Phoenix Solar Ag · HAM:PS4
Phoenix Solar — Q1 2009 Earnings Presentation
37 slides from Phoenix Solar's earnings presentation, May 14, 2009
Slide 1: Phoenix Solar AG 1st Quarter Results
Phoenix Solar AG 1st Quarter Results 14 May 2009 Dr. Andreas Hänel (CEO) - Conference Call - SonnenStrom Electricidad Solar Elettricità Solare Solar Electricity Électricité Solaire
Slide 2: Disclaimer
Disclaimer The content of this presentation is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss
Slide 3: Table of Contents
Table of Contents 1. Phoenix Solar at a Glance 2. Financial Parameters & Targets 3. Outlook & Highlights 2009 3
Slide 4: Phoenix Solar at a Glance
Phoenix Solar at a Glance Founded Nov. 1999, headquartered near Munich, global workforce >230 One of the leading globally active PV system integrators (3 continents, 6 countries) CAGR revenue: 78% Continuously profitable since 2004 Stock-listed since November 2004, TecDAX-listed since March 2008 Fir
Slide 5: Table of Contents
Table of Contents 1. Phoenix Solar at a Glance 2. Financial Parameters & Targets 3. Outlook & Highlights 2009 5
Slide 6: Key Figures Q1 2009
Key Figures Q1 2009 Key Figures Q1 2009 Revenues 36.7 €M (-11.8% versus Q1 2008) * Components & Systems 28.5 €M (+13.5% versus Q1 2008) * Power Plants 8.2 €M (-50.3% versus Q1 2008) EBIT -7.44 €M (versus 0.36 €M in Q1 2008) EBIT margin -20.3% (versus 0.9 % in Q1 2008) Net Result -5.98 €M (versus 0.5
Slide 7: Guidance 2009 & Outlook 2013
Guidance 2009 & Outlook 2013 Guidance 2009 Long-term Outlook 2013 (as of 27 January 2009) (as of 27 January 2009) Sales: around 520 €M Sales: 1.5 bil. € EBIT: approx. 31 €M EBIT: 100 €M International business Positioning of Phoenix expected to reach 35 % of Solar as a globally leading sales system i
Slide 8: Sales Development
Sales Development 1500 700 €M 600 ~ 520 500 402.5 400 300 8 % 260.1 G R7 CA 200 111.1 119.0 100 67.2 14.4 20.8 23.5 0 4.0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e ... 2013e Up to 2003: Phoenix Solar AG (HGB) 2004 onwards: Revenue of Phoenix Concern (IFRS) 8
Slide 9: EBIT / EBIT-Margin Development
EBIT / EBIT-Margin Development EBIT 100 EBIT 40 (€ M) Margin 33.8 10% 35 8.6% 8.4% ~ 31 30 8% 6.9% 25 22.3 6% 20 4.0% 3.7% 15 4% 10 7.7 2% 4.8 5 2.5 0 0% 2004 2005 2006 2007 2008 2009e ... 2013e According to International Financial Reporting Standards (IFRS) 9
Slide 10: Sales Development per Full-Time Equivalent
Sales Development per Full-Time Equivalent €T 2,600 2,392 2,400 2,200 2,000 1,915 1,778 1,800 1,555 1,600 1,352 1,400 €T 1,200 283 - 37% 300 1,000 250 800 200 179 575 621 551 600 150 400 100 200 50 0 2001 2002 2003 2004 2005 2006 2007 2008 Q1'08 Q1'09 Accounting Basis: HGB; from 2004 onwards IFRS 10
Slide 11: Revenue Share of Business Segments
Revenue Share of Business Segments 100% Components & Systems (Germany) 90% Components & Systems (ROW) 80% 44.3% Power Plants (ROW) 46.6% 45.5% 70% 60.4% Power Plants (Germany) 72.0% 60% 5.4% 7.8% 50% 6.3% 100% 5.6% 40% 21.7% 80% 48.3% 5.5% 31.9% 73.1% 30% 60% 4.0% 12.0% 20% 41.5% 40% 4.0% 34.1% 28.6
Slide 12: Annual Results / Earnings per Share
Annual Results / Earnings per Share €M € / share* 28.0 4.00 Net Results EPS 3.63 24.0 3.50 23.7 3.00 20.0 2.50 2.38 16.0 €M 2.00 0.59 14.48 1.0 12.0 0.0 1.50 - 1.0 0.10 8.0 - 2.0 -0.89 0.92 1.00 - 3.0 0.34 - 4.0 4.0 4.95 0.55 0.50 - 5.0 3.02 - 6.0 1.70 -5.98 0.0 0.00 - 7.0 2004 2005 2006 2007 2008 Q
Slide 13: Quarterly Sales Development 2007 to 2009
Quarterly Sales Development 2007 to 2009 Group Results Group Sales €M 160 Revenue down 11.8 % vs. Q1 2008 Sales 149.3 Q1 group sales affected by a) 140 128.1 +35% financial crisis (large-scale project -32% financing), b) long winter season in 120 +75% 110.2 Germany and c) sales price decline 101.4 1
Slide 14: Quarterly EBIT Development 2007 to 2009
Quarterly EBIT Development 2007 to 2009 Group Results EBIT EBIT Group EBIT (€ T) Margin 17599 Q1 EBIT affected by financial 18,000 13.0% 16% 10.4% crisis, long winter, inventory 16,000 13280 10.1% 11.8% 12% clearance with significant 14,000 11173 4.6% 8% writedown (2.2 €m) and higher 12,000 9499 fix
Slide 15: Quarterly Sales Development: Power Plant Segment
Quarterly Sales Development 2007 to 2009 Power Plant Segment Power Plant Segment €M 90 Q1 Power Plant Sales down 50.3% Sales 80.9 y-o-y mainly affected by financial crisis 80 +22% (large-scale project financing) 70 64.8 66.5 Both weak national & international sales 60 +48% +303% -70% 50 43.9 €M 40 +
Slide 16: Power Plant Construction Start 2008 but not completed until Q1 2009
Power Plant Construction Start 2008 but not completed until Q1 2009 due to Harsh Winter SWU Ulm (Germany), 2.3 MWp Completion Q1 2009 16
Slide 17: Quarterly EBIT Development: Power Plant Segment
Quarterly EBIT Development 2007 to 2009 Power Plant Segment EBIT EBIT- €T Margin Power Plant Segment 14,000 16.5% 20% Q1 Power Plant EBIT down 13,000 14.6% 12.6% 12.2% 15% 2.65 €m mainly due to financial 12,000 11,000 10694 crisis (missing project financing) 8.3% 2.9% 9885 5.7% 10% 10,000 9,000 8405
Slide 18: Quarterly Sales Development: Components & Systems Segment
Quarterly Sales Development 2007 to 2009 Components & Systems Segment Components & Systems Segment €M +13% 80 Sales 77.4 Q1 sales up 13.5 % vs. Q1 2008 Q1 sales in Germany up 33.8% vs. Q1 68.4 70 2008 despite long, harsh winter 63.2 +56% Financing of small and mid-scale PV 60 plants not affected by
Slide 19: Quarterly EBIT Development: Components & Systems Segment
Quarterly EBIT Development 2007 to 2009 Components & Systems Segment EBIT EBIT- €T Margin Components & Systems Segment 8000 7707 15% Q1 EBIT affected by module pricing 11.3% pressure and clearance sales fully 9.9% 12% 6000 carried out by Components & Systems 6.3% 9% segment 4.3% 4.3% 4000 3335 6% Si
Slide 20: Quarterly Sales Development: National Sales
Quarterly Sales Development 2007 to 2009 National Sales National Sales €M 120 National National sales almost unchanged relative to Q1 2008 97.3 Market development underpins 100 93.8 +38% the importance of the German market (approx. 95% of total +86% 80 sales) 70.5 +76% €M 60 300 +28% 50.4 +15% 242.8
Slide 21: Quarterly Sales Development: International Sales
Quarterly Sales Development 2007 to 2009 International Sales International Sales €M 90 International International sales Q1 2009 +12% down 70% vs. Q1 2008 78.8 80 International markets not likely 70.1 to pick up before H2 2009 70 60 +946% -95% 50 €M +50% 40 34.3 200 159.7 30 +82% 150 +127% 22.8 20 +
Slide 22: Order Backlog Development
Order Backlog Development €M Order backlog 300 280 275 Total order backlog (248 €m) 260 248 higher than Q1 2008 231 230 240 Components & Systems 220 199 order backlog (154 €M) 132 200 at an all-time high 180 56 154 160 143 138 167 140 109 214 112 244 120 94 88 92 100 75 42 73 78 76 80 126 143 6 143
Slide 23: Q1 Sales and Order Backlog in a Year-on-Year Comparison
Q1 Sales and Order Backlog in a Year-on-Year Comparison Sales Q1 vs. Sales Year-end Free Order Backlog Q1 vs. Sales Year-end 14% 12.9% 60% 53.2% 12% 50% 46.9% 10.3% 10% 40% 8% 7.1% 30.0% 5.8% 30% 6% 20% 4% 12.0% 2% 10% 0% 0% 2006 2007 2008 2009e* 2006 2007 2008 2009e* * Based on 2009 Guidance 23
Slide 24: Table of Contents
Table of Contents 1. Phoenix Solar at a Glance 2. Financial Parameters & Targets 3. Outlook & Highlights 2009 24
Slide 25: Outlook to 2009
Outlook to 2009 Seasonal business expected in 2009 similar to 2007 and the previous years (weak Q1 and strong Q4). 2008 unusual pattern with revenue and profit peaks in Q2 & Q3 due to the Spanish market Positive view on German market development 2009 by customers and Phoenix Solar’s sales department
Slide 26: Highlights Q1 2009
Highlights Q1 2009 KGAL contract extension: +150 €M for 2011, now sales volume totalling a minimum of 375 €M 2009 – 2011 Phoenix highly ranked in specialised journal “BOERSE ONLINE” yearly analysis “Best Investor Relations Germany”. Phoenix Solar ranked no. 1 of all TecDAX-listed companies and no. 6
Slide 27: Highlights Q2 2009
Highlights Q2 2009 Financing situation of large-scale Power Plants in Germany is improving: currently (as of 14 May) five new large-scale power plants totalling 16.5 MWp under construction 5.3 MWp Hasborn PV Power Plant revenue booked in Q2 0.30 Euro per share dividend proposal to the General Assemb
Slide 28: Back-up
Back-up 28
Slide 29: Business Model - Overview
Business Model - Overview International Manufacturers Solar Modules BOS-Components • Crystalline • Inverters • Thin-film • Mounting Systems • Cables System integration ices Serv se Sal Turn-key installation Segment Segment Solar Power Plants Components & Systems Project Investors International Custo
Slide 30: Focused Business Model
Focused Business Model Focus on Photovoltaics Exclusively active in the field of photovoltaics, the market segment of renewable energies with the highest growth rate Focus on PV System Technology Focus on core competence of high-yield, long-lasting and profitable PV systems System integrators are th
Slide 31: Target Customers for Large Solar Power Plants
Target Customers for Large Solar Power Plants Closed Solar Funds as capital collection point for private investors Project Ownership Investor Business - Participation starting at €10,000 - Fund capitalisation starting at €20M - Expected Return: > 6% Institutional investors, insurance companies, pens
Slide 32: Phoenix Solar's Offering to the Customer Segments
Phoenix Solar’s Offering to the Customer Segments Investor Business Power Plants Power Plant Sales Components & Systems 1 kWp* 0.1 MWp 500 kWp 1 MWp 5 MWp 10 10MWp+ MWp Phoenix Solar’s business model covers all PV system sizes: • Components & Systems 1kWp - 1 MWp • Power Plants > 500 kWp * not to sc
Slide 33: Phoenix Solar's Worldwide Company Locations
Phoenix Solar’s Worldwide Company Locations in 6 countries and 3 continents Phoenix Solar AG, Germany (since Nov. 1999) Phoenix Solar S.L., Spain (since April 2006) Phoenix Solar Phoenix Solar S.r.l., Italy Pte Ltd, (since July 2006) Singapore (since Dec. 2006) Phoenix Solar E.P.E., Greece (since Ju
Slide 34: Solar Module and Inverter Suppliers & Long-Term Contracts
Phoenix Solar’s Solar Module and Inverter Suppliers & Long-Term Contracts Inverter Suppliers 34
Slide 35: Product Mix: Thin-film vs. Crystalline Modules
Phoenix Solar Product Mix: Thin-film vs. Crystalline Modules 100% Crystalline 90% 80% 42.8% 40% 52.1% 48.1% 70% 60% 79.7% 78.5% 83.1% 50% 100% 40% Thin-film 30% 57.2% 60% 47.9% 51.9% 20% 10% 20.3% 21.5% 16.9% 0% 2002 2003 2004 2005 2006 2007 2008 2009e 35
Slide 36: Investment Highlights
Investment Highlights Business model focuses on the core capabilities (PV systems technology), allows for high flexibility and fast exploitation of market opportunities As system integrator Phoenix Solar is the gateway to the end customer Expansion of international business to more than 50% of sales
Slide 37: Contact
Contact Phoenix Solar AG Hirschbergstrasse 8 D-85254 Sulzemoos Germany Phone +49 8135 938-000 www.phoenixsolar.com Fax +49 8135 938-399 phoenix@phoenixsolar.de Investor Relations Public Relations Anka Leiner Andrea Zepf Phone +49 8135 938-315 Phone +49 8135 938-313 a.leiner@phoenixsolar.de a.zepf@ph