SolarWorld AG · OTC:SRWRF
SolarWorld — Q3 2011 Earnings Presentation
15 slides from SolarWorld's earnings presentation, 2011
Slide 1: SolarWorld Analysts' Conference Call Q3 2011
SolarWorld Analysts’ Conference Call Q3 2011 1
Slide 2: Philipp Koecke, Chief Financial Officer
Analysts‘ Conference Call Q3 2011 Philipp Koecke Chief Financial Officer 2
Slide 3: Shipments 2010 vs. 2011
Shipments 2010 vs. 2011 In MW In MW 250 700 +1,4% +2,1% 576 195 568 191 600 200 500 150 400 300 100 200 50 100 0 0 Q3 2010 Q3 2011 Q1-Q3 2010 Q1-Q3 2011 3
Slide 4: Shipments by Region 2011
Shipments by Region 2011 Q3 2011 Q1 - Q3 2011 1% 2% 25% 22% 28% 39% 17% 27% 18% 21% Germany European Union Americas Asia ROW 4
Slide 5: Revenues in m €
Revenues in m € 958 342 - 19,4% 400 - 30,5% 1000 773 300 238 41% 800 54% 600 61% 200 64% 400 59% 100 46% 200 39% 36% 0 0 Q3 2010 Q3 2011 Q1-Q3 2010 Q1-Q3 2011 5
Slide 6: Earnings before Interest and Taxes (EBIT) in m €
Earnings before Interest and Taxes (EBIT) in m € 60 50 134 150 50 - 33,6% - 58,7% 120 40 89 90 30 21 14% 15% 60 12% 20 9% 10 30 0 0 Q3 2010 Q3 2011 Q1-Q3 2010 Q1-Q3 2011 EBIT margin 6
Slide 7: One-offs Q3 2011
One-offs Q3 2011 No Cash Positive Cash Effect In m € 35 30 +26 -24 25 20 15 +20 10 5 +5 0 Regular DP One-off DP One-off e.g. One-off Release Release Impairment on Termination Fees Inventory (Cash) 7
Slide 8: Consolidated Profit Q3 2010 vs. 2011 in m €
Consolidated Profit Q3 2010 vs. 2011 in m € 60 20 50 40 20 55 9 30 10 20 Q3 2011 10 13 0 0 Q3 2010 -9 Q1-Q3 2010 Q1-Q3 2011 8
Slide 9: Balance Sheet
Balance Sheet 2.723 2.723 In m € shareholder‘s 3.000 non-current equity assets 2.500 1.447 939 non-current 2.000 liabilities inventories 1.500 536 1.480 other current assets 1.000 224 current cash liabilities 516 500 304 0 Assets Equity & Liabilities 9
Slide 10: Working Capital
Working Capital In m € 700 600 500 67% 400 300 58% 53% 200 29% 30% 100 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 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 € 500 400 300 200 100 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 finished goods and merchandise work in process raw materials, supplies 11
Slide 12: Equity & Liabilities
Equity & Liabilities In m € 1400 1200 1000 800 36% 35% 34% 35% 600 31% 400 200 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Current financial liabilities Noncurrent financial liabilities Equity ratio 12
Slide 13: Cashflow Q1-Q3 2011
Cashflow Q1-Q3 2011 EBITDA In m € 175 thereof non cash -74 ∆ operational Working Capital -159 ∆ other net assets -59 Interest received 3 tax payments -49 Operational Cashflow -163 Cash out for asset investment -134 Cashflow from disposal of assets 22 Free Cashflow -275 13
Slide 14: Capital Expenditures Q1 - Q3 2011
Capital Expenditures Q1 - Q3 2011 In m € 160 141 140 Cell and module, 120 99 Hillsboro (24 m €) 100 Ramp-up wafer 80 and module, Freiberg (95 m €) 60 26 40 16 R&D, 20 Freiberg (3 m €) 0 Others Production Production Total USA Germany 14
Slide 15: Thank you for your attention!
Thank you for your attention! 15