Report as of March31, 2009€¦ · · 2013-05-17Silicon & Wafer Solar Cell ... Disclaimer We have exercised utmost care in the preparation of this presentation. It contains forecasts

Report as of March 31, 2009May 14, 2009

Silicon & Wafer

Solar Cell & Module

Thin Film

Semiconductor

centrotherm photovoltaics AG Report as of March 31, 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.


Contents

1. Highlights

4. Financial Results

3. Research and Development

2. Market Development

5. Outlook

6. Appendix


Highlights

� Record order intake of € 416.4 million

� New orders from all business areas

� Sales: € 131.0 million (+ 93.6%)

� EBITDA: € 19.5 million (Margin: 14.9%)

� EBIT*: € 18.5 million (Margin: 14.1%)

� New technologies and products

� Expanding product portfolio with crystalline module technology

� New turnkey production line “FlexLine Plus” with higher efficiency

FlexLine Plus

Crystalline module technology*Before purchase price allocations


Ramp-up of First Silicon Production

� Asia Silicon: First customer in silicon business

� Milestone “First Silicon Out” reached in March 2009

� Final acceptance expected in brief

CVD reactor at deposition

and harvesting stage

Silicon rods


Asia Silicon Production Plant

VGR

VGR VGR


Key Figures Summary

€ 8.7 million

(Margin: 12.8%)

€ 19.5 million

(Margin: 14.9%)EBITDA

€ 0.39€ 0.50Earnings per

Share

€ 8.5 million

(Margin: 12.6%)

€ 18.5 million

(Margin: 14.1%)EBIT*

€ 677.4 million€ 1,256.0 millionOrder Book

€ 67.7 million€ 131.0 millionSales

3M 20083M 2009

*Before purchase price allocations

All margins refer to sales


Segment Information 3M 2009

13.2%17.0%EBIT Margin*

€ 12.9 million€ 5.6 millionEBIT*

€ 97.8 million€ 33.2 millionSales

*Before purchase price allocations

Margins refers to sales

� Silicon: Sales in Q1 2009 almost matched the level of sales for the whole of 2008

(€ 38.0 million)

� Solar cell / Thin film: Price pressure compensated by high quality technology

and product portfolio as well as purchasing synergies

Silicon Solar cell & Thin film


Update on Order Book as of March 31, 2009 (1)

326

463

677

978 1,005 990

1,256

0

200

400

600

800

1,000

1,200

1,400

Development of Order Book

in m

illion €

Order book contains:

� Silicon: 8 orders

(capacity: 21,700 tons)

� Solar cell: 33 turnkey lines

(capacity: 1,315 MWp)

� Thin film: 2 turnkey lines

(capacity: 80 MWp)

New orders 3M 2009: € 416 million

(3M 2008: € 282 million)

� Silicon: 2 orders

(capacity: 5,000 tons + VGR + TCS)

� Solar cell: 2 turnkey lines

(capacity: 100 MWp)

� Thin film: 1 turnkey line

(capacity: 50 MWp)

03/0812/07 06/08 09/08 09/07 12/08 03/09


Solar cell:

€ 369 million (29.4%)

Thin film:

€ 123 million (9.8%)

Silicon:€ 764 million (60.8%)

Total:

€ 1,256 million

Split by Business Segments as of March 31, 2009

Update on Order Book as of March 31, 2009 (2)


Stability of Order Book as of March 31, 2009

Split by Project Classification as of March 31, 2009

A-Projects: Orders under transaction

B-Projects: Secured by prepayments / LC‘s

C-Projects: Firm orders

Total:

€ 1,256 million

B-projects

€ 380 million

A-projects

€ 397 million

C-projects

€ 479 million

41

177112

6669

286188

16

301

0

200

400

600

800

Solar cell Thin film Silicon

C-Projects

B-Projects

A-Projects

369

764

123

Split by Project Classification per Segment as of March 31, 2009

in m

illion €

Solar cell Thin film Silicon


Contents

1. Highlights




5. Outlook

6. Appendix


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

Equipment- Market :

Alignment Capacity - Demand ? Mio €


Various Demand Forecasts

Wide spectrum in demand forecasts

Mid-term: Grid parity will start

0

10

20

30

40

50

60

70

2007 2008 2009 2010 2011 2012

Sarasin 11/2008 installed PV EPIA 03/2009 acc. installed PV

EPIA 03/2009 cons. installed PV Navigant 04/2009 acc. Shipped PV

Photon Consulting 03/2009 shipped PV EuPD Research 03/2009 demand

Demand [GW]


Market Position centrotherm photovoltaics AG

51%

26%

12%

11%

centrotherm photovoltaics Roth&Rau Schmid Other

1,7 GW, 49 lines

Source: centrotherm photovoltaics

Cumulated Sales of Crystalline Solar Cell Lines (Until 04/2009)

(True Turnkey + Others)

0

1

2

3

4

5

2005 2006 2007 2008

PECVD PoCl Fast Firing

Cumulated Equipment Shipments centrotherm photovoltaics

[GW]

� Market leader in crystalline solar cell turnkey lines

� Leading market position in single equipment

crystalline solar cell (market share 25% - 35%)


Contents

1. Highlights




5. Outlook

6. Appendix


Research and Development

Research and development expenses: € 5.5 million in Q1 2009 (Q1 2008: € 1.8 million)

R&D ratio: 4.2%

Silicon & Wafer Solar cell & Module Thin film

R&D Expenses:

R&D Activities:

€ 1.3 million € 2.6 million* € 1.6 million

� Working on introduction of

new crystallization furnace

� New control cabinet concept

for the control automation of

reactors in development

� Preparation of „FlexLine Plus“

market launch

� Development of a new

generation of PECVD

anti-reflective coating system

� Preparation of module

certification with an internal

testing laboratory

� Establishing a further analysis

to investigate in greater depth

the composition of thin films

*thereof semiconductors: € 0.4 million


Contents

1. Highlights




5. Outlook

6. Appendix


Sales and Total Output

67.7 72.5

96.8

137.7131.0

0

20

40

60

80

100

120

140

160

Q1 Q2 Q3 Q4

67.7

131.0

0

20

40

60

80

100

120

140

3M 2008 3M 2009

136.8

68.0

0

20

40

60

80

100

120

140

160

3M 2008 3M 2009

Sales

+93.6%

in m

illion €

Total Output

+ 101.2%

2008 2009

68.078.1

97.6

140.0136.8

0

20

40

60

80

100

120

140

160

Q1 Q2 Q3 Q4

2008 2009

in m

illion €

in m

illion €

in m

illion €


Sales Breakdown

Sales Breakdown by Region 3M 2009

Asia

101.3 (77.3%)

Germany

15.3 (11.7%)

Rest of Europe

11.5 (8.8%)

Rest of World

2.9 (2.2%)

Sales Breakdown by Product 3M 2009

Turnkey Production Lines

48.1 (36.7%)

Single Equipment

66.2 (50.5%)

Service and Replacement

5.9 (4.5%)

Other

10.8 (8.3%)

Total:

131.0

Total:

131.0

in million €

Export Quota: 88.3%

in million €

� Export quota of 88,3% in Q1 2009

(Q1 2008: 93,7 %)

� Asia most important market with a share

of € 101.3 million (Q1 2008: € 45.0 million)

Sales from Single Equipment:

� Strong rise up to € 66.2 million

(Q1 2008: € 33.7 million)

� Share of silicon business: € 26.2 million (39,5%)


Material and Personnel Expenses

90.288.9

49.6

73.4

59.6

0

20

40

60

80

100

Q1 Q2 Q3 Q4

49.6

88.9

67.9%

73.0%

0

20

40

60

80

100

120

140

3M 2008 3M 2009

0%

20%

40%

60%

80%

3.9

14.5

11.1%

5.8%

0

4

8

12

16

20

3M 2008 3M 2009

0%

2%

4%

6%

8%

10%

12%

*referring to sales

CTTS = centrotherm Thermal Solutions

Material Expenses

in m

illion €

material expensesratio*

Personnel Expenses

12.3

14.5

3.9

6.55.1

0

2

4

6

8

10

12

14

16

18

Q1 Q2 Q3 Q4

personnel expenses ratio*

in m

illion €

in m

illion €

in m

illion €

2008 2009

2008 2009

Material expenses ratio: Decline due to integration of CTTS and synergies in purchasing


Other Operating Expenses

6.2

14.1

10.8%

9.2%

0

4

8

12

16

20

3M 2008 3M 2009

8%

9%

9%

10%

10%

11%

11%

14.914.1

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 €

1.8

0.6

1.6

0.4

0.4

0.6

0.50.6

0.5

0.7

1.0

0.9

0.3

0.7

1.1

4.0

2.8

0.50.8

0.4

0

2

4

6

8

10

12

14

16

3M 2008 3M 2009

Other

Premises

Sales Commissions

Legal and Consultancy

Insurance and Contributions

Research and Development

Other Services

Freight and Packaging

Travel Expenses

Management Services

6.2

in million €

14.1

2008 2009


EBIT and Consolidated Net Income

8.5

14.7

11.2%

12.6%

0

4

8

12

16

3M 2008 3M 2009

10%

11%

12%

13%

14%

15%

16%

17%

13.114.7

8.5

12.0

9.9

0

4

8

12

16

20

Q1 Q2 Q3 Q4

6.2

10.5

8.0%

9.1%

0

2

4

6

8

10

12

14

3M 2008 3M 2009

0%

2%

4%

6%

8%

10%

12%

EBIT

Consolidated Net Income

10.810.5

6.2

9.28.4

0

4

8

12

16

Q1 Q2 Q3 Q4

in m

illion €

in m

illion €

in m

illion €

in m

illion €

EBIT m

argin

net income margin

Margins refer to sales

* before purchase price allocations

14.1%*

2008 2009

2008 2009


Balance Sheet

� Equity Ratio: 45.7%

� Balance sheet volume mainly affected by high business volume

715.6

Total Assets

715.6

Total Equity and Liabilities

279.9

Non-current Assets

thereof:

Securities

89.8

327.1

Equity

319.1

Current Liabilities

69.4

Non-current Liabilities435.7

Current Assets

thereof:

Advanced payments

received

170.6

Balance Sheet as of March 31, 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


Cash Flow

8.815.3

-39.9

50.5

-40

-20

0

20

40

60

11.9

-34.5-38

-30

-22

-14

-6

2

10

3M 2008 3M 2009

Total Cash Flow

59.3

Cash Flow from Operating Activities after NWC

-24.6 -47.5

-9.9

-60

-40

-20

0

Cash Flow from Investment Activities

3M 2008

0.00.00

20

40

60

80

100

120

140

3M 2008 3M 2009

Cash Flow from Financing Activities

3M 2009NWC = Changes in Net Working Capital

EBT = Earnings Before Taxes

3M 2009

3M 2008

in m

illion €

in m

illion €

in m

illion €

in m

illion €


Contents

1. Highlights




5. Outlook

6. Appendix


Outlook

Confirming our guidance based on positive business

development and strong order book

� Double-digit growth

� Sales: EUR 500 - 550 million

� Further increase in EBITDA planned


Contents

1. Highlights 3M 2009




5. Outlook

6. Appendix


International Presence


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


Italia S.r.I

Treviso


Asia Pte. Ltd.

Taiwan, Singapore


Trading (Shanghai) Co. Ltd.

Shanghai

FHR Anlagenbau GmbH

Ottendorf-Okrilla, Germany

GP Solar GmbH

Constance, Germany

Michael Glatt

Maschinenbau GmbH

Abensberg, Germany


USA Inc.

Beverly, Massachusetts


0

20

40

60

80

Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09

centrotherm photovoltaics DAX TecDAX GEX DAXsubsector Renewable Energies

Share

Indices rebased to centrotherm share price

€


Financial Calendar 2009

� June 30, 2009:

Annual General Meeting

� August 13, 2009:

Publication of interim report as of June 30, 2009

� November 11, 2009:

Publication of interim report as of September 30, 2009


Contact

centrotherm - empowering photovoltaics

Contact: Saskia Schultz-Ebert

Investor Relations


Johannes-Schmid-Strasse 8

89143 Blaubeuren

Tel +49 (0)7344 9188-890

Fax +49 (0)7344 9189-389

Documents

Report as of March31, 2009€¦ · · 2013-05-17Silicon & Wafer Solar Cell ... Disclaimer We have exercised utmost care in the preparation of this presentation. It contains forecasts