United Renewable Energy Co., Ltd. · TWSE:3576
United Renewable Energy — Neo Solar Power — Investor Presentation (November 2010)
32 slides from United Renewable Energy's investor presentation, November 2010
Slide 1: Neo Solar Power Corp. (3576 TT)
Neo Solar Power Corp. (3576 TT) Professional maker of QUALITY solar cells Company Presentation November 2010
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation may contain various forward-looking statements and include assumptions concerning Neo Solar Power Corp. (NSP) operations, future results and prospects. These forward-looking statements are based on current expectations and are subject to risk and uncertainties
Slide 3: Neo Solar Power Corp. – Quantum Leap to Gigawatt
Neo Solar Power Corp. – Quantum Leap to Gigawatt –
Slide 4: Outline
Outline l Company and Business Overview l Operation Highlights l Financial Performance
Slide 5: NSP Corporate Overview
NSP Corporate Overview NSP (3576 TT) is a leading Taiwanese solar energy company and one of the world’s largest PV cells manufacturers. NSP is engaged in development, manufacture and sale of high quality PV cells and modules to worldwide markets, including Europe, Asia, Japan, and North America. Key
Slide 6: Operation Sites
Operation Sites FAB 1: Installed capacity 100MW FAB 2: Installed capacity 700MW Installed Capacity Type Location Max. (MW) FAB 3: Installed capacity 400MW (Max. 3.4GW) FAB 1: 100 Hsinchu, Taiwan FAB 2 & HQ: Cell Hsinchu Science Park, 700 Taiwan FAB 3: 400+ (FY 2011) Tainan, Taiwan (3400 Max.) Module
Slide 7: Experienced Executive Team
Experienced Executive Team Dr. Quincy Lin, Chairman and CEO n Over 30 years of experience in high tech management n Senior Vice President of TSMC – world’s largest semiconductor foundry n Ph.D. in Business Administration, MBA, BS in Electronics Engineering Dr. Sam Hong, President and COO n Over 30 y
Slide 8: Experienced Executive Team
Experienced Executive Team Andy Shen, Sr. Vice President of Worldwide Sales & Marketing n Over 25 years of industry experience in semiconductor engineering, sales, and marketing n Senior Director, TSMC; President, TSMC-Europe n Master of Business Administration; MS in Electrical Engineering Dr. Alex
Slide 9: Company Milestones
Company Milestones • Broke ground for FAB 3 in Tainan, Taiwan with designed capacity of 3.4 GW • Ranked world 14th largest cell manufacturer (Gartner, 2009) 2010 • Launched two high efficiency products, Multi-Crystalline “Super 17” and Mono-crystalline “Perfect 18” • SOC launched mass production wit
Slide 10: Strategically Positioned in Supply Chain
Strategically Positioned in Supply Chain Poly-silicon Wafer Solar Cell Module System 800MW 50MW n NSP is well positioned in supply chain with superior process management and quality control n NSP’s management has years of experiences in semiconductor and solar industries with technical expertise tha
Slide 11: NSP's Competitive Advantages
NSP’s Competitive Advantages High Quality & Reliability Competitive Manufacturing Costs n Lowest Power Loss n One of the lowest manufacturing n Lowest Light Induced costs in the world Degradation n Rigorous semiconductor n Low Breakage Rate manufacturing disciplines Strong Customer & Supplier Partne
Slide 12: Outline
l Company and Business Overview l Operation Highlights l Financial Performance
Slide 13: Outstanding Shipment Trend
Outstanding Shipment Trend 500 NSP Shipment Trend 450 500+ 400 Shipment (MW) 2007-2010(E) CAGR: 148.4% 350 300 350 250 201 200 150 102 100 35.9 50 0 2007 2008 2009 1Q-3Q10 2008 2009 2010(E) NSP Shipmwt Growth (YoY) 184% 96% 150% Global Market Demand Growth (YoY)* 131% 22% 78% * Source: EPIA n NSP ma
Slide 14: Expanding Global Market Share
Expanding Global Market Share 14000 NSP Global Market Share 5.00% NSP Shipment (MW) 4.00% 4.50% 12000 Global Demand(MW) 4.00% NSP Global Market Share 2007-2010(E) CAGR: 40.8% 10000 3.50% 2.74% Unit: MW 8000 3.00% 1.70% 2.50% 6000 2.00% 1.38% 4000 1.50% 1.00% 2000 500 +13000 35.9 2600 102 6000 200 73
Slide 15: Aggressive Capacity Expansion
Aggressive Capacity Expansion 1500 FAB 1 FAB 2 FAB 3 1.2+ GW Capacity (MW) 1000 2007-2011(E) CAGR: 111.5% 400 800 MW 500 700 700 210 MW 240 MW 120 140 60 90 100 100 0 100 2007 2008 2009 2010 2011(E)
Slide 16: NSP Technology Roadmap
NSP Technology Roadmap n Leveraging PV devices & semiconductor processes to create technology differentiation and competitiveness on cost & quality n Current Patent status: 9 granted and 12 pending
Slide 17: Technology Development Strategy
Technology Development Strategy n Continuous cell efficiency improvement n Process optimization n New technology & material development n Reliability as centerpiece n Drive for grid parity 17 NSP Proprietary
Slide 18: Environment, Safety & Health
Environment, Safety & Health n Excellent safety record n ISO 9001, 14001, OHSAS 18001 certified by TUV n All products RoHS compliant n Greenhouse gas emissions verification (on-going) n Product carbon footprint verification (on-going) 18 NSP Proprietary
Slide 19: NSP Market Strategy
NSP Market Strategy n Strengthen NSP brand of high quality and superior performance n Continue to expand customer base in Europe and Asia n Scale up the business in North America and Japan n Manage a balanced global presence by partnering with leading PV powerhouses n Identify and cultivate new star
Slide 20: Outline
l Company and Business Overview l Operation Highlights l Financial Performance
Slide 21: Highlights for 1Q-3Q10
Highlights for 1Q-3Q10 Strong Revenue Growth • 3Q10 revenues up 31% from 2Q10, up 88% YOY • 1Q-3Q10 revenues NT$13.36 billion (US$440 Mil.), up 92% YOY • Monthly revenues consecutively achieve record highs since April Outstanding Profit and Gross Margin • Gross margin of 22.8% for 3Q10, up from 17.4
Slide 22: Income Statements
Income Statements NTD$ Million 2007 2008 2009 1Q-3Q09 1Q-3Q10 Revenue, Net 3,662 10,176 10,301 6,954 13,362 Gross Income (Loss) 587 839 28 -447 2,577 Operating Income (Loss) 504 524 -268 -659 1,968 Net Profits (Loss) 548 831 -1139 -699 1,956 EPS (NT$/shares) 5.98 5.52 -5.99 -3.82 8.95 $1 USD=$30.33
Slide 23: Balance Sheet Summary
Balance Sheet Summary NTD$ Million 2007 2008 2009 1Q10 2Q10 3Q10 Cash & Cash Equivalent 596 1,149 3,995 3,870 3,440 6,942 Current Assets 2,239 5,902 6,119 6,707 7,282 11,477 Total Assets 4,086 10,964 11,698 12,770 15,030 19,944 Current Liabilities 1,454 1,706 2,741 3,403 4,718 6,300 Total Liabilitie
Slide 24: Revenues Trend
Revenues Trend 16000 Net Revenues 13,368 NT$ Million (USD$ Million) Monthly Revenues (FY 2010) 2% 14000 (USD 441) 2007-2009 CAGR: 67.7% 2,500 2,190 (72) 9 2,113 (70) Y: 12000 10,176 YO 10,301 2,004 (66) NT$ Million (USD$ Million) (USD 336) (USD 339) 2,000 10000 1,764 (58) 1,635 (54) 6,954 1,489 (49)
Slide 25: Profit and EPS Trend
Profit and EPS Trend EPS (NT$/shares) 8.95 Net Income 1,964 (USD 65) 5.98 6.12 NT$ Million (USD$ Million) 1700 831 1200 548 (USD 27) 700 (USD 18) -1,139 (USD -38) -5.99 200 -300 2007 2008 2009 1Q-3Q10 2007 2008 2009 1Q-3Q10 -800 -1300 n NSP reported an impressive EPS of NT$8.95 for 1Q-3Q10, a close
Slide 26: Quarterly Margin Trend
Quarterly Margin Trend Quarterly Gross Margin 30% 25% 22.80% 20% 17.40% 14.30% 15.80% 15% 9.60% 10% 5% 0% 3Q09 4Q09 1Q10 2Q10 3Q10 n Steady growth in gross margin was attributed to the expanding economies of scale and high efficiency cells
Slide 27: Revenues by Region
Revenues by Region Europe Asia (Excluding Japan) North America & Japan 60% 50% 49% 49% 48% 48% 40% 46% 47% 30% 20% 10% 7% 4% 2% 0% 2008 2009 1Q-3Q10 n Very strong customer base in Europe and Asia n Secured major customers in North America and Japan in 2010 n Global presence with calculated regional
Slide 28: Financial Ratio
Financial Ratio Items FY 2009 1Q-3Q10 Cash & Cash Equivalent NT$4.1 billion NT$6.9 billion Shareholders’ Equity NT$5.7 billion NT$12.6 billion Debt to Asset Ratio 47.42% 36.97% ROA -8.40% 9.81% ROE -20.36% 15.56% n NSP has strong cash position of NT$6.9 billion (US$227mil.) up to the end of 3Q10, to
Slide 29: Investment Highlights
Investment Highlights n World-class solar cells with high performance and high quality n First solar cell manufacturer in Taiwan that applies semiconductor management to solar industry n Comprehensive technical expertise including silicon materials, wafers, solar cells, device designs and modules to
Slide 30: Top Line Guidance
Top Line Guidance n 1Q-3Q total shipment is 350MW, 180% increase from same period in 2009 n Shipment & Capacity n 2010 expected shipment: over 500MW n 2010 expansion : added 560MW in Fab 2 l Total Capex: NT$4.1 billion (US$135 mil.) n 2011 expansion : to add 400MW in Fab 3 l Total Capex: NT$5.0 bill
Slide 31: Neo Solar Power Corp. – Quantum Leap to Gigawatt
Neo Solar Power Corp. – Quantum Leap to Gigawatt –
Slide 32: Thank You
Thank You Neo Solar Power Corp. No. 7, Li-Hsin 3rd Rd. , Hsinchu Science Park , Hsinchu , Taiwan Tel: +886.3.5780011 Fax: +886.3.5781255 www.neosolarpower.com
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