annual report 2009 - centrotherm · 2013. 5. 30. · centrothermphotovoltaics ag annual report 2009...

Annual Report 2009 25 March 2010

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

centrotherm photovoltaics AG Annual Report 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.

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

Contents

1. Highlights

2. Market Trends

3. Strategy

4. Financials

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


Sales of between EUR 500 - 550

million

� Sales of EUR 509.1 million reached

Targets 2009 – Reached? (1)

Absolute increase in EBITDA

�

� EBITDA increased from to EUR 57.5

million to EUR 58.6 million

Expansion of product portfolio � Successful market launch of new

products

� Multi-crystalline ingot furnace

� FlexLine Plus

� Vision Systems from GP Solar subsidiary

�

�

Rückblick HV 2008: ZieleTargets 2009 Targets Achievement


Rückblick HV 2008: ZieleTargets 2009 Targets Achievement

Strengthening of R&D activities � R&D expenses rose to EUR 28.4 million

� Multi-crystalline area efficiency

enhancements above industry average

� New customer & innovation center and

new production hall with 15,000 m²

production space as driver for

innovations and growth

International expansion � Founding of international service & sales

companies in China and Korea

� Founding of a project company in

Ukraine

� India and Qatar in preparation phase

�

�

Targets 2009 – Reached? (2)

6© centrotherm photovoltaics AG Annual Report 2009

Project Highlights 2009

Hyundai Heavy Industries Co., Ltd. in South Korea

Solar cell & Module:

� Hyundai Heavy Industries: solar cell turnkey

production plant (250 MW) up and running

� Enabling industrial entry into photovoltaics market

Thin film module:

� Installation & ramp up phase of first CIGS turnkey

production line in Taiwan

� New CIGS module manufacturing process established

Sunshine PV in Taiwan

Silicon & Wafer:

� Asia Silicon: final acceptance reached

� 2009: 70 reactors and 33 converters delivered

� 2010: Qatar contract wonAsia Silicon in China


Silicon & Wafer: Contract With Qatar Solar

Technologies (QST) Signed

� 1 March 2010: signing of contract with QST to construct a silicon factory

� Annual production capacity: 3,600 tons

� centrotherm photovoltaics’ scope of supply and services:

� Technology and equipment to produce high-purity silicon

(Reactors, converters, vent gas recovery system)

� Engineering and project services

� Investment volume of QST: USD 500 million

►Contract signing ceremony

Construction of first silicon factory on Arabian Peninsula


Silicon & Wafer: Project Status

� Asia Silicon: equipment in operation, final acceptance reached

� Shaanxi Tian Hong: equipment and ramp-up done, final acceptance

expected soon

� Taiwan Polysilicon: equipment delivered, ramp-up in progress

� Mongolian Project: equipment delivered, start installation in March

� Ukraine Project: equipment delivered, installation in progress

� Lu’an Mining: delivery in progress, installation in Q3

� Chinese Project: delivery in progress , start installation in Q2

� European Project: delayed

� Qatar Solar Technologies: contract signed

centrotherm photovoltaics 2,500 MT Polyplant cost split (Trichlorosilane + Siemens design)

Poly Silicon Manufacturing Cost

Euro per kg, Europe

2,500 to/a

Facility

2,500 to/a

Facility Measures

End 2009 End 2011

Consumables 4.50 3.50 More efficient processes

Facility Maintenance 2.50 2.50

Human Resource cost 4.00 3.00 Higher automation degree (40,000 €/Employee)

Electricity 8.25 6.25 Reactor from 90 kWh/kg down to 60 kWh/kg Total Facility 165kWh/kg down to 125 kWh/kg (5 € cent/kWh)

Deprecation 9.50 8.50 Investment volume reduction (10 years linear)

Sum 28.75 23.75

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

Contents

1. Highlights

2. Market Trends

3. Strategy

4. Financials

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


Product Portfolio Aligned With Future Markets

0

5

10

15

20

25

2014201320122011201020092008

Demand

[GW]

Commercial roof top application

Residential roof top application

Open-space ground mounted

centrotherm photovoltaics product

portfolio: strong focus on c-Si +

development of CIGS thin film

technology for future markets

Source: centrotherm photovoltaics & EuPD research 02/2010

c-Si

dominant

Thin film gaining

market share

Main stream market

dominated by crystalline

silicon based technology in

the next years

centrotherm photovoltaics AG 11Annual Report 2009

Potential For Equipment Suppliers

Cost leading producers will invest in new technologies and

equipment with cost saving potentials

Focus on:

Market average:

Mono: 17,0%

Multi: 15,7%

1% more efficiency = 6 % cost reduction

centrotherm photovoltaics and its customers:

Today:

centrotherm with

selective emitter

technology

Mono: > 18%

Multi: > 17%

� Highest efficiencies

� Improved production capacities


Leading Cell Producers Select centrotherm

photovoltaics Equipment

Gintech Energy 220

Solar World AG 233

Motech Industries 405

JA Solar Ltd. 500

Yingli Green Energy Ltd. 550

Q-Cells AG 600

SunTech Power Co., Ltd. 650

centrotherm photovoltaics customers

Source: EuPD & centrotherm photovoltaics

Strong expansion of cost leaders

Leading Cell Producers 2009 [MW]


centrotherm photovoltaics: Contributions to

Production Cost Reduction Along PV Value Chain

0.19 0.15

0.2

0.15

0.27

0.35

-8%

poly Si

ingot/wafer

cell

module

2013

0.73

0.16

2010

0.93

0.19

Yearly Reduction of Production Cost

centrotherm photovoltaics contribution

Higher yield & throughput in

automated production

Efficiency increase,

yield & throughput improvement

Enhanced multi-crystalline ingot

furnace output

Reduced cycle time

Enhanced reactor output

Reduced energy consumption


Trend Towards Integration Along PV Value Chain

New Investments

Silicon Ingot Wafer Cell Module Parks

centrotherm

photovoltaics

Different types of up- and downstream integration

Customers


Exploiting Growth Potential Internationally

*Source: Sarasin, Nov 09

� Sustainability of PV business by regional split

� Growing interest of Arabian market in silicon projects

� Our strategy: Expansion in future markets

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

Contents

1. Highlights

2. Market Trends

3. Strategy

4. Financials

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


Corporate Strategy 2010+

4. Innovative products for main stream production technologies

and markets

5. Focus on high efficiency technologies

2. Addressing market leading producers and new entrants

as customers

1. Expand international presence

6. Deliberate M&A strategy based on technological aspects

3. Enabling lowest cost of ownership for customers


R&D 2010+

Polysilicon

� Development of 24-pair

reactor

� High pressure converter

system (enhanced

throughput)

Wafering

� Integrated polysilicon –

ingot – wafer

manufacturing technology

Solar cell technology

� Market introduction of new

selective emitter turnkey-line

� Further improvement of efficiency

by new solar cell rear side

technology (19% target efficiency)

Production equipment technology

� Market introduction of new PECVD

SiN coating tool

� Development of new fast firing

furnace

Silicon & Wafer

CIGS Technology

� Continue transfer of pilot line

results to production tools

� Further improvement of

efficiency

� Optimization of production

tools based on experience at

first pilot customer

Solar cell & Module Thin film


Targets 2010

4. Strengthening of R&D: Investments increase to around EUR 50 million� Silicon & Wafer: integrated polysilicon – ingot – wafer technology

� Solar cell & Module: development of new cell rear side, target: efficiency > 19%

� Thin film module: continuing technology transfer from CIGS pilot line to

mass production, target: efficiency enhancement

2. Further improvement in internal structures

1. Sales of between EUR 550-580 million

5. Market launch of new products

3. Cost reductions for volume products

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor

Contents

1. Highlights

2. Market Trends

3. Strategy

4. Financials

Silicon & Wafer

Solar cell & Module

Thin film module

Semiconductor


21.5

58.657.5 11.5%

15.3%

12.9%

0

20

40

60

80

100

2007 2008 2009

in m

illion €

0%

4%

8%

12%

16%

23.3

65.1

49.7

0

20

40

60

80

2007 2008 2009

in m

illion €

Financial Overview

166.2

374.7

509.1

0

200

400

600

2007 2008 2009

in m

illion €

21.1

43.5 37.2

12.7%

11.6%

7.3%

0

20

40

60

80

2007 2008 2009

in million €

0%

5%

10%

15%

Operating Cash Flow

Sales

EBIT

EBITDA

Margin

Margin before purchase price allocations

10.4%

14.9%

Margins refer to sales


Asia

361.9 (71.1%)

Germany

47.2 (9.3%)

Rest of Europe

53.8 (10.6%)

Rest of World

46.3 (9.1%)

Total:

509.1

Export Quota: 90.7%

Sales and Sales Breakdown

133.1

110.5

137.7

96.8

72.567.7

134.5131.0

0

40

80

120

160

200

Q1 Q2 Q3 Q4

374.7

509.1

0

100

200

300

400

500

600

2008 2009

Sales

in m

illion €

Sales Breakdown by Region and Product 2009

2008 2009

in m

illion €

in million €

-2.3%

Turnkey Production

Lines

117.8 (23.1%)

Single Equipment

355.3 (69.8%)

Service & Replacement

parts

16.8 (3.3%)

Other

3.0 (0.6%)

Total:

509.1

Consulting & Engineering

16.1 (3.2%)

+35.9%


Material and Personnel Expenses

90.288.9 86.578.6

49.6

73.4

59.6

95.4

0

20

40

60

80

100

Q1 Q2 Q3 Q4

272.8

349.4

68.6%72.8%

0

100

200

300

400

500

2008 2009

0%

20%

40%

60%

80%

27.8

61.7

12.1%

7.4%

0

20

40

60

80

100

2008 2009

0%

2%

4%

6%

8%

10%

12%

14%

* referring to sales

Material Expensesin m

illion €

material expensesratio*

Personnel Expenses

14.516.1

15.3 15.8

12.3

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


3.6 (5%)5.6 (8%)

11.7 (16%)

9.1 (13%)

6.7 (9%)

11.2 (15%)

5.6 (8%)

2.1 (3%)

3.3 (5%)

3.0 (4%)

1.9 (3%)

3.5 (5%)

2.4 (3%)

2.0 (3%)

Management services

Travel expenses

Freight & packaging

Other services

Insurance & contributions

Legal & general consultancy

Sales commissions

Research & development

Premises expenses

Advertising costs

Write-downs to receivables

Bank charges

Employee benefit costs

Others

Other Operating Expenses

35.1

71.7

14.1%

9.4%

0

20

40

60

80

100

2008 2009

0%

4%

8%

12%

16%

14.1

17.0 17.4

23.2

14.9

7.5 6.56.2

0

4

8

12

16

20

24

28

32

Q1 Q2 Q3 Q4* referring to sales

Breakdown By Cost Category

ratio*in m

illion €

in m

illion €

2008 2009

71.7

in million €


EBITDA and EBIT

57.5 58.611.5%

15.3%

0

20

40

60

80

100

2008 2009

0%

4%

8%

12%

16%

26.2

19.5

16.2 15.0

7.98.7

12.510.1

0

5

10

15

20

25

30

35

Q1 Q2 Q3 Q4

EBITDAin m

illion €

in m

illion €

EBITDA m

argin

2008 2009

43.537.2

7.3%

11.6%

0

20

40

60

80

100

120

2008 2009

0%

2%

4%

6%

8%

10%

12%

14%

16%

13.114.7

11.19.7

1.7

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

argin10.4%

2008 2009

1.3%

5.9%

19.0%

9.5%14.9%

Margins before purchase price allocations Margins refer to sales


Consolidated Net Income

Consolidated Net Income and Earnings Per Share

28.5

34.65.6%

9.2%

0

10

20

30

40

50

60

70

2008 2009

0%

2%

4%

6%

8%

10%

10.810.5

7.3 7.2

3.5

6.2

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

2.06

1.35

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2008 2009

Earnings Per Share

in €

in €

2008 2009

0.560.50 0.52

0.57

0.39

0.17

0.340.34

0.0

0.2

0.4

0.6

0.8

1.0

Q1 Q2 Q3 Q4

7.9%

2.6%


Overview Segments 2009

37.3 30.4

239.9

27.818.7

50.6

218.7

-11.9-6.6

-20

30

80

130

180

230

280

Sales EBITDA EBIT

Silicon & Wafer

Solar cell & Module*

Thin film module

Margin refer to sales

* Including semiconductor and microelectronics

17.1%

17.1%

17.1%

11.6%

-13.0%

13.9%

7.8%

-23.4%

in m

illion €


Balance Sheet

� Equity ratio: 46.5%

� Liquidity: € 168.2 million

740.3

Total assets

740.3

Total equity and liabilities

Balance Sheet as of December 31, 2009 Balance Sheet as of December 31, 2008

thereof: Goodwill

129.3

thereof: Securities

34.4

Current assets:

433.9 (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 received

118.3

665.8

Total assets

665.8

Total equity and liabilities

thereof: Goodwill

129.3

thereof: Securities

93.9

Current assets:

392.7 (59.0%)

Non-current assets:

273.0 (41.0%)Equity:

318.2 (47.8%)

Non-current liabilities:

68.8 (10.3%)

Current liabilities:

278.8 (41.9%)

thereof: Advance

payments received

158.9

in million €in million €


Cash Flow

49.0 40.1

18.6

-9.0

58.4

-42.3

-50

-30

-10

10

30

50

70

90

46.8

10.4

0

10

20

30

40

50

Total Cash Flow

65.1

Cash Flow From Operating Activities

49.7-59.0

42.3

-113.6

56.1

-120

-100

-80

-60

-40

-20

0

20

40

60

Cash Flow From Investing Activities

2008

0.0

16.6

0

5

10

15

20

2008 2009

Cash Flow From Financing Activities

2009

NWC = Changes in Net Working Capital

EBT = Earnings Before Taxes

20092008

in m

illion €

in m

illion €

in m

illion €

in m

illion €

Other reconciliation effects

Net investments

Sale of securities

-71.3

-2.9

2008 2009


R&D

7.5

5.3

3.46

8

Silicon & Wafer Thin film moduleSolar cell & Module*

0.6

1.4

9.5

3.9

2.5

0

2

4

10

12 11.7

3.1

0.7

7.2

Capitalized development costs (intangible)

Expenses

Investments in property, plant and equipment


in m

illion €

Total: 28.4


Development of Order Book

107.7

495.6

764.3

711.8661.0

583.9

1,000

0

31.12.09

797.4

9.6

203.9

30.09.09

922.4

800

600

400

200

1,200

92.0

169.4

30.06.09

1,010.2

106.6

191.8

31.03.09

1,256.0

122.9

368.8

31.12.08

990.2

49.3

445.3

31.12.07

462.7

44.0

311.0

Thin film module

Solar cell & Module*

Silicon & Wafer

in m

illion €



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 9189-395

annual report 2009 - centrotherm · 2013. 5. 30. · centrothermphotovoltaics ag annual report 2009...

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