Annual General Meeting 28 November 2008

Transcription

1 1 Annual General Meeting 28 November 2008

2 Disclaimer Some of the statements in this presentation constitute forward looking statements that do not directly or exclusively relate to historical facts. These forward looking statements reflect Dyesol Limited s current intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside Dyesol Limited s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward looking statements include known and unknown risks. Because actual results could differ materially from Dyesol Limited s current intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward looking statements contained in this presentation with caution. This management presentation may not be copied or otherwise reproduced. 2

3 Format Of Meeting Chairman s Address Managing Director s Update on Major Projects Consideration of Financial Statements and Resolutions Conclusion 3

4 Dyesol Chairman s Address - AGM Richard Caldwell Chairman

5 Dyesol Now Commercialising a Frontier Solar Technology with World-Class Partners to Create a Sustainable Future 5

6 2008 Strategy Partnership with Industry Best Considered Management of Risk Maintenance and Growth of Industry Materials and Equipment Supply Controlled Burn Rate Strengthening of Human Resources Research & Development Focus 6

7 2008 Performance Review Capital raising of $21.8 million through placement and SPP $1.8 million raised through option exercise 14 million cash-at-bank at June 30 $2.5 million capex new production facilities Very significant increase in production capacity e.g. 2kg 200kg Dye Income of $3.8 million, including $2 million from operational sales 7

8 2008 Performance Review Sales targeted to grow significantly especially in equipment after substantial investment in R&D Full-time employees grew from 30 to 55 plus 15 contractors, mainly international Monthly $700,000 Two established company-maker projects A third company-maker in confidential negotiation Lesser projects managed and unlikely to be increased 8

9 2008 Current Trading New Queanbeyan facilities opened by The Honorable Martin Ferguson in October 2008 Dyesol/Corus PV Accelerator opened by First Minister of Wales, Rhodri Morgan in October All expenditure and minor projects under review Gross monthly burn targeted to be <$750k Sales to grow in FY2009 Target of $6 million: Equipment Korea, Taiwan, USA, Singapore & Pipeline Singapore, Italy, Korea, Portugal 9

10 2008 ASX Comparables DYE -21%, ENE -43% GDY -17%, QTM -41% & SOO -56% 10

11 2008 International Comparables DYE -60% All Ords -45% Suntech Power -90% Nasdaq 42% 11

12 2008 Dyesol versus The Solar Industry Since 1 Jan 2008 (YTD).. Dyesol Limited - 53% PPVX -74% Reasons: Weakening energy prices High silicon prices for 1 st and 2 nd generation manufacturers and falling profits Ongoing capital requirements for the Industry 12

13 Chairman s Conclusion Dyesol is in the Sweet Spot of the solar value chain feedstock / input materials and processing equipment Enormous leverage to the prospects of a new technology with global potential and limited risk DSC will create new markets for solar Carbon trading will escalate the already large market growth for solar product 13

14 Managing Director s Update 14 Dr Gavin Tulloch Managing Director - Global

15 Introduction Dyesol is the international leader in the commercialisation of DSC (Dye Solar Cell) technology and products DSC is 3rd generation solar technology, and is the most advanced commercially available 3rd gen product to reach the market Dyesol s nanotechnology product is based on artificial photosynthesis, using safe and plentiful raw materials Dyesol s commercialisation strategy and prospects provide unique potential upside to investors Dyesol is a global company, both in operations and by shareholder distribution 15

16 DSC is the energy technology for our times First Generation Crystalline Silicon Energy Payback Comparison Second Generation Thin film Semiconductor Third Generation Balance of system payback time (years) Recent Anticipated Crystalline Thin Film DSC Artificial Photosynthesis Nanotechnology 16

17 The Situation with Silicon Wafers spot US$2.40/Wp Module manufacturers no margin ASPs reducing to match reduced feed-in tariffs Low profitability Poor low light and variable light performance Environmental concerns Lower cost options not ramping Chinese wages now US$1500/mth Cost of finance reduces viability Solar farms vs BIPV 17

18 Why Dye Solar Cells? Environmentally friendly - only really clean and green PV technology Readily available raw materials Better performance in normal solar conditions Operating voltage not dependent on light level or orientation Power all day every day - delivers kwh/sqm (not Watt peak) Can be directly integrated into products Low cost manufacture Can be transparent Looks good many colours and effects 18

19 Dyesol s Business Model Solar Panel R&D & Manufacturing Equipment Solar Panel Technology Dyesol Customers e.g. Sony Sharp Samsung Corus (Tata) G24i Many government labs World-class universities 19

20 Partners and Projects Solar coated steel cladding Corus Solar Facades Permasteelisa and ERG Solar Facades Timo and Acrosol in Korea SureVolt flexible foldable portable module Australian Department of Defence, Italian Electric Car, consumer electronics 20

21 Scale and Nature of Steel Roofing Market Typical Coil Coating line Corus Colourcoat 100 million Sq M per annum Vast Colourcoat Roof Coated Steel market - over 1 billion Sq M, growing at 7-8% pa Partnered with Corus (5th largest), plus interest from other steel coating companies to license from Corus/Dyesol Potential for Solar coated steel cladding 20% i.e. over 200 million SqM/annum $75 per SqM added value for Dyesol Addressable market $15Billion/annum 21

22 Corus Proposition and its Potential Impact on Earnings for Dyesol >100 million SqM pa of coated steel Project in 3 rd year, going to engineering phase Supported by 5 million grant from WAG project commenced 1 May 2008 Production of Gen 1 planned for 2010 Exclusive DSC material supply agreement with Corus Official Opening of the Corus-Dyesol PV Accelerator Building 30 October 2008 in North Wales. Corus announces acceleration of project. 22

23 Scale and Nature of Facade Market World Flat glass market billion SqM % growth per year = 6.1 billion SqM 60/40 view and non-view DSC Technology - Addressing non view market Dyesol Materials - At $75/SqM Added value 23

24 Potential for Dyesol in Facade market First Partner Permasteelisa, largest façade company in the world. Listed on the Italian Stock Market. Consortium also includes ERG Renew listed subsidiary of 10 Billion Euros turnover Italian Energy company Regional production exclusivity Dyesol exclusive materials supplier Timo and Acrosol have similar program with Dyesol in Korea Other regions at earlier stages 24

25 Flexible Multicell Panels Surevolt Flexible - Constant voltage source Engineering/industrialisation phase commenced Potential for licensed manufacture Europe and Asia Italian collaboration for Electric Car Consumer electronics 25

26 Shaped DSC Performance 8000 Power (mw) Sun Nominal 0.3 Sun Nominal Under tree shade 0.1 Sun Nominal 0.01 Sun Nominal Voltage (Volts) 26

27 27 Consideration of financial Statements and Resolutions

28 Financial Statements and reports (No vote required) To receive and consider the financial statements for the year ended 30 June 2008 together with the director s report and the auditor s report. 28

29 Resolution 1- Adoption of Remuneration Report (Non-Binding resolution) To receive and consider the financial statements for the year ended 30 June 2008 together with the directors report and the auditor s report. To consider and, if thought fit, to pass the following resolution as an ordinary resolution: To adopt the Remuneration Report for the year ended 30 June Total Votes For Against Abstain Discretion 26,266,695 25,930, ,325 59,310 24,100 29

30 Resolution 2 - Re-election of Director Mr. Gordon Thompson To consider and, if thought fit, to pass the following resolution as an ordinary resolution: "That Mr Gordon Thompson, who retires by rotation in accordance with clause 13.2 of the Company s Constitution be re-elected as a Director of the Company." Total Votes For Against Abstain Discretion 26,266,695 26,126,220 4, ,775 24,100 30

31 Resolution 3 Appointment of Auditor To consider and, if thought fit, to pass the following resolution as an ordinary resolution: that 1. having been advised by the Directors that BDO Kendalls, having first obtained the consent of the Australian Securities & Investments Commission to do so, has resigned as auditor of the Company; 31

32 Resolution 3 Appointment of Auditor 2. BDO Kendalls Audit & Assurance (NSW-VIC) Pty Ltd: (a) Having been nominated by a Member of the Company, in accordance with s.328b(1) of the Corporations Act 2001; and (b) Having given its Consent to Act as auditor, in accordance with s.328a(1) of the Corporations Act, to the Directors; be appointed as the auditor of the Company" Total Votes For Against Abstain Discretion 26,266,695 26,121,920 1, ,275 23,500 32

33 33 Conclusion of Annual General Meeting