singulus technologies · 2016. 3. 24. · singulus technologies ag 24.03.2016 - 3 -...

SINGULUS

TECHNOLOGIES

March 24, 2016 SINGULUS TECHNOLOGIES AG – Year End Conference 2015

SINGULUS TECHNOLOGIES AG

24.03.2016 - 2 -

Agenda

1 Welcome – Overview

2 Financials – Status Restructuring

4 Outlook 2016

3 Markets and Products


24.03.2016 - 3 -

State-of-the-Art Equipment Supplier in Combination

with Market Orientated Technology Know-How

Corporate Profile - SINGULUS - Innovations for New Technologies

• Solar

• LED

• E-Storage

• E- Mobility

• Battery

• Optical

• OLED

• Decorative

• Automotive

• Electronics

• RFID

• Glass

• Display

• MRAM

• Magnetics

• Piezo

• MEMS

• Sensors

• Automotive

• Decorative

• Functional

Markets Energy Entertainment Mobility Semi-

conductor

Consumer

Goods


24.03.2016 - 4 -

Worldwide Connected, Close to the Markets,

Close to the Customer Base

Corporate Profile - SINGULUS - Innovations for New Technologies

SINGULUS Technologies AG

Headquarter Kahl am Main, Germany

SINGULUS Technologies AG

Branch FFB Fürstenfeldbruck (near Munich), Germany

Singulus Inc. Headquarter US, Hartford

Singulus Inc. Sales and Service West Coast

Singulus Latin America Sales and Service South America

Semiconductor

over 180

systems installed

Photovoltaic

over 4.000 MW

production capacity

installed

Optical Disc

over 8550

systems installed *

* including Metallizer

Singulus Asia Sales and Service

Singulus Taiwan Sales and Service


24.03.2016 - 5 -

New Product Development During the Last Years

Cisaris

Vistaris 900

Tenuis II

Vitrum II

CIGS Pilot Line

Linea I

Optical

Disc

(OD)

c-Si

Thin-film

Semi-

conductor

Solar

2002 2006 2007 2008 2009 2010 2011 2012 2013 2015 1997 1996 2014

Skyline

Spaceline

Bluline I

Singular

Solare

Helioscoater

Rotaris

Bluline III

Timaris II Timaris I

Vistaris1600

Bluline II

Decoline II

New

Business

(NB)

2016

Selenius


24.03.2016 - 6 -

Agenda



4 Outlook 2016



24.03.2016 - 7 -

Financial Key Figures

in € million 2014 2015

Revenues 66.8 83.7

Order Intake 60.6 96.3

Order Backlog (31.12.) 14.0 26.6

EBIT -49.1 -34.5

EBIT Adjusted -27.8 -18.2

EBITDA -24,1 -27.0

Profit Before Tax -51.7 -43.3

Net Result -51.6 -43.4

Operating Cash Flow -10.1 -10.5

Shareholders’ Equity 20.1 -21.5

Total Assets 130.2 92.1


24.03.2016 - 8 -


Gross Revenue 66.8 83.7

Net Revenue 65.8 82.3

Gross Profit

(in % of Net Revenues)

7.4

(11.2%)

13.0

(15.8%)

- R&D

- Sales & Customer Service

- GM & A

- Other Income/Expenses

- Restructuring and Impairment

-11.5

-14.4

-9.6

0.3

-21.3

-9.5

-12.2

-10.5

1.0

-16.3

OPEX (Total) -56.5 -47.5

EBIT

(in % of Net Revenue)

-49.1

(-74.6%)

-34.5

(-41.9%)

Net Result -51.6 -43.4

EPS (basic) -1.05 -0.89

Profit & Loss Statement


24.03.2016 - 9 -

One Time Effects 2015

Impairment and Restructuring

in € million 2015

Revaluation of Optical Disc Segment

(in Majority Allowances on Inventories)

9.2

Legal and Consultancy Costs Regarding

Financial Restructuring

3.1

Impairment R&D 2.4

Other Impairments 1.6


24.03.2016 - 10 -

Balance Sheet


Liquid Funds 35.8 19.0

Total Current Receivables

and Other Assets

24.7

23.2

Total Inventories 38.0 28.9

Non Current Assets 31.7 21.0

Total Assets 130.2 92.1

Total Current Liabilities 36.4 36.3

Total Non-Current Liabilities 73.7 77.3

Total Equity 20.1 -21.5

Equity and Liabilities 130.2 92.1


24.03.2016 - 11 -

Cash Flow Development


Cash Flow from Operating Activities -10.1 -10.5

Cash Flow from Investing Activities* -2.4 -4.7

Cash Flow from Financing Activities -3.5 -2.3

Total Cash Flow -16.0 -17.5

Liquid Funds at the Beginning

of the Fiscal Year** 51.0 35.8

Effect of Exchange Rate Changes 0.8 0.7

Liquid Funds at the End

of the Fiscal Year** 35.8 19.0

* Changes in time deposits with terms longer than 3 months not included

** Includes time deposits with terms longer than 3 months


24.03.2016 - 12 -

America

1.6%

51.4%30.7%

7.2%

9.1%

Africa & Australia Europe (without

Germany)

Asia America

Germany

Sales Split by Region

2015 2014

America

2.2%

18.6%

46.0%

15.9%

17.3%

Africa & Australia

Europe (without

Germany)

Asia

America

Germany


24.03.2016 - 13 -

Sales Split by Products

2015 2014

Asia 10.0%

67.4%

22.6%

Semiconductor

Solar

Optical Disc

Asia 5.5%

59.5%

35.0%

Semiconductor

Optical

Disc

Solar


24.03.2016 - 14 -

Employees as of December 31, 2015

283

287

52

65

2015

2014

Germany Outside Germany

352

335


24.03.2016 - 15 -

Step Shareholder

Structure

Equity/

Total Value in €

Number of Share

Nominal Value Bond

Before restructuring AA 100% 48.930.314 48.390.314

After capital reduction by withdrawal

of shares

AA 100% 48.930.240 48.930.240

After a simplified capital reduction AA 100%

305.814 305.814

After capital increase against

contributions

AA 5%

AG 95%

6.065.814 305.814

5.760.000

Exchange decision

After cash capital increase AA 5%

AG 95%

8.087.752

407.752

7.680.000

Target structure capital 8.087.752 8.087.752

Bonds AG 100% 60.000.000 1.000

Target for new bond AG 100% 12.000.000 100

AA = Old Shareholder, AG = Bondholder, SV= Bond

160:1

1 Bond:96 New Shares

1 Bond: 2 New Bond à

100 €

-74

3 (old):1 (new)

deleted

+ 5.760.000

Overview Restructuring Concept


24.03.2016 - 16 -

Agenda



4 Outlook 2016



24.03.2016 - 17 -

PV Technology Overview with SINGULUS

Technology and Product Portfolio

Photovoltaic Product Portfolio

Technology and Production-Equipment for Crystalline & Thin Film Solar

Crystalline Solar Cells (Multi/Mono), Heterojunction

c-Si Turn Key Solutions

Batch- and Inline Wet Processing

AR and ITO/ Ag Deposition (HJT)

c-Si = Highest Efficiency

CIGS Thin Film Solar Cells

Selenization and Sulphurization Systems

Horizontal- and Vertical PVD Sputter Systems

Wet Process Applications

Evaporation System

CIGS = Highest Performance Potential

CdTe Thin Film Solar Cells

Wet Process Applications

Horizontal- and Vertical PVD Sputter

Systems

CdTe = Lowest Production Cost per Watt/Peak


24.03.2016 - 18 -

Crystalline Solar vs. CIGS Thin Film

• Higher cell & module efficiency

• Easier process

• Advanced technology

• Production splitted on different

locations

• (Silicon, ingot, wafer, cell, module

Crystalline Solar

• Excellent stability

• Good low light performance

• Light soaking effect

• Reduced sensitivity to overheating

• Tolerance to shading & low intensity

CIGS Thin Film


24.03.2016 - 19 -

PV Market Overview

• C-Si cell equipment increased 5% from $1377 million in 2014 to $1455 in 2015.

• Thin-film equipment grew from only $ 48 million in 2014 to $ 428 million last year.

• This strong end-market demand should maintain overall optimism for PV

equipment suppliers.

• Annualized PV manufacturing capacity for all technologies is forecasted to grow

from 74.5 GW in 2015 to 89 GW in 2016.

• Within thin-film, CdTe and CIGS have become the leading technologies with one

company dominating the capacity expansion of each technology.


24.03.2016 - 20 -

Annualized PV Manufacturing Capacity

• The figure above shows ramped capacity and includes all Tier categories and both cSi and

Thin-Film

• 2013 was the downturn year of overall industry capacity, with Y/Y growth falling to just 1 %.

• Since 2014, Y/Y growth has been above 10 % with capacity growth expected to peak in 2016

with nearly 90 GW and a 17 % annual growth.

17.9

31.5

51.8 60.3 60.7 68.0

70.5

89.5

101.4 111.1 115.8

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

80%

70%

60%

50%

40%

20%

10%

0

Source: IHS 2016

GW resp. %


24.03.2016 - 21 -

Annualized PV Manufacturing Capacity Thin-Film

• Thin-film forecasts still assume ~500 MW of new CIGS capacity expansions 2015 and 2019.

• CdTe capacity is expected to reach 4.24 GW in 2019 compared to 2.77 GW in 2015.

• There is still a potential capacity increase forecast of up to 5 GW for thin-film, with upside from

any new entrants or additional expansions from well-consolidated players.

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2014 2015 2016 2017 2018 2019

CIGS

CdTe

a-Si/uc-Si

Source: IHS 2016 (Charts only include low-risk capacity expansions)

Capacity (MW)


24.03.2016 - 22 -

Heterojunction Solar Cell (HJT) Production

Photovoltaic Product Portfolio

Technology and Production-Equipment for Crystalline Solar Cells

SINGULUS Product Placement at Heterojunction Solar Cell (HJT) Production

SDR/ Texturing

a-Si Front/Rear

ITO Front/Rear

Metal Rear *

Print Front

Curing (Annealing)

Test Sorting

Texture Doping/ Diffusion

Edge Isolation

PSG Etch

AR Coating

Print Rear

Print Front

Firing Test

Sorting

Wet Thermal Wet PECVD Thermal

Wet PECVD PVD Sputter PVD Sputter Thermal

Wet

* In case of monofacial cell-architecture

Standard Solar Cell Production Flow


24.03.2016 - 23 -

SILEX II Wet Processing System for

Heterojunction Solar Cells


24.03.2016 - 24 -

Si barrier layer &

Mo Back

Contact > Sputtering

Scribing P1 > Laser

CdS or. alt. buffer

Deposition > Chemical Bath

Deposition (CBD)

> or ILGAR (In2S3) Interconnect and

Encapsulation >Lamination

Glass Washing > Wet cleaning

Scribing P2 >Mechanical

>Laser

2

7 Scribing P3 >Mechanical

> Laser

CIS/CIGS

Substrate

Inspection

Precursor > Sputtering

Front Contact > Sputtering

3

InS &

iZnO > Evaporation&

sputtering Automation

5

1 6

6

SINGULUS TECHNOLOGIES Provides all Key

Production Steps for a CIGS Fab

Selenezation/

Sulphurization > CISARIS Oven

4

Selen Evaporation > thermal evaporation


24.03.2016 - 25 -

VISTARIS

Inline Sputtering System for CIGS Modules


24.03.2016 - 26 -

Co-Evaporator for Special Coating Tasks


24.03.2016 - 27 -

CISARIS Selenization - Innovative Production

Equipment for CIGS Manufacturing


24.03.2016 - 28 -

TENUIS II - Deposition of Buffer Layer for

CIGS Modules


24.03.2016 - 29 -

BLULINE for Dual & Triple Layer Blu-ray Disc

BLULINE III – Ready for the Market


24.03.2016 - 30 -

TIMARIS Nano Deposition System

Ultra high vacuum: 5*10 -9 mbar

Thinnest Layer: < 3 Å

Uniformity: 0.5 % 1


24.03.2016 - 31 -

Coating Solution SINGULUS TECHNOLOGIES


24.03.2016 - 32 -

Process Overview SINGULUS TECHNOLOGIES

Thin Film Deposition

- Sputter deposition (DC, RF, MF, Bipolar, pulsed)

- Evaporation (thermal evaporation)

- CVD

- PECVD (ICP, µ-Wave) - AACVD (aerosol assisted CVD)

SURFACE ENGINEERING

- Embossing, imprint nano lithography

- Injection molding

- Functionalization

- Oxidation

- Plasma cleaning & etching

- Lacquering & bonding

Thermal Processing

- Rapid thermal processing

- Conditioning

- Annealing

Wet Chemical

- Cleaning/washing

- Etching/polishing

- Texturing

- Conditioning

- Chemical bath deposition

- Developing

THIN FILM

DEPOSITION

SURFACE

ENGINEERING

THERMAL

PROCESSING

WET

CHEMICAL


24.03.2016 - 33 -

Agenda

1 Financial year 2015

2 Order development 2016

4 Outlook 2016

3 Opportunities for profitable growth


24.03.2016 - 34 -

Situation SINGULUS TECHNOLOGIES

Situation of SINGULUS today

History Future


24.03.2016 - 35 -

SINGULUS TECHNOLOGIES Innovative

Technologies

THIN FILM

DEPOSITION

SURFACE

ENGINEERING THERMAL

PROCESSING

WET

CHEMICAL


24.03.2016 - 36 -

Forecast 2016/2017

Year 2016 2017

Sales Million € 115 – 130 Moderate increase in

revenues

EBITDA Balanced to slightly

positive

Better result before

depreciation

EBIT Million € -2 to - 6 Slightly positive


24.03.2016 - 37 -

Closing Remarks

• Well positioned in the growing solar market

• Innovative technologies open doors for new applications

• Expected rise in sales would result in better financial figures in

2016

• Slightly positive EBIT projected for 2017

• The essential prerequisites for the successful implementation of

the presented restructuring concept were met

• Restructuring process should be finalized second half 2016


24.03.2016 - 38 -

Contact


Hanauer Landstrasse 103

D-63796 Kahl/Main

Dr.-Ing. Stefan Rinck, President and CEO

Tel: +49-6188-440-109

[email protected] Markus Ehret, CFO

Tel: +49-6188-440-204 [email protected]

Maren Schuster, Head of Investor Relations

Tel: +49-6188-440-612

[email protected] Bernhard Krause, Communications Worldwide

Tel: +49-6181-9828020

[email protected]

Forward-Looking Statements

This presentation contains forward-looking statements

based on current expectations, assumptions and forecasts

of the executive board and on currently available

information. Various known and unknown risks,

unpredictable developments, changes in the economic and

political environment and other presently not yet

identifiable effects could result in the fact that the actual

future results, financial situation or the outlook for the

company differ from the estimates given here. We are not

obligated to update the forward-looking statements made in

this presentation unless there is a legal obligation.

singulus technologies · 2016. 3. 24. · singulus technologies ag 24.03.2016 - 3 -...

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