Green Energy Technology (GET, 3519TT) Safe Harbor Statem ent The - - PDF document

1

Green Energy Technology

(GET, 3519TT)

2

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.

3

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.

Introduction Introduction-

• Company

Company

4

Grand Parent Grand Parent-

• Tatung Group

Tatung Group

Home Appliance Wires & Cable Industrial Appliance Digital Consumer P5

Tatung Company (2371TT)

Solar and silicon wafer

(GET, San-Chih Semi-Con.)

Asset development (San-Chih Asset Development) IT (Elite Group, TSTi) Channel (TCPC) Optoelectronics (CPT, Forward)

Core Investment Core Business Established: 1918 Capital: US$ 1.3 bn Collaborate with Tatung University

5

38.3%

46.5% 47.7%

38.3% 42.2% 43.4%

45.2% 52.3%

5.2% 4.7% 4.7% 5.1% 4.7% 5.4% 7.4% 8.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 2005 2006 2007 2008 Crystalline Module- Mono Crystalline Module-Multi Thin Film Module Others

Sources：PHOTON International 2009/03

World wide Solar Market World wide Solar Market

6

Worldwide Solar Cell Production Capacity Worldwide Solar Cell Production Capacity

Source：PHOTON International March 2009

單位：MW；%

2000 2001 2002 2003 2004 2005 2006 2007 2008 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 Unit: MW

7

2007 2008 Shipment Market Share Shipment Market Share Multi-Crystalline Wafer & Ingot 100MW 6% 189MW 5.8%

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%

GET Worldwide Market Share GET Worldwide Market Share

GET Share in Worldwide Multi GET Share in Worldwide Multi-

• Crystalline Wafer Market

Crystalline Wafer Market

8

GET Brand Name Multi-crystalline Wafer

156mm x 156mm x 220μm~180μm Low Breakage High Conversion Efficiency: General wafer: 15.8%~ 16% High Efficiency: 16.2%~16.4%

Business Business-

• Multi Crystalline Ingot/Wafer

Multi Crystalline Ingot/Wafer

9

Business Business-

• Multi Crystalline Ingot/Wafer

Multi Crystalline Ingot/Wafer

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

10

Q4/2009 Q3/2009 Dec./2008 1H/2009

30MW Annual Capacity TUV Certified (Quarter-size) Develop See-through

New Business New Business – – Thin Film Solar Module Thin Film Solar Module

2.6meters 2.2meters

Volume Production TUV Certified (Full-size) Develop See-through Develop BIPV 50MW Annual Capacity Develop BIPV

11

Spec. Size Power Voc(V) Isc(A) 1.1m x 1.3m 83W 168W 2.2m x 2.6m 343W 196 2.9 96 1.4 1.1m x 2.6m 96 2.9

1 .1 m eters 1 .1 m eters 2 .2 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

Flexible Thin Film Module Specification Flexible Thin Film Module Specification

12

T C O G l a s s I n Laser Scribe #1 PECVD Reserve for TJ Laser Scribe #2 PVD Laser Scribe #3 Cut & Break Lamination Autoclave Simulator PVB J-Box Attach Bus Wire Attach

b a c k G l a s s I n Module out

Thin Film G8.5 Production Line Thin Film G8.5 Production Line

13

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 & amortization 101 98 3.06% 87 16.09% 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

14

990 1,600 2,470 2,062 1,648 362 379 486 680 496 411

50 72 87 89 93 98

2,303 1,954 1,771 125 170

101 45

20.08% 19.91% 7.60%

14.63% 15.70% 13.92% 19.24% 18.02%

29.53% 24.87% 22.63% 21.40% 17.17%

3.97% 14.99% 11.62%

• 500

1,000 1,500 2,000 2,500 3,000 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 0% 5% 10% 15% 20% 25% 30% 35% Net sales Gross profits Depreciation & amortization Gross Margin Net Margin

Unit: NT$ Million

Quarterly Revenue and Margin Quarterly Revenue and Margin

15

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

單位：新台幣 million 元

193 351 416 464 699 192 474 802 599 211 461 492 45 50 72 87 89 93 98 461 244 626 1,305 101

• 300

600 900 1,200 1,500 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 EBITDA CapEx Depreciation & Amortization

Unit: NT$ Million

NT$ million 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 461 244 461 98 1,305 93 699 626 89 464 211 87 1Q 09 EBITDA 193 351 416 192 CapEx 474 802 599 492 Depreciation & amortization 45 50 72 101

Quarterly EBITDA and CapEx Quarterly EBITDA and CapEx

16

Technology Developing Technology Developing

• Thinner crystalline silicon wafer- under 180μm
• 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

17

Thank You Thank You

Quality, Delivery, Cost Quality, Delivery, Cost