a s HY 2013/2014

53 50

66 67 59%

44% 51%

36%

01020304050607080

H1 13 H2 13 H1 14 H2 14

MCHF

MCHF

Operating income Op. income margin


OPEX (1) – Employees

Employees H1 2014 Increase in employees mainly in production

areas at DMT (USA) and in Thun H2 2014 As a result of the restructuring measures in

Hohenstein-Ernstthal reduction of 100 positions, and reduction of 105 positions at DMT due to the GTAT situation, reduction at MBT USA to 1 site

Personnel expenses Personnel expenses 2014 MCHF 180.2 Reduction in employees during H2 is only partly

reflected in the cost effects: − DMT and MBT USA: cost reductions only from

October 2014 onwards − Hohenstein-Ernstthal cost effects already fully

recognisable in H2 Additional optimisation of cost structures in Thun and

capacity adjustments at DMT in January 2015 Basis for personnel expenses for FY 2015 about

MCHF 30 lower than in 2014 (Number of employees as of end of February 2015: 1,685 FTE)

1781 1951 1752

194 +170 -6 188 -199 -144 44

0

700

1400

2100

87 79

96 84

0

20

40

60

80

100

H1 13 H2 13 H1 14 H2 14

Number of employees

Personnel expenses HY 2013/2014

FTE

MCHF


278

-33

-117 -96

21%

-5%

-58% -30% -200

-100

0

100

200

300

2011 2012 2013 2014

OPEX (2) / EBITDA

39

EBITDA

EBITDA HY 2013/2014

-60 -57 -55 -40 -66%

-50% -43% -22%

-80

-60

-40

-20

0

20

40

60

H1 13 H2 13 H1 14 H2 14

MCHF

MCHF

EBITDA EBITDA margin

Other operating expenses Total other operating expenses MCHF 48.9

(2013: MCHF 54.2) Reduction by MCHF 5.3 due to

− Transportation expenses MCHF -0.8 − Administration expenses MCHF -0.9 − Marketing expenses MCHF -0.7 − Rental costs MCHF -0.3 − Energy expenses MCHF -0.4 − Other expenses MCHF -4.1 (mainly due to

positive effects (that reduced expenses) from release of provision for permanent establishment tax risks MCHF 4.8 and for the Conergy lawsuit MCHF 4.6)

− Maintenance and repair MCHF +1.7 (esp. DMT due to increase of capacities)

EBITDA EBITDA influenced by special effects. EBITDA

excluding special effects would have been MCHF -20 for H2 2014 (instead of MCHF -40)

EBITDA FY 2014 adjusted by these special effects therefore about MCHF -75


117

-128 -197

-162

9%

-20%

-97%

-51%

-300

-200

-100

0

100

200

2011 2012 2013 2014

EBIT

Depreciation and amortisation totalled MCHF 66.2 (2013: MCHF 79.6)

Property, plant and equipment − Depreciation of MCHF 19.4 − Impairment of MCHF 0.9

Intangible assets

− Scheduled amortisation of intangible assets mainly related to M&A activities of recent years of MCHF 45.8

40

EBIT

EBIT HY 2013/2014

-97 -100 -88

-74 -107%

-89% -68%

-39%

-120

-90

-60

-30

0

30

60

H1 13 H2 13 H1 14 H2 14

MCHF

MCHF

EBIT EBIT margin


Financial result Financial result, net of MCHF 3.2 (2013: MCHF -14.1)

− Financial income: − Unrealised FX effects on valuation of intercompany loans to foreign subsidiaries MCHF 15.1 − Interest income MCHF 0.6

− Financial expenses: − Interest expenses MCHF 8.0 for straight bond and convertible bond; MCHF 1.3 for bank

loans; other interest expenses MCHF 1.0 (loan secured by mortgage certificates on building in Thun)

− Other financial expenses MCHF 2.2 Taxes Tax income of MCHF 23.9 (2013: tax income of MCHF 48.5) Decline in tax income compared to the previous year on one hand due to the lower negative results before

taxes On the other hand due to the fact that some group companies did not capitalise loss carry-forwards any

further during 2014, as results (on EBITDA level) at several companies had not yet fundamentally improved

Financial result / Taxes


Net result

Net result Attributable to the shareholders of MBTN

MCHF -132.7 Minority interests MCHF -2.0

Earnings per share EPS CHF -1.50

(2013: CHF -2.26) Ø Number of outstanding shares

88’576’957 (2013: 70’171’713) Cash EPS CHF -1.73

(2013: CHF -1.86)

42

36

-111

-163 -135

-200

-150

-100

-50

0

50

100

2011 2012 2013 2014

-81 -82 -88

-47 -100

-50

0

50

100

H1 13 H2 13 H1 14 H2 14

Net result

Net result HY 2013/2014

MCHF

MCHF


Income statement

43

TCHF 2014 in % 2013 in%

Net sales 315 846 100.0% 202 655 100.0%

Other income 9 137 10 814

Income 324 983 213 470

Changes in inventories of finished products and work in process -12 784 -6 697

Costs of products and services -195 066 -110 218

Capitalised services 16 357 5 989

Operating income after costs of products and services 133 490 42.3% 102 544 50.6%

Personnel expenses -180 194 -165 675

Other operating expenses -48 884 -54 163

EBITDA -95 588 -30.3% -117 294 -57.9%

Depreciation and impairment property, plant and equipment -20 360 -27 346

Depreciation and impairment intangible assets -45 848 -52 208

EBIT -161 796 -51.2% -196 848 -97.1%

Financial result 3 157 -14 052

Operating result -158 638 -50.2% -210 900 -104.1%

Non-operating result - -410

Earnings before taxes -158 638 -50.2% -211 310 -104.3%

Income taxes 23 930 48 493

Result -134 708 -42.6% -162 817 -80.3%


Balance sheet

44

TCHF 31.12.2014 in % 31.12.2013 in%

Cash and cash equivalents 169 768 173 179

Trade and other receivables 61 425 48 011

Inventories 134 418 147 887

Other current assets 4 936 8 643

Total current assets 370 548 49.0% 377 719 48.2%

Other long-term receivables 1 880 694

Property, plant and equipment 141 187 141 665

Intangible assets 132 133 178 088

Other long-term assets 110 151 85 851

Total long-term assets 385 351 51.0% 406 298 51.8%

Total assets 755 899 100% 784 017 100%

Current financial liabilities 305 298

Trade payables 35 771 44 043

Customer prepayments 50 926 66 092

Current provisions 16 777 46 574

Other current liabilities 40 914 43 888

Total current liabilities 144 693 19.2% 200 894 25.6%

Non-current financial liabilities 247 755 163 201

Non-current provisions 3 667 3 381

Deferred tax liabilities 5 264 5 692

Other non-current liabilities 2 090 2 228

Total non-current liabilities 258 755 34.2% 174 502 22.3%

Equity incl. minority interests 352 431 46.6% 408 621 52.1%

Total liabilities and equity 755 899 100% 784 017 100%

Sufficient liquidity ensured through capital increase and issuance of convertible bond

Solid balance sheet structure − Net debt position MCHF 78.3 − Solid equity ratio of 47%

Non-current financial liabilities: − MCHF 130 5% straight bond

2017 − MCHF 30 loan secured by

mortgage certificates extended until 2017 (originally concluded in March 2015)

− MCHF 88 4% convertible bond (equity component of MCHF12 recognised in equity as this reflects the convertible bond‘s conversion right)


Analysis Net Working Capital

45

TCHF 31.12.2014 31.12.2013 31.12.2012 Trade and other receivables 61 425 48 011 64 518

Inventories 134 418 147 887 173 733

Other current assets (excluding cash and cash equivalents) 4 936 8 643 17 190

Current assets excluding cash and cash equivalents 200 780 204 540 255 441

Current financial liabilities 305 298 825

Trade payables 35 771 44 043 31 404

Customer prepayments 50 926 66 092 62 247

Provisions 16 777 46 574 73 272

Other current liabilities 40 914 43 888 74 551

Current liabilities 144 693 200 894 242 298

Net working capital 56 087 3 646 13 143

Inventories reduced by MCHF 13.5

Decline in provisions by MCHF 29.8 Cash out MCHF 24.7 (mainly onerous contracts and Conergy) Net release of provisions (P&L) MCHF 4.9 ⇒Release of provision for Conergy legal case and

for permanent establishment tax risks ⇒Provisions created esp. guarantee for new

business

Increase in receivables by about MCHF 13 due to higher net sales

In 2014, change in NWC totalled MCHF 52 (of which MCHF 45 were cash investments) - Current assets slightly declined (MCHF -3.8)

- Increase in NWC mainly from decline in current liabilities

(MCHF -56.2)

Decline in customer prepayments MCHF 15.2


Maturity structure of financial liabilities

46

30

100

130

0

50

100

150

200

2015 2016 2017 2018 2019 2020 2021 2022

Maturities of financial liabilities

MCHF

5% Straight bond 2017 Loan secured by mortgage securities (building in Thun) 4% Convertible bond 2020 (put in 2018)

Loan secured by mortgage certificates extended by 2 years

If need be, further extension of the loan secured by mortgage certificates by another 2 to 3 years

Redemption of straight bond out of liquidity, free cash flow and if needed issuance of a new straight bond

Expectation that major portion of the convertible bond will see early conversion. Redemption therefore not necessary (either partly or none at all).

2015: EBITDA break even; improved cash flow situation

2016: EBITDA in profit; positive operating cash flow


Cash flow

47

CF from operating activities The negative operating CF before

changes in NWC declined by MCHF 34.8 and has therefore substantially improved

CF from investing activities Investments in property, plant, eq.

− Increase at DMT (due to GTAT) of about MCHF 7.9

− Waver/SWCT-Line TPC Thun MCHF 2.4

− Normal CAPEX investments MCHF 9.9

CF from financing activities Cash inflow resulting from

− Capital increase in March − Convertible bond in September

TCHF 2014 2013

Result -134 708 -162 817

Non-cash related income/expenses 27 040 20 326

CF from op. activities before changes in NWC -107 667 -142 491

Changes in NWC (cash related) -45 142 12 072

Cash flow from operating activities -152 810 -130 419

Investments in property, plant, equipment, net -18 326 -6 801

Investments in intangible assets -753 -960

Sale of investment properties / subsidiaries 212 294

Cash flow from investing activities -18 867 -7 467

Capital increases (incl. premium) 75 557 144 838

Issuance convertible bond 97 160 -

Purchase of shares Roth & Rau after change contr. -4 036 -2 028

Sale of treasury shares 495 3 786

Repayment of non-current financial liabilities -1 290 -546

Issuance of non-current financial liabilities - 30 000

Cash flow from financing activities 167 886 176 050

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

Change in cash, cash equivalents -3 791 38 165

Currency translation effects on cash, cash equiv. 379 511

Cash, cash equivalents at end of period 169 768 173 179


Cash flow from operating activities

48

219

-168 -130 -153

-250

-150

-50

50

150

250

2011 2012 2013 2014

-82 -48

-99

-54

-150

-100

-50

0

50

100

H1 13 H2 13 H1 14 H2 14

Cash flow from operating activities

CF from operating activities HY 2013/2014

MCHF

MCHF

Operating cash drain was reduced in H2 by MCHF 45 mainly due to: − MCHF +41 higher payments received by

customers − MCHF -10.9 higher payments for material and

services − MCHF -5 Mio. higher payments for personnel

expenses (13th monthly salaries, transfer company at RR, temporary increase in capacities at DMT)

− MCHF +5.7 less payments for taxes − MCHF +7.8 less payments for interests (interest

payment for the straight bond is due in May)

Measures to reduce costs (personnel expenses, other operating expenses) have been realised and have a positive effect on the cash flow. − Personnel expenses alone are expected to be

about MCHF 30 lower in 2015 compared to 2014.

Further substantial improvement of operating cash flow expected in 2015.


Outlook 2015 and Road 2020

49

Sales of CHF 1.3 billion EBITDA margin 13-15% High operating cash flows

Sales growth of between 20% to 40% per annum (different growth rates in the different years) Continuous improvement of EBITDA margin Achieving positive cash flows

Sales growth of 20-30% to about CHF 400 million Strong cost control EBITDA break even Improved cash flow situation

2015 2016 - 2019 2020


Agenda items and voting

Peter M. Wagner, Chairman of the Board of Directors

Secretary of the minutes Dr Alexander Vogel

Vote counters Gabriela Cattaneo Stephanie Iseli Andrea Liechti Chantal Schweizer Lisa Spycher Luigi Ragnacci

Head of vote counters Simon Linder

Notary Christina Häberli-Fontana

Independent proxy André Weber

Formalities


1. Annual Report 2014 1.1 Approval of the management report 2014, the annual financial statements 2014 and the consolidated financial statements 2014; presentation of the reports of the auditors 1.2 Consultative vote on the remuneration report 2014

2. Use of balance sheet result

3. Release of the members of the Board of Directors and of the Management

4. Election of the members of the Board of Directors 4.1 Election of the members of the Board of Directors and election of the Chairman 4.2 Election of the Nomination & Compensation Committee

5. Election of the Auditors

6. Election of the Independent Proxy Holder

7. Vote on the remuneration for the Board of Directors and the Management 7.1 Vote on the total amount of remuneration for the Board of Directors for the business year 2016 7.2 Vote on the total amount of remuneration for the Management for the business year 2016

8. Amendments of the Articles of Association

8.1 Increase of conditional capital – Employee participation 8.2 Increase of conditional capital – Conversion rights and/or option rights 8.3 Adaption of Art. 29 Para. 2 Sentence 1 of the Articles of Association

Agenda items


Approval of the management report 2014, the annual financial statements 2014 and the consolidated financial statements 2014; presentation of the reports of the auditors Motion of the Board of Directors: Approval of the management report, annual financial statements and consolidated financial statements for the business year 2014.

Agenda item 1.1


Consultative vote on the remuneration report 2014 Motion of the Board of Directors: Approval of the remuneration report 2014 (non-binding consultative vote). Note: For the remuneration report 2014 please refer to pages 56 – 71 of the Report to Fiscal Year 2014 section of the Annual Report 2014.

Agenda item 1.2


Use of balance sheet result Loss for the year TCHF -298‘531 Profit carried forward from previous year TCHF 296‘297 Net loss as of 31.12.2014 TCHF -2‘234 Motion of the Board of Directors: Balance of net loss amounting to TCHF -2‘234 to be carried forward. Note: Statutory financial statements of Meyer Burger Technology Ltd in accordance with Swiss Code of Obligations. Up to the end of 2014, investments were valued using the group valuation principle. In previous years, equity investments were therefore valued as a whole. In view of the change to Swiss accounting law in 2015 and the abolition of the group valuation principle for equity investments, impairments were recognised for reasons of prudence as at 31 December 2014. Impairments were also taken on loans to group companies.

Agenda item 2


Release of the members of the Board of Directors and of the Management Motion of the Board of Directors: Release the members of the responsible corporate bodies for the business year 2014.

Agenda item 3


Election of the members of the Board of Directors and election of the Chairman Motion of the Board of Directors: Election of the members of the Board of Directors individually for a term of one year until the end of the next ordinary Shareholders‘ Meeting. 4.1.1 Re-election of Peter M. Wagner (and election as Chairman of the Board of Directors) 4.1.2 Re-election of Dr Alexander Vogel 4.1.3 Re-election of Heinz Roth 4.1.4 Re-election of Peter Pauli 4.1.5 Re-election of Prof Dr Konrad Wegener 4.1.6 Election of Wanda Eriksen-Grundbacher 4.1.7 Election of Dr Franz Richter

Agenda item 4.1


Born 1967 Swiss / USA citizen Swiss Certified Accountant Master in Accounting Science, University of Illinois, USA US Certified Public Accountant Expert in financial accounting, corporate governance, risk management 1990 – 2011 Auditor at PricewaterhouseCoopers Ltd in New York and Zurich, Partner at PricewaterhouseCoopers Ltd from 1999 onwards Since 2011 Independent advisor in strategic, governance and financial issues Member of the Board of Directors and of the Audit Committee at AXA Winterthur (CH), Member of the Board of Directors at Arnold Energy & Telecom (CH) and Chairwoman of the Board of Directors at à ma chère (CH).

Curriculum Vitae Wanda Eriksen-Grundbacher


Born 1955 German citizen PhD in Mechanical Engineering, Technical University of Aachen, DE Master of Science in Physics, Bielefeld University / TH Darmstadt, DE Bachelor of Science in Mechanical Engineering, Münster University of Applied Sciences, DE Industry specialist in semiconductor market, microsystem technology industries and related markets 1985 - 1990 Different positions in Research & Development at Carl Zeiss (1985-1988) and Fraunhofer Institute for Laser Technology (1988-1990) 1990 - 2004 Various management positions (CEO 1998-2004) at Süss Microtec 2005 – 2007 President Semiconductor Equipment Segment at Unaxis (today OC Oerlikon) Since 2007 CEO (Co-founder) of Thin Materials GmbH, a company active in the semiconductor industry (development of carrier technologies for ultra-thin wafer manufacturing; acquired by Nissan Chemical Industries in 2013)

Member of the Advisory Board at Amicra Microtechnologies GmbH (DE), Mück Management Partners AG (CH), Fraunhofer Institute IZM (DE), Member of the Supervisory Board at Siltronic AG (DE) and Scint-X AB (SE).

Curriculum Vitae Dr Franz Richter


Re-election of Peter M. Wagner and election as Chairman of the Board of Directors Motion of the Board of Directors: Re-election of Peter M. Wagner as member of the Board of Directors and election as Chairman of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.1


Re-election of Dr Alexander Vogel Motion of the Board of Directors: Re-election of Dr Alexander Vogel as member of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.2


Re-election of Heinz Roth Motion of the Board of Directors: Re-election of Heinz Roth as member of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.3


Re-election of Peter Pauli Motion of the Board of Directors: Re-election of Peter Pauli as member of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.4


Re-election of Prof Dr Konrad Wegener Motion of the Board of Directors: Re-election of Prof Dr Konrad Wegener as member of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.5


Election of Wanda Eriksen-Grundbacher Motion of the Board of Directors: Election of Wanda Eriksen-Grundbacher as member of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.6


Election of Dr Franz Richter Motion of the Board of Directors: Election of Dr Franz Richter as member of the Board of Directors for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.1.7


Election of the Nomination & Compensation Committee Motion of the Board of Directors: Individual election of the following members of the Board of Directors in the Nomination & Compensation Committee for a term of one year until the end of the next ordinary Shareholders‘ Meeting. 4.2.1 Re-election of Dr Alexander Vogel 4.2.2 Re-election of Peter M. Wagner 4.2.3 Election of Wanda Eriksen-Grundbacher

Agenda item 4.2


Re-election of Dr Alexander Vogel Motion of the Board of Directors: Re-election of Dr Alexander Vogel as member of the Nomination & Compensation Committee for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.2.1


Re-election of Peter M. Wagner Motion of the Board of Directors: Re-election of Peter M. Wagner as member of the Nomination & Compensation Committee for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.2.2


Election of Wanda Eriksen-Grundbacher Motion of the Board of Directors: Election of Wanda Eriksen-Grundbacher as member of the Nomination & Compensation Committee for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 4.2.3


Election of the Auditors Motion of the Board of Directors: Re-election of PricewaterhouseCoopers Ltd, Bern, as auditors for another year.

Agenda item 5


Election of the Independent Proxy Holder Motion of the Board of Directors: Re-election of lic. iur. André Weber as independent proxy holder of the Company for a term of one year until the end of the next ordinary Shareholders‘ Meeting.

Agenda item 6


Vote on the total amount of remuneration for the Board of Directors for the business year 2016 Motion of the Board of Directors: Approval of the total amount of remuneration for the Board of Directors of a maximum of CHF 980,000 for the business year 2016.

Agenda item 7.1


Vote on the total amount of remuneration for the Management for the business year 2016 Motion of the Board of Directors: Approval of the total amount of remuneration for the Management of a maximum of CHF 3,800,000 for the business year 2016.

Agenda item 7.2


Increase of conditional capital – Employee participation Motion of the Board of Directors: The Board of Directors proposes to increase the current conditional capital in the maximum amount of CHF 34,630.45 (692,609 fully paid-in registered shares) by CHF 40,369.55. This results in a conditional capital in the total maximum amount of CHF 75,000 through the issuance of a maximum of 1,500,000 fully paid-in registered shares with a nominal value of CHF 0.05 each, by the exercise of option rights which are granted to the employees and members of the Board of Directors of the Company according to a stock option plan to be prepared by the Board of Directors. The requested increase of the current conditional capital according to Art. 3b of the Articles of Association corresponds to 0.89% of the 90,510,332 registered shares registered in the commercial register as of today. Modification of Art. 3b of the Articles of Association as follows: (unofficial translation of the German original text)

“Art. 3b: Conditional capital The share capital of the Company, with exclusion of pre-emptive rights of shareholders, shall be increased by a maximum aggregate amount of CHF 75,000 through the issuance of a maximum of 1,500,000 registered shares, which shall be fully paid-in, with a nominal value of CHF 0.05 each, by the exercise of option rights which are granted to the employees and members of the Board of Directors of the Company or of group companies based on a plan to be prepared by the Board of Directors. Upon acquisition, the new registered shares are subject to the registration restrictions set forth in Article 4 of the Articles of Association.”

Agenda item 8.1


Increase of conditional capital – Conversion rights and/or option rights Motion of the Board of Directors: Art. 3c of the Articles of Association contains a conditional capital of up to a maximum amount of CHF 200,000 (4,000,000 fully paid-in registered shares). The Board of Directors proposes to increase the conditional capital by CHF 240,000 in order to fully cover the convertible bonds issued on 17 September 2014 (convertible into 8,779,631 registered shares). This results in a conditional capital in the total maximum amount of CHF 440,000 through the issuance of a maximum of 8,800,000 to be fully paid-in registered shares with a nominal value of CHF 0.05 each, by the exercise of conversion and/or option rights which are granted in connection with convertible bonds, option bonds or other financial market instruments of the Company or affiliated companies. The requested increase of the current conditional capital according to Art. 3c of the Articles of Association corresponds to 5.30% of the 90,510,332 registered shares registered in the commercial register as of today. Modification of Art. 3c of the Articles of Association as follows: (unofficial translation of the German original text)

“Art. 3c: Conditional capital The share capital of the Company, with exclusion of pre-emptive rights of shareholders, shall be increased by a maximum aggregate amount of CHF 440,000 through the issuance of a maximum of 8,800,000 registered shares, which shall be fully paid-in, with a nominal value of CHF 0.05 each, by the exercise of conversion and/or option rights which are granted in connection with convertible bonds, option bonds or other financial market instruments of the Company or affiliated companies.” Paragraphs 2-5 of Art. 3c of the Articles of Association remain unchanged.

Agenda item 8.2


Adaption of Art. 29 Para. 2 Sentence 1 of the Articles of Association Motion of the Board of Directors: The Board of Directors proposes to reduce the permitted maximal duration of non-competition clauses in return for payment as set forth in Art. 29 Para. 2 Sentence 1 of the Articles of Association from no longer than three years after the end of an employment relationship to no longer than twelve months after the end of an employment relationship. Adaption of Art. 29 Para. 2 Sentence 1 of the Articles of Association as follows: (unofficial translation of the German original text)

“Art. 29: Employment and Mandate Agreements The agreement of non-competition clauses in return for payment of no longer than twelve months after the end of an employment relationship is permitted. (…).” Paragraph 1 as well as Sentences 2 and 3 of Paragraph 2 of Art. 29 of the Articles of Association remain unchanged.

Agenda item 8.3


13 August 2015

Publication Results 1st Half-Year 2015 and Half-Year Report 2015

22 March 2016 Publication Results Fiscal Year 2015 and Annual Report 2015

03 May 2016 Ordinary Shareholders‘ Meeting 2016

Important dates 2015/2016


Thank you for your participation and your confidence. We wish you a safe journey home.

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Disclaimer

85

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.

Meyer Burger Technology Ltd, Presentation for investors, analysts and media

welcome to the ordinary shareholders’ meeting - meyer burger

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