Q Cells

The Solar Market and Q.
Cells
Business and the Environment Group 1 Jose Carlos Munoz Philipp Rosenbauer Simon-Ole Schulz Kerstin Wiesner
Table of Contents
Case Study
How does the solar market work?
How is the market evolving and what are the prospects?
What is the role and position of Q.Cells in this market?
20.03.2012
Business and the Environment - Group 1
1 How does the solar market work?

Basic Technologies
Photovoltaics (PV) Technologies Concentrating Solar Power (CSP) Solar Thermal Collectors
Case Study
Grid-connected domestic systems / power plants (compensation for feed-ins) PV Applications Off-grid industrial applications / applications for rural areas Consumer goods / hybrid systems
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Solar Value Chain
Case Study
Full range of integration can be observed in the market Value Chain Few fully integrated companies (backward and forward) Outsourcing of installation very common especially in Europe Relatively fragmented market
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Market Specifics
Policy tagets for renewable energy Government Involvement
Case Study
Extensive regulatory frameworks (incentives for production/feed-ins etc.) in developed countries Recent changes provide new challenges
Watt peak is used as nominal measure of power of PV cells Watt-Peak Maximum energy level obtained under laboratory settings Solar industry bases sales, growth and prices on Wp Real output well below Wp
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2 How is the market evolving and what are the prospects?

Global Renewable Energy Industry
Case Study
Renewable energy industry showed no signs of downturn in 2009 Renewables Renewables accounted for 16% of global final energy consumption in 2010 Solar energy makes up only very small fraction
Solar fastest growing industry within Renewables For the first time EU added more PV than wind - in EU Renewables account for 41% of newly installed electric capacity (2010) where PV accounts for more than 50%! EU accounts for 80% of the global newly installed capacity in 2010 (enough to provide energy for 10 million EU households)
Solar PV
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Case Study
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Case Study
PV Solar fastest growing industry within Renewables In 2010 an estimated 17 GW of capacity was added worldwide (compared with just under 7.3 GW in 2009), bringing the global total to about 40 GW more than seven times the capacity in place five years earlier.
Business and the Environment - Group 1 8
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Global Solar PV Industry By Country
Case Study
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Global Renewable Energy Investment
Case Study
Reduced Risk
Increasing geographical diversification decreases the vulnerability to policy changes and misallocations in individual markets increasing geographical
Business and the Environment - Group 1 10
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Global Solar PV Investment
Total solar power $79 Billion in 2010
Case Study
The trend toward utility-scale PV plants continued, with the number of such systems exceeding 5,000 and accounting for almost 25% of total global PV capacity.
Solar PV second largest asset investment market in 2010 with $19 Billion in financing secured (up 5% from 2009) Utility Scale Projects However, below all time high of $23Billion in 2008 due to sharp decline in PV panel prices
$60 billion in 2010 (25% of total investment in renewable energy) Small scale projects Germany has 57% share of global investment Mostly solar PV due to: generous support programs, falling prices for solar modules, growing base of installers that are marketing to consumer
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Trend: Decreasing costs
Case Study
Sufficient supply of polysilicon and wafers due to rapid manufacturing expansion in China. Cost Reductions Production sold out one quarter in advance Cost reductions 38% and 14% in 2009 and 2010, respectively
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Solar PV Manufacturing Competition
Case Study
Concentrated: Top 15 Manufacturers account for 55% of global production (23.9 GW) PV Market Competition Regional Shift: Cell production continues to shift to Asia China and Taiwan: account for 59% of global production in 2010 (up from 50% in 2009)
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13

Market Overview
Falling costs PV Market Drivers
Case Study
New applications
Strong investor interest Strong policy support accelerated tariff digression
Drastic price declines compared to 2010 Market Challenges 2011 Present overcapacities outstrip market demand Major reductions in subsidy levels in Europe Pressure to consolidate market
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3 What is the role and position of Q.Cells in this market?

Company Overview
Large supplier of photovoltaic solutions in Europe Company Facts Established 1999, headquarter in Thalheim (D) 2380 employees (2010)
Case Study
Grow of sales revenue by over 70 %, to approx. 1.35 bn in 2010
Core Business: Development, production and marketing of crystalline silicon photovoltaic cells Business Recently also sale of solar modules under its brand R&D of more efficient cells and technological production processes
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15

Recent Economic Situation
Strong supply overhang of solar energy providers Summary of Situation Drastic decline in prices / concurrence from China Reduction of state subsidies and in feed-in tariffs But still growing market
Case Study
Bankrupcy of several solar companies ( Evergreen (US/Aug11), Solyndra (US/11), Solon (D/Dez11) Consequences Q-cells: loss of 864 mio. (2012), highly indebted, in danger of insolvency, cut of debt &capital, restructuring measures, 95% loss in shares during last 3 years
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Position & Role
FOCUSED CORE BUSINESS Specialist in photovoltaic silicon cell production Minimal vertical integration INHOUSE R&D Development of more efficient cells New process technologies Text
Case Study
CONCURRENCE FROM CHINA Decline in prices/ dumping prices Overcapacity in offers on market SUBSIDY CUT Lower state subsidies Reduction of feed-in tariffs
HEAVILY INDEBTED Close to insolvency Suspension of payments to creditors Restructuring measures MARKET POSITION As of 12.2011 7th biggest PV producer Germany as leading PV market
INTERNATIONALISATION Plans of entering growth markets outside EU Despite weak financial status: 13.Feb 2012 major order to Greece (tot. 2600kW)
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The Solar Market and Q.

How does the solar market work?

How is the market evolving and what are the prospects?

What is the role and position of Q.Cells in this market?

Business and the Environment - Group 1

1 How does the solar market work?

Business and the Environment - Group 1

1 How does the solar market work?

Business and the Environment - Group 1

1 How does the solar market work?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

2 How is the market evolving and what are the prospects?

Business and the Environment - Group 1

3 What is the role and position of Q.Cells in this market?

Grow of sales revenue by over 70 %, to approx. 1.35 bn in 2010

Business and the Environment - Group 1

3 What is the role and position of Q.Cells in this market?

Business and the Environment - Group 1

3 What is the role and position of Q.Cells in this market?

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