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©
centrotherm photovoltaics AGAnalysts & Investors Technology Day
Robert M. Hartung, CEO
Dr. Peter Fath, CTO
May 8, 2008
© 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.
The International Financial Reporting Standards (IFRS) pro forma consolidated financial information were
employed as the values for the previous year in the financial analysis of the earnings position in order to
improve comparability of the financial data of centrotherm photovoltaics in the 2006 and 2007 periods
under review. They represent the economic situation of centrotherm photovoltaics as if the company had
already taken over the business operations of centrotherm Photovoltaics Solutions GmbH & Co. KG
already as of January 1, 2006 instead of May 1, 2006. In the pro forma consolidated IFRS financial
information 2006 the consolidated sales, expenditure and earnings contributions of GP Solar GmbH and
SOLMIC GmbH are only included as of initial consolidation for the period from August 1 to December 31,
2006. Moreover, the shares in centrotherm photovoltaics Technology GmbH were transferred to
centrotherm photovoltaics AG on June 22, 2007 and thus this company is included in the consolidated
financial statements for the first time as of June 30, 2007.
© 3
centrotherm photovoltaics at a glance
Company Description
A leading
technology
supplier for the
PV industry.
Well positioned
to benefit from
future capacity
expansion.
� Turn-key lines for solar cells and thin-film solar
modules
� Technology for production process and cell
architecture
� Access to key equipment
� Innovative business model
� Top tier client base
� Strong order book of 676 million euros
Services
Turn-key Lines
Key Equipment
Turn-key Production
Plants*
Business Divisions
► Silicon
► Solar Cell
► Thin film
*Vision
Technology
© 4
Implementing the strategy: Board of Directors
► Centrotherm Experience in Photovoltaics� > 25 years in Solar Cell Processing
�> 6 years in Turnkey Solutions� > 6 years in Thin Film Solar Module Processing
Management
Dr. Peter FathCTO
Hans Autenrieth
CEO
► joined centrotherm in 1973
► held various key positions
► head of photovoltaic business
segment since 1996
Robert M. Hartung
CEO
Speaker of the Board
► holds business and engeering
degree
► joined centrotherm in 1999
► member of the founding family
► holds PhD in semiconductorphysics
► numerous years of experience in the field of photovoltaic
► author and co-author of morethan 190 publications and 15 PV patents
► holds business degree
► joined centrotherm in 2006
Oliver Albrecht
CFO
Long-term
experience in
photovoltaics
Group Functions:
Business strategy; group
management; legal
department; solar silicon
business unit
Group Functions:
International sales; strategic
alliances; business
development; solar cells
business unit
Group Functions:
controlling; finances and
accounting; investor
relations; human resources
Group Functions:
overall technology, research
& development, and group
marketing
© 5
Company Structure
centrotherm
photovoltaics
Asia Pte. Ltd., SING
centrotherm
photovoltaics
Technology GmbH
GP Solar GmbHSolMiC GmbH
centrotherm SiQ
GmbH
centrotherm
photovoltaics AG
SolarSolarSolarSolar
Empowering
Photovoltaics
FHR Anlagenbau
GmbH
CT PV Asia Pte. Ltd.,
Taiwan Branch
Solar Silicon Solar Cell Sales & ServicesThinfilm
CT PV USA Inc.
CT PV Italia S.r.L.
© 6
Business Segments
centrotherm photovoltaics AG
Solar Silicon Solar CellThin Film
Experience
� > 6 years in Thin
Film Solar Module
Processing
First supplier of
� Turnkey Solutions
for CIGS solar
modules
Excellent level of
expertise, knowledge,
know how, management
skills in the full
photovoltaic value chain
Relationship to leading
companies in market
Leading supplier for
crystalline solar cell
manufacturing
(based on installed
production capacity)
� turnkey solutions
� key equipment
Broad
technological
base
© 7
centrotherm photovoltaics‘ deep insight into the PV market
• Leading supplier
� > large customer base
� > Key supplier to most of the worlds biggest Solar Cell producers
• Strong position as technology provider
� > broad technological base
� > insight’s over whole value chain
centrotherm’s
market position
allows a deep
insight to the
market
© 8
Market estimates based on deep insight into many projects and companies
� > c-Si growth limited by silicon solar availability
� > Thin film growth estimate via project assessment
0
5
10
15
20
25
30
2006 2007 2008 2009 2010
Forecast
Centrotherm
Centrotherm Market Model
Source: Navigant Consulting, EPIA, Deutsche Bank, Piper Jeffrey, LBBW, Photon Consulting, Sarasin & Cie, GP Solar, Centrotherm
Lower Market Forecasts
(i.e. EPIA, Navigant Consulting)
Higher Market Forecasts
(i.e. Photon Consulting)
Worldwide Market Volume in GWp
Market Development
strong market
development
expected
© 9
centrotherm‘s market strategy
Serving existing markets:
� globally leading PV markets, such as Europe, Asia …
Generating new markets:
� Emerging new local markets: More and more countries intend to establish their own PV industry (mainly turnkey)
� Upcoming large volume market of self-supporting PV electricitygeneration: Huge demand for production equipment
Key market driver:
� low production cost €/Wp instead of pure orientation to low CAPEX for production equipment(not maximum output per line, but maximum profit per line)
centrotherm’s
target:
Cost leadership
of our customer
Grid parity
technology is our
goal
© 10
Grid parity european countries 2010
0,00
0,05
0,10
0,15
0,20
0,25
0,30
0,35
0,40
700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000
Germany
Spain
Portugal
France
Denmark
Netherlands
Greece
Sweden
Hungary
Grid Parity
Installed
System
Price:
3 € / Wp
Average household
electricity price
Italy
Sun Irradiation [kWh/m²/year]
Grid parity in
near future
© 11
Grid parity european countries 2015
Grid parity in
near future
0,00
0,05
0,10
0,15
0,20
0,25
0,30
0,35
0,40
700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000
Germany
France
Denmark
Netherlands
Greece
Sweden
Hungary
Grid Parity
Portugal
Spain
Installed
System
Price:
2 € / Wp
Sun Irradiation [kWh/m²/year]
Average household
electricity price
Italy
© 12
Grid parity european countries
2016
Source: Centrotherm
2012
Source: Centrotherm
2014
Source: Centrotherm
2010
Source: Centrotherm
Grid parity in
near future
© 13
Relation between system cost and module cost
1€ / Wp supporting structures, inverter,
cabelling, installation
+
0,55€ / Wp 10% overhead + 25% margin
+
Result: 1,45 € / Wp
module manufacturing cost
Target:
system cost:
3 € / Wp
How to reach grid
parity
© 14
Detailed cost models and market knowledge
Target: < 1 €/Wp
CoO calculation: Silicon based and thin film module fabricationCentrotherm has a
detailled cost
model over the full
crystalline silicon
value chain and
thin film
© 15
Example: Fully Integrated 250 MWp Silicon Solar Cluster
fully integrated
250 MWp plant
using state of the
art technology
+
centrotherm CIGS
thin film module
line
<1€/Wp
� The ultimate vision is to offer an integrated plant
– Poly Si (TCS / "Siemens")
– Wafer (multi Si/Cz Si)
– Cell / module (batch type manufacturing)
� Cost savings will be driven by economies of scale
along the entire value chain
� 250 MWp factory is expected to realize the following
large technology-related cost savings:
– Cheaper polysilicon production
– Thinner wafers
– Higher cell efficiencies
– Optimization of production process
Silicon Ingot Wafer Cell
Fully integrated PV production:
Silicon-Ingot-Wafer-Cell-Modules Manufacturing Cost: < 1 €/Wp
Modules
PV Power Plant
MG Si Plant
PolySi Plant
Ingot Plant
Solar Cell Fab
Wafer Fab
Solar Module Fab
Administration
Solar Academy
© 16
Competitiveness of centrotherm photovoltaics AG
centrotherm‘s competences and business activities within the PV value chain:Strategic goal of
centrotherm :
key equipment,
technology,
turnkey factury
supplier over full
value chain
Differentiation to
key competitors
Silicon ingot/wafer cell module
turnkey
process /
device
technology
key
equipment
silicon wafer based PV
thin film PV
© 17
PV share in electricity generation & equipment market
0%
1%
2%
3%
4%
5%
2007 2008 2009 2010 2011 2012 2013 2014 2015
PV share of
global electricity generation
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
PV manufacturing equipment market
[bn €]
Source centrotherm
Assumptions:
- 40% market growth
- Invest 2 Mio €/MW, decreasing 2,5%/year
Centrotherm
market:
Multi billion €
business
opportunity in
near future
© 18
Summary
� centrotherm photovoltaics expects an ongoing strong market
development
� centrotherm photovoltaics is active in most of the segments
within the value chain
� our target is to enable our customers to reach cost leadership
� we offer attractive products (equipment and technology) in
both wafer based and thin film PV
� centrotherm photovoltaics is well positioned for the challenges
of the market growth
©
Thank you for your attention!