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Phoenix Solar AG Phoenix Solar AG 1 Disclaimer The content of this presentation is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss in connection with this presentation or the information contained therein. This also applies particularly to any eventual loss in connection with the shares of Phoenix Solar AG. This document contains forward-looking statements on future developments which are based on management’s current assessment. Words such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “can/could”, “plan”, “project”, “forecast”, “should”, and similar terms are indicative of such forward-looking statements. Such statements are subject to certain risks and uncertainties which are mainly outside the sphere of influence of Phoenix Solar AG, but which have an impact on the business activities , the success , the business strategy and the reesults. These risks and factors of uncertainty include, for instance, climatic change, changes in the state subsidisation of photovoltaics, the introduction of competitor products or technologies of other companies, the development of the planned internationalisation of business activities, fierce competition as well as rapid technological change in the photovoltaic market. If one of these or other factors of uncertainty or risks should occur, or if the assumptions underlying the statements should prove incorrect, the actual results may diverge substantially from the results in these statements or implicit indications. Phoenix Solar AAG does not have the intention nor will it undertake any obligation to realise forward-looking statements on an ongoing basis or at a later point in time as this is entirely dependent on circumstances prevailing on the day of their release. In some countries the dissemination of this presentation and the information contained therein may be restricted or prohibited undthlder the law. This presen ttiithftation is therefore express ly no titdt intendddfed for persons res idtilident in lega l sys tems un der w hihhich suc h an offer or solicitation is not permissible, or for persons for whom such an offer or invitation would constitute a breach of the law. 2 Table of Contents 1. Phoenix at a Glance 2. Company Profile 3. Market Development 4. Module Supply 5. Financial Parameters 6. Phoenix Share - SonnenAktie® 7. Investment Highlights 3 Phoenix Solar at a Glance Founded Nov. 1999, headquartered near Munich, glo ba l wor kforce >230 One of the leading globally active PV system integrators (3 continents , 6 countries) CAGR revenue: >80% CtiContinuous ly pro fitblifitable since 2004 2 Stock-listed since November 2004, TecDAX-listed since March 2008 First mover in PV thin-film technology, holding 12% world market share in 2007 Covered by 14 banks/institutions, further coverage under preparation 4 Phoenix Solar’s Worldwide Company Locations in 6 countries and 3 continents Phoenix Solar AG, Germany ¦ (since Nov. 1999) ¦ ¦ ¦ Phoenix Solar S.L., Spain (since April 2006) Phoen ix So lar Phoenix Solar S.r.l., Italy Pte Ltd, (since July 2006) Singapore (since Dec. 2006) Phoenix Solar E.P.E., Greece (since June 2008) Phoenix Solar Pty Ltd, Australia (since July 2008) All 100% owned subsidiaries, except Phoenix Solar Singapore (75% 5 Table of Contents 1. Phoenix at a Glance 2. Company Profile 3. Market Development 4. Module Supply 5. Financial Parameters 6. Phoenix Share - SonnenAktie® 7. Investment Highlights 6 Business Model - Overview International Manufacturers Solar Modules BOS-CtComponents • Crystalline • Inverters • Thin-film • Mounting Systems • Cables System integration Turn-key installation Segment Segment Solar Power Plants Components & Systems Project Investors International Customers Resellers 7 Phoenix Solar’s Offering to the Customer Segments Investor Business Power Plants Power Plant Sales Components & Systems 0,11 kWp* MWp 500 kWp 1 MWp10 10 MWp+ MWp Phoenix Solar’s business model covers all PV system sizes: • Components & Systems 1kWp - 1 MWp • Power Plants > 500 kWp * not to scale 8 Focused Business Model Focus on Photovoltaics ElilExclusively active in the fie ld o f pphhtotovo ltiltaics, the mar ke t segment of renewable energies with the highest growth rate Focus on PV System Technology Focus on core competence of high-yield, long-lasting and profitable PV sys tems System integrators are the gateway to the end customer Advantages of Focused Business Model - Purchase of PV modules and components with the best price-to-performance ratio independent of the manufacturer - High flexibility, rapid response to market trends - Low financial risk as limited investment is required 9 Business Model – Solar Power Plants A full-service package in the Power Plant segment Phoenix offers project investors an all-inclusive services & products package Benefits Phoenix Solar AG Benefits Phoenix Solar Energy IttAGInvestments AG Planning of power plants Project development Procurement und delivery Financial consulting / fund structuring Turn-key installation Funds management Plant management Event management Operation and maintenance 10 Target Customers for Large Solar Power Plants Closed Solar Funds as capital collection point for private investors - Participation starting at €10,000 - Fund capitalisation starting at €20M nership usiness - Expected Return: > 6% ww Institutional investors, insurance companies, pension funds vestor B roject O n n - Risk spreading (in addition to equitiess, I P P annuities, real estates) - Planable cash flow!! Trade, Industry und Commerce - Secure financial returns t Sales - Green image benefit tracts nn nn Local Communities - Secure financial returns EPC Co - Sensible use of agricultural lands ower Pla P P 11 Competence in Large-scale Roof-Mounted Solar Power Plant Design & Construction Munich Trade Fair (Germany), 2.1 MWp Completion November 2002 12 Competence in Large-scale Ground-Mounted Solar Power Plant Design & Construction SolarPark Miegersbach (Germany), 5.3 MWp Completion December 2005 13 Competence in Large-scale Ground-Mounted Solar Power Plant Design & Construction “La Solana” (Spain), 6.5 MWp Comp le tion Marc h 2008 14 Features of Phoenix Solar’s Operation, Monitoring & Maintenance Service Utility standard 24/7 stand-by service independent from inverter manufacturers 24-hour reaction time in case of pltfillant failure International service network with local contact persons Customer access to all plant data Reportingg(y to customer (monthly, quarterly, yearly) Continuous plant optimisation 85 MWp under management as of Jan. 2009, 150 MWp expected end 2009 15 Table of Contents 1. Phoenix at a Glance 2. Company Profile 3. Market Development 4. Module Supply 5. Financial Parameters 6. Phoenix Share - SonnenAktie® 7. Investment Highlights 16 Phoenix Solar & the German Market 2008/2009 German market - Strong demand in both the Components & Systems and Power Plants segments throughout 2008 continuing into 2009 - On 19 December 2008 Phoenix reported a total plant installation 2008 of 50 MWp and grid-connection of the 5.6 MWp Has born pro ject for KGALL - Large-scale power plant project financing delayed due to financial crisis starting in Q4 20008 and is still an issue in Q1 2009 Significant market growth in 2009 to 2 GWp expected 17 Phoenix Solar & Spanish Market 2008/2009 Spanish market - Spanish market boom 2008 has come to an abrupt end - New R oya l Decree 1578/20008 with si gn ifican tly re duce d fee d-in tariffs and hard cap introduced Æ Spppanish market expectation 2009 siggynificantly below market 2008 - Market size and access to projects difficult to predict - Initial demand for large-scale power plants exists but generally cautious view on Spanish market 2009 18 Phoenix Solar and Italian & Greek Market 2008/2009 Italian market - Market 2009 may triple to 5 -600 MWp (from > 150 MWp in 2008) - Financing from Italian banks & grid connection still an issue - Phoenix Solar well positioned with 100% owned Phoenix Solar subsidiary in Rome - Significant volumes of large-scale projects under development Greek market - Demand has been picking up in 2008 but volume still very small compared to Spain and Italy - Market growth below expectations due to bureaucratic hurdles and long project permitting perioods Italy is the most promising European market 2009 aft er Ge Germany 19 Table of Contents 1. Phoenix at a Glance 2. Company Profile 3. Market Development 4. Module Supply 5. Financial Parameters 6. Phoenix Share - SonnenAktie® 7. Investment Highlights 20 Phoenix Solar’s Solar Module and Inverter Suppliers & Long-Term Contracts 50 MWp framework contraact 2008 – 2011 Inv erter Suppliers 450 €M framework contract 2008 - 2011 108 MWp framework contract 2008 - 2011 411 MWp framework contract 2008 - 2012 21 Phoenix Solar Product Mix: Thin-film vs. Crystalline Modules 100% Crystalline 90% 80% 42.8% 40% 52.1% 48.1% 70% 78.5% 60% 79.7% 83. 1% 50% 100% 40% Thin-film 30% 57.2% 60% 47.9% 51.9% 20% 21.5% 10% 20.3% 16.9% 0% 2002 2003 2004 2005 2006 22007 2008 2009e 22 Table of Contents 1. Phoenix at a Glance 2. Company Profile 3. Market Development 4. Module Supply 5. Financial Parameters 6. Phoenix Share - SonnenAktie® 7. Investment Highlights 23 Guidance 2009 & Outlook 2013 Guidance 2009 Long-term Outlook 2013 (as of 27 January 2009) (as of 27 January 2009) Sales: 520 €M Sales: 1.5 bil. € EBIT: 31 €M EBIT: 100 €M Expansion of international
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