1 Green Energy Technology (GET, 3519TT)
Safe Harbor Statem ent The statem ents included in this presentation that are not historical in nature are forw ard-looking statem ents. These forw ard-looking statem ents w hich m ay include statem ents regarding GET future results of operations, financial condition, and investm ent plan are subject to significant risks and uncertainties and are based on GET current expectations. Actual results m ay differ m aterially from those expressed or im plied in these forw ard-looking statem ents for a variety of reasons, including, am ong other things: the cyclical fluctuation and our gross m argin affected by dow nw ard price pressures; our dependence on grow th in the dem and for our products; dependence on access to raw m aterials and com ponents; general econom ic and political conditions, including those related to the solar industry; possible disruptions in com m ercial activities caused by natural and hum an-induced disasters; and fluctuations in foreign currency exchange. Additional inform ation as to these and other factors that m ay cause actual results to differ m aterially from GET forw ard-looking statem ents can be found in GET annual report on Market Observe Post System in TSEC w ebsite. Except as required by law , w e undertake no obligation to update any forw ard-looking statem ent, w hether as a result of new inform ation, future events, or otherw ise. 2
Introduction- - Company Company Introduction � Established ： 2004 � Capital: NT$ 1.072 Billion (US$ 35 million) � The Largest Multi-Crystalline Solar Wafer Maker in Taiwan � The first in Taiwan and top three in world to produce G8.5 thin film module. 3
Grand Parent- -Tatung Group Tatung Group Grand Parent Established: 1918 Capital: US$ 1.3 bn Collaborate with Tatung University Tatung Company (2371TT ) Core Investment Core Business Solar and silicon wafer Digital Consumer (GET, San-Chih Semi-Con.) Optoelectronics (CPT, Forward) Wires & Cable Asset development Industrial Appliance (San-Chih Asset Development) IT Home Appliance (Elite Group, TSTi) Channel (TCPC) P5 4
World wide Solar Market World wide Solar Market 60.0% Crystalline 52.3% Module- Mono 47.7% 50.0% 46.5% 45.2% Crystalline 43.4% 42.2% 38.3% Module-Multi 38.3% 40.0% Thin Film Module 30.0% Others 20.0% 8.9% 10.0% 7.4% 4.7% 5.4% 5.1% 4.7% 5.2% 4.7% 0.0% 2005 2006 2007 2008 Sources ： PHOTON International 2009/03 5
Worldwide Solar Cell Production Capacity Worldwide Solar Cell Production Capacity Unit: MW 2000 2001 2002 2003 2004 2005 2006 2007 2008 單位： MW ； % Japan 128.60 171.22 251.07 363.91 594.10 824.30 922.2 932.0 1,269.0 Europe 60.66 86.38 135.05 193.35 344.08 515.30 715.1 1,170.7 2,020.6 U.S. 74.97 100.32 120.60 103.02 141.48 154.80 173.6 273.1 431.5 Others 23.42 32.62 55.05 83.80 176.34 323.30 724.6 1,902.6 4,188.7 Total 287.65 390.54 561.77 744.08 1,256.0 1,817.7 2,535.5 4,278.6 7,909.8 Growth 42.90 35.77 43.84 32.45 68.80 45.00 39.49 69.00 85.00 % Source ： PHOTON International March 2009 6
GET Worldwide Market Share GET Worldwide Market Share GET Share in Worldwide Multi- -Crystalline Wafer Market Crystalline Wafer Market GET Share in Worldwide Multi 2007 2008 Shipment Market Share Shipment Market Share Multi-Crystalline 100MW 6% 189MW 5.8% Wafer & Ingot Based on PHOTON International,2009/3 worldwide solar cell data 2007 Capacity: • Worldwide 4GW • Crystalline 3.3GW • Mono 43.4%; Multi 46.5% 2008 Capacity: • Worldwide 7.9GW • Crystalline 6.79GW • Mono 38.3%; Multi 47.7% 7
Business- - Multi Crystalline Ingot/Wafer Multi Crystalline Ingot/Wafer Business GET Brand Name Multi-crystalline Wafer � 156mm x 156mm x 220 μ m~180 μ m � Low Breakage � High Conversion Efficiency: � General wafer: 15.8%~ 16% � High Efficiency: 16.2%~16.4% 8
Business- - Multi Crystalline Ingot/Wafer Multi Crystalline Ingot/Wafer Business Capacity Ramping Capacity Furnace � May 2005 25 MW 13 � Dec. 2006 65 MW 26 � Aug. 2007 110 MW 46 � Dec. 2007 200 MW 80 � Jan. 2009 300 MW 80 9
New Business – – Thin Film Solar Module Thin Film Solar Module New Business Dec./2008 1H/2009 Q3/2009 Q4/2009 � 30MW Annual Capacity � 50MW � TUV Certified Annual Capacity (Quarter-size) � Develop BIPV � Develop See-through � Volume Production � TUV Certified (Full-size) 2.2meters � Develop See-through � Develop BIPV 2.6meters 10
Flexible Thin Film Module Specification Flexible Thin Film Module Specification Spec. Size Power Voc(V) Isc(A) 1.1m x 1.3m 83W 96 1.4 1.1m x 2.6m 168W 96 2.9 2.2m x 2.6m 343W 196 2.9 2 .2 m eters 1 .1 m eters 1 .1 m eters 1 .3 m eters 2 .6 m eters 2 .6 m eters Best for Roof Top Best for BI PV Best for Solar farm 11
Thin Film G8.5 Production Line Thin Film G8.5 Production Line Cut & Break Bus Laser Wire Scribe #3 Attach k PVD c s Laser a O s b PVB a C s l G s n Scribe #2 T a I l G n I Module out Simulator Lamination Autoclave J-Box Attach Laser Scribe #1 Reserve for TJ PECVD 12
Financial Results Financial Results (Unit: NT$ million ) 1Q ’ 2009 4Q ’ 2008 QoQ 1Q ’ 2008 YoY Net sales 1,648 2,062 -20.08% 1,953 -15.62% Gross profit 125 411 -69.59% 486 -74.28% Operating income 59 265 -77.74% 419 -85.92% Pre-tax income 69.8 310 -77.48% 356 -80.39% Income tax -7 -1 -85 Net income 62.4 309 -79.81% 271 -76.97% Gross margin 7.60% 19.91% -12 ppt 24.89% -17 ppt Operating margin 3.58% 12.84% -9 ppt 21.47% -17 ppt Net margin 3.79% 14.98% -3 ppt 13.91% -10 ppt Depreciation & 101 98 3.06% 87 16.09% amortization EBITDA 192 424 -54.72% 464 -58.62% Pre-tax EPS (NT$) 0.66* 2.91** 3.81*** EPS (NT$) 0.59* 2.91** 2.9*** *Based on 105.905 million weighted average outstanding shares **Based on 105.568 million weighted average outstanding shares ***Based on 93.629million weighted average outstanding shares 13
Quarterly Revenue and Margin Quarterly Revenue and Margin Unit: NT$ Million 3,000 35% 29.53% 2,470 30% 2,500 2,303 21.40% 24.87% 2,062 25% 22.63% 1,954 2,000 1,771 1,648 17.17% 1,600 20.08% 20% 19.91% 19.24% 18.02% 1,500 15.70% 15% 14.63% 13.92% 990 11.62% 14.99% 1,000 10% 680 496 486 7.60% 411 379 362 500 5% 3.97% 170 93 98 87 89 45 72 50 125 101 - 0% 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 Net sales Gross profits Depreciation & amortization Gross Margin Net Margin 14
Quarterly EBITDA and CapEx Quarterly EBITDA and CapEx Unit: NT$ Million 1,500 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 1,305 EBITDA 193 351 416 464 699 461 244 192 CapEx 1,200 474 802 599 211 626 1,305 461 492 Depreciation & 45 50 72 87 89 93 98 101 802 900 單位：新台幣 million 元 699 626 599 600 461 492 474 464 461 416 351 244 211 300 193 192 98 101 87 89 93 72 45 50 - 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 EBITDA CapEx Depreciation & Amortization NT$ million 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 EBITDA 193 351 416 464 699 461 244 192 CapEx 474 802 599 211 626 1,305 461 492 Depreciation & 45 50 72 87 89 93 98 101 amortization 15
Technology Developing Technology Developing Thinner crystalline silicon wafer- under 180 μ m � High Efficient Wafer – conversion rate more than 16.5% � Advanced poly-silicon recycle and reuse � Amorphous silicon thin-film module-conversion rate � enhancement Mechanical structure developing for large module mount � See-Through and Transparent Modules development � 16
Quality, Delivery, Cost Quality, Delivery, Cost Thank You Thank You 17
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