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Analysis of acquired factory finalised
Adjusted Business Plan offers new oppor-
tunities and guarantees Solarvalue AG's
independence
An in-depth analysis of the TDR factory in Ruse, Slovenia, which WP Profil
Solarvalue Holding d.o.o. took over at the end of December, has resulted
in positive changes to Solarvalue AG's business plan in terms of opportuni-
ties available. The level of third party financing required for the conversion
to a solar silicon factory has been significantly reduced thanks to cost sav-
ings previously not taken into account and rapidly generated liquidity
through the placement of shares. This has resulted in unexpected opportu-
nities and benefits for Solarvalue. Given that the financing required is thus
reduced, Solarvalue has decided against taking any strategic investors on
board.
In the context of the evaluation, new agreements were reached with the
local partner, WP Profil d.o.o. effecting the immediate economic separation
of the existing TDR production from those parts of the operation which
Solarvalue intends to use. Solarvalue AG has ceded its share in WP Profil
Solarvalue Holding d.o.o. to its partner, WP Profil d.o.o., so that Solarvalue
is freed from all obligations and requirements associated with the purchase
of the factory. Solarvalue's rights to use the production plant nevertheless
remain unaffected.
Solarvalue is now no longer obliged to continue with the planned produc-
tion of calcium carbide. Potential takeover risks have been avoided as have
the associated investment costs. As such, Solarvalue can concentrate exclu-
sively on the production of solar silicon. Within the scope of an earlier
works reorganisation, the solar silicon production areas have already been
assigned to the 100% Solarvalue subsidiary, Solarvalue Production d.d.
Through these measures, the company is independent in terms of planning
and finance. At the same time, a higher profit margin is expected since the
sale of 40% of the production to a strategic partner at a preferential price,
foreseen in the original plan, no longer applies.
Solarvalue intends to develop production using existing liquid assets to-
gether with other suitable financing instruments. Claudia Boehringer, CEO,
Solarvalue AG, says: "We intend to carry out a Secondary Placement dur-
ing the first half of 2007. In addition, we will be applying for an EU-funded
SME grant. In Slovenia, as a new EU member state, these non-repayable
subsidies can cover up to 65% of the investment, where jobs are created".
John Mott, COO of Solarvalue Production d.d. and other experts have just
started to lay the groundwork for the conversion of the production plant. It
is expected that the conversion will take six months, before the future solar
silicon factory can start producing solar grade silicon from metallurgical
silicon. Production of the first solar grade silicon is expected during Q3
2007. The M6 furnace will be the first one to be cleaned and converted.
This furnace has a power output of 24 MW, i.e. 6 MW more than the M5
furnace which was originally going to be used. As such, the goal of pro-
ducing 850 tons of solar silicon in 2007 remains in place.
Because of current supply bottlenecks, solar grade silicon is a commodity in
great demand worldwide. Solarvalue AG has already received several inter-
national requests for the supply of solar grade silicon. At present, the aver-
age market price is around € 50 per kilo.
Solarvalue AG was established in June 2005 by Dr. Karoly Horvath. The
initial purpose of the company is the manufacture of solar grade silicon.
The long-term goal is the development of the entire value chain of an inte-
grated PV enterprise.
Solarvalue Holding d.o.o. took over at the end of December, has resulted
in positive changes to Solarvalue AG's business plan in terms of opportuni-
ties available. The level of third party financing required for the conversion
to a solar silicon factory has been significantly reduced thanks to cost sav-
ings previously not taken into account and rapidly generated liquidity
through the placement of shares. This has resulted in unexpected opportu-
nities and benefits for Solarvalue. Given that the financing required is thus
reduced, Solarvalue has decided against taking any strategic investors on
board.
In the context of the evaluation, new agreements were reached with the
local partner, WP Profil d.o.o. effecting the immediate economic separation
of the existing TDR production from those parts of the operation which
Solarvalue intends to use. Solarvalue AG has ceded its share in WP Profil
Solarvalue Holding d.o.o. to its partner, WP Profil d.o.o., so that Solarvalue
is freed from all obligations and requirements associated with the purchase
of the factory. Solarvalue's rights to use the production plant nevertheless
remain unaffected.
Solarvalue is now no longer obliged to continue with the planned produc-
tion of calcium carbide. Potential takeover risks have been avoided as have
the associated investment costs. As such, Solarvalue can concentrate exclu-
sively on the production of solar silicon. Within the scope of an earlier
works reorganisation, the solar silicon production areas have already been
assigned to the 100% Solarvalue subsidiary, Solarvalue Production d.d.
Through these measures, the company is independent in terms of planning
and finance. At the same time, a higher profit margin is expected since the
sale of 40% of the production to a strategic partner at a preferential price,
foreseen in the original plan, no longer applies.
Solarvalue intends to develop production using existing liquid assets to-
gether with other suitable financing instruments. Claudia Boehringer, CEO,
Solarvalue AG, says: "We intend to carry out a Secondary Placement dur-
ing the first half of 2007. In addition, we will be applying for an EU-funded
SME grant. In Slovenia, as a new EU member state, these non-repayable
subsidies can cover up to 65% of the investment, where jobs are created".
John Mott, COO of Solarvalue Production d.d. and other experts have just
started to lay the groundwork for the conversion of the production plant. It
is expected that the conversion will take six months, before the future solar
silicon factory can start producing solar grade silicon from metallurgical
silicon. Production of the first solar grade silicon is expected during Q3
2007. The M6 furnace will be the first one to be cleaned and converted.
This furnace has a power output of 24 MW, i.e. 6 MW more than the M5
furnace which was originally going to be used. As such, the goal of pro-
ducing 850 tons of solar silicon in 2007 remains in place.
Because of current supply bottlenecks, solar grade silicon is a commodity in
great demand worldwide. Solarvalue AG has already received several inter-
national requests for the supply of solar grade silicon. At present, the aver-
age market price is around € 50 per kilo.
Solarvalue AG was established in June 2005 by Dr. Karoly Horvath. The
initial purpose of the company is the manufacture of solar grade silicon.
The long-term goal is the development of the entire value chain of an inte-
grated PV enterprise.
Berlin, 25.01.2007
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