EX-99.2 3 dex992.htm INVESTOR PRESENTATION DATED JUNE 2011 Investor Presentation dated June 2011

Exhibit 99.2

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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 Company’s 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 Company’s 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 Company’s business. Forward-looking statements speak only as of the date they are made.

 

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($ 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

 

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LOGO Estimated major cash sources and uses June – December 2011 and 2012

 

     Jun-Dec
2011
    2012  

Opening Cash

     41,822        77,678   

Manufacturing & Operating Expenses:

    

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   
  

 

 

   

 

 

 

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   
  

 

 

   

 

 

 

Ending Cash

     77,678        36,338   

 

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