report as of june 30, 2009€¦ · · 2013-05-17it contains forecasts ... 2000 2002 2004 2006...
TRANSCRIPT
Report as of June 30, 2009August 13, 2009
Silicon & Wafer
Solar Cell & Module
Thin Film
Semiconductor
centrotherm photovoltaics AG Report as of June 30, 2009 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.
centrotherm photovoltaics AG Report as of June 30, 2009 3
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 4
Investors’ Key Topics
Focus on Key Topic
�Working capital development� Prepayments� Liquidity� Margin� Guidance
� Market trends in our business segments� Capacities� Pricing pressure� Project status
Financials
Market &
Projects
� Order intake� Pipeline� Cancellations / Postponements� Order book quality
Order Book
� Goal: Fully integrated technology and product portfolio� International expansion� Intensive R&D investments
Growth Strategy
centrotherm photovoltaics AG Report as of June 30, 2009 5
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 6
Highlights
� Strong growth in sales
� 6M 2009: € 264.1 million (+ 88.5%)
� Q2 2009: € 133.1 million (+ 83.7%)
� Creation of second silicon production plant
� National and international expansion
� Successful Shareholders’ General Meeting 2009
Air photograph of new buildings at Blaubeuren Headquarters
Shareholders’ General Meeting at Edwin-Scharff-Haus, Neu-Ulm
centrotherm photovoltaics AG Report as of June 30, 2009 7
� Successful construction of a solar cell turnkey production plant
� Capacity: 250 MW
� Enabling industrial entry into photovoltaics market
� Production of first solar cell after reporting date
Hyundai Heavy Industries - Largest Project in
Solar Cell Turnkey Business Realized
Hyundai Heavy Industries Co., Ltd. in Eumseong, South Korea
centrotherm photovoltaics AG Report as of June 30, 2009 8
� Commissioning of first CIGS turnkey production line at Asian customer started
� New CIGS module manufacturing process established
� “First Module Out” expected by the end of 2009
First CIGS Thin Film Production Line in
Ramp-up Phase
Ramp-up of thin film production line at Asian customer
centrotherm photovoltaics AG Report as of June 30, 2009 9
Key Figures Summary
€ 18.8 million
(margin: 13.4%)
€ 35.8 million
(margin: 13.5%)EBITDA
€ 0.91€ 0.84Earnings per share
€ 18.4 million
(margin: 13.1%)
€ 33.6 million
(margin: 12.7%)EBIT (before PPA)
€ 978.3 million€ 1,010.2 millionOrder book*
€ 140.1 million€ 264.1 millionSales
6M 20086M 2009
* As of reporting date
All margins refer to sales
centrotherm photovoltaics AG Report as of June 30, 2009 10
Segment Information 6M 2009
€ 5.3 million(margin: 6.6%)
€ 8.3 million(margin: 10.4%)
€ 8.7 million(margin: 10.9%)
€ 79.9 million
€ 20.5 million(margin: 11.1%)
EBIT
€ 25.3 million(margin: 13.7%)EBIT (before PPA)
€ 27.1 million(margin: 14.7%)
EBITDA
€ 184.3 millionSales of segment
Silicon & Wafer Solar cell & Module /
Thin film
centrotherm photovoltaics AG Report as of June 30, 2009 11
Update on Order Book as of June 30, 2009 (1)
326
463
677
978 1,005 990
1,256
1,010
0
200
400
600
800
1,000
1,200
1,400
Development of Order Book
in m
illion €
Order book contains:
� Silicon & Wafer: 8 orders
(capacity: 21,700 tonnes)
� Solar cell & Module: 25 turnkey lines
(capacity: 995 MWp)
� Thin film: 2 turnkey lines
(capacity: 80 MWp)
03/0812/07 06/08 09/08 09/07 12/08 03/09 06/09
centrotherm photovoltaics AG Report as of June 30, 2009 12
Solar cell & Module:
€ 192 million (19.0%)
Thin film:
€ 106 million (10.5%)
Silicon & Wafer:€ 712 million (70.5%)
Total:
€ 1,010 million
Split by Business Segments as of June 30, 2009
Update on Order Book as of June 30, 2009 (2)
centrotherm photovoltaics AG Report as of June 30, 2009 13
Stability of Order Book as of June 30, 2009
Split by Project Classification as of June 30, 2009
A-projects: Orders under transaction
B-projects: Secured by prepayments / LC‘s
C-projects: Firm orders
Total:
€ 1,010 million
B-projects
€ 127 million
A-projects
€ 527 million
C-projects
€ 356 million
40
55
38
6682
405
72
252
0
200
400
600
800
Solar cell Thin film Silicon
C-projects
B-projects
A-projects
192
712
106
Split by Project Classification Per Segment as of June 30, 2009
in m
illion €
Solar cell &
ModuleThin film Silicon &
Wafer
centrotherm photovoltaics AG Report as of June 30, 2009 14
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 15
0
10
20
30
40
50
60
70
80
90
100
110
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
subsidy driven consumer grid parity off-grid utility grid parity
bright futurePV = established
industry
reduced cost
sunny take-offwave of start-ups
start of mass production
silicon shortage
high margins
consolidation
phaseindustry
consolidation
price decline
GW production volume
grid parity consumer
take-off
grid parity utility
take-off
centrotherm photovoltaics AG
Market & Technology Research
PV Market Development:
Bright Outlook, But Clouds Ahead
centrotherm photovoltaics AG Report as of June 30, 2009 16
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 17
Research and Development
Research and development expenses 6M 2009: € 11.1 million R&D ratio: 4.2%
Silicon & Wafer Solar cell & Module Thin film
R&D Expenses:
R&D Activities:
€ 2.7 million € 5.2 million(including semiconductors)
€ 3.2 million
� Development of “Next
Generation CVD-Reactor”
� New converter type
� Development of
crystallization furnace
� Development of new
process steps for FlexLine
Plus
� Analysis of laser processes
for improved throughput
� Reduction of ramp-up time
and cost for turnkey
projects
� Efficient process transfer
from pilot line to production
line
� Development of new
analytics
� Promising research results
for alternative buffer layer
centrotherm photovoltaics AG Report as of June 30, 2009 18
Goal: Fully integrated technology and product portfolio
� International Expansion
� New subsidies
� Generate growth markets (US, India)
� Strong focus on R&D investments
� Crystallization furnace
� New reactor type
� Innovation in Vent Gas Recovery System
� Continuously increasing efficiencies
→ Mono-crystalline: 18+%
→ Multi-crystalline: 16.6%
→ Thin film: 13%
� Module technology
Strategic Investments
€/Wp
centrotherm photovoltaics AG Report as of June 30, 2009 19
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 20
Sales and Total Output
96.8
137.7133.1
72.567.7
131.0
0
40
80
120
160
200
Q1 Q2 Q3 Q4
140.1
264.1
0
50
100
150
200
250
300
6M 2008 6M 2009
271.3
146.1
0
50
100
150
200
250
300
6M 2008 6M 2009
Sales
+88.5%
in m
illion €
Total Output
+ 85.7%
2008 2009
97.6
140.0136.8 134.5
78.168.0
0
40
80
120
160
200
Q1 Q2 Q3 Q4
2008 2009
in m
illion €
in m
illion €
in m
illion €
centrotherm photovoltaics AG Report as of June 30, 2009 21
Sales Breakdown by Region
Asia
202.4 (76.6%)
Germany
28.0 (10.6%)
Rest of Europe
19.4 (7.4%)
Rest of World
14.3 (5.4%)
Total:
264.1
in million €
Export Quota: 89.4%
Asia
101.2 (76.0%)Germany
12.7 (9.5%)
Rest of Europe
7.9 (6.0%)
Rest of World
11.3 (8.5%)
Total:
133.1
in million €
Export Quota: 90.5%
6M 2009 Q2 2009
centrotherm photovoltaics AG Report as of June 30, 2009 22
Sales Breakdown by Product
6M 2009
Turnkey Production
Lines
113.3 (42.9%)Single
Equipment
111.7 (42.3%)
Service & Replacement
9.9 (3.8%)
Other
18.3 (6.9%)
Total:
264.1
Consulting & Engineering
10.9 (4.1%)
Q2 2009
Turnkey Production
Lines
65.2 (49.0%)
Single Equipment
45.5 (34.2%)
Service & Replacement
4.0 (3.0%)
Other
8.3 (6.2%)
Total:
133.1
Consulting & Engineering
10.1 (7.6%)
in million € in million €
centrotherm photovoltaics AG Report as of June 30, 2009 23
Deliveries
Deliveries Solar Cell Turnkey Lines Deliveries Single Equipment
9
8
11
6M 20096M 20082008 total
9790
184
33
16
6M 20096M 20082008 total
Silicon & Wafer
Solar cell & Module
centrotherm photovoltaics AG Report as of June 30, 2009 24
Material and Personnel Expenses
90.288.9 86.5
49.6
73.4
59.6
0
20
40
60
80
100
Q1 Q2 Q3 Q4
109.3
175.4
66.4%
78.0%
0
40
80
120
160
200
6M 2008 6M 2009
0%
20%
40%
60%
80%
9.0
30.7
11.6%
6.4%
0
8
16
24
32
40
6M 2008 6M 2009
0%
2%
4%
6%
8%
10%
12%
* referring to sales
Material Expensesin m
illion €
material expensesratio*
Personnel Expenses
12.3
14.516.1
3.9
6.55.1
0
4
8
12
16
20
Q1 Q2 Q3 Q4
personnel expenses ratio*
in m
illion €
in m
illion €
in m
illion €
2008 2009
2008 2009
centrotherm photovoltaics AG Report as of June 30, 2009 25
2.3
3.5
1.9
2.8
2.4
1.4
0.7
2.2
1.3
1.4
0.7
8.5
4.5
5.32.5
4.2
0.7
0.1 0.6
1.1
0
4
8
12
16
20
24
28
32
6M 2009 Q2 2009
Other
Premises
Sales Commissions
Legal and Consultancy
Insurance and Contributions
Research and Development
Other Services
Freight and Packaging
Travel Expenses
Management Services
Other Operating Expenses
13.7
31.1
11.8%9.8%
0
4
8
12
16
20
24
28
32
6M 2008 6M 2009
0%
4%
8%
12%
16%
14.914.1
17.0
6.2 6.57.5
0
4
8
12
16
20
Q1 Q2 Q3 Q4* referring to sales
Breakdown By Cost Category
ratio*in m
illion €
in m
illion €
in million €
31.1
2008 2009
17.0
centrotherm photovoltaics AG Report as of June 30, 2009 26
EBITDA and EBIT
18.8
35.8
13.5%13.4%
0
8
16
24
32
40
6M 2008 6M 2009
0%
2%
4%
6%
8%
10%
12%
14%
16% 26.2
19.5
16.2
8.7
12.510.1
-2
2
6
10
14
18
22
26
30
Q1 Q2 Q3 Q4
EBITDAin m
illion €
in m
illion €
EBIT m
argin
Margins refer to sales
* before purchase price allocations
2008 2009
18.4
25.8
9.8%
13.1%
0
4
8
12
16
20
24
28
6M 2008 6M 2009
0%
2%
4%
6%
8%
10%
12%
14%
16%
13.114.7
11.1
8.5
12.0
9.9
0
4
8
12
16
20
Q1 Q2 Q3 Q4
EBIT
in m
illion €
in m
illion €
EBIT m
argin
12.7%*
2008 2009
centrotherm photovoltaics AG Report as of June 30, 2009 27
Consolidated Net Income
Consolidated Net Income and Earnings
Per Share
14.5
17.7
6.7%
10.4%
0
4
8
12
16
20
6M 2008 6M 2009
0%
2%
4%
6%
8%
10%
12%
10.810.5
7.36.2
9.28.4
0
4
8
12
16
Q1 Q2 Q3 Q4
in m
illion €
in m
illion €
net income margin
Margin refers to sales
2008 2009
0.910.84
0.0
0.2
0.4
0.6
0.8
1.0
6M 2008 6M 2009
Earnings Per Share
in €
in €
2008 2009
0.580.50 0.52
0.57
0.390.34
0.0
0.2
0.4
0.6
0.8
1.0
Q1 Q2 Q3 Q4
centrotherm photovoltaics AG Report as of June 30, 2009 28
Balance Sheet
� Equity Ratio: 46.2%
727.8
Total Assets
727.8
Total Equity and Liabilities
283.3
Non-current Assets
thereof:
Securities
99.9
336.3
Equity
328.5
Current Liabilities
63.0
Non-current Liabilities444.5
Current Assets
thereof:
Advanced payments
received
155.8
Balance Sheet as of June 30, 2009 Balance Sheet as of December 31, 2008
665.8
Total Assets
665.8
Total Equity and Liabilities
273.0
Non-current Assets
thereof:
Securities
93.9
318.2
Equity
278.8
Current Liabilities
68.8
Non-current Liabilities392.7
Current Assets
thereof:
Advanced payments
received
158.9
centrotherm photovoltaics AG Report as of June 30, 2009 29
Cash Flow
20.5 25.8
-29.2
55.3
-40
-20
0
20
40
60
80
-37.5
-2.2
-40
-32
-24
-16
-8
0
Total Cash Flow
75.8
Cash Flow from Operating Activities
-3.4
-78.0
-34.1
-80
-60
-40
-20
0
Cash Flow from Investment Activities
6M 2008
0.00.00
20
40
60
80
100
120
140
6M 2008 6M 2009
Cash Flow from Financing Activities
6M 2009NWC = Changes in Net Working Capital
EBT = Earnings Before Taxes
6M 2009
6M 2008
in m
illion €
In m
illion €
in m
illion €
in m
illion €
6M 2008 6M 2009
centrotherm photovoltaics AG Report as of June 30, 2009 30
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 31
Outlook
Further confirming our guidance
� Double-digit growth
� Sales: EUR 500 - 550 million
� Further increase in EBITDA planned
centrotherm photovoltaics AG Report as of June 30, 2009 32
Contents
2. Highlights
5. Financial Results
4. Research and Development
3. Market Development
6. Outlook
7. Appendix
1. Investors’ Key Topics
centrotherm photovoltaics AG Report as of June 30, 2009 33
0
10
20
30
40
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09
centrotherm photovoltaics DAX TecDAX GEX DAXsubsector Renewable Energies
Share
Indices rebased to centrotherm share price
€
centrotherm photovoltaics AG Report as of June 30, 2009 34
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
centrotherm photovoltaics
Italia S.r.I
Treviso
centrotherm photovoltaics
Asia Pte. Ltd.
Taiwan, Singapore
centrotherm photovoltaics
Technology Shanghai Co. Ltd.
Shanghai
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 AG Report as of June 30, 2009 35
Financial Calendar and Other IR Events 2009
� November 11, 2009:
Publication of interim report as of September 30, 2009
� October 7, 2009:
Credit Suisse Technology Conference, Frankfurt
� October 8, 2009:
North European Renewable Energy Convention, Oslo
centrotherm photovoltaics AG Report as of June 30, 2009 36
Contact
centrotherm - continuing innovations
Contact: Saskia Schultz-Ebert
Investor Relations
centrotherm photovoltaics AG
Johannes-Schmid-Strasse 8
89143 Blaubeuren
Tel +49 (0)7344 9188-890
Fax +49 (0)7344 9189-389