Silicon & Wafer Solar Cell & Module Thin Film Semiconductor. Annual Report March 31, 2009

Transcription

1 Silicon & Wafer Solar Cell & Module Thin Film Semiconductor Annual Report 28 March 31, 29

2 Disclaimer We have exercised utmost care in the preparation of this presentation. It contains forecasts and/or information relating to forecasts. Forecasts are based on facts, expectations, and/or past figures. As with all forward-looking statements, forecasts are connected with known and unknown uncertainties, which may mean the actual result deviates significantly from the forecast. Forecasts prepared by third parties, or data or evaluations used by third parties and mentioned in this communication, may be inappropriate, incomplete, or falsified. We cannot assess whether information, evaluations, or forecasts made by third parties are appropriate, complete, and not misleading. To the extent that information in this presentation has been taken from third parties, or these provide the basis of our own evaluations, such use is made known in this report. As a result of the above-mentioned circumstances, we can provide no warranty regarding the correctness, completeness, and up-to-date nature of information taken, and declared as being taken, from third parties, as well as for forward-looking statements, irrespective of whether these derive from third parties or ourselves. Rounding differences may arise. 2

3 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 3

4 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 4

5 Highlights 28 Sales: million (+125.4%) EBITDA margin: 15.3% (previous year: 12.9%) EBIT*: 55.7 million (+163.8%) Consolidated net income: 34.6 million (+154.%) Capital increase completed (in cash and in kind) Integration of affiliated company centrotherm thermal solutions GmbH & Co. KG Strengthening of world-wide presence New products successfully launched: Vent Gas Recovery System, new optical measuring systems March 29: First silicon out in Asia centrotherm photovoltaics AG *before purchase allocations Annual Report 28 5

6 Key Figures Summary Sales million million Total Output EBITDA EBIT Earnings per Share million 57.5 million (Margin: 15.3%) 43.5 million (Margin: 11.6%) million 21.5 million (Margin: 12.9%) 21.1 million (Margin: 12.7%) 1.36 centrotherm photovoltaics AG Margins referring to sales Annual Report 28 6

7 Update on Order Book (1) Development of Order Book 1,2 1, ,5 99 9/7 12/7 3/8 6/8 9/8 12/8 Order book contains: Silicon: 6 orders (capacity: 16,7 tons) Solar cell: 36 turnkey lines (capacity: 1,355 MWp) Thin film: 1 turnkey line (capacity: 3 MWp) Order intake in Q4 28: 123 million New orders in January / February 29: (ad hoc preliminary figures): 32 million Silicon: 1 order (capacity: 2,5 tons) Solar cell: 2 turnkey lines (capacity: 1 MWp) Thin film: 1 turnkey line (capacity: 5 MWp) 7

8 Update on Order Book (2) Split by Business Segments as of December 31, 28 Thin film: 49 million (4.9%) Silicon: 496 million (5.1%) Total: 99 million Solar cell: 445 million (44.9%) 8

9 Stability of Order Book Split by Project Classification as of December 31, 28 C-projects 192 million A-projects 23 million A-Projects: Orders under transaction B-projects 595 million Total: 99 million B-Projects: Secured by prepayments / LC s C-Projects: Firm orders Split by Project Classification per Segment as of December 31, C-Projects B-Projects A-Projects Solar cell Thin film Silicon 9

10 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 1

11 Market Development 11 1 GW production volume centrotherm photovoltaics AG Market & Technology Research sunny take-off wave of start-ups start of mass production silicon shortage high margins consolidation phase industry consolidation price decline grid parity utility take-off bright future PV = established industry reduced cost grid parity consumer take-off subsidy driven consumer grid parity off-grid utility grid parity 11

12 Can projects be generated now? Example of project execution 1. Initial discussion 2. Preparation Business Plan 3. Financing conversation A 4. Draft contract 5. Signature supplier 6. Financing conversation B 7. Possibly consultation 8. Counter-signature customer 9. L/C / Downpayment 1. Acceptance for order backlog Solar Cell Thin Film Silicon 1 Year Project Start 1. Year 2. Years 3. Years Preparatory Stage 12

13 Unique supplier along PV value chain Crystalline solar value chain Thin-film Silicon Ingot/ Wafer Cell Module CIGS CdTe a-si 27A industry capex split¹ 33% 25% 27% 5% 1% centrotherm Turnkey Production Plants Key equipment Fab engineering Turnkey Lines Key equipment Fab engineering Turnkey Lines Turnkey Lines Key equipment Services Services Services ¹ Solarbuzz, March 28 Industry sweet spot Strong market presence No market presence Capturing / access to over 7% of the capex pie Main Competitors: Applied Materials, GT Solar, Roth & Rau as an example 13

14 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 14

15 Research and Development Research and development expenses 28: 16.8 million R&D ratio: 4.5% More than 1 employees are working in R&D-centers in Blaubeuren, Constance and Burghausen Close cooperation with universities and institutes 15

16 Silicon: Polysilicon Production Plant Products & Services: - Fab design & engineering - Key equipment (CVD reactors & STC-TCS converters) - Technology Reactors & Coverters High capacity High purity Low energy Conversion of silicon tetrachloride to trichlorosilane Cost efficient process Vent Gas Recovery Unit Treatment of vent gases Capacity: 2,5 t/a polysilicon Highest recovery rates 16

17 R&D Silicon Research and development expenses totaled at 4.6 million in 28 Process optimizations in polysilicon production: Higher output Lower energy consumption Optimized CAPEX Crystallization processes: Large ingot yield Shorter cycle times Cost reduction Next generation CVD reactors Higher production capacity Higher efficiency Increased cost-effectiveness 17

18 Solar Cell: Crystalline Solar Cell Turnkey Line Process Equipment Direct plasma nitride layer POCL diffusion Highest process performance Low cost of ownership Processes: diffusion, oxidation, PECVD, LPCVD and annealing Market leadership Efficiency: Mono-crystalline: 18+% Multi-crystalline: 16.6% Yield: 96% Wafer Inspection System Quality control and sorting of raw solar wafers in terms of Geometry Mechanical stability Resistivity Thickness Carrier lifetime Conveyer Furnaces Inspection System Inline system Inline solar cell production Highest throughput Low cost of ownership Checking optical quality of metal print pattern Direct feedback to the operator Different types for: drying (type HTO), sintering (type FF) or combination (type FF-HTO) Market leadership 18

19 R&D Solar Cell Research and development expenses totaled at 4.7 million in 28 Next solar cell generation New design for front and back side Alternative process routes Improved process sequences Target: Increasing efficiency Mono-crystalline: 18 to 18.5% Multi-crystalline: 16.6 to 17% Key figures FlexLine Plus Evolutionary development: Selective Emitter Technology Output: 6 MW Efficiency: Mono-crystalline: 18%, Multi-crystalline: 16.6 % 19

20 Thin Film: Thin Film Turnkey Line Products & Services: - Facility design - Fab design - Engineering - Key equipment - Technology Selenium System Atmospheric pressure deposition Internal automated handling tools Exhaust treatment to recover excess selenium Sputter Equipment Deposition of: front contact (Zinc Oxide) metal back contact (Molybdenum) absorber film (Copper-Gallium-Indium) 2

21 R&D Thin Film Research and development expenses totaled at 7.5 million in 28 CIGS pilot line started operating (module size: 3 x 3 cm²) Optimization of individual systems and processes Target: - Further improvement of cost effectiveness of mass production - High quality - High efficiency Technology can easily be scaled up to large module sizes Efficient transfer of pilot line results to customer production lines 21

22 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 22

23 Sales and Total Output Sales % Q1 Q2 Q3 Q4 Total Output % Q1 Q2 Q3 Q4 23

24 Sales Breakdown Sales Breakdown by Region 12M 28 Sales Breakdown by Product 12M 28 Rest of World Other 2.9 (5.6%) 52.5 (14.%) Rest of Europe 5.4 (13.5%) Germany 51.4 (13.7%) Total: Asia 252. (67.2%) Service and Replacement 17. (4.5%) Single Equipment Total: Turnkey Production Lines (3.1%) (51.4%) Export Quota: 86.3% Deliveries Turnkey Lines 28 Deliveries Single Equipments Solar cell Silicon Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total 24

25 Segment Information 25

26 Material and Personnel Expenses Material Expenses % % 8% 6% 4% 2% Material Expenses ratio* % Q1 Q2 Q3 Q4 12% % 8% 7.4% 5.2% 6% 8.7 4% 2% % Personnel Expenses Personnel Expenses ratio* Q1 Q2 Q3 Q4 * referring to sales 26

27 Other Operating Expenses % % Ratio* 12% 1% 8% 6% 4% % 4 % * referring to sales Q1 Q2 Q3 Q4 Breakdown By Cost Category 36 Other 32 Sales commissions 28 Legal and Consultancy Costs 24 Insurance and Contributions 2 Research and Development 16 Other Services 12 Freight and Packaging 8 Travel Expenses 4 Management Services centrotherm photovoltaics AG Annual Report

28 EBIT and Consolidated Net Income EBIT %** % 11.6% % 16% 15% 14% 13% 12% 11% 1% EBIT Margin* Q1 Q2 Q3 Q % 8.2% % 1% 8% 6% % 2% Consolidated Net Income Net Income Margin* % Q1 Q2 Q3 Q * referring to sales -8 centrotherm photovoltaics AG ** excluding purchase price allocation Annual Report 28 28

29 Cash Flow Cash Flow from Operating Activities after NWC NWC = Changes in Net Working Capital 8 EBT = Earnings Before Taxes NWC EBT Cash Flow from Investment Activities 12M 27 12M M 27 12M Cash Flow from Financing Activities Total Cash Flow M 27 12M 28 12M 27 12M 28 29

30 Balance Sheet as of December 31, Non-current Assets Equity Current Assets 68.8 Non-current Liabilities Current Liabilities thereof: Securities Total Assets thereof: Advanced payments received Total Equity and Liabilities Equity Ratio: 47.8% Balance Sheet volume totally increased mainly due to acquisitions 3

31 Integration of centrotherm thermal solutions Integration of centrotherm thermal solutions GmbH & Co. KG (CTTS): In-house access to key thermal equipment and production capacities Product portfolio: Thermal key equipment for the PV and semiconductor industry Purchase price CTTS: 137 million 62 million discount to valuation from E&Y Net result CTTS: 4.8 million* (period: November 1 to December 31, 28) Sales according to German Commercial Code: million (12M 28) Profit according to German Commercial Code: 15.4 million (12M 28) *including purchase price allocation and consolidation effects 31

32 Depreciations from Purchase Price Allocation FHR SolMic CTTS Glatt 32

33 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 33

34 Outlook Double-digit growth Sales: EUR 5-55 million Further increase in EBITDA planned 34

35 Contents 1. Highlights Market Development 3. Research and Development 4. Financial Results 5. Outlook 6. Appendix 35

36 centrotherm photovoltaics at a Glance Technology and equipment supplier for PV industry Leading market player of turnkey crystalline solar cell production lines Unique supplier of turnkey solutions over full crystalline solar cell value chain and leading thin film technology Business Divisions Silicon Solar Cell Thin Film Semiconductor & Microelectronics Technology & Equipment Turnkey Production Plants - Turnkey Lines - Key Equipment - Services Key Figures Employees: 178 1,5 Sales: 166 million 375 million EBIT: 21 million 56 million* centrotherm photovoltaics AG *before purchase price allocations Annual Report 28 36

37 Portfolio: Major Equipment and Technology Silicon Equipment (Reactor & Converter) 2,5 t Silicon Production Plant Equipment Technology Thin Film CIGS* Technology Crystalline Solar Cell Sputtering Equipment Fab Design Equipment Facility Turnkey & Design Single 3/5/6 MW Solar Cell Production Plant Module Equipment 3/5/1 MW CIGSThin Film Modules Production Line 5/1/3 MW module production lines *CIGS= Copper Indium Gallium Diselenide centrotherm photovoltaics AG Annual Report 28 37

38 Purchase Price Allocation CTTS 38

39 International Presence centrotherm photovoltaics AG Blaubeuren, Germany centrotherm Sitec GmbH Blaubeuren/Burghausen, Germany centrotherm thermal solutions GmbH & Co.KG Blaubeuren, Berlin, Dresden, Frankfurt (Oder), Hanover, Germany, France, USA, Asia centrotherm photovoltaics technology GmbH Constance, Germany FHR Anlagenbau GmbH Ottendorf-Okrilla, Germany GP Solar GmbH Constance, Germany Michael Glatt Maschinenbau GmbH Abensberg, Germany centrotherm photovoltaics USA Inc. Beverly, Massachusetts centrotherm photovoltaics Italia S.r.I Treviso centrotherm photovoltaics Asia Pte. Ltd. Taiwan, Singapore centrotherm photovoltaics Trading (Shanghai) Co. Ltd. Shanghai 39

40 The Share 4

41 Financial Calendar 29 May 14, 29: Publication of Interim Report as of March 31, 29 June 3, 29: Annual General Meeting of Shareholders August 13, 29: Publication of Interim Report as of June 3, 29 November 11, 29: Publication of Interim Report as of September 3, 29 41

42 centrotherm - empowering photovoltaics Contact: Saskia Schultz-Ebert Investor Relations centrotherm photovoltaics AG Johannes-Schmid-Strasse Blaubeuren Tel +49 () Fax +49 ()