INTEGRATED SOLAR SOLUTIONS

INTEGRATED SOLAR SOLUTIONS
Datum/Titel/Autor
10 NOVEMBER 2009
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DISCLAIMER
This presentation is furnished to you solely for your information, should not be treated as giving investment advice and may not be reproduced or redistributed,
in whole or in part, to any other person.
This presentation constitutes neither an offer to sell nor an invitation to buy securities.
No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the
information contained herein and, accordingly, none of systaic AG (herein after referred to as the ‘Company’), any of their parent or subsidiary undertakings or
any of such person’s officers, directors, employees or advisors accepts any liability whatsoever arising directly or indirectly from the use of this document.
This presentation contains certain forward-looking statements, including assumptions, opinions and views of the Company or cited from third party sources.
Such statements only reflect the current views of the Company with respect to future events and they are subject to various known and unknown risks,
uncertainties and other factors, which could cause the actual results, financial position, development or performance of the Company to differ materially from the
estimations expressed or implied herein. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from
errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted
developments. The Company does not accept any obligation to update or revise any forward- looking statements set forth herein or to adjust them to future
events or development. In particular, you should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.
Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or
endorsed by the Company as being accurate.
By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the
Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s
business.
There shall be no sale of shares of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under
securities laws of such state or jurisdiction. This presentation does not constitute or form a part of, and should not be construed as, an offer or invitation to
subscribe for or purchase any securities and neither these materials nor anything contained herein shall form the basis of, or be relied on in connection with,
any offer or commitment whatsoever.
This presentation speaks as of November 2009. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients
shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is given in
conjunction with an oral presentation and should not be taken out of context.
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KEY INVESTMENT HIGHLIGHTS
Business model outside commodity segment, leadership in solar integration and
continued outperformance of market make SYSTAIC a top investment
The strongest growing German stock listed solar company
Resilient business model benefitting from solar market
Ahead of competition through unique products with tailored marketing concept
Market leader for integrated solar solutions for buildings and vehicles
Three business segments with established products
Experienced and highly committed management team
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AGENDA
• COMPANY OVERVIEW
• MARKET DEVELOPMENT
• STRATEGY
• FINANCIALS AS OF SEPTEMBER 30 th 2009
• KEY INVESTMENT HIGHLIGHTS
• APPENDIX
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COMPANY OVERVIEW – BUSINESS SEGMENTS
SYSTAIC offers integrated solutions in all its business segments.
Energy Roof Systems Automotive Solar Power Plants
• Unique solar solution including all roof
components
• Highly aesthetic roof application that
provides electricity and heating
• Integrated concept that allows
autonomous energy supply for private
households
Sales 9M 09: 6.4 m€
Sales Growth 9M 08 – 9M 09: +68.0 %
SYSTAIC
leading expert for integrated solar solutions
• Manufacturer of integrated solar
applications with first mover advantage for
car roofs in the world
• Joint venture with Webasto AG and new
cooperation with Sekurit ensures Tier-1
supplier status and top roof construction
expertise
Sales 9M 09: 4.7 m€
Sales Growth 9M 08 – 9M 09: -37.4%
• Strong project pipeline in Southern
Europe (sales potential of more than 700
m€ by end of 2010)
• Unrivaled management skills and
engineering expertise in large project
realization ensure competitive advantage
Sales 9M 09: 182.0 m€
Sales Growth 9M 08 – 9M 09: +54.7%
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COMPANY OVERVIEW – MILESTONES
SYSTAIC started its success story in 2004 and reached the market leading
position for integrated solar solutions within 5 years
Sales (€m)
2004 – 2006
• Foundation of SYSTAIC
(former systaic
Deutschland GmbH)
• Foundation of systaic
Ibérica
• Total sales:
€4m in 2006
2007 2008 2009
• 2.8 MWp Solarpark
Griesheim, Griesheim
• IPO of systaic AG
• Acquisition of Webasto
Solar GmbH
(64% joint-venture with
Webasto AG)
• Foundation of systaic
France
• Total sales: €30m
• 11 MWp PV project
Belmez, Spain
• Foundation of systaic
Italia and systaic
Portugal
• Change to prime
standard
• Fully automised
production site for
energy roof systems
• Total sales: €200m
• Foundation of systaic
Hellas
• Acquisition of Solarwatt
Cells GmbH
• Estimated sales:
> €300m
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COMPANY OVERVIEW – ENTITIES
While systaic AG operates the German market its international subsidiaries
focus on key markets in Europe
100%
100%
100%
64%
86%
German subsidiaries
systaic Technologies GmbH
systaic Cells GmbH
systaic sourcing AG & Co.KG
Webasto Solar GmbH
Enerparc AG
Business Segments:
systaic AG
International subsidiaries
100%
systaic France S.A.R.L.
systaic Ibérica S.L.U.
systaic Portugal
systaic Italia S.R.L.
systaic Hellas M.EPE
Energy Roof Systems Automotive
Solar Power Plants
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COMPANY OVERVIEW
The majority of SYSTAIC´s 14,460,461 shares is in free float, MVK Treuhand
GmbH and Webasto AG are largest shareholders.
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COMPANY OVERVIEW – SOLAR POWER PLANTS
SYSTAIC’s greenhouse projects feature a profit-oriented architecture and a
specialised design for energy production as well as agricultural utilisation
• PV laminates integrated in fully functional
greenhouses
• 5 m height with south facing PV modules
• Standardised greenhouse mountings
•Automatic cleaning with customised washing
machines
•Automatic ventilation equipment north side with
float glass
•Passive airflow perforation
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COMPANY OVERVIEW – ENERGY ROOF SYSTEMS
SYSTAIC’s energy roof has been extended to a complete product portfolio, from
a premium product to a large scale solution for commercial roofs
Energy Roof Premium Service
Energy roof including premium service
matching highest demands in total roof design
& construction
• High quality integration
• First-class design
• Thermal collectors, windows, verge &
edge finish
• Complete pre-production
• Planning, consulting, premium service
& surveillance
• 20 years warranty on PV (functionality
& results)
• 20 years warranty on roof sealing
Energy Roof Basic
Complete energy roof system with reasonably
priced integration but limited configuration
options
• Integrated roof, production of edge
finish at installation site
• Ready for using PV exhaust air
(currently no thermal units, windows,
verge & edge finish)
• Service contract only with standard
product warranty
• Roof-integrated installation
• 135 Wp energy unit L
Large Scale Roofs
PV components and mounting materials
configured as kits
• High quality 230 Wp or 135 Wp
monocrystalline laminates
• Optionally framed as modules
• Rooftop mounting ideal for industrial
buildings
• Subconstruction materials
• Mounting materials
• Inverters
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BUSINESS SEGMENTS - AUTOMOTIVE
With SYSTAIC’s automotive roof systems cars will experience a drastic
evolution within the next years
Fuel driven cars:
• Less fuel consumption by relieving light
machine
• Support of air conditioning and operation
of fan
• Optimised battery management
Hybrid / electric cars:
• Range extension
• Emission-free energy for battery charging
• Significant power supply for onboard
electronics
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COMPANY OVERVIEW – CUSTOMERS
In each segment SYSTAIC’s customers are among the top players within their
industry
Energy Roof Systems Automotive Solar Power Plants
• Numerous private customers
• Cooperation with
− Architects, planers and
engineers
− Developers of turnkey
houses and producers of
prefabricated houses
− Association of roofers &
carpenters
• Commercial developers for
solar roofs
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AGENDA
• COMPANY OVERVIEW
• MARKET DEVELOPMENT
• STRATEGY
• FINANCIALS AS OF SEPTEMBER 30 th 2009
• KEY INVESTMENT HIGHLIGHTS
• APPENDIX
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MARKET DEVELOPMENT – VALUE CHAIN
SYSTAIC is strongly positioned within the solar value chain beyond the
commodity segment in the end customer oriented market
Silicon
production
Upstream value chain Downstream value chain
Production
of ingots &
wafers
Commodity Engineering Added value services Customers
Production
of solar cells
Production
of solar
panels
Engineering &
construction
Wholesale/
system
provider
Service &
maintenance
Independent
power
production
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COMPETITION IN ENERGY ROOF SYSTEMS AND AUTOMOTIVE SEGMENT
SYSTAIC is ahead of competition due to first mover advantages and market
leading position in all business segments.
Selected
competitors
SYSTAIC´s
strong position
Competitors´
challenges
• Strong position in the solar value chain outside commodity producers
• Due the strong differentiation of the Energy Roof Systems, the conventional PV solutions of other downstream
players in the market do not constitute a direct competition
• Currently no technical matured product available on the market which is similar to SYSTAIC’s energy roof
• First mover advantage in the integrated solar components for solar roofs in the automotive industry,
cooperations ensure roof construction know-how
• Building up own direct marketing structures and one-stop shopping concept
• Sourcing the solar panels from a highly competitive supplier market with dropping prices
• Forced to take a flying leap to make up for SYSTAIC’s three years of R&D
• Must supplement their product line by all the additional roofing equipment (eaves, gables, etc.) which is
necessary for complete energy roofs
• Have to build up new sales and distribution channels, as these companies mostly distribute their products
through wholesalers and electricians
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MARKET DEVELOPMENT – CAPACITIES
Global panel production capacity expected to exceed demand during the next 4
years. SYSTAIC benefits from overcapacity and price pressure on suppliers.
* Source: EPIA 2009
** Offers and price indications of tier 1 Chinese suppliers (bankable panels)
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MARKET DEVELOPMENT – DEMAND
The building and the automotive market is highly attractive for SYSTAIC’s
products
Number od new buildings and roof refurbishments per year* Automotive solar roof market* (Annual production)
in ´000 units
• With approx. 1.8 million new roofs per year there is a large
market in Germany and countries where SYSTAIC is active
* Source: SYSTAIC analysis
in ´000 units
• Currently, customers pay extra for solar applications; 37,000
automotive roofs in 2008
• In the medium term, car solar roofs will be offered as
standard due to
• a reduction in fuel consumption
• government regulations and CO2 reduction targets
• electricity demand of hybrid and electric cars
• Expected market share of solar roofs: 10% of all mid- and
upper-class models = 2 million
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MARKET DEVELOPMENT – COMPETITION
SYSTAIC expects to outperform the market also in 2009
Bosch
* Source: Bloomberg consensus (except SYSTAIC)
Not available due to acquisition by Bosch
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AGENDA
• COMPANY OVERVIEW
• MARKET DEVELOPMENT
• STRATEGY
• FINANCIALS AS OF SEPTEMBER 30 th 2009
• KEY INVESTMENT HIGHLIGHTS
• APPENDIX
19

STRATEGY
SYSTAIC expects continued growth in all business segments with a shift in
sales structure
Cash cow
Future stars
SYSTAIC Solar Power Plants
So far, SYSTAIC has generated the major
share of its sales within its Solar Power Plants
segment.
SYSTAIC Energy Roof Systems
SYSTAIC‘s Energy Roof will benefit from the
regulatory framework in many SYSTAIC‘ s
existing markets which provides an enormous
potential to commercialise the product
SYSTAIC Automotive
SYSTAIC is a pioneer in the development of
photovoltaic solar roofs for the automotive industry
and hence holds the pole position in this market
segment
• Established products in all business segments
• Continued growth expected in all segments
• Segments in different growth phases
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STRATEGY
With the integration strategy SYSTAIC is top prepared to meet future industry
challenges
Industry challenges SYSTAIC’s strategy
1. Shake out of commodity producers due to overcapacities
2. Entry of market leaders in fossile energy (Siemens, GE,
etc.)
3. Asian manufacturers aggressively fighting for market
share
4. Ongoing changes in national feed-in laws
1. Integration concept differentiates products from
commodities and allows higher margins
2. Focus on products and services with clear USPs
3. Lean business model with downstream position close to
customers
4. Extending country portfolio. Price reduction of solar
components allow grid parity soon.
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STRATEGY
SYSTAIC develops itself differently than most solar players due to its unique
downstream business model focusing on integration concept
SYS
• Downstream business model with strong customer focus
and position outside commodity production
• Unique product, distribution & service concept in the Energy
Roof Systems and Automotive division
• Promising organic growth story based on three
complementary established business units
• Strong order pipeline in the Solar Power Plants segment
covers expected sales for 2009 and 2010
• Growth target 2009: > € 300m in sales, ~ 7% EBIT margin
• Guidance for 2010: € 400-450m in sales and ~ 8% EBIT
margin
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AGENDA
• COMPANY OVERVIEW
• MARKET DEVELOPMENT
• STRATEGY
• FINANCIALS AS OF SEPTEMBER 30 th 2009
• KEY INVESTMENT HIGHLIGHTS
• APPENDIX
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FINANCIALS AS OF SEPTEMBER 30 2009
SYSTAIC’s increased revenues sixfold each of last two years. Target for 2009
are sales over €300m with an EBIT margin of 7%
P&L 2006 – 9M 2009 (€m)
BALANCE SHEET INDICATORS 2006 – 9M 2009
73%
2006 2007 2008 9M 2009
Sales EBIT Sales (9M) EBIT (9M)
2006 2007 2008 9M 2009
Equity ratio (%) 37% 39% 22% 39%
Net Debt (m€) 0.8 15.9 65.2 41.3
Net Working Capital (m€) 2.0 22.0 88.5 81.6
Free Cash Flow 9M 2008 vs. 9M 2009 (€m)
* Source: SYSTAIC
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FINANCIALS AS OF SEPTEMBER 30 2009
Quarterly results show SYSTAIC developing according to expectations
Corporate P&L 2008 – 9M 2009 (€m)
2008 9M 09
Sales (+) 198.7 100.0% 193.2 100.0%
Cost of sales (-) 169.5 85.3% 165.2 85.5%
Gross Profit 29.3 14.7% 28.0 14.5%
Other income (+) 1.3 0.6% 3.4 1.8%
Personnel expenses (-) 7.7 3.9% 9.8 5.1%
Operating expenses (-) 11.8 5.9% 10.2 5.2%
Depreciation (-) 1.5 0.7% 2.2 1.1%
EBIT 9.5 4.8% 9.2 4.8%
Interests (net) (-) 3.8 1.9% 5.8 3.0%
Tax (-) 2.7 1.4% 0.9 0.5%
Net Profit 3.0 1.5% 2.5 1.3%
* Source: SYSTAIC
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FINANCIALS AS OF SEPTEMBER 30 2009
Balance sheet 2008 showed high working capital due to peak in financial crisis.
9M 2009 balance sheet recovered with healthy and strong ratios
Balance sheet 2008 – 9M 2009
Assets 2008 9M 2009 Equity & Liabilities 2008 9M 2009
Tangible assets 20.1 9% 21.1 12% Equity 49.6 22% 68.8 39%
Other long-term assets 8.7 4% 10.5 6% Minorities 1.2 1% 0.8 0%
Inventories 10.4 5% 13.7 8% Long-term liabilities 16.4 7% 34.7 20%
Trade receivables 180.1 80% 88.0 49% Trade payables 89.3 39% 22.5 13%
Cash & other assets 7.1 3% 43.8 25% Other short-term liabilities 69.9 31% 50.3 28%
Total Assets 226.4 100% 177.1 100% Total Equity & Liabilities 226.4 100% 177.1 100%
Consolidated total assets 9M 2009 were €177m, representing a reduction of about 22% since end of 2008.
Equity at €69.6m, equity ratio at 39.3%
* Source: SYSTAIC
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FINANCIALS AS OF SEPTEMBER 30 2009
With over 90% of sales the Solar Power Plants segment remains largest
contributor to sales and EBIT
• In spite of increased sales (+2,7m€), EBIT in
segment Energy Roof Systems is still
negative due to critical mass not yet
achieved, expenses for R&D, product
development and building up of distribution
channels.
• Reduced sales and EBIT in Automotive
segment caused by economic downturn but
orders are recovering.
• Solar Power Plants exceed previous year by
64m€ in sales and 8m€ in EBIT due to strong
order pipeline.
* Source: SYSTAIC
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FINANCIALS AS OF SEPTEMBER 30 2009
Projects larger than 10 MWp constructions start only after financial commitment
by investors. Milestone payments ensure cash positive construction phase.
Project
Development
~ 20 % of
project volume
Down payment
at project start
Engineering &
procurement
Milestone
payment 1
Bank guarantees
Milestone
payment 2
Construction
Milestone
payment 3
…
Final payment
(grid connection)
Operation & maintenance
Net Cash
time
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FINANCIALS AS OF SEPTEMBER 30 2009
Current project pipeline includes projects in different phases of financing and
exceeds 2010 guidance substantially.
Project pipeline
Segment Country Project Description
Energy Roof Systems
Realisation in Q4 2009/
& 2010 (€m)
Germany several Private homes and commercial roofs approx. 70.0
International several Private homes and commercial roofs approx. 10.0
Subtotal 80.0
Solar Power Plants
Italy several Greenhouse-integrated solar power plants 4.0
Italy Is Fenugus Greenhouse-integrated solar power plants approx. 136.0
Italy UTA Greenhouse-integrated solar power plants > 400.0
Spain Canaria Greenhouse-integrated solar power plants 50.0
Italy Bioi Greenhouse-integrated solar power plants 100.0
Subtotal > 690.0
Total > 770.0
* Source: SYSTAIC
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AGENDA
• COMPANY OVERVIEW
• MARKET DEVELOPMENT
• STRATEGY
• FINANCIALS AS OF SEPTEMBER 30 th 2009
• KEY INVESTMENT HIGHLIGHTS
• APPENDIX
30

KEY INVESTMENT HIGHLIGHTS
Business model outside commodity segment, leadership in solar integration and
continued outperformance of market make SYSTAIC a top investment
The strongest growing German stock listed solar company
Resilient business model benefitting from solar market
Ahead of competition through unique products with tailored marketing concept
Market leader for integrated solar solutions for buildings and vehicles
Three business segments with established products
Experienced and highly committed management team
31

AGENDA
• COMPANY OVERVIEW
• MARKET DEVELOPMENT
• STRATEGY
• FINANCIALS AS OF SEPTEMBER 30 th 2009
• KEY INVESTMENT HIGHLIGHTS
• APPENDIX
32

APPENDIX
Conventional solar rooftop systems cannot compare with the highly aesthetic
integrated solution of the SYSTAIC energy roof
Conventional rooftops
(Current television ads from competitors)
SYSTAIC Energy Roof System
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APPENDIX
Competitors’ products do not offer comparable functions and aesthetics
Sunpower Solon Roto
Solarworld Conergy Sunpower
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APPENDIX
Both in fuel-driven cars as well as in hybrids and electric cars solar applications
can be used sensibly
VALUE ADDED OF SOLAR APPLICATIONS:
Fuel-driven cars
Hybrids / electric
cars
• Less fuel consumption by relieving light machine
• Support of air conditioning and operation of fan
• Optimised battery management
• Range extension
• Emission-free energy for battery charging
• Significant power supply for onboard electronics
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CONTACT DETAILS
We hope you have found this
presentation informative and would be
pleased to deal with any questions.
In case of any questions please contact
our IR department.
systaic AG
Sonja „Billy“ Teurezbacher
Phone: +49-(0)211-828559-235
Email: ir@systaic.com
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