Technology Sharing. Sovello will agree to share certain technology advancements (namely: [****]) as implemented in production by the closing date of this agreement. Evergreen will acquire full rights to make, use, have made, sublicense, etc., these technology advancements without royalty payments in perpetuity. Once Sovello has provided the above listed technology advancements, Evergreen will acknowledge the completion of this Technology Sharing in writing. Draft Term Sheet String Ribbon License Agreement Evergreen — Exhibit A We agree to this non-binding overview of principals as basis for a new license agreement between Evergreen and Sovello replacing the existing QLA and LTTA unless otherwise stated. Thalheim, 18-3-2010 Marlboro, March 3, 2010 /s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Sovello AG Evergreen Solar Inc. Loan Agreement dated April 30, 2007 incl. amendments dated May 22, 2007 and September 1, 2008 Tranche A 37.500.000,00 -10.220.261,31 27.279.738,69 69.836,13 Tranche B **) 5.786.306,29 -3.841.436,42 1.944.869,87 4.978,87 ▇▇▇▇▇▇▇ ▇ ▇,▇▇ ▇,▇▇ ▇,▇▇ ▇▇▇▇▇▇▇ ▇ 25.000.000,00 -6.813.507,54 18.186.492,46 46.557,42 Interest rate swap ***) 318.209,10 Total 68.286.306,29 -20.875.205,27 47.411.101,02 439.581,52 *) According to bank confirmation Shareholders’ payments were used for loan redemptions (EUR 20.875.205,27) and interest payments (EUR 509.696,76). **) Regarding Tranche B Q-Cells SE and REC ASA have made a payment as security for Evergreen (EUR 1.942.451,02). Therefore, Tranche B was not yet formally reduced. ***) The interest rate swap is a fixed-for-floating rate swap and refers to Tranche A. The swap was terminated by the Syndicated Banks together with the Loan Agreement in January 2010. ****) Interest incurred until closing date must be calculated at closing. TOTAL Sales Revenue K EUR 219.297 111.731 10.293 12.342 20.750 19.584 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] TOTAL COGS K EUR 167.242 127.318 10.789 14.545 19.838 18.694 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] GROSS PROFIT K EUR 52.054 -15.588 -496 -2.203 912 890 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Gross Margin % 23,7 % -14,0 % -4.8 % -17.8 % 4.4 % 4.5 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] General & Administrative Expense*) K EUR 9.846 9.489 653 726 819 819 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Selling expenses K EUR 5.886 4.078 246 363 509 513 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] R&D Expenses K EUR 1.401 3.705 322 299 640 640 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Projekt Cost SV3 K EUR 4.309 14.226 0 0 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total operating expenses K EUR 21.442 31.499 1.221 1.388 1.968 1.973 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBIT K EUR 30.612 -47.087 -1.717 -3.591 -1.056 -1.083 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBIT Ratio % 14,0 % -42,1 % -16.7 % -29.1 % -5.1 % -5.5 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Financial result K EUR 8.865 16.104 2.152 1.890 1.146 415 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBT K EUR 21.747 -63.191 -3.870 -5.480 -2.202 -1.497 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Income Tax expenses (23%) K EUR 4.363 -312 -98 -33 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income K EUR 17.384 -62.879 -3.772 -5.447 -2.202 -1.497 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income Ratio 8 % -56 % -37 % -44 % -11 % -8 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBITDA K EUR 46.427 -24.368 830 -1.026 1.618 1.855 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBITDA Ratio % 21,2 % -21,8 % 8,1 % -8,3 % 7.8 % 9.5 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Production Volume KWp 84.874 58.261 8.814 7.952 9.847 11.620 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Sales Volume KWp 81.591 57.139 6.111 7.104 12.500 12.800 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Sales price EUR/Wp 2,61 1,92 1,68 1,68 1,68 1,53 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total COGS EUR/Wp 2,05 2,23 1,77 2,05 1,59 1,46 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total OpExpenses EUR/Wp 0,26 0,55 0,20 0,20 0,16 0,15 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Factory yield (running lines) % 73,94 % 71,07 % 71,8 % 73,9 % 72.0 % 77.3 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Cell efficiency (running lines) % 14,86 % 15,07 % 15,3 % 15,3 % 15.3 % 15.4 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] thereof restricted 2.778 4.061 3.821 3.821 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accounts receivable net of Factoring 48.858 10.320 13.868 14.035 28.210 32.081 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants receivable 37.731 14.027 14.061 14.120 14.355 14.555 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Inventories 32.219 35.574 40.369 41.530 38.309 36.539 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Other assets 19.138 5.081 2.672 4.775 4.775 3.075 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Account payable 26.744 20.423 19.682 19.075 22.066 21.585 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Interest liability shareholders — 9.368 10.234 11.084 11.898 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Bank loan grants SV1+2 27.500 — — — — — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Bank loan grants SV 3 6.000 5.786 5.786 1.945 1.945 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] ST borrowings — banks — — — — — 15.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] IB loan — — — — 10.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accrued warranty 1.960 1.985 2.020 2.043 2.198 2.345 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accruals & Other liabilities 17.425 23.378 24.187 25.423 25.479 9.641 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants Special item 66.026 63.317 63.351 63.410 63.645 63.845 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants amortization (12.568 ) (16.525 ) (17.123 ) (17.745 ) (18.307 ) (18.893 ) [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder SV1/2 90.000 90.000 90.000 90.000 90.000 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - banks SV1/2 52.500 37.500 — — — — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder SV3 36.762 35.084 35.917 36.354 36.354 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - banks SV3 35.000 25.000 62.500 45.466 45.466 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder Bridge — 15.000 15.000 15.000 15.000 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder WC 12.000 24.000 24.000 24.000 24.000 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Common stock 480 480 480 480 480 480 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] APIC — common stock + OCI 90.627 109.127 109.127 130.512 130.512 358.879 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] OCI (883 ) (330 ) (336 ) — — — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Retained Earnings 188 17.572 (45.306 ) (49.078 ) (54.525 ) (56.726 ) [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income 17.384 (62.879 ) (3.772 ) (5.447 ) (2.202 ) (1.497 ) [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income IFRS 17.384 -62.879 -3.772 -5.447 -2.202 -1.497 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Depreciation 22.376 29.618 3.145 3.186 3.236 3.523 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Amortization Grants -6.564 -6.900 -598 -622 -562 -586 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Non-Cash items 1.342 14.756 1.733 1.383 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Amortization/Change prepayment Silicon 0 16.061 2.565 104 337 363 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Inventories -10.125 -3.355 -4.795 -1.161 3.221 1.770 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accounts Receivable & other assets -26.676 45.491 -1.172 -2.329 -14.410 -2.372 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accounts payable & other liabilities 16.752 1.611 1.054 1.495 3.402 -2.684 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Cash provided by Operating Activities 14.488,9 34.403 -1.840 -3.391 -6.978 -1.483 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants received 0 30.566 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grant repayments (incl. Interest) 0 0 0 0 -11.693 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Change investment liability -8.293 -957 -545 850 -1.594 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Capital Spendings (additions fixed asset schedule) -104.714 -37.818 -481 -1.206 -2.350 -4.509 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Silicon Prepayment 7.090 1.226 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Cash used for Investing Activities -97.624 -14.319 -1.438 -1.751 -1.500 -17.797 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Waiver Borrowing SH SV1 & SV2 0 0 0 0 0 -90.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Borrowing banks SV1 & SV2 -30.000 -15.000 0 0 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Waiver Borrowing SH SV3 34.817 15.026 0 0 0 -63.252 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Waiver Borrowing SH W/C 12.005 11.996 0 0 0 -24.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Borrowing banks Tranche A/D 35.000 -10.000 0 -17.034 0 -45.466 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Financing fees -724 0 [****] [****] [****] [****] [****] [****] [****] Bridge Financing Grants / Tranche B 6.000 -27.714 0 -3.841 0 -1.945 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Bank loan (remaining 15 MIO €) 0 0 0 0 0 15.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] IB loan 0 0 0 0 10.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Seller’s Cash Contribution (Equity) 18.500 0 21.385 0 11.115 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Purchaser’s Cash Contribution (Equity) 40.000 [****] [****] [****] [****] [****] Financing fees / IPO Proceeds (net) -150 0 [****] [****] [****] [****] [****] Net Cash provided by Financing Activities 57.098 -7.342 0 510 0 28.704 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Increase (Decrease) in Cash & Equivalents -26.037 12.742 -3.278 -4.632 -8.478 9.425 [****] [****
Appears in 1 contract
Technology Sharing. Sovello will agree to share certain technology advancements (namely: [****]) as implemented in production by the closing date of this agreement. Evergreen will acquire full rights to make, use, have made, sublicense, etc., these technology advancements without royalty payments in perpetuity. Once Sovello has provided the above listed technology advancements, Evergreen will acknowledge the completion of this Technology Sharing in writing. Draft Term Sheet String Ribbon License Agreement Evergreen — Exhibit A We agree to this non-binding overview of principals as basis for a new license agreement between Evergreen and Sovello replacing the existing QLA and LTTA unless otherwise stated. Thalheim, 18-3-2010 Marlboro, March 3, 2010 /s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Sovello AG Evergreen Solar Inc. Loan Agreement dated April 30, 2007 incl. amendments dated May 22, 2007 and September 1, 2008 Tranche A 37.500.000,00 -10.220.261,31 27.279.738,69 69.836,13 Tranche B **) 5.786.306,29 -3.841.436,42 1.944.869,87 4.978,87 ▇▇▇▇▇▇▇ ▇ ▇,▇▇ ▇,▇▇ ▇,▇▇ ▇▇▇▇▇▇▇ ▇ 25.000.000,00 -6.813.507,54 18.186.492,46 46.557,42 Interest rate swap ***) 318.209,10 Total 68.286.306,29 -20.875.205,27 47.411.101,02 439.581,52 *) According to bank confirmation Shareholders’ payments were used for loan redemptions (EUR 20.875.205,27) and interest payments (EUR 509.696,76). **) Regarding Tranche B Q-Cells SE and REC ASA have made a payment as security for Evergreen (EUR 1.942.451,02). Therefore, Tranche B was not yet formally reduced. ***) The interest rate swap is a fixed-for-floating rate swap and refers to Tranche A. The swap was terminated by the Syndicated Banks together with the Loan Agreement in January 2010. ****) Interest incurred until closing date must be calculated at closing. TOTAL Sales Revenue K EUR 219.297 111.731 10.293 12.342 20.750 19.584 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] TOTAL COGS K EUR 167.242 127.318 10.789 14.545 19.838 18.694 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] GROSS PROFIT K EUR 52.054 -15.588 -496 -2.203 912 890 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Gross Margin % 23,7 % -14,0 % -4.8 % -17.8 % 4.4 % 4.5 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] General & Administrative Expense*) K EUR 9.846 9.489 653 726 819 819 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Selling expenses K EUR 5.886 4.078 246 363 509 513 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] R&D Expenses K EUR 1.401 3.705 322 299 640 640 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Projekt Cost SV3 K EUR 4.309 14.226 0 0 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total operating expenses K EUR 21.442 31.499 1.221 1.388 1.968 1.973 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBIT K EUR 30.612 -47.087 -1.717 -3.591 -1.056 -1.083 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBIT Ratio % 14,0 % -42,1 % -16.7 % -29.1 % -5.1 % -5.5 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Financial result K EUR 8.865 16.104 2.152 1.890 1.146 415 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBT K EUR 21.747 -63.191 -3.870 -5.480 -2.202 -1.497 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Income Tax expenses (23%) K EUR 4.363 -312 -98 -33 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income K EUR 17.384 -62.879 -3.772 -5.447 -2.202 -1.497 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income Ratio 8 % -56 % -37 % -44 % -11 % -8 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBITDA K EUR 46.427 -24.368 830 -1.026 1.618 1.855 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] EBITDA Ratio % 21,2 % -21,8 % 8,1 % -8,3 % 7.8 % 9.5 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Production Volume KWp 84.874 58.261 8.814 7.952 9.847 11.620 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Sales Volume KWp 81.591 57.139 6.111 7.104 12.500 12.800 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Sales price EUR/Wp 2,61 1,92 1,68 1,68 1,68 1,53 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total COGS EUR/Wp 2,05 2,23 1,77 2,05 1,59 1,46 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total OpExpenses EUR/Wp 0,26 0,55 0,20 0,20 0,16 0,15 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Factory yield (running lines) % 73,94 % 71,07 % 71,8 % 73,9 % 72.0 % 77.3 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Cell efficiency (running lines) % 14,86 % 15,07 % 15,3 % 15,3 % 15.3 % 15.4 % [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Cash and cash equivalents 11.525 24.267 20.990 16.358 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] thereof restricted 2.778 4.061 3.821 3.821 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accounts receivable net of Factoring 48.858 10.320 13.868 14.035 28.210 32.081 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants receivable 37.731 14.027 14.061 14.120 14.355 14.555 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Inventories 32.219 35.574 40.369 41.530 38.309 36.539 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Other assets 19.138 5.081 2.672 4.775 4.775 3.075 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total current assets 137.946 65.002 70.970 74.460 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total Fixed Assets - net 260.794 268.992 266.328 264.348 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] upfront for silicon (spec res + amort) 56.880 40.026 37.461 37.357 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total Assets 467.145 398.287 395.748 392.522 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Account payable 26.744 20.423 19.682 19.075 22.066 21.585 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Interest liability shareholders — 9.368 10.234 11.084 11.898 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Bank loan grants SV1+2 27.500 — — — — — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Bank loan grants SV 3 6.000 5.786 5.786 1.945 1.945 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] ST borrowings — banks — — — — — 15.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] IB loan — — — — 10.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accrued warranty 1.960 1.985 2.020 2.043 2.198 2.345 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accruals & Other liabilities 17.425 23.378 24.187 25.423 25.479 9.641 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Short term debt 79.629 60.940 61.909 59.570 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants Special item 66.026 63.317 63.351 63.410 63.645 63.845 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants amortization (12.568 ) (16.525 ) (17.123 ) (17.745 ) [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants (18.307 net of amortization) (18.893 ) 53.458 46.792 46.228 45.665 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder SV1/2 90.000 90.000 90.000 90.000 90.000 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - banks SV1/2 52.500 37.500 — — — — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder SV3 36.762 35.084 35.917 36.354 36.354 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - banks SV3 35.000 25.000 62.500 45.466 45.466 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder Bridge — 15.000 15.000 15.000 15.000 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] LT borrowings - shareholder WC 12.000 24.000 24.000 24.000 24.000 — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Long-term debt 226.262 226.584 227.417 210.820 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Common stock 480 480 480 480 480 480 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] APIC — common stock + OCI 90.627 109.127 109.127 130.512 130.512 358.879 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] OCI (883 ) (330 ) (336 ) — — — [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Retained Earnings 188 17.572 (45.306 ) (49.078 ) (54.525 ) (56.726 ) [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income 17.384 (62.879 ) (3.772 ) (5.447 ) (2.202 ) (1.497 ) [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Total Shareholders’ Equity 107.796 63.971 60.193 76.467 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Liabilities and Shareholders’ Equity 467.145 398.288 395.748 395.522 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Income IFRS 17.384 -62.879 -3.772 -5.447 -2.202 -1.497 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Depreciation 22.376 29.618 3.145 3.186 3.236 3.523 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Amortization Grants -6.564 -6.900 -598 -622 -562 -586 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Non-Cash items 1.342 14.756 1.733 1.383 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Amortization/Change prepayment Silicon 0 16.061 2.565 104 337 363 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Inventories -10.125 -3.355 -4.795 -1.161 3.221 1.770 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accounts Receivable & other assets -26.676 45.491 -1.172 -2.329 -14.410 -2.372 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Accounts payable & other liabilities 16.752 1.611 1.054 1.495 3.402 -2.684 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Cash provided by Operating Activities 14.488,9 34.403 -1.840 -3.391 -6.978 -1.483 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grants received 0 30.566 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Grant repayments (incl. Interest) 0 0 0 0 -11.693 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Change investment liability -8.293 -957 -545 850 -1.594 [****] [****] ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ -▇.▇▇▇ -▇▇▇ -▇▇▇ [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Capital Spendings (additions fixed asset schedule) -104.714 -37.818 -481 -1.206 -2.350 -4.509 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Silicon Prepayment 7.090 1.226 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Cash used for Investing Activities -97.624 -14.319 -1.438 -1.751 -1.500 -17.797 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Waiver Borrowing SH SV1 & SV2 0 0 0 0 0 -90.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Borrowing banks SV1 & SV2 -30.000 -15.000 0 0 0 0 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Waiver Borrowing SH SV3 34.817 15.026 0 0 0 -63.252 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Waiver Borrowing SH W/C 12.005 11.996 0 0 0 -24.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Borrowing banks Tranche A/D 35.000 -10.000 0 -17.034 0 -45.466 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Financing fees -724 0 [****] [****] [****] [****] [****] [****] [****] Bridge Financing Grants / Tranche B 6.000 -27.714 0 -3.841 0 -1.945 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Bank loan (remaining 15 MIO €) 0 0 0 0 0 15.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] IB loan 0 0 0 0 10.000 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Seller’s Cash Contribution (Equity) 18.500 0 21.385 0 11.115 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Purchaser’s Cash Contribution (Equity) 40.000 [****] [****] [****] [****] [****] Financing fees / IPO Proceeds (net) -150 0 [****] [****] [****] [****] [****] Net Cash provided by Financing Activities 57.098 -7.342 0 510 0 28.704 [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] [****] Net Increase (Decrease) in Cash & Equivalents -26.037 12.742 -3.278 -4.632 -8.478 9.425 [****] [****Wai
Appears in 1 contract