SolarWorld AG · OTC:SRWRF
SolarWorld — Investor Presentation (May 2016)
41 slides from SolarWorld's investor presentation, May 2016
Slide 1: Investor Presentation
SolarWorld AG Investor Relations Investor Presentation SolarWorld AG May 2016
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that are subject to risks and uncertainties, many of which relate to factors that are beyond SolarWorld’s control or its ability to precisely estimate, such as future market and economic development, supply and demand, the behavior
Slide 3: Agenda Overview
SolarWorld investor presentation Agenda Overview Business model Product portfolio Current business situation Market environment Forecast Stock and bonds 3 Investor Relations |May 2016
Slide 4: Overview
OVERVIEW 4 Investor Relations |May 2016
Slide 5: SolarWorld at a glance
SolarWorld at a glance Headquarters in Bonn/Germany Location Production in Freiberg/Germany, Arnstadt/Germany and in Hillsboro/U.S. Sales offices in Germany, U.S., France, Italy, UK, South Africa, Singapore and Japan Established/ Established in 1998 IPO IPO in 1999 (Düsseldorf Stock Exchange) Global
Slide 6: Key drivers
Key drivers Growth potential in the quality 2016 return to segment of global solar markets operating profitability Well positioned in all key growth Further cost-saving markets (except China) potential Integrated production across Economies of scales and the value chain combined higher utilization r
Slide 7: Management Board
Management Board Dr.-Ing. E. h. Frank Asbeck (CEO) Founder and Chief Executive Officer (since 1998) Over 20 years of corporate experience in the solar industry Colette Rückert-Hennen (CIBPO) Anchor shareholder, currently owns Chief IT, Brand and Personnel about 20 percent of shares Officer (
Slide 8: Supervisory Board
Supervisory Board Dr. Georg Gansen (Chairman) Dr. Khalid Klefeekh Al Hajri Faisal M. Alsuwaidi Shareholder representatives attorney-at-law, corporate legal chairman and CEO of Qatar Solar president of R&D at Qatar counsel at Deutsche Post AG Technologies Q.S.C. Foundation for Education, Science and
Slide 9: SolarWorld AG - Chronic
SolarWorld AG - Chronic 2016 Return to operating profitability 2014 Successful closing of the financial restructuring process; takeover of Bosch’s solar cell and module production facility in Arnstadt, Germany 2013 Need for financial restructuring as a result of the solar industry crisis 2010 Establ
Slide 10: SolarWorld locations worldwide
SolarWorld locations worldwide 10 Investor Relations |May 2016
Slide 11: Business Model
BUSINESS MODEL 11 Investor Relations |May 2016
Slide 12: SolarWorld business model
SolarWorld business model Business model Production of high quality crystalline solar energy solutions Vertically integrated solar manufacturer across all steps of the value chain Worldwide sales of solar modules and systems Sales of solar wafers and cells to solar industry International Distributio
Slide 13: Production capacities
Production capacities in MW Freiberg Arnstadt Hillsboro Module 650 200 100 550 1,500 MW Freiberg Arnstadt Hillsboro Cell 370 700 430 1,500 MW Freiberg Wafer 1000 1,000 MW Freiberg Arnstadt Hillsboro Ingot 250 500 500 250 1,500 MW multicrystalline monocrystalline Freiberg (Germany) Freiberg reserve A
Slide 14: SolarWorld distribution structure
SolarWorld distribution structure SolarWorld Wholesalers three-tier distribution two-tier distribution Installers Installers Consumer Consumer residential/commercial commercial/utility 14 Investor Relations |May 2016
Slide 15: Product Portfolio
PRODUCT PORTFOLIO 15 Investor Relations |May 2016
Slide 16: SolarWorld product portfolio
SolarWorld product portfolio Solar wafers & cells Modules Solar kits Storage solutions Energy Management Turnkey projects 16 Investor Relations |May 2016
Slide 17: SolarWorld bifacial modules
SolarWorld bifacial modules Product benefits Up to 25 % more yield with innovative bifacial technology Higher returns with shorter amortization time Extremely long lifespan through the use of glass on the front and rear sides of the module 30-year linear performance guarantee – at least 86.85 % outp
Slide 18: SolarWorld energy management and storage
SolarWorld energy management and storage High-performance, reliable and safe lithium- iron phosphate battery Fits every solar power system, regardless of size and can be added to existing PV systems Modularly expandable storage capacity Energy management system for smart energy (2 - 10kWh) distribut
Slide 19: Current Business Situation
CURRENT BUSINESS SITUATION € 19 Investor Relations |May 2016
Slide 20: Shipments and revenue development Y-o-Y
Shipments and revenue development Y-o-Y 341 + 62% 210 213 + 43% 149 Q1 2015 Q1 2016 Shipments in MW Revenue in m€ 20 Investor Relations |May 2016
Slide 21: Development of shipments by quarter
Development of shipments by quarter Shipments 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 in MW modules & kits 1,108 202 238 315 353 334 wafers & cells 51 8 8 13 22 7 Total shipments in MW 1159 328 375 341 210 246 21 Investor Relations |May 2016
Slide 22: Shipment breakdown by region
Shipment breakdown by region Modules and kits shipped in MW 334 25 +65% 164 RoW 7% 202 U.S. 49% 23 Europe ex GER 31% Germany 12% 116 104 44 41 19 Q1 2015 Q1 2016 22 Investor Relations |May 2016
Slide 23: SolarWorld group indicators
SolarWorld group indicators Selected financial indicators in m€ Q1 2015 Q1 2016 Total shipments 210 MW 341 MW Revenue 149.1 212.6 EBITDA 2.9 2.1 EBIT -8.0 -9.7 Group net result -10.0 -20.8 Equity 235.2 186.3 Equity ratio 24.9% 21.6% Net indebtedness 291.2 216.8 Cash and cash equivalents 148.4 182.7
Slide 24: Balance Sheet March 31, 2016
Balance Sheet March 31, 2016 Assets Equity & Liabilities in m€ in m€ 862 869 Non-current assets Shareholders‘ equity Equity ratio 186 21% 353 Current liabilities 231 Inventories 174 Non-current liabilities Other current assets 152 349 m€ 445 financial Cash liabilities 183 24 Investor Relations |May
Slide 25: Break-down of Financial Liabilities
Break-down of Financial Liabilities Financial Liabilities in m€ Bonds Notes Qatar Bank loans/others 400 29 49 137 349 185 22.3 5.5 0 Repayments in Feb 2016 March 31, 2016 Repayments in April 2016 Repayments due 2019 25 SolarWorld Analysts´Conference I May 12, 2016
Slide 26: Working Capital Development q-o-q
Working Capital Development q-o-q Working Capital in m€ 209 193 199 176 183 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Inventories without advanced payments Net trade accounts receivable/payable Working Capital 26 Investor Relations |May 2016
Slide 27: Investments 2015
Investments 2015 18 m€ 51 m€ 14 m€ module/ technology cell investments 12 m€ cell/ wafer SAP 4 m€ 3 m€ cell/ wafer SolarWorld SolarWorld SolarWorld America SolarWorld Others Group Industries America Industries Sachsen Thüringen 27 Investor Relations |April 2016
Slide 28: Market Environment
MARKET ENVIRONMENT 28 Investor Relations |May 2016
Slide 29: Development of annual global PV installations
Development of annual global PV installations New installations in GW +18.7% CAGR 2015e–2020e 139 113 95 78 59 64 2015e 2016e 2017e 2018e 2019e 2020e Source: GTM Research , Jan 2016 29 Investor Relations |May 2016
Slide 30: U.S. market development
U.S. market development Expected U.S. demand CAGR 2014–2020 in GW 10.7 10.8 9.2 9.6 10.1 U.S. total +7.8% 9.0 2.7 2.8 1.7 2.3 1.5 7.3 2.0 residential +14.3% 6.4 1.2 2.1 2.4 3.4 3.6 3.6 1.1 1.2 1.7 2.9 commercial +17.0% 4.4 5.6 5.5 4.4 4.4 4.4 utility +1.0% 4.1 4.1 2014 2015e 2016e 2017e 2018e 2019e
Slide 31: European market development
European market development Expected demand in Europe in GW 20 15 +19% CAGR high scenario 10 +11% CAGR medium scenario 5 flat low scenario 0 2014 2015e 2016e 2017e 2018e 2019e Key PV markets in Europe: Germany historical installations low scenario France medium scenario high scenario UK Source: Sola
Slide 32: Forecast 2016
FORECAST 2016 32 Investor Relations |May 2016
Slide 33: SolarWorld Milestones 2016
SolarWorld Milestones 2016 increase by Shipments more than 20% vs. 2015 increase by Revenue more than 20% vs. 2015 positive EBIT in lower EBIT double-digit million range 33 Investor Relations |May 2016
Slide 34: Further cost-saving potential
Further cost-saving potential Technological innovations • Upgrade to PERC technology at all Technological Procurement production sites innovations • launch of several bifacial module lines • Implementation of 5-busbar-cells Procurement • Optimization of purchasing conditions and Distribution Optimiz
Slide 35: Further cost-saving potential
Further cost-saving potential Production processes • Increase of production capacities and higher Technological Procurement utilization rates innovations • Reduction of material use • Use of alternative more cost-effective materials, e.g. diamond wire for wafer sawing Distribution structures • Furth
Slide 36: Stock and Bonds
STOCK AND BONDS 36 Investor Relations |May 2016
Slide 37: The SolarWorld stock
The SolarWorld stock MASTER DATA SHAREHOLDERS‘ STRUCTURE Share class Ordinary bearer shares ISIN DE000A1YCMM2 Token SWVK 29,00% Market segment Regulated market of the Frankfurt Stock Exchange 50,15% Transparency level Prime Standard Capital stock € 14,896,000.00 Number of shares 14,896,000 20,85% In
Slide 38: The SolarWorld bonds I
The SolarWorld bonds I BOND SOLARWORLD FRN IS. 2014/2019 SERIES 1116 ISIN DE000A1YDDX6 Trading venue Frankfurt Stock Exchange Issue date February 24, 2014 Issue volume 139,386 notes First quotation date March 5, 2014 Term 5 years Maturity date February 24, 2019 Actual nominal value per note € 321.51
Slide 39: The SolarWorld bonds II
The SolarWorld bonds II BOND SOLARWORLD FRN IS. 2014/2019 SERIES 1017 ISIN DE000A1YCN14 Trading venue Frankfurt Stock Exchange Issue date February 24, 2014 Issue volume 387.055 notes First quotation date March 5, 2014 Term 5 years Maturity date February 24, 2019 Actual nominal value per note € 330.5
Slide 40: Contact
Contact Investor Relations Romy Acosta Head of investor relations Tel.: +49 228/55920-476 E-Mail: [email protected] +49 228 55920-470 +49 228 55920-9470 Andrea Hoffmann Institutional investors & analysts [email protected] Tel.: +49 228/55920-470 http://www.solarworld.de/en/investor-r
Slide 41: Thank you for your attention
THANK YOU ! FOR YOUR ATTENTION 41 Investor Relations |May 2016