FY 2011 Results. Webcast and Conference Call March 27, Silicon & Wafer Solar Cell & Module Thin Film Module Semiconductor

Transcription

1 FY 2011 Results Webcast and Conference Call March 27, 2012 Silicon & Wafer Solar Cell & Module Thin Film Module Semiconductor

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. 2

3 Contents The year 2011 Financials Strategic outlook Silicon & Wafer Solar Cell & Module Thin Film Module Semiconductor

4 2011: Strong first half and dramatic year-end downturn Market centrotherm Ongoing order boom Expansion of production capacities Expansion of production area at Blaubeuren Flexible production system Overcapacities Price declines from polysilicon through to modules Weakening order trend Worsening financing situation in the PV-sector Drastic market deterioration Collapse in orders Q1 + Q2 Q3 Q Order intake 224 m 120 m 66 m 13 m 4

5 Revenue growth in challenging year 11.9 % revenue growth: from m to m Operating result affected by one-offs amounting to m 75.0 EBIT loss of 19.8 m (previous year: m 75.4 profit) Sector environment affects order trends: Order intake: m (previous year: m 1,049.8) Order book as of Dec : m (previous year: m 843.8) 5

6 Highlights 2011 Major order won in Algeria: integrated factory ranging from ingot production through to solar modules m 290 total order volume Polysilicon production successfully established at chinese state company Opening of the centrotherm Solar Innovation Center On the way to 20 percent efficiency in industrial production: ISE-certified solar cell with 20 percent efficiency 6

7 Strong core business in a difficult market environment Group 2011 vs %-change Sales % EBITDA % EBITDA margin in %* EBIT % EBIT margin in %* Net income % Earnings per share in % ROCE in %* Order Intake , % Order Book Dec % * Changes in percentage points All figures in million EUR 7

8 Segment development Segments 2011 vs %-change Silicon & Wafer Sales % EBIT EBIT margin* % 10.5% %-change Solar Cell & Module Sales % EBIT % EBIT margin* % %-change Thin Film Module Sales % EBIT % EBIT margin* -65.5% % *Margin referring to sales, changes in percentage points All figures in million EUR 8

9 EBIT effects financial year 2011 Operating EBIT and one-time items in million EUR One-time items 2011: m Operating EBIT 2011 Adjustments to projects Adjustments to inventory Litigation costs Adjustments Thin Film (Sunshine PV) Other EBIT

10 Solid order book level in downturn market Order book 12 month Order intake ,000 in million EUR Total: in million EUR Silicon & Wafer Thin Film Module Solar Cell & Module 10

11 Strong core business in Asia Sales breakdown 2011 by products Sales breakdown 2011 by regions Turnkey production lines Service & Replacement Consulting & parts Engineering 14% 1% 1% 5% Other Rest of Europe Rest of World Germany 2% 5% 3% 80% Single equipment 91% Asia 11

12 Balance sheet with high equity ratio Balance Sheet as of Balance Sheet as of in million Euro Non-current assets (44.6%) Equity (41.1%) Non-current assets (40.4%) Equity (49.2%) Thereof Goodwill Thereof Goodwill Current assets (55.4%) Non-current liabilities (19.0%) Current assets (59.6%) Non-current liabilities 72.1 (8.9%) Current liabilities (39.9%) Current liabilities (41.9%) Thereof: Securities 0.0 Cash and cash equivalents Total Assets Thereof Advance payments received Total Liabilities Thereof Securities 10.8 Cash and cash equivalents Total Assets Thereof Advance payments received Total Liabilities 12

13 Cash flow statement in million Euro CF from operating activities: Cash & cash equivalents EBT NWC Other reconciliation effects CF from investing activities CF from financing activities Changes due to scope of consolidation Cash & cash equivalents : Equity rato: 49.2 % Net Working Capital: m Working Capital: m Balance sheet : Equity ratio: 41.1 % Net Working Capital: 0.6 m Working Capital: m 13

14 Material and Personnel Expenses Material Expenses Personnel Expenses % 71.6% 12.9% 14.9% Higher business volume leads to higher Material Expenses Conversion to IAS 18 results in higher materials expense ratio Consolidation of Chinese subsidary and higher business volume result in higher personnel expenses Suprising market deterioration leads to higher materials and personnel expense ratio 14

15 Other operating expenses Other operating expenses Breakdown by cost category % % Higher business volume Adjustments in the Silicon & Wafer segment in MTEUR Write-downs to trade receivables and receivables relating to construction orders Freight and packaging Third-party services Legal and general consultancy Travel expenses Sales commissions Litigation costs and contractual penalties Temporary help Premises expenses Employee benefit costs Bank charges Advertising costs Expenses for anticipated loss-making transactions Insurance and contributions Increase in obligation for services yet to be rendered Guarantee Telephone and communication Passenger vehicle costs Foreign-exchange losses Write-downs to other assets Asset disposals Other services Write-downs to inventories Management services Miscellaneous Total

16 What we do: Efficiency programme ct focus Around 22 m of cost savings per year by the end of 2013 Costs Around 400 jobs are to be cut by mid-2012 Organisation Internal Reorganisation (synergies, processes, streamlining) Strategic focus on crystalline silicon along the PV value chain Expansion of the Semiconductors & Microelectronics area Target: to grow profitably and sustainably with a streamlined and efficient organisational structure Sales Sales Push: cross-segment management of key customers and core markets, further tapping of certain customer segments MENA growth region in focus 16

17 Summary & Outlook Challenging year 2011 Surprising deterioration in the market and financial circumstances Extensive efficiency program and refocusing Well positioned for the future with focus on: Core competencies Strong large-scale project business Sales efforts towards the MENA countries Photovoltaics is quite clearly on a medium- and long-term growth path due to rising energy demand worldwide Benefit from this with a streamlined and efficient organisation 17

18 2012 Guidance Confronted by challenges again in 2012 PV-sector is in a consolidation phase Further development depends on a large number of factors, including influences from politics and the financial market Difficult to estimate when positive signals from the sector will allow our order position to recover No significant change to the current situation in the first half of 2012 given the current uncertainties on markets, and exogenous factors that we cannot influence, we prefer to refrain from issuing a revenue and earnings forecast for the 2012 financial year 18

19 Thank you for your attention! 19