CLÍNICAS INTERDISCIPLINARIAS DE DISTINTAS ESPECIALIDADES

Forecast Report

GENERAL ECONOMIC CONDITIONS

The global economy will expand slower this year than expected. The International Monetary Fund (IMF) lowered its previous forecast for global growth by 0.3 points to 3.5 %. Weaker prospects in China, Russia, Japan and in the Euro-zone are cited as the reasons. The advantage of lower oil prices are offset by other unfavorable factors such as weaker investment activities due to lower growth prospects. Stagnation and lower inflation in Japan and in the Euro-zone are still a cause for concern according to the IMF. The US was the only large industrialized country which saw its growth forecast lifted by 0.5 point to 3.6 % due to strong domestic demand in 2015.

For Germany, the IMF projects 1.3 % growth this year and 1.5 % in the next year. This is 0.2 and 0.3 percentage points less than previously estimated. The forecast for the Euro-zone was lowered by 0.2 percent points to 1.2 %. For 2016, a growth of 1.4 % is projected which is 0.3 % less then previously forecast.

SECTOR-SPECIfIC fORECASTS AND OUTLOOk fOR THE BUSINESS YEAR 2015

Optical Disc Segment

The comparably lower number of successful box office releases and the resulting lower growth for disc production volume resulted in a weak market for Blu-ray production machines in 2014. The market research institute Futuresource expects that new Hollywood blockbusters in 2015 will once again push demand for Blu-ray Discs. If the market forecast of Futuresource does materialize, SINGULUS TECHNOLOGIES expects that the demand for production equipment for Blu-ray Discs will slightly recover again in 2015.

However, the ongoing changes in consumer behavior might impact this forecast. In particular younger consumer use tablets and smartphones for the consumption of media. Digital media and download services offer consumers additional variety. Streaming services, such as for example Netflix, will have a long-term impact on the market development of physical media.

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Such services require sufficiently fast internet connections, however, which are not available in many parts of the world. physical media such as the Blu-ray Disc still offer excellent high-end quality of movie experiences at home.

an additional opportunity will be the introduction of a new Blu-ray Disc format in 2015. The Blu-ray Disc association (BDa) presented an updated timetable for a new Blu-ray format. The first Blu-ray Discs with 4K-movies are scheduled to be available for the Christmas season 2015. It is possible that an additional market for production equipment for 100 GB Blu-ray Discs will develop from 2015 and in the following years.

Following the lack of orders for the Optical Disc segment in 2014 the company has drawn up very cautious forecasts for 2015. SINGULUS TECHNOLOGIES only anticipates a small catch- up effect in the business year 2015. The Optical Disc division should once again make stable contributions to total sales and consolidated earnings in the current business year. In particular for production machines of the BLULINE II type SINGULUS TECHNOLOGIES expects a moderate increase in order intake compared with the prior year. In its budgets the Executive Board project a slight increase in sales for this segment compared with the previous year. according to plans, EBIT will substantially improve and will be slightly positive. The prior year EBIT was affected by one-time expenditures.

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Solar segment

The majority of market forecasts expect the international solar markets to develop positively and the demand for pv modules to expand. On average, market analysts forecast a doubling of the pv market from 2012 to 2017 and nearly tripling by 2020. at the beginning of January 2015 the market research company IHS forecast demand to grow by 25 % in 2015. The installations of photovoltaic equipment should rise to about 55 GW.

according to HIS, China, Japan and the US will remained the biggest national markets while the market for decentralized plants in China will presumably rise by 20 % to 4.7 GW, but it will fall short of former expectations nonetheless.

The highest percentage growth rates are projected for the US and India according to market researchers. With a projected share of solar energy of 10 % California will be the leading region in this respect at the end of 2015.

Source: Fraunhofer Study 12/2013 for X-GW project (use of data from EpIa, Sarasin Bank, IHS Research, NpD Solarbuzz, GTM Research, Lux Research, Navigant Consulting as well as own expectations)

2012 2014 2016 2018 2020

rANGE OF DIFFErENT MArKET rESEArCH STUDIES FOr THE yEArLy GLOBAL Pv DEMAND

GW p/a 20 40 60 80 100 120 0

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The apparent regional diversification of the market will progress further. Due to the substantial decrease in costs in the past couple of years, photovoltaics is already competitive to conventional energy sources in many countries, which will progress the higher degree of integration of photovoltaics into the respective energy mix, in particular in countries with a high share of imported energy.

On a global basis, photovoltaics has the potential to establish itself as an essential component of energy provision. The Middle East, North and South america have a very high potential for an economic integration of pv-power into their energy systems.

The capital spending for production equipment for solar cells is set to increase considerably and to remain stable at a high level in the years 2016 through 2018.

In unison, many renowned market research institutes and other institutions forecast a positive trend in the next couple of years. The business activities in the Solar division should thus perform substantially better than in the previous years. With respect to sales a very substantial increase is expected for the business year 2015. This requires additional material order intake in the coming months. The EBIT should improve considerably. However, a slightly negative EBIT is still projected.

5,000

0 10,000 15,000

2008 2010 2012 2014 2016 2018

INvESTMENTS IN PrODUCTION EQUIPMENT

million US $

Downward trend Most likely Upward trend Source: Solarbuzz 10 | 2014

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Semiconductor Segment

The forecast for the general economic developments for investments in semiconductor production equipment is generally positive for 2015 as well (Gartner). Global semiconductor sales are forecast to reach USD 358 billion in 2015, a 5.4 % increase. The market is

characterized by applications for smartphones, flash and solid-state drives (SSDs). The year 2014 did not provide a better perspective for the future development and the importance of MRaM as a possible storage technology for the future. Development cooperations of renowned semiconductor manufacturers for MRaM are still working on this subject, but it is not foreseeable whether a breakthrough can be achieved in the business year 2015. With its machine line the company focuses on new potential applications of vacuum coating technology for the semiconductor industry.

From today’s point of view we expect a slight increase in sales and a sharp improvement in EBIT for this segment, while the EBIT will remain slightly negative for the business year 2015 despite this projection.

Outlook for the business year 2015

Ihe challenge for SINGULUS TECHNOLOGIES aG for the business year 2015 will be to achieve stable order intake and sales in the core segments on time and at the same time to set-up new work areas and build them to successes. It will be necessary for SINGULUS TECHNOLOGIES to receive additional major orders in the first months, which will confirm the sales and earnings targets for the business year 2015. For the business year 2015 SINGULUS TECHNOLOGIES anticipates a sharp increase in sales, doubling the level of the prior year, in particular due to the expectations for the Solar division. This will correspond to nearly breaking even on an EBIT basis and thus a significant improvement of this key figure. The current financing structure of the company via the issued bond will also result in an interest expense in 2015, which will impact the results and lead to a negative net profit of the Group pursuant to IFRS after all. To achieve the financial full-year targets for 2015 according to plan it will be decisive how the product mix of sales will develop and whether the individual segmental targets will be achieved. This holds particularly true for the segments Solar and Optical Disc.

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In the past couple of years, SINGULUS TECHNOLOGIES has continuously expanded the technologic know-how on the basis of the core competencies vacuum thin-film technology, surface processing technology as well as thermal and wet-chemical process technology. Several new machines and equipment for this were developed with target customers and are currently being tested. SINGULUS TECHNOLOGIES will work extensively on the market introduction of these products in the business year 2015. Initial success shows that this path is correct and continues to be promising.

For the outlook for the business year 2015 pursuant to HGB accounting principles please refer to the chapter describing the annual accounts pursuant to HGB on page 69 of this status report.

Outlook for the business year 2016

Based on a planned positive development in the business year 2015, in particular in the Solar division, and the successful development of new markets in the next couple of months, SINGULUS TECHNOLOGIES expects to again sharply increase sales in the business year 2016 and to finish with a significantly positive EBIT.

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