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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Meyer Burger Technology AG    MBTN   CH0108503795

MEYER BURGER TECHNOLOGY AG

(MBTN)
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Meyer Burger Technology : Corporate Presentation Sept 2020 EN

09/21/2020 | 03:55am EST

PROJECT INDIUM

EVOLUTION INTO A SOLAR CELL AND MODULE MANUFACTURER

Corporate Presentation

September 2020

DISCLAIMER

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

This document is not intended to constitute an offer or solicitation to purchase or invest in any securities of Meyer Burger Technology AG (the "Company"). In particular, this document is neither (i) a prospectus as such term is understood pursuant to the Swiss Financial Services Act ("FinSA") nor (ii) an issuance prospectus pursuant to article 652a of the Swiss Code of Obligations in its version as it was effective immediately prior to the entering into force of the FinSA (the "CO") or a listing prospectus within the meaning of article 27 et seq. of the listing rules of SIX Exchange Regulation of November 8, 2019, in effect since January 1, 2020 (the "Listing Rules") or of the listing rules of any other stock exchange or regulated trading venue in Switzerland, in each case in conjunction with article 109 of the Swiss Financial Services Ordinance ("FinSO"). In connection with the rights offering mentioned herein, the Company intends to prepare an issuance and listing prospectus pursuant to article 652a of the CO and article 27 et seq. of the Listing Rules, in each case in conjunction with article 109 of the FinSO. Investors are advised to consult their bank or financial adviser before making any investment decision.

This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities of Meyer Burger Technology AG to which these materials relate have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This document is only addressed to and directed at persons in member states of the European Economic Area ("EEA") who are qualified investors within the meaning of article 2(1)(e) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of the European Union of 14 June 2017 ("Qualified Investors"). In addition, in the United Kingdom, this document is addressed to and directed only at, and should only be relied upon by, persons who are qualified investors as defined under section 86(7) of the Financial Services and Markets Act 2000 and who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order or are persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as "Relevant Persons"). No other person should act or rely on this document and persons distributing this document must satisfy themselves that it is lawful. If you have received this document and you are not a Relevant Person, you must return this document immediately to the Company and not copy, reproduce or otherwise disclose it (in whole or any part). Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

This document may contain certain forward-looking statements relating to the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update any such forward-looking statements.

There will not be a public offering of securities in the United States, the United Kingdom or in any other jurisdiction other than Switzerland.

2 © Meyer Burger

CORNERSTONES OF THE NEW STRATEGY

Growing

global solar

energy market

Superior and

proprietary technology

Captive

business

model

  • The high-margin residential and commercial rooftop segment, which Meyer Burger is focusing on, is growing at an above- average rate of +8% per year in the target markets until 2027
  • Meyer Burger Heterojunction/SmartWire has a 3-year technology advantage over standard technology, which is confirmed by the Fraunhofer Institute
  • The full value of Meyer Burger's technology advantage can be captured as the Heterojunction/SmartWire technology is not supplied to third parties anymore

High, sustained profit levels can be achieved on the basis of a superior technology and the captive business model

3 © Meyer Burger

MEYER BURGER IS A TECHNOLOGY LEADER AND HAS SHAPED THE SOLAR INDUSTRY FOR YEARS

Meyer Burger…

  • is the backbone of the PV industry and has been the industrialization partner for over 20 years of the world's leading PV companies when launching new technologies

Milestones since 1999

1999 Market introduction of the wire saw for the solar industry

2012

Market introduction of the industrialized PERC1 technology,

which is industry standard today

  • has equipped the leading manufacturers of solar modules with production equipment
  • has so far delivered 350 production machines for the current standard, PERC,1 for a total capacity of 55 GW, i.e., more than 50% of total global PERC production capacity
  1. "Passivated Emitter and Rear Cell"

2013 Start of the development of the SmartWire technology

2014 Introduction of the diamond wire saw with patented double wire control

2016

Development of the later award-winning TOPCon system CAiA

2018 Major contract for Heterojunction/SmartWire equipment

2019 Proof of an industrial heterojunction/SmartWire production line Presentation of a 510 W bifacial module at Intersolar Munich

Start of R&D cooperation with Oxford PV for the development of the HJT/Perovskite tandem cell technology

4 © Meyer Burger

MEYER BURGER IS AGAIN DRIVING THE NEXT PV TECHNOLOGY GENERATION

Meyer Burger's technology is far superior to PERC

-performance

Module

Conventional technology

2

(PERC)

Today

  1. Including module SmartWire-Technology; 2) "Passivated Emitter and Rear Cell"
  • Fraunhofer ISE has confirmed in study: "Meyer Burger has a lead of
    3 years in terms of module efficiency (i.e., cell efficiency and module losses) over manufacturers that produce classic solar modules"
  • PERC is at the end of the technology life cycle, reaching limits performance improvement and thus cost reduction
  • TOPCon is not yet ready for mass production and faces integration and cost problems
  • Other HJT manufacturers are currently neither competitive with MB HJT and PERC nor market-ready

5 © Meyer Burger

KNOW-HOW AND MANUFACTURING EXPERTISE FOR CELL AND MODULE PRODUCTION ARE AVAILABLE

Meyer Burger has so far installed and commissioned the production lines for customers - Meyer Burger can now use this know-how itself

Ideal timing for Meyer Burger to enter cell and module manufacturing, employing its superior MB HJT technology, because:

  1. Heterojunction/SmartWire technology is more efficient than both the current standard mono-PERC and other heterojunction technologies currently available
  2. The current solution has been developed in Switzerland (Neuchâtel) since 2008 and has been brought to market maturity in the in-house pilot industrial plant in Germany (Hohenstein/Saxony) since 2016
  3. With the successful installation of a 600 MW production line by Meyer Burger for a customer, the proof-of-concept in mass production is already provided

6 © Meyer Burger

INTEGRATED VALUE CHAIN: CAPTURE >15X MORE

VALUE WITH CELL AND MODULE PRODUCTION

Equipment manufacturing

Cell manufacturing

Module manufacturing

By forward-integrating along value chain, Meyer Burger can increase the value captured from its proprietary, leading technology

Solar modules:

Achievable

aggregate EBITDA

>15x

on this equipment

over a utilization

HJT equipment:

period of 7 years1

EBITDA for

supply of 1 GW

equipment

EBITDA for a supply of 1 GW equipment (left) vs. production of 1 GW modules over 7 years (right)

1) 7-year utilization period and 9% discount factor

7 © Meyer Burger

THE CAPTIVE BUSINESS MODEL PROTECTS KNOW- HOW, TECHNOLOGY AND PROFITABILITY LONG-TERM

Captive: no

New with own cell and module production

equipment to

third parties

Modules

Cells

End markets

Third-party module

Third

manufacturers

parties

E.g., wholesalers, large installers,

Note: Without SWCT®, to keep

IPPs, project developers

efficiency advantage for Meyer

Burger

  • Technology and know-how remain exclusively with Meyer Burger (except Oxford PV and strategic R&D partners)
  • Total value capture remains in the company
  • Further improvement on equipment will not be shared with third parties
  • The worldwide standard PV equipment and service business will be continued
  • Sale of cells to third-party module manufacturers used in the first years to
    1. facilitate ramping in module sales and
    2. obtain economies of scale and purchasing power

8 © Meyer Burger

ENTRY INTO PV CELL AND MODULE PRODUCTION WITH CLEAR CAPACITY EXPANSION GOALS

Cell and module production in Germany

Meyer Burger's goals:

• Become a European champion and

global player for the production of high-

efficiency cells and modules using Swiss

technology, "Made in Germany"

• Sustainable superior R&D unit to further

expand technological leadership

• Start with 400 MW to reach profit zone,

Production capacity [GW] 2021 - 2027

7.0

then add 400 MW module plus 1 GW

cells in next step

6.4

Module

4.2

Cell

3.6

0.8

1.4

0.4

0.4

2021E

2023E

2025E

2027E

Phase

1

2

3

Achieve an annual module production

capacity of 5 GW by 2026

Support the EU Green Deal plan by

establishing local PV production

9 © Meyer Burger

MODULE PERFORMANCE ENABLES LOWER LCOE FOR UTILITY CUSTOMERS AND PRICE PREMIUM FOR MB

Utility segment - total system cost, example 100 MWp U.S. [EUR m]

Benchmark system

Meyer Burger HJT/SWCT system

(PERC module)

0.31

+0.08 EUR/Wp module ASP

0.39

premium for Meyer Burger1

80.7

• Meyer Burger provides considerable end-customer

benefit, reducing LCOE through:

1.

Higher efficiency, reducing BOS cost

2.

Better high-temperature energy yield

75.3

Module

31.1

BOS2

44.2

2.3

10.1

31.1

38.9

Performance pricing

~20-25% of value

enabled by

pool ceded to

BOS lever3

customer to

41.85

Higher energy yield4

incentivize

to achieve same LCOE

purchase

3.

Lower lifetime degradation

4.

Better bifaciality (yield on backside)

5.

Better angular response

• To reward better performance, customers are willing

to pay higher module price - value pool is

determined such that LCOE savings are offset by

module price premium

• Around 20-25% of value pool to be ceded to end

customer to incentivize purchase

System cost

Benchmark Value pool Customer System cost

share

Assumptions: System - 100 MWp; Year - 2020; 1) Module ASPs include 20% Section 201 import tariff; For some time after market introduction, business plan anticipates

discounts down to PERC level until bankability and market acceptance of performance gains is fully established; 2) Balance-of-system; 3) BOS lever: Higher module power

10 © Meyer Burger

requires less modules for the same area leading to e.g., less cables, mounting structures, installation, etc.; 4) Improved performance due to e.g., lower temperature coefficient

and lower degradation translate into more energy generation over lifetime; 5) BOS cost is reduced vs. benchmark system BOS cost because of BOS lever

RESIDENTIAL CUSTOMERS PAY LARGE PRICE PREMIUM FOR HIGHER PERFORMANCE AND QUALITY

Residential rooftop segment - total system cost, example 8 kWp Germany [EUR]

Benchmark system

(PERC module)

0.27

10,800

Module

3'050

BOS1

7'750

Meyer Burger HJT/SWCT system

+0.19 EUR/Wp module ASP

0.46

premium for Meyer Burger

12,640

765

3'050

1'375

5'190

Performance

pricing

Customer desire for

enabled by

better quality, esthetics,

BOS lever2

brand, "Made in

7,4504

Higher energy yield3

Germany" and "Swiss

to achieve same LCOE

technology"

  • End customer benefits from BOS savings due to higher efficiency, as well as higher energy yield, both lowering levelized cost of energy (LCOE)
  • To reward better performance, customers are willing to pay a higher module price - this performance premium offsets LCOE savings
  • On top of performance premium, customers in premium segment are willing to pay additional premium for higher quality, esthetics and "Made in Germany" / "Swiss technology"
  • Reference for additional premium are premium competitors LG, REC, SunPower

System cost

Benchmark Performance

Additional System cost

premium

premium

Assumptions: System - 8 kWp, Year - 2020, Total module cost include wholesaler and installer margins; 1) Balance-of-system; 2) BOS lever: Higher module power requires

less modules for the same area leading to e.g., less cables, mounting structures, installation, etc.; 3) Improved performance due to e.g., lower temperature coefficient and

11 © Meyer Burger

degradation translate into more energy generation over lifetime; 4) BOS cost is reduced vs. benchmark BOS cost because of BOS lever

MEYER BURGER CAN OBTAIN UNIQUE MARKET POSITIONING, ENABLING HIGH MARGINS

LOW AVERAGE SALES PRICE HIGH

Market positioning and key competitors

IBC

Standard

HJT / SWCT®

HJT

Medium margin Medium margin High margin

n-PERTPERC

Very low margin

Low margin

HIGH

MANUFACTURING COST

LOW

  • Technology advantage enables unique market positioning and high margins
  • Captive model protects this advantage long-term
  • Meyer Burger as the first player to be competitive in all market segments (rooftop and utility-scale)
  • Competitors in premium segment like SunPower, LG and Panasonic have higher manufacturing costs
  • PERC manufacturers cannot offer modules in the premium segment

12 © Meyer Burger

MEYER BURGER CAN OBTAIN UNIQUE MARKET POSITIONING, ENABLING HIGH MARGINS

Average selling price / manufacturing costs1,2

Standard segmentHigh-efficiency segment

Standard HJT

IBC competitors

• The captive business model prevents

competitors' access to HJT/SWCT®, so

competitors

that Meyer Burger can maintain

European

Uncompetitive

product

margins long-term

module

offering

competitors3

• PERC: low-margin commodity business

with exhausted cost reduction potential

• High-efficiency competition: very high

Meyer Burger

Asian

prices due to positioning as a premium

HJT/SWCT®

product in the residential market - but

PERC competitors

with significantly higher production

costs

Average

Module efficiency2 [%]

Margin

Average

selling price

manufacturing costs

Source: Company datasheets, Solarmedia (Q4 2019), PVInfoLink, analyst reports, expert interviews;

1) Average sales price: reference prices from publicly available sources for "black-black" modules; production costs: COGS, incl. D&A; 2) average of several13 © Meyer Burger manufacturers for different categories; 3) module production with purchased Asian cells of medium performance class

VALUE-ORIENTED SEGMENT STRATEGY IN

SELECTED MARKETS

Meyer Burger will focus its PV cell and module sales activities on the following segments and markets:

Segments

Focus markets

1

Rooftop (residential and small

2 Utility-scale1

commercial)

Targeted segments:

  • Rooftop (premium segment): Customers value Meyer Burger technology for its high performance, quality and aesthetics
  • Utility-scale:Advantages of Meyer Burger technology are recognized in this very price sensitive segment, because they enable lower electricity generation costs (LCOE) compared to standard technology2

Focus markets: Europe, U.S., Australia, Japan

  • Decent market size
  • Price premium is achievable and accepted by market participants

1) May include large commercial segment to the extent that price differentiation is possible; 2) Solar leasing companies also primarily driven by

14 © Meyer Burger

LCOE considerations for residential and small commercial

MEYER BURGER PURSUES VALUE-ORIENTED SEGMENT STRATEGY TO GAIN MARKET SHARE

Annual PV market size in target markets1 [GWp]

Average annual

59

62

growth rate

56

49

50

52

8%

45

Rooftop

5%

Utility-scale

2021 2022 2023 2024 2025 2026 2027

Market share in target markets [%]

16%

18%

13%

Residential

8%

5%

4%

6%

2%

2%

1%

0%

Utility-scale

2021

2022

2023

2024

2025

2026

2027

Source: IHS Markit, IEA, SolarPower Europe, JPEA, SEIA, AU CER

1) Europe, U.S., Australia, Japan

  • Rooftop: Meyer Burger focuses on the high- margin premium segment
  • Utility-scale:Market share will be gradually increased as soon as first pilot projects have proven the "bankability" and the higher energy yield per area in practice
  • As part of the preparations for the business model transformation, Meyer Burger has already sounded the product interest of potential European and U.S. customers and has received written letters of intent (LOIs) to purchase a total of over 2 GW cells and modules per year

15 © Meyer Burger

FAST PRODUCTION AND SALES RAMP-UP POSSIBLE DUE TO AVAILABLE INFRASTRUCTURE AND PERSONNEL

New production site for solar cells - Bitterfeld-Wolfen(Saxony-Anhalt)

16 © Meyer Burger

FAST PRODUCTION AND SALES RAMP-UP POSSIBLE DUE TO AVAILABLE INFRASTRUCTURE AND PERSONNEL

New production site for SmartWire modules - Freiberg (Saxony)

17 © Meyer Burger

VERIFIED TECHNOLOGY ROADMAP SECURES TOP

POSITION AND FURTHER IMPROVEMENT POTENTIAL

MEYER BURGER ROADMAP

CONFIRMED BY FRAUNHOFER

Avg. module efficiency [%]

• Current business plan is based on Meyer

30

Technology level 1

Technology level 2

Technology level 3

Burger's superior "Phase I" HJT technology,1

29.1%

29

27.8%

28.3%

which is proven and protected by various

28

patents

27

SWCT lll + PSK HC

• Verified module efficiency roadmap suggests

26

further improvements that further extend the

25

IBC SWCT II + HC

24.5%

lead over HJT competitors and mainstream

24

23.0%

PERC manufacturers

23

SWCT

22

21.0%

21.1%

22.4%

21.6%

• With its stake in Oxford PV and the related

21

19.8%

Shingled

21.0%

perovskite technology, Meyer Burger is

20

already investing in future technologies with

19

19.2%

further potential for performance

18

improvements

2019

2020

2021

2022

2023

2024

2025

Note: 2020 values based on average module efficiencies based on datasheets; year-on-year increase based on CPIA; 1) In business plan, no

technology improvements beyond continuous improvement program (CIP) benefits assumed

18 © Meyer Burger

Source: Meyer Burger, CPIA

PROPRIETARY BUSINESS MODEL WITH REDUCED RISKS

Attractive returns

1 Value-driven segment strategy

Only selected segments and markets in which price premiums are possible are served

2 Sustainable margins

With captive business model, know-how as well as cell and module technology remain within Meyer Burger

3 Upside potential

Thanks to the innovation potential of the R&D roadmap, Meyer Burger expects to be highly profitable in the long- term

Derisked investment

4 Proven technology

Meyer Burger has successfully proven the mass- production readiness of its Heterojunction/SmartWire technology and acceptance in the market

5 Existing sites, capabilities and brand

Availability of existing PV infrastructure and capabilities in Germany allow for a fast go-to-market approach with the envisaged production capacities

6 Long-term secured investment

Further broadening of innovation potential is provided by Meyer Burger's share in Oxford PV and the cooperation on perovskite technology

19 © Meyer Burger

IMPLEMENTATION WELL UNDERWAY: MARKET LAUNCH IN Q2/2021

Progress

Market launch

Q2/2021

- Installation of production equipment

- Module certification

- Set-up Supply Chain management

New production sites

- Build-up sales organization

Q3/2020 - Q2/2021

- Site in Freiberg purchase

(3. August 2020)

- Site in Bitterfeld rented

(1. September 2020)

Successful

capital increase

22. July 2020

Time

20 © Meyer Burger

FINANCIAL OUTLOOK

TARGETS WITHIN 3 YEARS

Expected Revenue:

CHF 400m - CHF 450m

Expected Gross Profit Margin:

45% - 50%

Expected EBITDA Margin:

25% - 30%

Expected Net Debt / EBITDA

0.25x - 0.5x

  • Expected revenues with annual capacity of 1.4 GW of cell and 0.8 GW of module production by raising a total of around CHF 180 million of debt in 2021/22
  • CAPEX (for equal cell and module capacity, in aggregate):
    • Equipment sourced from Meyer Burger EUR 70-90m/GW for initial investment; reducing to EUR 55-65m/GW from 2023 on (figures at arm's length pricing, including margin for Meyer Burger)
    • Third-partyequipment EUR 45-55m/GW
    • Building and facility EUR 70-90m/GW; for the first factory build phase of 0.8 GW module and 1.4 GW cell capacity, savings of EUR 22-28m can be expected due to existing buildings
    • Ratio of CAPEX for cell to module capacity c. 80% : 20%

LONG-TERM GOALS

Assumptions:

  • In addition, a further CHF 260m - 340m of financing can be raised to implement phase II of our new business plan - additional 1.4 GW installed cell and module capacity - in the base case, the required financing for phase II is to be raised in 2023, but potentially to be accelerated depending on developments over the next 18 months

Long-term goals (> 5 years horizon) - Meyer Burger Group Consolidated Financials

Revenue:

> CHF 2.0bn

EBITDA Margin:

> 30%

Ratio Net Debt / EBITDA:

net cash

21 © Meyer Burger

HIGHLIGHTS OF THE NEW MEYER BURGER

  1. Heterojunction/SmartWire technology is superior to the current standard, mono-PERC, as well as other currently available heterojunction technologies in terms of efficiency and energy yield
  2. Captive business model enables capturing full value from Meyer Burger's technological leadership and protects know-how
  3. Premium products at relatively low manufacturing costs enable a unique positioning in the PV industry and sustained profitability of Meyer Burger
  4. With the successful production ramp-up of the technology by a customer, the proof-of-concept in mass production has already been provided
  5. Existing infrastructure and available skilled personnel should enable production and sales start in Q2/2021
  6. The "Green Deal" and the European climate targets provide a tailwind for the re-establishment of the solar industry in Europe

22 © Meyer Burger

Disclaimer

Meyer Burger Technology AG published this content on 21 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2020 07:54:10 UTC


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Financials
Sales 2020 105 M 118 M 118 M
Net income 2020 -67,0 M -75,1 M -75,1 M
Net cash 2020 120 M 134 M 134 M
P/E ratio 2020 -11,9x
Yield 2020 -
Capitalization 897 M 1 006 M 1 005 M
EV / Sales 2020 7,36x
EV / Sales 2021 8,44x
Nbr of Employees 657
Free-Float 85,2%
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Mean consensus HOLD
Number of Analysts 4
Average target price 0,26 CHF
Last Close Price 0,36 CHF
Spread / Highest target -16,1%
Spread / Average Target -27,3%
Spread / Lowest Target -44,0%
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Managers
NameTitle
Gunter Erfurt Chief Executive & Technology Officer
Franz Richter Chairman
Jürgen Schiffer Chief Financial Officer
Andreas R. Herzog Non-Executive Director
Mark Kerekes Director
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