SolarWorld AG · OTC:SRWRF
SolarWorld — Q1 2011 Earnings Presentation
16 slides from SolarWorld's earnings presentation, Oct 16, 2011
Slide 1: SolarWorld Analysts' Conference Call Q1 2011
SolarWorld Analysts’ Conference Call Q1 2011 1
Slide 2: Philipp Koecke, Chief Financial Officer
Analysts‘ Conference Call Q1 2011 Philipp Koecke Chief Financial Officer 2
Slide 3: Shipments Q1 2010 vs. 2011
Shipments Q1 2010 vs. 2011 185 In MW 200 + 32% 139 150 100 50 0 Q1 2010 Q1 2011 3
Slide 4: Shipments by Region Q1 2011
Shipments by Region Q1 2011 2% 18% 23% 24% 33% Germany European Union Americas Asia ROW 4
Slide 5: Revenues Q1 2010 vs. Q1 2011
Revenues Q1 2010 vs. Q1 2011 In m € 400 + 3,3% 300 226 233 200 33% 71% 67% 100 29% 0 Q1 2010 Q1 2011 Germany ROW 5
Slide 6: Earnings before Interest and Taxes (EBIT)
Earnings before Interest and Taxes (EBIT) In m € 30 +1,6% 26 26 25 11% 11% 20 Q1 2010 Q1 2011 EBIT margin 6
Slide 7: Financial result
Financial result In m € Q1 2010 Q1 2011 Diff Interest expenses -19 -19 0 Interest income 6 8 2 Net interest income/expenses -13 -11 2 Results from investments measured at equity -2 3 5 Others 1 -1 -2 -1 2 3 Financial result -14 -9 5 7
Slide 8: Consolidated Profit
Consolidated Profit In m € 12 14 12 10 8 5 6 4 2 0 Q1 2010 Q1 2011 8
Slide 9: Balance Sheet
Balance Sheet 2.738 2.738 In m € 3.000 non-current shareholder‘s assets equity 2.500 1.435 939 2.000 inventories non-current 1.500 liabilities 435 other current 1.365 assets 1.000 404 cash current 500 464 434 liabilities 0 Assets Equity & Liabilities 9
Slide 10: Working Capital
Working Capital In m € 500 400 58% 300 47% 200 30% 29% 28% 100 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Net prepayments and customer advances Net trade accounts receivable/payable Inventories without advanced payments Working capital in % annualized sales 10
Slide 11: Inventories
Inventories In m € 400 350 300 250 200 150 100 50 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 finished goods and merchandise work in process raw materials, supplies 11
Slide 12: Equity & Liabilities
Equity & Liabilities In m € 1400 1200 1000 800 35% 600 32% 32% 34% 31% 400 200 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Current financial liabilities Noncurrent financial liabilities Equity ratio 12
Slide 13: Cashflow Q1 2011
Cashflow Q1 2011 EBITDA In m € 53 thereof non cash -20 ∆ operational Working Capital -106 ∆ other net assets -49 Interest received 1 tax payments -19 Operational Cashflow -140 Cash out for asset investment -52 Cashflow from disposal of assets 0 Free Cashflow -192 13
Slide 14: Capital Expenditures Q1 2011
Capital Expenditures Q1 2011 In m € 47 50 40 35 Cell and module, Hillsboro (10 m €) 30 Ramp-up wafer and module, 20 12 Freiberg (15 m €) 10 0 R&D, Freiberg (1 m €) 0 Others Production USA Production Total Germany 14
Slide 15: Thank you for your attention!
Analysts‘ Conference Call Q1 2011 Thank you for your attention! 15
Slide 16: SolarWorld Analysts' Conference Call Q1 2011
SolarWorld Analysts’ Conference Call Q1 2011 16