Attached files
Exhibit 99.2
This presentation and any discussion by Management in connection with the presentation include statements regarding expectations, beliefs, strategies, goals, outlook and other non- historical matters. Any such statements are forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Forward- looking statements include but are not limited to statements about the Company's expectations, beliefs, strategies, goals, outlook and other non-historical matters. Such statements will include details regarding the Companys wafer furnaces, the ramp of our factory in China, progress on our wide wafer development plans, expected manufacturing costs and expectations regarding product demand and pricing and the Companys cash requirements or any projections of future financial performance based on having capacity and sales of about 4.35 GW in China in 2015. Certain risks and uncertainties will cause our actual results to differ from what we expect. These uncertainties arise from the inherent difficulties in predicting the benefits of new technologies, the often volatile market for solar grade silicon, and the difficulty in forecasting customer demand, and our need to restructure our balance sheet and raise additional financing to pursue our business plan. We refer you to our SEC filings for more information regarding forward-looking statements and risks associated with those statements and the Companys business. Forward-looking statements speak only as of the date they are made.
Evergreen Solar Confidential | 1 |
($ in thousands) | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||
Revenue |
$ | 113,286 | $ | 43,038 | $ | 175,000 | $ | 780,650 | $ | 1,740,000 | ||||||||||
EBITDA |
(91,091 | ) | (38,785 | ) | 29,053 | 277,007 | 711,396 | |||||||||||||
Capital Expenditures |
(11,551 | ) | (136,000 | ) | (560,350 | ) | (805,200 | ) | (14,000 | ) | ||||||||||
New Money |
40,000 | 23,625 | 220,000 | 175,000 | | |||||||||||||||
New China Debt |
| 91,120 | 346,233 | 527,467 | | |||||||||||||||
Debt Repayment |
| | | (33,000 | ) | (20,000 | ) |
Projected financial performance assumes the Company successfully reaches 4.35 GW of capacity and sales in China by 2015, with 2/3 of the cost financed by external debt and 1/3 funded by the Company
Evergreen Solar Confidential | DRAFT | 2 |
Estimated major cash sources and uses June December 2011 and 2012 |
Jun-Dec 2011 |
2012 | |||||||
Opening Cash |
41,822 | 77,678 | ||||||
Manufacturing & Operating Expenses: |
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Gross margin |
(18,191 | ) | (1,726 | ) | ||||
R&D |
(12,600 | ) | (21,996 | ) | ||||
SG&A |
(13,359 | ) | (22,786 | ) | ||||
Midland startup |
(1,400 | ) | (2,400 | ) | ||||
Depreciation/amort/warranty/OID |
8,133 | 16,009 | ||||||
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Net cash used in operating activities |
(37,417 | ) | (32,899 | ) | ||||
New Severance payments |
(1,159 | ) | (373 | ) | ||||
One-time charges relating to Devens |
(13,063 | ) | | |||||
China startup (wafer factories) |
| (7,600 | ) | |||||
Capex for wide wafer development |
(6,528 | ) | | |||||
Capex for expansion |
| (136,000 | ) | |||||
Cash flow provided by working capital |
19,225 | 23,738 | ||||||
Cash Interest Payments |
| (3,224 | ) | |||||
Sale of LBIE claim & Devens assets |
40,000 | | ||||||
U.S. Financing |
40,000 | 23,625 | ||||||
China debt financing |
| 91,120 | ||||||
Restructuring Costs & Other |
(5,202 | ) | 274 | |||||
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Ending Cash |
77,678 | 36,338 |
Evergreen Solar Confidential | DRAFT | 3 |