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 Silicon Wafer Producer in Taiwan � Annual Capacity Ramp up � May 2005 25 MW � Dec. 2006 65 MW � Aug. 2007 110 MW � Dec. 2007 200 MW � Dec. 2008 300 MW 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 3C (GET, San-Chih Semi-Con.) Optoelectronics (CPT, Forward) Wires & Cable Asset development Industrial Products (San-Chih Asset Development) IT Home Appliance (Elite Group, TSTi) Channel (TCPC) P5 4
Business- - Crystalline Solar Ingot/Wafer Crystalline Solar Ingot/Wafer Business � Multi Crystalline Ingot and Wafer � Cost Advantage Throughout Value Chain � GT DSS Furnaces for 270/450 kg Ingot � Wire Saws for 156mm x 156mm x 180/200 μ m Wafer � Customer Perception � Reliable and Responsive � Best Quality (High Efficiency and Low Breakage) 5
New Business – – Thin Film Solar Module Thin Film Solar Module New Business The first in Taiwan and top three in world to volume produce amorphous silicon G8.5 thin film module. 2.2meters 2.6meters See-through 6
New Business- - Thin Film Solar Module Thin Film Solar Module New Business Integrated Applied Material SunFab Design with CPT TFT-LCD experience and GET in-house technology. 7
Thin Film G8.5 - -Schedule Schedule Thin Film G8.5 Q2/2008 Q4/2008 Dec./2008 Q1/2009 Q3/2009 Q4/2009 TUV Volume Production line Qualified Production Move in 30MW (Full-size) MP 50MW MP Test TUV Running Qualified (Quarter-size) Notes: The schedule is subject to adjust upon final specification requirement. • Mass Production: December, 2008 • 1st stage annual capacity (Q1, 2009): 30MW • Further annual capacity (Q4, 2009): 50MW • Guaranteed conversion rate: Start from 6% 8
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 9
Thin Film G8.5 Production Line Thin Film G8.5 Production Line 10
Financial Results Financial Results (Unit: NT$ million ) 3Q ’ 2008 2Q ’ 2008 QoQ Q1~Q3 ’ 2008 Q1~Q3 ’ 2007 YoY Net sales 2,470 2,303 7.25% 6,726 3,271 105% Gross profit 496 680 -27.06% 1,662 569 192% Operating income 334 574 -41.81% 1,327 436 204% Pre-tax income 348 591 -41.12% 1,296 417 210% Income tax 96 -148 -138 -73 Net income 445 443 0.45% 1,159 343 236% Gross margin 20.08% 29.51% -9 ppt 24.71% 17.39% +7 ppt Operating margin 13.53% 24.91% -11 ppt 19.72% 13.34% +6 ppt Net margin 18.01% 19.22% -1 ppt 17.23% 10.51% +6 ppt Depreciation & 93 89 4% 269 129 108% amortization EBITDA 460 699 -35% 1624 592 174% Pre-tax EPS (NT$) 3.29* 5.21** 12.31* 4.51*** EPS (NT$) 4.21* 3.89** 11* 3.71*** *Based on 105.365 million weighted average outstanding shares **Based on 105.126 million weighted average outstanding shares ***Based on 92.568 million weighted average outstanding shares 11
Quarterly Revenue and Margin Quarterly Revenue and Margin Unit: NT$ Million 3,000 40% 2,470 2,303 2,500 2,062 30% 1,953 29.51% 22.64% 24.89% 1,771 2,000 1,599 21.40% 20.08% 1,500 20% 17.20% 19.22% 989 15.70% 18.01% 14.61% 13.91% 1,000 681 680 11.67% 496 486 10% 379 5.29% 362 500 170 87 89 93 34 72 45 49 36 - 0% 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 Net sales Gross profits Depreciation & amortization Gross Margin Net Margin 12
Quarterly EBIDA and CapEx Quarterly EBIDA and CapEx Unit: NT$ Million 1,400 1214 1,200 1,000 752 699 800 539 527 464 464 600 460 429 416 350 400 192 125 93 87 89 72 200 48 49 45 34 - 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 EBITDA CapEx Depreciation & Amortization Unit: NT$ million 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 EBITDA 48 192 350 416 464 699 460 CapEx 464 429 752 527 125 539 1,214 Depreciation & 34 45 49 72 87 89 93 amortization 13
Technology Developing Technology Developing � Wire Saw Slurry recycling – over 70% recycled � Wafer recovery technology � Thinner crystalline silicon wafer- under 180 μ m � Amorphous silicon thin-film solar cell � Screen printing / etching production � See-through solar module development 14
Recap of Major Events Recap of Major Events � GET signs 9-year agreement worth of US$ 260 million with Korean polysilicon supplier DC Chemical. (2008/3/24) � GET gets 8-year orders worth of US$ 990 million from 5 Asia cell customers. (2008/3/28) � GET gets 8-year orders worth of US$ 574 million from 4 Europe and Asia customers. (2008/4/9) � GET signs 8-year agreement worth of US$ 858 million with Korean polysilicon supplier DC Chemical. (2008/7/9) � GET gets 8-year orders worth of US$ 947 million from Asia and Australia customers. (2008/8/18) � GET gets annual thin film order worth of €39.8 million (US$ 58.7 M) from Germany and Spain customers. (2008/9/1) � GET demonstrates G8.5 thin film solar module in 2008 Taiwan PV Forum.(2008/10/7) � GET 1st stage China investment US$ 5.05 million to Ultra Energy Holdings in Weifang Shandong for solar wafer slicing business. (2008/10/20) � GET issues CB for NT$ 1.5 billion, with 5% premium, conversion price NT$ 144.4 (2008/10/20) � GET announced volume production of G8.5 thin film line (2008/12/24) 15
16 Thank You Thank You Quality, Delivery, Cost Quality, Delivery, Cost
Recommend
More recommend
