report as of june 30, 2009€¦ · · 2013-05-17it contains forecasts ... 2000 2002 2004 2006...

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.


Contents

2. Highlights

5. Financial Results

4. Research and Development

3. Market Development

6. Outlook

7. Appendix

1. Investors’ Key Topics


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


Contents

2. Highlights




6. Outlook

7. Appendix



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


� 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


� 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


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


Segment Information 6M 2009

€ 5.3 million(margin: 6.6%)



€ 79.9 million


EBIT

€ 25.3 million(margin: 13.7%)EBIT (before PPA)


EBITDA

€ 184.3 millionSales of segment

Silicon & Wafer Solar cell & Module /

Thin film


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


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)


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


Contents

2. Highlights




6. Outlook

7. 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


Contents

2. Highlights




6. Outlook

7. Appendix



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


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


Contents

2. Highlights




6. Outlook

7. Appendix



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 €


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


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 €


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


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


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


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


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


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


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


Contents

2. Highlights




6. Outlook

7. Appendix



Outlook

Further confirming our guidance

� Double-digit growth

� Sales: EUR 500 - 550 million

� Further increase in EBITDA planned


Contents

2. Highlights




6. Outlook

7. Appendix



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

€


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


Technology 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


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


Contact

centrotherm - continuing innovations

Contact: Saskia Schultz-Ebert

Investor Relations


Johannes-Schmid-Strasse 8

89143 Blaubeuren

Tel +49 (0)7344 9188-890

Fax +49 (0)7344 9189-389

report as of june 30, 2009€¦ · · 2013-05-17it contains forecasts ... 2000 2002 2004 2006...

Documents