Report as of September 30, 2010 - centrotherm · 2013. 5. 30. · Successful new business with...

Report as of September 30, 2010November 10, 2010

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

Report as of September 30, 2010 2© centrotherm photovoltaics AG

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.

Contents

1. Strategy model2. Highlights 9M 20103. Market trends4. Financials

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


Solar cell & Module Silicon & Wafer Thin film module

Portfolio analysis shows upside potential of our business

Stars Question Marks

DogsCash Cows

Market Growth

RelativeMarketShare

Portfolio analysis of business segments Segments

Silicon & Wafer: Solid growth potential Key drivers:

Expansion along PV value chain Capacity expansion of existing customers

Solar cell & Module: Dynamic growth potential Key drivers:

Customers: Premium cost leaders Demand for high efficiency technology

Thin film module: Strong growth potential Key drivers:

Demand for integrated building applications CIGS as leading future thin film technology


Record order intake mainly driven by Asian capacity expansion and emerging PV markets (e.g. Qatar)

707.7610.6

353.3

78.062.6

452.1

312.6

130.0

0.00

100200300400500600700800900

Order intake 9M 2010 (in m€)

SepAugJulJunMayApr MarFebJan Oct

Order intake significantly increased: + 49.9% up y-o-y to EUR 707.7 million

Record level in Q3 2010: EUR 354.4 million

Ongoing positive order intake trend:EUR 151.1 million as of October 30, 2010


Company structure

Fixed cost management

Working capital control

Leverage debt / equity

Reduce capitalized R&D costs

Order book adjustments (12 month visibility)

CFO’s desk

Key topics Focus on

Value based managementand

profitable growth


High performance in operations

+166% unit output increase over 9 months goal 2010: +186% y-o-y

Production workforce rose much slower: +45% (37% flexible prod. capacities)

Production output secured by decrease in lead times and 3-shifts operation

LEAN-Production rigorously implemented

Synchronized flow production

JIT (Just-in-time), incl. major suppliers

5S

2-stage KANBAN system


Positive outlook for 2010

3. EBIT margin 2010: Approx. 11 %

1. Solid Q4 2010 expected

4. Focus on innovation and R&D

2. Sales guidance 2010 confirmed: EUR 580-600 million


Order Pipeline 2011 - First expectations

Customer interest for> 15.000 t

Mainly Arabian countries

Sound interest for poly plants & expansion along PV value chain

High capacity utilization until end of 1. HY 2011

Existing centrotherm customers expand up tobetween 200 MW and 1 GW

Main growth drivers: Taiwan and China

India as upcoming market

Strong interest for Upgrade-Packages

Potential for Turnkey Light:> 300 MW (final negotiations)

Silicon & Wafer Solar cell & Module Thin film module

1 further 50 MW CIGS project in 2. HY 2011

Strong customer demand but current focus on Taiwanese project

Contents


Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


Top operating performance and successful project realization

Sales and earnings in 9M 2010 above previous’ year level:

Sales: EUR 458.4 million (+22.3% yoy)

EBIT: EUR 54.2 million (+52.7% yoy)

Earnings per share: EUR 1.76 (+49.2% yoy)

Excellent ROCE of 29.1%

Record order intake in cell business: EUR 504.1 million

Orders from renowned solar cell producers (e.g. LDK Solar)

Silicon projects successfully realized

“First Silicon Out” in Taiwan, China and Europe

12© centrotherm photovoltaics AG

Silicon & Wafer – Segment highlights 9M 2010

Sales + 11.0 % up to EUR 151.3 million

EBIT: +47.9 % up to EUR 18.9 million

Strategic contract won for polysiliconproduction in Qatar (~ EUR 150 million)

Further increase in customer demand

Chinese customers expand along PV value chain

New 24-pair technology presented

Successful Ramp-up and „First Silicon Out“ at four production plants in Asia and Europe

China, Erdos, First Silicon Out

Taiwan, TPSI, one ot two reactor halls

Signing of Qatar contract


Solar cell & Module - Highlights 9M 2010

Sales + 55.1 % up to EUR 295.2 million

EBIT +152.0 % up to EUR 60.1 million

Record level of order intake: EUR 504.1 million

Successful new business with upgrade packages / technology

Top 5 Chinese producer: SE ramp-up Q2/2011

Taiwanese premium producer: SE ramp-up Q4/2010

Chinese premium producer: SE ramp-up in progress

Chinese premium producer (New back side technology)-> Ramp-up end of 2010

Turnkey contract 60 MW with Asian customer won


Solar cell & Module - Turnkey is coming back

South Africa

Canada

ChinaUSA

India

Australia

Algeria

Brasil

ItalySpain

Germany

Saturated marketsEstablished marketsUpcoming markets (short term)Upcoming markets (mid term)

MexicoMiddleEast

BelarusUkraine

TaiwanKorea

South East Asia


Thin film module – Segment highlights 9M 2010

Sales EUR 11.9 million

EBIT: EUR -24.7 million

Solid development in Ramp-up process at Taiwanese customer: continuous increase of throughput and efficiency

Development of 2nd generation selenequipment in process

Strong demand from potential new customers

Deposition & Annealing area

ZNO sputtering & P2 area

MM & MO sputtering

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

Contents


Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


0

10

20

30

40

50

60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

inst

alle

d PV

mod

ules

(GW

)

0

1

2

3

4

5

aver

age

mod

ule

pric

e (€

/Wp)

thin f ilm share (GW)

c-Si share (GW)

average module price (€/Wp)

Development of PV industry: Establishment of „Big players“ (producers and suppliers)

Introductionof EEG in Germany

Financial crisis and crash in SpainAmendment

to EEG in Germany

Silicon-Shortage, Boom

in Spain

Start-up phase Start mass production, Movement to Asia

Consolidation,„Big players“ establish

(producers & equipment suppliers)


Largest PV market today in area of low solar irradiation

Source: www.meteonorm.com

Germany(biggest PV market)

6-8 GW in 2010

385402480517530549

3,892

South KoreaBrazil

France

CanadaIndia

GermanyRussiaJapan

1,003

China1,080

United States3,271

8 from Top 10 countriesof annual electricityconsumption support PV installations

support PV


Two common misunderstandings about capacity growth, overcapacity and capacity utilization

3,727

2,552

1,268725

0500

1.0001.5002.0002.5003.0003.5004.0004.5005.000

2Q101Q104Q093Q092Q091Q094Q083Q08

Source: IMS Research - inverter report Q2/2010

Global PV inverter market [MWp] = approx. PV module demand [MWp]

Average demand: 8.3 GWPeak demand: > 4 x 3,727 MW = 14.9 GW

2009

A) Don‘t compare end-of-year B) Peak demand is a drivercapacity and installed volume for capacity expansions

Ann

ounc

edca

paci

ty(e

oy)

Ave

rage

capa

city

Prod

. vol

ume

inst

alle

d

ramp-uprealization time

up-timeyield cells sold,

modulesshipped

GW

Utilization rate = Produced volume

Average capacity


Average

Production

cost[€/Wp ]

Cost effective producers will expand despite overcapacities

Production costs€/Wp

Productionvolume

Profitable production

Production volume meeting demand overcapacity

Shake out of non-profitable production

PV manufacturersProduction

volume[MW]

Manufacturer x

- Economy of scale- learning curve etc.

Demand

New entrant using centrotherm equipment and technologyExample: centrotherm customer MAGI SolarProduction capacity: 180 MWEfficiency: (mono) ~18.2% Solar cell processing cost: 0.19 €/Wp*

*centrotherm estimate

Contents


Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

22© centrotherm photovoltaics AG Report as of September 30, 2010

Order book: 747.7

Financial overview

11.3%

20.4

180.1

Q3 2010

11.8%EBIT margin

54.2EBIT

458.4Sales

9M 2010

Group SegmentsSilicon & Wafer

Solar cell & Module

Thin film module

18.3%

11.1

60.6Q3 2010

12.5%EBIT margin

18.9EBIT

151.3Sales9M 2010

-185.2%

-8.6

4.6Q3 2010

-208.3%EBIT margin

-24.7EBIT

11.9Sales9M 2010

15.6%

17.9

114.9Q3 2010

20.4%EBIT margin

60.1EBIT

295.2Sales9M 2010

354.4707.7Order intake

30.09.2010

* Cash & cash equivalentsAll figures in million EUR

Cash:* 219.2

ROCE: 29.1%

Equity ratio: 49.3%


458.4374.6

0

200

400

600

Asia385.0 (84.0%)

Germany21.5 (4.7%)

Rest of Europe40.5 (8.8%)

Rest of World11.3 (2.5%)

Total: 458.4

Asia remains main growth driver

Breakdown 9M 2010 by regions

Turnkey production

lines48.9 (10.7%)

Single equipment

376.6 (82.2%)

Service & Replacement

parts18.9 (4.1%)

Other1.5 (0.3%)

Total: 458.4

Consulting & Engineering12.5 (2.7%)

Breakdown 9M 2010 by products

Sales development

+22.3%

in million EUR in million EUR

9M 20109M 2009

in m

illio

n EU

R


Significant reduction in material expenses due to an improved materials and optimized resource input and a change in product mix

Material expenses Personnel expenses

0

50

100

150

200

250

300

350

400

450

0

10

20

30

40

50

60

70

80%

9M 2010

267.2

58.3%

9M 2009

254.0

0

10

20

30

40

50

60

70

80

0

2

4

6

8

10

12

14%

9M 2010

57.7

12.6%

9M 2009

46.0

12.3%67.8%

in m

illio

n EU

R

Mat

eria

l exp

ense

s ra

tio*

in m

illio

n EU

R

Pers

onne

l exp

ense

s ra

tio*

*referring to sales


High business volume and new market entry (e.g. Qatar) driving other operating expenses

Other operating expenses Breakdown by cost category

0

5

10

15

20%

80

60

40

20

100

09M 2010

90.5

19.7%

9M 2009

49.3

13.2%

in m

illio

n EU

R

Oth

er o

pera

ting

expe

nses

ratio

*

*referring to sales

120

01.01.- 01.01.-in TEUR 30.09.2010 30.09.2009Management services 4.1 8.2

Travel expenses 7.6 6.5

Freight and packaging 9.4 5.2

Other services 12.0 3.4

Insurance and contributions 1.7 1.8

Legal and general consultancy 5.1 2.2

Sales commissions 20.7 4.4

Research and development 2.3 2.3

Premises expenses 2.7 2.1

Advertising costs 2.1 1.7Write-downs to trade receivables andreceivables relating to production orders 6.3 1.0

Bank charges 1.5 1.7

Guarantee 0.7 0.5

Passenger vehicle costs 0.9 0.8

Foreign-exchange losses 0.6 0.2

Employee benefit costs 1.8 1.3

Telephone and communication 1.2 0.8

Write-downs to inventories 0.2 0.0

Miscellaneous 9.7 5.3

Total 90.5 49.3


Strong increase in EBITDA and EBIT

EBITDA EBIT

0

2

4

6

8

10

12

14

16

18%

100

40

20

09M 2010

72.7

15.9%

9M 2009

50.7

0

2

4

6

8

10

12

14%Mio. €

60

40

20

09M 2010

54.2

11.8%

9M 2009

35.5

9.5%13.5%

in m

illio

n EU

R

EBIT

mar

gin*

EBIT

DA

mar

gin*

*referring to sales

in m

illio

n EU

R

60

80

80


Rise in net income and earnings per share

Consolidated net income Earnings per share

05

101520253035404550

0

1

2

3

4

5

6

7

8

9%

9M 2010

37.4

8.1%

9M 2009

25.0

6.7%1.76

9M 2009

1.181.4

1.0

0.4

2.0

0.09M 2010

*referring to sales

in m

illio

n EU

R

Con

solid

ated

net

inco

me

mar

gin*

in E

UR

+49.2%

0.2

0.60.8

1.61.6

1.2


18.925.4

151.3

60.168.9

295.2

11.9

Silicon & WaferSolar cell & ModuleThin film module

Strong performance of operating business in core segments: Solar cell & Module and Silicon & Wafer

17.1%

17.1%

in m

illio

n EU

R

17.1% 16.8%

23.3%

-182.3%

12.5%

20.4%

-208.3%

EBITDASales EBIT-21.6 -24.7

Segment development 9M 2010

Solar cell & Module: including semiconductor

Margins refer to sales


Silicon & Wafer: Sales and EBIT increased

9M 2009 9M 2010

151.3136.3

15.0+11.0%

12.5%9.4%

0%

10%

20%

30%

40%

9M 2009 9M 2010

18.9

12.8

6.1

Sales EBIT

in m

illio

n EU

R

in m

illio

n EU

R

Margin (referring to sales)


Solar cell & Module: Profitable business driven by shippmentsof single equipment

9M 2010

295.2

190.4

104.8+55.1%

12.5%20.4%

0%

10%

20%

30%

40%

50%

9M 2009 9M 2010

60.1

23.9

36.3

Sales EBIT

Solar cell & Module: including semiconductor

9M 2009


in m

illio

n EU

R

in m

illio

n EU

R


11.9

48.0-36.1

-75.3%-2.3%

-208.3%

-230%

-180%

-130%

-80%

-30%

-24.7

-1.1

-23.6

Thin film module: Figures reflect investments in CIGS

Sales EBIT

9M 2009


9M 2010 9M 2009 9M 2010

in m

illio

n EU

R

in m

illio

n EU

R


776.1Total Assets

776.1Total Equity and Liabilities

Sound development of balance sheet

740.3Total Assets

740.3Total Equity and Liabilities

thereof: Goodwill 129.3

thereof: • Securities 34.4 • Cash and cash

equivalents 133.8

Current assets433.9 (58.6%)

Non-current assets: 306.3 (41.4%)

Equity: 344.4 (46.5%)

Non-current liabilities: 72.2 (9.8%)

Current liabilities: 323.6 (43.7%)

thereof: Advance payments received118.3

thereof: Goodwill 129.3

thereof: • Securities 30.8 • Cash and cash

equivalents 188.4

Current assets452.4 (58.3%)

Non-current assets: 323.7 (41.7%)

Equity: 382.4 (49.3%)

Non-current liabilities: 82.6 (10.6%)

Current liabilities: 311.1 (40.1%)

thereof: Advance payments received139.5

Balance sheet as of September 30, 2010 Balance sheet as of December 31, 2009


Strong profitability reflected in operating & total cash flow

53.335.8

6.9

6.2

-11.2

20.0

-45-35-25-15-55

152535455565758595

54.6

-9.7

-40

-30

-20

-10

0

10

20

30

40

50

60

Total Cash Flow

30.8

Cash flow from operating activities

80.2

-38.1-45.6

5.0 3.7

-55

-45

-35

-25

-15

-5

5

Cash Flow from investing activities

9M 2009

8.80.0

0

20

40

60

80

100

120

140

9M 2009 9M 2010

Cash Flow from financing activities

9M 2010

NWC = Changes in Net Working Capital

EBT = Earnings Before Taxes

9M 20109M 2009

in m

illio

n EU

Rin

mill

ion

EUR

in m

illio

n EU

Rin

mill

ion

EUR

Other reconciliation effects

Net investments

Sale of securities

-40.6-34.4

9M 2009 9M 2010


Continuously focussing on R&D

5.73.6

2.00

2

4

6

8

10

12

14

16

18

0.7

2.7

3.0

Solar cell & Module

16.3

0.9

5.7

4.0

Silicon & Wafer

5.7

0.71.1

0.3

Thin film module

8.4

Capitalized development costs (intangible)Investments in property, plant and equipmentChanges in inventoryExpenses

in m

illio

n EU

R

Total: 30.3 (9M 2010)


Strong order book

Thin film moduleSolar cell & ModuleSilicon & Wafer

in m

illio

n EU

R 800

600

400

200

1,000

030.06.10

864.0

16.1

209.3

638.6

31.03.10

757.0

16.0

203.4

537.7

31.12.09

797.4

9.6

203.9

583.9

30.09.09

922.4

92.0

169.4

661.0

30.09.10

Thin film moduleSolar cell & ModuleSilicon & Wafer

747.7

32.0

406.6

309.1


Contact

Thank you for you attention!

Contact: Saskia Schultz-EbertSenior Manager Investor & Public Relationscentrotherm photovoltaics AGJohannes-Schmid-Strasse 889143 BlaubeurenTel +49 (0)7344 9188-890Fax +49 (0)7344 9189-395

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