Interim Report as of September 30, 2011 Webcast and Conference Call November 10, 2011 Silicon & Wafer Solar Cell & Module Thin Film Module Semiconductor
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
Contents 1. Highlights 9 months 2011 2. Financials Silicon & Wafer Solar Cell & Module Thin Film Module Semiconductor
Strong core business in a difficult market environment Solid new order intake despite weaker sector environment: m 410.7 Revenue grows 38.7 % to m 635.7 (9M 2010: m 458.4) EBIT at m 25.2 due to shifts in general market environment Earnings per share: 0.78 FY 2011: higher revenue and slightly positive EBIT margin expected 4
Further strengthening of core Solar Cell & Module business On the way to 20 % cell efficiencies in industrial production: ISE-certified solar cell with 20 % efficiency High-efficiency technology as market of the future centaurus technology is being transferred to production at pilot customers Bundling of Solar Cell & Module segment business activities within centrotherm cell & module GmbH 5
Segment highlights: Silicon & Wafer and Thin Film Module Silicon & Wafer Strategically positioined with new products: Cropping & squaring equipment Adjustments to individual large-scale projects in Asia for the third quarter due to tense situation within the sector Thin Film Module Further boosted efficiency and production throughput at our pilot line in Taiwan over recent months 2nd generation equipment is currently being integrated into the production line in Taiwan 6
Integrated factories: MENA growth region in focus MENA-potential: Increasing awareness for clean energy Billion dollar market for renewables m 290 order signed for fully integrate factory in Algeria in April 2011; Prepayment expected for Q4 2011 Market Growth CAGR 2011-2021 Scheduled power plant installations 2011-2021 12% 10% 8% Sudan Tunisia Om an Bahrain Libya Morocco Kuw ait Jordan 6% (Algeria) Syria VAE VAE Iraq UAE Ägypten Egypt CAGR 2011-2021 140% 120% 100% 80% 60% Scheduled RE installations 2011-2021 Palestine Yem en Jordan Lebanon Bahrain Syria Sudan Libya Kuw ait VAE Saudi-Arabia Saudi- Arabien Egypt UAE Iraq Ägypten 4% Egypt Palestine Lebanon Saudi-Arabia Saudi- Arabien Saudi- Arabia Yem en 2% -1.000 4.000 9.000 14.000 19.000 24.000 29.000 Power plant installation total 2011-21 / MW Market Size 40% Om an Tunisia Algeria Morocco 20% -1.000 9.000 19.000 29.000 39.000 RE accessible market 2011-21 / m Größe: Bruttosozialprodukt je Einwohner 7
Successful bond market placing Registered Bond Borrower's note loan Volume: m 40 m 61.5 Maturity: 15 years four tranches with five and seven year maturities, fixed and variable coupon payments Issue date: 10.08.2011 06.10.2011 Interest rate: 5.125 % p.a. 5y/7y fix: 3,25 % p.a. / 3,728 % p.a. 5y/7y var: 3,127 % p.a. / 3,327 % p.a. Covenants: Industry standard Industry standard Strong investor interest Use of proceeds: further strengthen the company's technology leadership 8
Contents 1. Highlights 9 months 2011 2. Financials Silicon & Wafer Solar Cell & Module Thin Film Module Semiconductor
9M 2011 vs. 9M 2010 Revenue continues to grow centrotherm photovoltaics group 9M 2011 9M 2010 %-change Sales 635.7 458.4 + 38.7% EBITDA 46.8 72.7-35.7% EBITDA margin* 7.4% 15.9% -8.5 EBIT 25.2 54.2-53.6% EBIT margin* 4.0% 11.8% -7.8 Net income 16.6 37.4-55.6% Earnings per share 0.78 1.76-55.7% ROCE* 8.9% 29.1% -20.2 Order book Sep. 30 524.1 747.7-29.9% Total expenses R&D 38.6 30.3 + 27.2% * changes in percentage points; all figures centrotherm photovoltaics AG Interim Report as of June 30, 2011 10
Strong core business in Solar Cell & Module segment Segments 9M 2011 vs. 9M 2010 9M 2011 9M 2010 %-change Silicon & Wafer Sales 65.3 151.3-56.9% EBIT - 61.1 18.9 - EBIT margin* - 93.6% 12.5% - 9M 2011 9M 2010 %-change Solar Cell & Module Sales 546.5 295.2 + 85.1% EBIT 102.3 60.1 + 70.3% EBIT margin* 18.7% 20.4% -1.7 9M 2011 9M 2010 %-change Thin Film Module Sales 23.9 11.9 + 101.6% EBIT - 16.1-24.7 + 35.1% EBIT margin* -67.1% -208.3% + 141.2 * changes in percentage points; all figures centrotherm photovoltaics AG Interim Report as of June 30, 2011 11
Solid order book level in downturn market Order book 12 month Order book 30.09.2011 per segment 1,000 Solar cell & 800 600 869.8 Module 843.8 747.7 326.6 715.2 524.1 Total: 524.1 Thin film module 22.1 Silicon & Wafer 175.4 400 Order intake 9M 2011 per segment 200 0 30.09.10 31.12.10 31.03.11 30.06.11 30.09.11 Solar cell & Module 376.4 Total: 410.7 Thin film module 8.7 Silicon & Wafer 25.6 centrotherm photovoltaics AG Interim Report as of June 30, 2011 12
Core business: Single equipment in Asia Sales breakdown 9M 2011 by products Sales breakdown 9M 2011 by regions Service & Replacement parts 24.8 (3.9%) Consulting & Engineering 5.9 (0.9%) Other 2.8 (0.4%) Turnkey production lines 77.7 (12.2%) Germany 21.0 (3.3%) Rest of Europe 30.1 (4.7%) Rest of World 8.3 (1.3%) Total: Total: 635.7 635.7 Single equipment Asia 524.5 (82.5%) 576.2 (90.6%) 13
Material and Personnel Expenses Material Expenses Personnel Expenses 412.9 81.8 269.5 +143.4 57.7 +24.1 58.8% 65.0% 12.6% 12.9% 9M 2010 9M 2011 Higher business volume leads to higher Material Expenses Conversion to IAS 18 results in higher materials expense ratio 9M 2010 9M 2011 Consolidation of Chinese subsidary and higher business volume result in higher personnel expenses 14
Other Operating Expenses Other operating expenses 88.2 19.3% Higher business volume 172.5 27.1% 9M 2010 9M 2011 Adjustments in the Silicon & Wafer segment +84.3 Breakdown by cost category 01.01.- 01.01.- in TEUR 30.09.2011 30.09.2010 Write-downs to trade receivables and receivables relating to construction orders 55.0 6.3 Freight and packaging 22.0 9.4 Third-party services 12.6 5.9 Sales commissions 11.5 20.7 Travel expenses 10.7 7.6 Litigation costs and contractual penalties 9.5 3.7 Legal and general consultancy 9.4 4.9 Temporary help 6.8 3.1 Premises expenses 3.4 2.7 Increase in obligation for services yet to be rendered 2.8 4.3 Employee benefit costs 2.7 1.8 Bank charges 2.6 1.5 Advertising costs 2.4 2.1 Insurance and contributions 1.8 1.7 Telephone and communication 1.7 1.2 Guarantee 1.4 0.7 Passenger vehicle costs 1.2 0.9 Foreign-exchange losses 0.8 0.6 Asset disposals 0.3 0.0 Other services 0.2 0.1 Management services 0.1 4.1 Write-downs to inventories 0.0 0.2 Miscellaneous 13.8 4.7 Total 172.5 88.2 15
Healthy balance sheet and high equity ratio Balance Sheet as of September 30, 2011 Balance Sheet as of December 31, 2010 Non-current assets: 377.2 (42.0%) Equity: 398.1 (44.3%) Non-current assets : 325.8 (40.4%) Equity: 396.4 (49.2%) Thereof Goodwill: 117.4 Thereof Goodwill: 129.3 Current assets: 520.5 (58.0%) Non-current liabilities: 116.2 (13.0%) Current liabilities: 383.4 (42.7%) Current assets: 479.8 (59.6%) Non-current liabilities : 72.1 (8.9%) Current liabilities : 337.2 (41.9%) Thereof Securities: 0.0 Cash and cash equivalents: 121.9 897,7 897.7 Aktiva Total assets Thereof advance payments received: 153.7 897,7 897.7 Passiva Total equity and liabilities Thereof Securities: 10.8 Cash and cash equivalents: 180.6 805,7 Aktiva 805.6 Total assets Thereof advance payments received 167.2 805,7 805.6 Passiva Total equity and liabilities 16
Cash Flow 9M 2011 in Mio. EUR CF from operating activities: m -43.9 180.6 24.2-63.9-4.2 42.1 2.2 121.9-59.1 Cash & cash equivalents 31.12.2010 EBT NWC Other reconciliation effects CF from investing activities CF from financing activities Changes due to scope of consolidation Cash & cash equivalents 30.09.2011 31.12.2010: Equity ratio: 49.2 % Net Working Capital: -48.8 Mio. Working Capital: 142.6 Mio. Healthy Balance sheet 30.09.2011: Equity ratio : 44.3 % Net Working Capital: 15.1 Mio. Working Capital: 137.0 Mio. 17
Thank you for your attention! 18