singulus technologies · from 74.5 gw in 2015 to 89 gw in 2016. • within thin-film, cdte and cigs...
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SINGULUS
TECHNOLOGIES
March 24, 2016 SINGULUS TECHNOLOGIES AG – Year End Conference 2015
SINGULUS TECHNOLOGIES AG
24.03.2016 - 2 -
Agenda
1 Welcome – Overview
2 Financials – Status Restructuring
4 Outlook 2016
3 Markets and Products
SINGULUS TECHNOLOGIES AG
24.03.2016 - 3 -
State-of-the-Art Equipment Supplier in Combination
with Market Orientated Technology Know-How
Corporate Profile - SINGULUS - Innovations for New Technologies
• Solar
• LED
• E-Storage
• E- Mobility
• Battery
• Optical
• OLED
• Decorative
• Automotive
• Electronics
• RFID
• Glass
• Display
• MRAM
• Magnetics
• Piezo
• MEMS
• Sensors
• Automotive
• Decorative
• Functional
Markets Energy Entertainment Mobility Semi-
conductor
Consumer
Goods
SINGULUS TECHNOLOGIES AG
24.03.2016 - 4 -
Worldwide Connected, Close to the Markets,
Close to the Customer Base
Corporate Profile - SINGULUS - Innovations for New Technologies
SINGULUS Technologies AG
Headquarter Kahl am Main, Germany
SINGULUS Technologies AG
Branch FFB Fürstenfeldbruck (near Munich), Germany
Singulus Inc. Headquarter US, Hartford
Singulus Inc. Sales and Service West Coast
Singulus Latin America Sales and Service South America
Semiconductor
over 180
systems installed
Photovoltaic
over 4.000 MW
production capacity
installed
Optical Disc
over 8550
systems installed *
* including Metallizer
Singulus Asia Sales and Service
Singulus Taiwan Sales and Service
SINGULUS TECHNOLOGIES AG
24.03.2016 - 5 -
New Product Development During the Last Years
Cisaris
Vistaris 900
Tenuis II
Vitrum II
CIGS Pilot Line
Linea I
Optical
Disc
(OD)
c-Si
Thin-film
Semi-
conductor
Solar
2002 2006 2007 2008 2009 2010 2011 2012 2013 2015 1997 1996 2014
Skyline
Spaceline
Bluline I
Singular
Solare
Helioscoater
Rotaris
Bluline III
Timaris II Timaris I
Vistaris1600
Bluline II
Decoline II
New
Business
(NB)
2016
Selenius
SINGULUS TECHNOLOGIES AG
24.03.2016 - 6 -
Agenda
1 Welcome – Overview
2 Financials – Status Restructuring
4 Outlook 2016
3 Markets and Products
SINGULUS TECHNOLOGIES AG
24.03.2016 - 7 -
Financial Key Figures
in € million 2014 2015
Revenues 66.8 83.7
Order Intake 60.6 96.3
Order Backlog (31.12.) 14.0 26.6
EBIT -49.1 -34.5
EBIT Adjusted -27.8 -18.2
EBITDA -24,1 -27.0
Profit Before Tax -51.7 -43.3
Net Result -51.6 -43.4
Operating Cash Flow -10.1 -10.5
Shareholders’ Equity 20.1 -21.5
Total Assets 130.2 92.1
SINGULUS TECHNOLOGIES AG
24.03.2016 - 8 -
in € million 2014 2015
Gross Revenue 66.8 83.7
Net Revenue 65.8 82.3
Gross Profit
(in % of Net Revenues)
7.4
(11.2%)
13.0
(15.8%)
- R&D
- Sales & Customer Service
- GM & A
- Other Income/Expenses
- Restructuring and Impairment
-11.5
-14.4
-9.6
0.3
-21.3
-9.5
-12.2
-10.5
1.0
-16.3
OPEX (Total) -56.5 -47.5
EBIT
(in % of Net Revenue)
-49.1
(-74.6%)
-34.5
(-41.9%)
Net Result -51.6 -43.4
EPS (basic) -1.05 -0.89
Profit & Loss Statement
SINGULUS TECHNOLOGIES AG
24.03.2016 - 9 -
One Time Effects 2015
Impairment and Restructuring
in € million 2015
Revaluation of Optical Disc Segment
(in Majority Allowances on Inventories)
9.2
Legal and Consultancy Costs Regarding
Financial Restructuring
3.1
Impairment R&D 2.4
Other Impairments 1.6
SINGULUS TECHNOLOGIES AG
24.03.2016 - 10 -
Balance Sheet
in € million 2014 2015
Liquid Funds 35.8 19.0
Total Current Receivables
and Other Assets
24.7
23.2
Total Inventories 38.0 28.9
Non Current Assets 31.7 21.0
Total Assets 130.2 92.1
Total Current Liabilities 36.4 36.3
Total Non-Current Liabilities 73.7 77.3
Total Equity 20.1 -21.5
Equity and Liabilities 130.2 92.1
SINGULUS TECHNOLOGIES AG
24.03.2016 - 11 -
Cash Flow Development
in € million 2014 2015
Cash Flow from Operating Activities -10.1 -10.5
Cash Flow from Investing Activities* -2.4 -4.7
Cash Flow from Financing Activities -3.5 -2.3
Total Cash Flow -16.0 -17.5
Liquid Funds at the Beginning
of the Fiscal Year** 51.0 35.8
Effect of Exchange Rate Changes 0.8 0.7
Liquid Funds at the End
of the Fiscal Year** 35.8 19.0
* Changes in time deposits with terms longer than 3 months not included
** Includes time deposits with terms longer than 3 months
SINGULUS TECHNOLOGIES AG
24.03.2016 - 12 -
America
1.6%
51.4%30.7%
7.2%
9.1%
Africa & Australia Europe (without
Germany)
Asia America
Germany
Sales Split by Region
2015 2014
America
2.2%
18.6%
46.0%
15.9%
17.3%
Africa & Australia
Europe (without
Germany)
Asia
America
Germany
SINGULUS TECHNOLOGIES AG
24.03.2016 - 13 -
Sales Split by Products
2015 2014
Asia 10.0%
67.4%
22.6%
Semiconductor
Solar
Optical Disc
Asia 5.5%
59.5%
35.0%
Semiconductor
Optical
Disc
Solar
SINGULUS TECHNOLOGIES AG
24.03.2016 - 14 -
Employees as of December 31, 2015
283
287
52
65
2015
2014
Germany Outside Germany
352
335
SINGULUS TECHNOLOGIES AG
24.03.2016 - 15 -
Step Shareholder
Structure
Equity/
Total Value in €
Number of Share
Nominal Value Bond
Before restructuring AA 100% 48.930.314 48.390.314
After capital reduction by withdrawal
of shares
AA 100% 48.930.240 48.930.240
After a simplified capital reduction AA 100%
305.814 305.814
After capital increase against
contributions
AA 5%
AG 95%
6.065.814 305.814
5.760.000
Exchange decision
After cash capital increase AA 5%
AG 95%
8.087.752
407.752
7.680.000
Target structure capital 8.087.752 8.087.752
Bonds AG 100% 60.000.000 1.000
Target for new bond AG 100% 12.000.000 100
AA = Old Shareholder, AG = Bondholder, SV= Bond
160:1
1 Bond:96 New Shares
1 Bond: 2 New Bond à
100 €
-74
3 (old):1 (new)
deleted
+ 5.760.000
Overview Restructuring Concept
SINGULUS TECHNOLOGIES AG
24.03.2016 - 16 -
Agenda
1 Welcome – Overview
2 Financials – Status Restructuring
4 Outlook 2016
3 Markets and Products
SINGULUS TECHNOLOGIES AG
24.03.2016 - 17 -
PV Technology Overview with SINGULUS
Technology and Product Portfolio
Photovoltaic Product Portfolio
Technology and Production-Equipment for Crystalline & Thin Film Solar
Crystalline Solar Cells (Multi/Mono), Heterojunction
c-Si Turn Key Solutions
Batch- and Inline Wet Processing
AR and ITO/ Ag Deposition (HJT)
c-Si = Highest Efficiency
CIGS Thin Film Solar Cells
Selenization and Sulphurization Systems
Horizontal- and Vertical PVD Sputter Systems
Wet Process Applications
Evaporation System
CIGS = Highest Performance Potential
CdTe Thin Film Solar Cells
Wet Process Applications
Horizontal- and Vertical PVD Sputter
Systems
CdTe = Lowest Production Cost per Watt/Peak
SINGULUS TECHNOLOGIES AG
24.03.2016 - 18 -
Crystalline Solar vs. CIGS Thin Film
• Higher cell & module efficiency
• Easier process
• Advanced technology
• Production splitted on different
locations
• (Silicon, ingot, wafer, cell, module
Crystalline Solar
• Excellent stability
• Good low light performance
• Light soaking effect
• Reduced sensitivity to overheating
• Tolerance to shading & low intensity
CIGS Thin Film
SINGULUS TECHNOLOGIES AG
24.03.2016 - 19 -
PV Market Overview
• C-Si cell equipment increased 5% from $1377 million in 2014 to $1455 in 2015.
• Thin-film equipment grew from only $ 48 million in 2014 to $ 428 million last year.
• This strong end-market demand should maintain overall optimism for PV
equipment suppliers.
• Annualized PV manufacturing capacity for all technologies is forecasted to grow
from 74.5 GW in 2015 to 89 GW in 2016.
• Within thin-film, CdTe and CIGS have become the leading technologies with one
company dominating the capacity expansion of each technology.
SINGULUS TECHNOLOGIES AG
24.03.2016 - 20 -
Annualized PV Manufacturing Capacity
• The figure above shows ramped capacity and includes all Tier categories and both cSi and
Thin-Film
• 2013 was the downturn year of overall industry capacity, with Y/Y growth falling to just 1 %.
• Since 2014, Y/Y growth has been above 10 % with capacity growth expected to peak in 2016
with nearly 90 GW and a 17 % annual growth.
17.9
31.5
51.8 60.3 60.7 68.0
70.5
89.5
101.4 111.1 115.8
0
20
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
80%
70%
60%
50%
40%
20%
10%
0
Source: IHS 2016
GW resp. %
SINGULUS TECHNOLOGIES AG
24.03.2016 - 21 -
Annualized PV Manufacturing Capacity Thin-Film
• Thin-film forecasts still assume ~500 MW of new CIGS capacity expansions 2015 and 2019.
• CdTe capacity is expected to reach 4.24 GW in 2019 compared to 2.77 GW in 2015.
• There is still a potential capacity increase forecast of up to 5 GW for thin-film, with upside from
any new entrants or additional expansions from well-consolidated players.
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
2014 2015 2016 2017 2018 2019
CIGS
CdTe
a-Si/uc-Si
Source: IHS 2016 (Charts only include low-risk capacity expansions)
Capacity (MW)
SINGULUS TECHNOLOGIES AG
24.03.2016 - 22 -
Heterojunction Solar Cell (HJT) Production
Photovoltaic Product Portfolio
Technology and Production-Equipment for Crystalline Solar Cells
SINGULUS Product Placement at Heterojunction Solar Cell (HJT) Production
SDR/ Texturing
a-Si Front/Rear
ITO Front/Rear
Metal Rear *
Print Front
Curing (Annealing)
Test Sorting
Texture Doping/ Diffusion
Edge Isolation
PSG Etch
AR Coating
Print Rear
Print Front
Firing Test
Sorting
Wet Thermal Wet PECVD Thermal
Wet PECVD PVD Sputter PVD Sputter Thermal
Wet
* In case of monofacial cell-architecture
Standard Solar Cell Production Flow
SINGULUS TECHNOLOGIES AG
24.03.2016 - 23 -
SILEX II Wet Processing System for
Heterojunction Solar Cells
SINGULUS TECHNOLOGIES AG
24.03.2016 - 24 -
Si barrier layer &
Mo Back
Contact > Sputtering
Scribing P1 > Laser
CdS or. alt. buffer
Deposition > Chemical Bath
Deposition (CBD)
> or ILGAR (In2S3) Interconnect and
Encapsulation >Lamination
Glass Washing > Wet cleaning
Scribing P2 >Mechanical
>Laser
2
7 Scribing P3 >Mechanical
> Laser
CIS/CIGS
Substrate
Inspection
Precursor > Sputtering
Front Contact > Sputtering
3
InS &
iZnO > Evaporation&
sputtering Automation
5
1 6
6
SINGULUS TECHNOLOGIES Provides all Key
Production Steps for a CIGS Fab
Selenezation/
Sulphurization > CISARIS Oven
4
Selen Evaporation > thermal evaporation
SINGULUS TECHNOLOGIES AG
24.03.2016 - 25 -
VISTARIS
Inline Sputtering System for CIGS Modules
SINGULUS TECHNOLOGIES AG
24.03.2016 - 26 -
Co-Evaporator for Special Coating Tasks
SINGULUS TECHNOLOGIES AG
24.03.2016 - 27 -
CISARIS Selenization - Innovative Production
Equipment for CIGS Manufacturing
SINGULUS TECHNOLOGIES AG
24.03.2016 - 28 -
TENUIS II - Deposition of Buffer Layer for
CIGS Modules
SINGULUS TECHNOLOGIES AG
24.03.2016 - 29 -
BLULINE for Dual & Triple Layer Blu-ray Disc
BLULINE III – Ready for the Market
SINGULUS TECHNOLOGIES AG
24.03.2016 - 30 -
TIMARIS Nano Deposition System
Ultra high vacuum: 5*10 -9 mbar
Thinnest Layer: < 3 Å
Uniformity: 0.5 % 1
SINGULUS TECHNOLOGIES AG
24.03.2016 - 31 -
Coating Solution SINGULUS TECHNOLOGIES
SINGULUS TECHNOLOGIES AG
24.03.2016 - 32 -
Process Overview SINGULUS TECHNOLOGIES
Thin Film Deposition
- Sputter deposition (DC, RF, MF, Bipolar, pulsed)
- Evaporation (thermal evaporation)
- CVD
- PECVD (ICP, µ-Wave) - AACVD (aerosol assisted CVD)
SURFACE ENGINEERING
- Embossing, imprint nano lithography
- Injection molding
- Functionalization
- Oxidation
- Plasma cleaning & etching
- Lacquering & bonding
Thermal Processing
- Rapid thermal processing
- Conditioning
- Annealing
Wet Chemical
- Cleaning/washing
- Etching/polishing
- Texturing
- Conditioning
- Chemical bath deposition
- Developing
THIN FILM
DEPOSITION
SURFACE
ENGINEERING
THERMAL
PROCESSING
WET
CHEMICAL
SINGULUS TECHNOLOGIES AG
24.03.2016 - 33 -
Agenda
1 Financial year 2015
2 Order development 2016
4 Outlook 2016
3 Opportunities for profitable growth
SINGULUS TECHNOLOGIES AG
24.03.2016 - 34 -
Situation SINGULUS TECHNOLOGIES
Situation of SINGULUS today
History Future
SINGULUS TECHNOLOGIES AG
24.03.2016 - 35 -
SINGULUS TECHNOLOGIES Innovative
Technologies
THIN FILM
DEPOSITION
SURFACE
ENGINEERING THERMAL
PROCESSING
WET
CHEMICAL
SINGULUS TECHNOLOGIES AG
24.03.2016 - 36 -
Forecast 2016/2017
Year 2016 2017
Sales Million € 115 – 130 Moderate increase in
revenues
EBITDA Balanced to slightly
positive
Better result before
depreciation
EBIT Million € -2 to - 6 Slightly positive
SINGULUS TECHNOLOGIES AG
24.03.2016 - 37 -
Closing Remarks
• Well positioned in the growing solar market
• Innovative technologies open doors for new applications
• Expected rise in sales would result in better financial figures in
2016
• Slightly positive EBIT projected for 2017
• The essential prerequisites for the successful implementation of
the presented restructuring concept were met
• Restructuring process should be finalized second half 2016
SINGULUS TECHNOLOGIES AG
24.03.2016 - 38 -
Contact
SINGULUS TECHNOLOGIES AG
Hanauer Landstrasse 103
D-63796 Kahl/Main
Dr.-Ing. Stefan Rinck, President and CEO
Tel: +49-6188-440-109
Stefan.Rinck@singulus.de Markus Ehret, CFO
Tel: +49-6188-440-204 Markus.Ehret@singulus.de
Maren Schuster, Head of Investor Relations
Tel: +49-6188-440-612
Maren.Schuster@singulus.de Bernhard Krause, Communications Worldwide
Tel: +49-6181-9828020
Bernhard.Krause@singulus.de
Forward-Looking Statements
This presentation contains forward-looking statements
based on current expectations, assumptions and forecasts
of the executive board and on currently available
information. Various known and unknown risks,
unpredictable developments, changes in the economic and
political environment and other presently not yet
identifiable effects could result in the fact that the actual
future results, financial situation or the outlook for the
company differ from the estimates given here. We are not
obligated to update the forward-looking statements made in
this presentation unless there is a legal obligation.
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