INVESTOR ROADSHOW October 2019 - Meyer Burger Technology AG
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INVESTOR ROADSHOW October 2019
AGENDA 1) KEY INVESTOR MESSAGES 2) BUSINESS & MARKET UPDATE 3) ADAPTED STRATEGY 4) CORPORATE GOVERNANCE 5) CONCLUSION Investor Roadshow | October 2019 2 © Meyer Burger
Dr. Remo Lütolf, Chairman 1) KEY INVESTOR MESSAGES Investor Roadshow | October 2019 3 © Meyer Burger
KEY INVESTOR MESSAGES
Solar market with high Continuously falling solar electricity costs give solar power a
1
growth potential competitive positioning in the global energy sector transformation
Meyer Burger
World’s most powerful HJT/SWCT module unveiled1) in May 2019 with
2 Technology lead
quantum leap in module efficiency at 21.7%
validated
Transform Strategic focus of adapted business model on high-end PV technology
3
Meyer Burger such as HJT, SWCT and next generation cell technologies
Leverage and MoU signed with a leading module producer for joint commercialisation
4
protect IP of HJT technology, capacity expansion, profit sharing and IP protection
Experienced Board of Directors meets all key requirements of the Swiss
5 Right people in place Code of Best Practice and company headed by an experienced
management team
1)The REC Alpha Series is based on Meyer Burger equipment technology and the world’s most powerful 60-cell monocrystalline solar panel, delivering up to 380 watt and reaching a 21.7% Meyer Burger HJT/SWCT™/bifacial modules
efficiency rating. This translates to a leading power density of 217 W/m², providing 20% more power than produced by the same number of conventional panels in the same area
Investor Roadshow | October 2019 4 © Meyer BurgerDr. Remo Lütolf, Chairman 2) BUSINESS & MARKET UPDATE Investor Roadshow | October 2019 5 © Meyer Burger
SOLAR ENERGY ON VERGE OF
SWEEPING GRID PARITY …
Levelized cost of electricity (LCOE) for different power sources
Sustained, severe decline in cost of
350
electricity from utility-scale solar PV
Solar
continues
300 Wind
CCGT
250 Coal
Nuclear ‒ Between 2009 and 2018, global
USD/MWh
200 -88% weighted-average LCOE for
crystalline solar PV fell 88%
150
100
-14% ‒ By 2020, solar electricity expected to
50
cost less than least-cost fossil fuel
alternative
0
2011
2012
2013
2009
2010
2014
2015
2016
2017
2018
Source: Lazard (2018) All prices in 2019 USD
Investor Roadshow | October 2019 6 © Meyer Burger… WITH SIGNIFICANT GROWTH POTENTIAL
STARTING FROM A LOW BASE
Estimated renewable energy share of global electricity production (2018)
73.9%
Non-renewable electricity Solar PV growth potential is
expected to be huge as
Renewable electricity solar’s global PV electricity
share was only 2.4% in
2018
5.5% Wind power
26.2% 15.8%
Renewable Hydropower Continuously falling solar
electricity 2.4% Solar PV electricity costs give solar
power a competitive
2.2% Bio-power positioning in the global
energy sector
0.4% Geothermal, CSP and ocean power
transformation
Source: Renewables 2019 – Global status reports
Investor Roadshow | October 2019 7 © Meyer BurgerH1 2019 FINANCIALS IMPACTED BY ONGOING
TRANSFORMATION PROGRAM
Incoming orders (in MCHF) Net sales (in MCHF) Solid top line performance
and strong EBITDA
400 400
308 308
337 recovery until Chinese
268 261
300
223
253 300 235 232 subsidies cuts in
205 196 188 189 187 200 218 212
200 157 169 138 200 175 May / June 2018
128
95 83 94 113 129 124 123
90
100 100 H1 2019 results driven by:
0 0
H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 Stable orders on a
comparable basis
Delayed HJT orders
EBITDA (in MCHF) Net result (in MCHF) but stable HJT
8
50 29 2 pipeline
5 6 5 7 5 0
0 -17 Significant cost
-3 -26
-34
-23
-13 -60 -47 -51
reductions realised
-50 -28
-41 -33 -71
-62
due to ongoing
-59 -58 -55 -82 -82 -81 -88 -76
-100 -120
-93 transformation
H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 program
Investor Roadshow | October 2019 8 © Meyer BurgerSTANDARD PV TECHNOLOGY
INCREASING NUMBER OF SUCCESSFUL CHINESE COMPETITORS
wafer cell module
from ingot to wafer from wafer to cell from cell to module
China is the only
country with strong
strategic focus on PV
Wafering PV Hennecke Meyer Burger PERC PASAN Standard mainstream
diamond wire saw
PV technology such
wafer inspection system inline coating system (PECVD) module inspection system
as PERC is offered
by Chinese players at
low costs
Meyer Burger is one
DW 288 Series 3 WIS-08 MAiA 6.1 HighLIGHT of the only sizeable
Local Chinese competitors Western PV
equipment players
Shangji Autowell China S.C GSola left
Linton TZTEK Leadmicro DLSK
Goace
Investor Roadshow | October 2019 9 © Meyer BurgerSTANDARD PV TECHNOLOGY
CONTINUED RAPID COMMODITIZATION DRIVEN BY
CHINESE COMPETITORS
Meyer Burger Sales (in MCHF) Meyer Burger Order Intake (in MCHF) Measures going forward
Reverse decision of planned
move to China
Adjust global sales force
Focus of R&D resources on
HJT/SWCT/perovskite
technologies
Standard PV technology approaches commoditization
‒ “Commoditization effect” seen for both PERC equipment and wafer inspection systems
Meyer Burger’s market share erodes for standard PV technology in favor of local Chinese suppliers
Projected available profit pool for standard PV equipment is no longer deemed attractive for Meyer Burger
Investor Roadshow | October 2019 10 © Meyer BurgerHIGH-END PV TECHNOLOGY
HJT/SWCT ENABLES QUANTUM LEAP IN MODULE EFFICIENCY…
Monofacial module efficiency of products1)
Meyer Burger Standard HJT PERC Best-in-class PERC and standard HJT have similar
HJT/SWCT module efficiency
22%
21.7%
Bulk of PERC module efficiencies below 20% (e.g.
Q Cells, LONGi, Trina, GCL)
21%
Meyer Burger’s HJT/SWCT is expected to enable
quantum leap in module efficiency allowing for
premium average sales prices
20%
Next generation: First HJT-perovskite-SWCT
tandem test modules built under Meyer Burger’s
collaboration with Oxford PV
Jinergy
REC
GCL
GS Solar
Jinko
CIE Power
LONGi
Sunpreme
Trina
Panasonic
JA Solar
Q Cells
1) Commercially available best bin (front efficiency).
Sources: Official datasheets (downloaded Aug 6th,2019 on companies websites)
REC Alpha-Series (PM-DS-12-01-Rev- A 06.19); Panasonic N340 HIT®+Series; CIE Power CIE-H5C1- 60-DA2; Sunpreme Maxima GxB 330T SM; GS Solar HDT-60; Jinergy JNHM60; Jinko Cheetah HC 60M; JASolar JAM60S10; Q Cells Q.PEAK DUO-G6; LONGi HiMO-4; Trina DE06H(II); GCL M3/60
Investor Roadshow | October 2019 11 © Meyer BurgerHIGH-END PV TECHNOLOGY
… AND A HIGHLY COMPELLING BUSINESS CASE
Different technologies for crystalline silicon
IBC / Meyer Burger HJT PERC: low manufacturing costs but also low average sales
high
standard HJT / SWCT price due to limited differentiation
Average sales price
IBC and standard HJT: higher average sales price than PERC
Low margin High margin but manufacturing costs also significantly higher
Meyer Burger is a pioneer in HJT/SWCT
n-PERT PERC
low
A leader in cell efficiency on industrialized production
equipment with cost efficient production technology
Low margin Low margin
SWCT as a proprietary and strategic core piece, enabling
high low higher module efficiency
Manufacturing costs
Investor Roadshow | October 2019 12 © Meyer BurgerDr. Remo Lütolf, Chairman 3) ADAPTED STRATEGY Investor Roadshow | October 2019 13 © Meyer Burger
FOCUS ON CORE ACTIVITIES CENTERED
AROUND HJT/SWCT TECHNOLOGY
Aug 2019: Announcement to further adapt business model and to enter into strategic collaboration with REC
Mar 2019: Acquisition of 18.4% stake in Oxford PV, a leading developer of highly efficient next generation
perovskite solar cells, in combination with 200MW order of HJT equipment
Feb 2019: Sale of Wafering Business to Precision Surfacing Solutions
Dec 2018: Start of REC collaboration with first 600 MW equipment order. Total manufacturing capacity is scheduled to
be in full production by Q1 2020 EXPANSION INTO
DOWNSTREAM
Oct 2018: Launched transformation program to safeguard long-term profitability by 1) review standard PV business and 2)
continued full strategic focus on further developing HJT, SWCT and next generation cell/module technologies
May 2018: Sale of Energy Systems business to 3S Solar Plus AG
Apr 2018: Entered into Preferred Partnership Agreement with Mondragon Assembly on module equipment development and
outsourcing of SWCT™ equipment manufacturing
2019 / 2020
Rigorous focus on cost and efficiency improvements
Disposal of non-core activities and generation of additional liquidity through sale of real estate
Dedicated focus and commitment to commercialize HJT/SWCT and swiftly expand module production capacity
Investor Roadshow | October 2019 14 © Meyer BurgerENVISAGED ADAPTATION OF
BUSINESS MODEL –
DOWNSTREAM EXPANSION
Meyer Burger business model today Adaptation of business model
Strong technology and R&D focus on HJT/SWCT
Technology focus on standard PV
Planned extension of collaboration with module producer to
(e.g. PERC) and HJT/SWCT
leverage downstream access, participate directly from module sales
and protect IP
No vertical integration / downstream access
Increase installed HJT/SWCT production capacity
expeditiously to multi GW volume
One-time proceeds from equipment orders
Two revenue sources anticipated for Meyer Burger going forward
Non-exclusive sales to all cell producers “Double-positive effect” given higher profit sharing proceeds
globally (including China)
from increased capacity plus additional HJT/SWCT
equipment sales
Fierce competition and increasing pricing “Vertical pooling” and increasing downstream access will
pressure limit Meyer Burger’s ability to secure both exclusiveness of HJT/SWCT technology and
capitalize on its technology leadership margin preservation longer term
Investor Roadshow | October 2019 15 © Meyer BurgerMEYER BURGER FINALLY FOUND
THE RIGHT COLLABORATION
PARTNER WITH REC
Equipment Cell / module End market / Expected key terms of REC agreement to be entered
manufacturer manufacturer Distributors
REC intends to place additional large GW order for HJT/SWCT
equipment
600MW expected by H1 2020
Follow-on order subject to down-stream partner(s)
Profit share agreement: Meyer Burger to receive a certain amount
(cent/Wattpeak) for each module sold
In exchange, Meyer Burger to grant adequate exclusivity to REC,
controlling the sale of equipment used for Alpha modules
Meyer Burger to secure technology and IP
Ambitious targets met – First production lines have already been
Alpha module
installed in a record time ahead of schedule
Full PV value chain to be covered through collaboration
Investor Roadshow | October 2019 16 © Meyer BurgerOUTLOOK – KEY PRIORITIES IN H2/2019 & 2020
Meyer Burger transformation program and implementation of cost reduction measures on track
1 2 3 4 5
HJT HJT Concentrate Review / sell Drive HJT capacity
SWCT SWCT organization in non-core expansion & profit
Equipment to Tandem Hohenstein- businesses sharing model with
upgrade HJT to Ernstthal (DE) Sell real estate REC
Opportunistic
tandem cell approach for Streamline Create strategic
PERC/TOPcon salesforce options
Streamline
Streamline Focus R&D Further adjust Implement new
assets and
product range roadmap fix cost base business model
increase liquidity
ACHIEVE LONG-TERM SUSTAINABLE PROFITABILITY AND CREATE SHAREHOLDER VALUE
Strategic priority going forward is focus on HJT, SWCT and next generation
cell technologies with adapted business model
Investor Roadshow | October 2019 17 © Meyer BurgerDr. Remo Lütolf, Chairman 4) CORPORATE GOVERNANCE Investor Roadshow | October 2019 18 © Meyer Burger
MEYER BURGER’S CURRENT MEMBERS OF
THE BOARD OF DIRECTORS
Chaired by Dr. Remo Lütolf, Meyer Burger’s Board of Directors is currently composed of four members
Dr. Remo Lütolf Dr. Franz Richter Hans-Michael Hauser Andreas R. Herzog
Incumbent
Board of
Directors
Chairman of the Board of Directors Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors
In-depth know-how in power electronics, In-depth know-how within the In-depth know-how within the Long-standing finance &
industrial automation and power business semiconductor and solar industry digital and solar industry accounting experience
Key
International management experience, Experienced in Asian markets Experienced consultant with Long standing senior
strengths
incl. M&A and complex project business, Senior management and large exposure to prepare management and
and well connected to the Asian market operational know-how businesses for the ‘Digital Age‘ operational know-how
Swiss Country Managing Director, ABB CEO of Süss MicroTec Partner and Managing Director, CFO of Bühler Group
Head BU Power Electronics & Medium CEO and co-founder of Thin Boston Consulting Group CEO of Bühler Venture
Relevant Voltage Drives, ABB Materials Founder and Managing Director
experience
Head Division Automation Products in of ML Insights
China and North Asia, ABB
Experienced Board of Directors with a wide base of complementary expertise and capabilities
Investor Roadshow | October 2019 19 © Meyer BurgerEXPERTISE OF OUR BOARD OF DIRECTORS
Public Board of
Board of Directors Senior Management Solar sector Finance / Tax Legal / M&A International markets
Directors
member experience experience expertise expertise experience
experience
Dr. Remo
LÜTOLF
Dr. Franz
RICHTER
Hans-Michael
HAUSER
Andreas R.
HERZOG
As recognized leaders in their fields, our Directors bring expertise and experience from years of service as Chairmen, CEOs, CFOs and managers in a
broad range of industries and international companies
Our Board of Directors is led by individuals who know Meyer Burger, its history and its capabilities which is crucial to achieve the envisaged growth
potential
Broad range of expertise across industrial, solar and consulting experience as well as financial and turnaround areas
Investor Roadshow | October 2019 20 © Meyer BurgerBOARD OF DIRECTORS REJECTS SENTIS
PROPOSAL
Proposal A shareholder group including Sentis Capital PCC (Sentis) requested the election of Mark Kerekes as member of the
made by
Board of Directors
Sentis
Mark Kerekes possesses neither relevant experience in industrial management nor as board member of a listed
company
Meyer Burger noticed significant disagreements regarding the strategic development of the company (e.g.
regarding the participation in Oxford PV), as well as a lack of consistency of Sentis (e.g. they asked the Board to remove
the current CEO, which they denied later in public)
Meyer Burger Therefore the election of Mark Kerekes would put a major risk on the implementation of the initiated change of
assessment strategy and the effective and successful turnaround of the company
As a member of the Board of Directors, Mark Kerekes would have access to sensitive information about Meyer Burger
that would lead to unresolvable conflicts of interests, as Kerekes is a member of the Board of Directors and Executive
Management at the activist Sentis who trades in shares itself
The Board of Directors is committed to act only in the interests of Meyer Burger and not for special interests, thus
the representation of an activist investor contravenes the principles required by Swiss corporate law
Adding a new member now to the current Board of Directors is insensitive in the light of the recent change initiated in
Meyer Burger Meyer Burger’s strategy
recommend-
ation
The Board of Directors of Meyer Burger recommends unanimously to reject the proposal of electing Mark Kerekes
as a member of the Board of Directors
Investor Roadshow | October 2019 21 © Meyer BurgerDr. Remo Lütolf, Chairman 5) CONCLUSION Investor Roadshow | October 2019 22 © Meyer Burger
KEY CONCLUSIONS
1
Solar market
with high
growth potential
Continuously falling solar electricity costs give solar power a
competitive positioning in the global energy sector transformation
2
Meyer Burger
Technology lead
validated
World’s most powerful HJT/SWCT module unveiled1) in May 2019 with
quantum leap in module efficiency at 21.7%
3
Transform
Meyer Burger
Strategic focus of adapted business model on high-end PV technology
such as HJT, SWCT and next generation cell technologies
4
Leverage and
protect IP
MoU signed with a leading module producer for joint commercialisation
of HJT technology, capacity expansion, profit sharing and IP protection
5
Right people
in place
Experienced Board of Directors meets all key requirements of the Swiss
Code of Best Practice and company headed by an experienced
management team
1)The REC Alpha Series is based on Meyer Burger equipment technology and the world’s most powerful 60-cell monocrystalline solar panel, delivering up to 380 watt and reaching a 21.7% Meyer Burger HJT/SWCT™/bifacial modules
efficiency rating. This translates to a leading power density of 217 W/m², providing 20% more power than produced by the same number of conventional panels in the same area
Investor Roadshow | October 2019 23 © Meyer BurgerAPPENDIX Investor Roadshow | October 2019 24 © Meyer Burger
FOCUS ON GOVERNANCE (1/3)
The Board of Directors meets at the invitation of the Chairman, but at least 4 times each year
(usually at least one meeting per quarter, in addition frequent telephone conferences to address specific matters)
Board of
In 2018, 18 Board of Directors meetings either in person or by telephone conference took place)
Directors In 2018, the following members of the Executive Board participated at meetings of the Board of Directors:
meetings CEO (18), CFO (16), CCO (7), COO (4), CTO (4)
Attendance of current Board of Directors in 2018: Dr. Franz Richter 4/4; Hans-Michael Hauser 4/4
Each member of the Board of Directors can request the Chairman to convene a meeting
Risk & Audit Committee:
Rigorous In 2018, 6 meetings (thereof 3 in person)
Board of Nomination and Compensation Committee:
Directors
committee In 2018, 12 meetings
oversight Innovation Committee:
In 2018, 4 meetings (thereof 3 in person)
Investor Roadshow | October 2019 25 © Meyer BurgerFOCUS ON GOVERNANCE (2/3)
Board of Directors members currently stand for re-election on a rolling one year basis
Simple majority required to approve Shareholder Agenda items; Shareholders may amend the Articles of
Compliance
Association at the AGM
with Meyer Burger does not have a provision on opting-out or opting-up in the Articles of Association
international
governance Shareholders may call an EGM of shareholders if they represent 10% of the share capital
standards Detailed and transparent corporate governance disclosure in the Annual Report
Robust budget and financial management process: Meyer Burger’s budget and business plan are compiled by the
management and reviewed by the Board of Directors on a regular basis
Board of Directors formally engages financial, legal advisers and operation, HR, compensation consultants as
Ability to required
hire outside
experts Since July 2019, Dr. Dieter Gericke, attorney at law with Homburger law firm, has been serving as a legal advisor to
the Board of Directors
Investor Roadshow | October 2019 26 © Meyer BurgerFOCUS ON GOVERNANCE (3/3)
Sentis and Board of Directors together
Amendment of Art. 10 of the Articles of Association (Shareholders‘ right to place items on the agenda)
Amendment of Art. 28 of the Articles of Association (mandates outside Meyer Burger)
Both were approved by the AGM, as also proposed / recommended by the Board of Directors
AGM 2019
excursus:
Shareholder Sentis against Board of Directors
proposals by
Sentis Cancellation of Art. 3a of the Articles of Association (cancellation of the authorised capital)
Amendment of Art. 8 of the Articles of Association (right of shareholders to convene an EGM of Shareholders)
Amendment of Art. 35 of the Articles of Association (term of office of the auditors)
All were declined by the AGM as proposed / recommended by the Board of Directors
Amendment of Art. 10 of the Articles of Association (announcement of the Annual Report)
Was approved by the AGM against the proposal / recommendation of the Board of Directors
Investor Roadshow | October 2019 27 © Meyer BurgerOUR BOARD OF DIRECTORS IN CONTEXT OF THE SWISS
CODE OF BEST PRACTICE OF CORPORATE GOVERNANCE
1 Capability to ensure independent decision-making process
2 Capability to critically exchange ideas with the executive management
3 All Board of Directors members are independent (i.e. non-executive) and have no conflict of interests with the company
Size of Board of Directors should be small enough for efficient decision making and large enough to contribute
4 experience / knowledge from different fields
5 Long-standing international business experience, including complex project business and M&A
6 Board of Directors committees should be composed by a majority of independent / non-executive members
(compensation committee only independent members)
Our Board of Directors meets all key requirements of the Swiss Code of Best Practice for Corporate Governance
Investor Roadshow | October 2019 28 © Meyer BurgerCV OF DR. REMO LÜTOLF
Professional Experience
2013 – 2018: Country Managing Director at ABB Switzerland
Key Strengths
2003 – 2012: Head of global business unit Power Electronics & Medium Voltage Drives at ABB Group
2005 – 2008: Head of regional division for Automation Products at ABB China/North Asia Sector knowledge
1999 – 2002: Head of local business unit for Power Electronics at ABB Switzerland
Long standing senior management
1987 – 1998: Management positions at Landis & Gyr, Switzerland and operational know-how
Swiss National
In-depth know-how within the
power electronics, industrial
automation and power industry
Education Board of Directors Experience
Dipl. El. Ing. and Current mandates: International management
Dr. sc. techn. from experience and well connected
Chairman of the Board of Directors of RUAG Holding, since 2018 (member since 2014)
ETH Zurich
to the Asian market
Chairman of the Board of Directors of EWL Energie Wasser Luzern Holding AG (and its subsidiary
Executive MBA from
Erdgas Zentralschweiz), since 2016
IMD Lausanne Board of Directors career starting in
Chairman of the Board of Directors of Venture Incubator AG, since 2016
2014
Chairman of the Board of Directors of innovAARE AG, since 2018 (member since 2015)
Other functions: Member of the Board of Directors of Swissmem (since 2013), member of the Board of
Directors of Economiesuisse (since 2013), member of the Board of Directors of University of Applied
Sciences North Western Switzerland (since 2018)
Investor Roadshow | October 2019 29 © Meyer BurgerCV OF DR. FRANZ RICHTER
Professional Experience
Since 2016 CEO of Süss MicroTec, Garching (Germany)
Key Strengths
2007 – 2016: CEO and co-founder of Thin Materials, Eichenau (Germany)
2005 – 2007: President of segment Semiconductor Equipment segment (Unaxis) at OC Oerlikon, Pfäffikon Sector knowledge
1990 – 2004: Various roles at Süss MicroTec, including CEO (1998-2004) and COO of Süss Holding, CEO
Long standing senior management
of Karl Süss Verwaltung GmbH (1997-1998), Garching (Germany)
and operational know-how
1988 – 1990: Scientist at Fraunhofer Institute for Laser Technology, Aachen (Germany)
German National
1985 – 1988: Scientist at Carl Zeiss, Oberkochen (Germany) In-depth know-how within the solar
industry
Education Board of Directors Experience
Entrepreneurial mindset and
BSc Mechanical Current mandates: founding member of ThinMaterials
Engineering, Münster Chairman of Board of Trustees of Fraunhofer Institute IZM, Berlin (Germany), since 2009
University of Applied
Sciences (Germany) Chairman of the Board of Directors of Scint-X Technologies, Kista (Sweden), since 2014 Strong focus on innovation
MSc Physics, University Member of the Board of Directors of Comet Holding, Flamatt, since 2016
In total, two mandates at publicly
of Bielefeld and Previous mandates:
Technical University of listed companies (including the
Member of the Board of Directors of Albis Optoelectronics, Rüschlikon, (2006-2007) CEO mandate at Süss MicroTec)
Darmstadt (Germany)
Member of the Board of Directors of the international association of the semiconductor industry “SEMI”, and two non-remunerated
PhD Mechanical (2000-2011)
Engineering, RWTH
mandates
Aachen University Member of the Advisory Committee of Mück Management Partners, Schindellegi, (2009-2016)
(Germany) Member of the Advisory Board of Amicra Technologies, Regensburg (Germany), (2014-2016) Board of Directors career starting in
Member of the Board of Directors of Siltronic, Munich (Germany), (2008-2018)
2008
Investor Roadshow | October 2019 30 © Meyer BurgerCV OF HANS-MICHAEL HAUSER
Professional Experience
Since 2015 Founder and Managing Director at ML Insights, Zug
Key Strengths
2010 – 2015: Partner and Managing Director at Boston Consulting Group, Leader of Industrial Practice in
Switzerland, Zurich Sector knowledge
2005 – 2010: Partner and Managing Director at Boston Consulting Group, Leader of Technology Practice
in Germany, Austria and Eastern Europe, Global Topic Leader Digital, Munich (Germany) Long standing senior management
and operational know-how
1995 – 2005: Associate, Consultant, Project leader and Principal at Boston Consulting Group, Munich
German National (Germany)
In-depth know-how within the digital
and solar industry
Education Board of Directors Experience
Restructuring skills; turned around
Masters in Physics and Current mandates: underperforming business to
in Mathematics, profitable growth in role with
Chairman of the Board of Directors of Q Point, Langenthal, since 2018
University of Stuttgart
revenue responsibility
(Germany) Member of the Board of Directors of Mikron, Biel, since 2016
Masters in Engineering Founder and Managing Director at The Boom GmbH, Pullach (Germany), since 2018 Experienced consult with large
Science, Ingénieur Ecole
Previous mandate: exposure to prepare businesses for
Centrale, Paris
Cofounder and Chairman of the Board of Directors of LoyaltyCoin, Zug, (2016-2018) the ‘Digital Age‘
MBA from Kellogg
Graduate School of
Management at
Several transformation (‘technology
Northwestern University meets industrial applications‘)
(USA) projects managed in the past
Investor Roadshow | October 2019 31 © Meyer BurgerCV OF ANDREAS R. HERZOG
Professional Experience
From 10/2019: CEO of Bühler Venture Management AG
Key Strengths
2002 – 2019: CFO at Bühler Group, Uzwil
2001 – 2002: CFO at Eichhof Group, Lucerne Long-standing finance &
accounting experience,
1996 – 2001: Vice President Finance at Swarovski, Feldmeilen
serving for more than 23 years as
1990 – 1995: Various management positions at SMH/SWATCH, Biel, Bad Soden am Taunus (Germany) CFO of large industrial companies
Swiss National 1984 – 1990: Various positions in finance, controlling, logistics at Ciba-Geigy, Basel, Mexico, Colombia
Long standing senior management
and Ivory Coast
and operational know-how in global
Education Board of Directors Experience markets
University of Applied Current mandates:
Sciences, Zurich In-depth experience within the
Chairman of the Board of Directors of Systemcredit, Zurich, since 2019
Marketing Management plant engineering industry and
(Western University, Member of the Advisory Council North of Commerzbank (Germany) project business
London / Ontario) Member of the Board of Directors at Seed Capital Invest, Sempach (CH), since 2018
Corporate Financial Member of the Board of Swiss-Chinese Chamber of Commerce, Zurich, since 2017
Long standing experience in M&A
Strategy in Global Markets projects
(INSEAD) Member of the Advisory Council of Chinese Europe International Business School CEIBS, Horgen
Strategic and Leadership (CH), since 2018
Management (Harvard Previous mandates:
University)
Member of the Board of Directors of CCS, Lachen (2011 – 2018)
International Tax Law
(University of Applied Member of the Board of Directors of Leicom, Winterthur (1996 – 2015)
Sciences, Basel)
Investor Roadshow | October 2019 32 © Meyer BurgerDISCLAIMER 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 for informational purposes only and constitutes neither an offer to sell nor a solicitation to purchase or subscribe for securities of Meyer Burger. Neither this presentation or any part of it nor the fact of its distribution shall form the basis of, or be relied on in connection with, any contract or investment decision. This presentation does not constitute a prospectus within the meaning of Article 652a and/or Article 1156 of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of SIX Swiss Exchange AG or a prospectus under any other applicable laws. Copies of this presentation may not be sent to countries, or distributed in or sent from countries, in which this is barred or prohibited by law. 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 or 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. Investor Roadshow | October 2019 33 © Meyer Burger
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