First Quarter 2011 Financial Results (Supplemental Information)...First Quarter 2011 Financial...
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First Quarter 2011Financial Results
(Supplemental Information)
May 5, 2011
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Safe Harbor Summary
This presentation includes forward-looking statements that are subject to many risks and uncertainties. These forward-looking statements, such as statements about Amyris’s short-term and long-term growth, can sometimes be identified by use of terms such as“intend,” “expect,” “plan,” “estimate,” “future,” “strive,” and similar words. These statements involve many risks and uncertainties that may cause actual results to differ from what may be expressed or implied in these statements. These risks are discussed in our Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our annual report on Form 10-K filed on March 14, 2011. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
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Headlines
Production Cost, Volume on Plan First Product Sales Ramping Q2Production, Distribution and Off-take AgreementsReinforce Growth Outlook
• First Commercial Production Facility Complete
• All other Construction Projects on Schedule
• 5th Production Facility (Paraíso) Contracted
• Yield increasing
• Global Market Introduction of Renewable Squalane
Achievements
Impact
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1st Commercial Plant at Biomin
Biomin
Opening Reception
Amyris Fermentors
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São Martinho Site Preparation Underway
Partly Assembled Fermentor
(25%)
Site Preparation
Fermentor rings
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Technology Milestone
TechnicalYield
ProductivitySeparation Efficiency
Titer
Business Model
Scale
Production Cost Drivers Yield*
Oct 2010 Current
>16%
>20%
* Yield observed in fermentation of a particular strain at a particular scale
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De-risking Production Volume
2011-2012 Production Production Outlook (Millions of liters)
3 contract manufacturing sites
Facility at 3rd party site
São Martinho JV construction on
schedule
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Partnerships and Customers Support Growth Outlook
2011 2012
+ Niche Diesel
+ Amyris Lubricants
+ Squalane
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FINISHED PRODUCTS IN 6 VERTICALS
Farnesene (C15)
FERMENTATION
Expanding Beyond Farnesene to Grow Product Opportunities
PROPRIETARY BUILDING BLOCK
C10
ISOPRENE(C5)
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C5 and C10 opportunities added to existing C15 roadmap
HexeneOcteneDeceneAdipic acid
Isoprene
Squalane EmollientsLubricant base oilPlaticizers
2011 2012 2013 2014 2015 2016 Chemical example Fuel examples
Diesel
Biojet
Polyketides (C2n)& CarotenoidsTAM:
$15B (2015)
Additional isoprenoid pathwaysTAM: $13B (2015)C5s (Isoprene)C10sC15s
BioFene derivativesTAM: $38B (2015)
PineneLimoneneMyrcene
Addressable markets
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Accelerating Growth in Selected Verticals
2011
Fuels
Lubricants
ConsumerProducts
Polymers &PlasticAdditives
Flavors &Fragrances
Cosmetics
20202015 202020152014201320122011
Total Jet
Total Diesel (EU)
Base plan
Source: Amyris
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2011 Outlook: Key Metrics
PRODUCTION VOLUME
ASP
Non-GAAP OPERATING EXPENSE (1)
25-30%
6-9 MILLION LITERS
~$3.70/LITER
$120-$125 MILLION
PRODUCTION COST
$6-$7/LITER
CapEx (2) ~$75 MILLION
(1) GAAP Operating Expense outlook would also include ~$20 million stock compensation expense(2) Excludes CapEx for Paraíso pending determination of which funding option we will pursue
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Key Milestones to Build Value
Add Additional Contract Manuf. Capacity
T&L and Antibióticos Online – 3Q
Additional Supply Agreements -ongoing
Finishing Operations Online – 2Q
2011
Fulfill Planned Customer Off-take
Biomin ProductionOnline – 2Q
2012
Bring Paraíso and SMA on line
First Renewable Product Sale –1H11
First Lubricants Sale – 4Q
Execute on Upstream Capacity for 2013
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