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COLEXON Newsletter December 2009
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we would like to present to you the most important topics of December with our monthly COLEXON Newsletter.
In this edition we will inform you about the operative development of the association, the successful working capital expansion as well as the extended management team of the “new” COLEXON.
We hope that you will enjoy reading our report and we wish you an energetic New Year 2010.
Sincerely,
Kirsten Friedrich
Marketing
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Jan Hutterer
Investor Relations
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COLEXON handed over 2.4 MWp solar power plant portfolio
On December 16, three solar power plants on the rooftops of the Saxon ‘BMG Baugruppen- und Modulfertigung GmbH Glauchau’ with a total capacity of 2.4 MWp were commissioned. A total of 33,400 thin film modules from First Solar were mounted on the rooftops. With a maximum roof load of 15 kg/sqm COLEXON engineers and SC SolarCraft developed an innovative light weight mounting system. Moreover, the system enables a very efficient use of the available roof area. Since shading effects are minimized, more modules can be placed on the roof due to an optimized module inclination angle of only ten degrees. This method of construction prevented a costly penetration of the roof panels.
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Working capital of 21 mEUR secured
By the end of 2009, COLEXON expands the financial flexibility by ensuring a new working capital facility. The working capital financing of 21 million euros, which closed in December, is an important step to finance COLEXON’s growth for 2010. With this new line of finance in place, COLEXON is in a good position for further growth in the years to come. The company considers the additional funding provided in times of the financial crisis as a sign of confidence in the business model of the ‘new’ COLEXON. The state guaranteed cash flows out of the plant operation segment adds stability to the dynamic operating growth of COLEXON.
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Secured demand for 2010
Due to the proposed changes in the feed-in tariff program many solar company are assessing the business year 2010 to be critical. In contrast to this general tendency COLEXON has a strong order backlog and experiences a very strong demand for the first half of 2010. Despite the expected feed-in tariff cuts by July 1st 2010 the German solar market will remain the main sales market for COLEXON for the first two quarters of 2010. The third and fourth quarter are expected to be characterized by a strong international project business development. With its “three pillar” business model and the subsidiaries in the most important growth markets, COLEXON meets the necessary requirements to move with the dynamic market changes. Especially the state guaranteed secured cash flows from the plant operation business have greatly increased the scope of actions for COLEXON.
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Strong interest shown on Hamburg Investor Conference
On December 3rd, Henrik Christiansen (CFO) and Jan Hutterer (Head of Investor Relations) presented the equity story of COLEXON to a selected group of investors and analysts. In light of the expected change in the feed-in tariff program in Germany in July 2010 COLEXON experienced a very strong demand from investors for return optimized solar power plants for the first half of 2010. With cost-saving and efficient First Solar modules as well as proven know-how in the realization of solar power plants with an optimal rate of return, COLEXON can offer its clients an attractive investment opportunity despite the expected digression in the EEG. With this unique combination, even in the current difficult economic environment, COLEXON can only fulfill a small portion of the demand for its solar projects.
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Strengthening Management Board through Tom Glaesner Larsen
Mr. Tom Glaesner Larsen has been appointed as a member of the Management Executive Board of COLEXON Energy AG. From January 01, 2010, Mr. Larsen will be responsible for the power plant operation business of COLEXON. With this appointment the Management consists of three members: Mr. Thorsten Preugschas (CEO), Mr. Henrik Christiansen (CFO) and Mr. Tom Glaesner Larsen (CIO). In line with the appointment to the Management Executive Board Mr. Larsen resigned from his position as a member of the Supervisory Board. Furthermore, Mrs. Dr. Alexandra von Bernstorff resigned from her function as a Supervisory Board member due to reasons of corporate governance.
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COLEXON increases its transparency
One of the prime goals of COLEXONs Investor Relations activities is to strengthen the transparency of the association on the capital market. Following this goal the company takes another step ahead and avails online media to improve the interactive news flow with interested investors. COLEXON is the first solar company that has joined the OpenIR initiative. On the online portal COLEXON publishes information about the company development and perspectives of the association for its shareholders. Users can post questions, requests and suggestions. The answers to these questions by COLEXON are available to all users and focus on an enhancement of the flow of information with small and private shareholders. The participation in the OpenIR program is an integral part of a comprehensive concept for the restructuring of the investor relations activities with the overall goal to minimize market inefficiencies and to strengthen the liquidity of the COLEXON share. Further actions shall be implemented contemporary to further increase the attractiveness of the company on the capital market. Links:
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COLEXON Energy AG | Große Elbstraße 45 | 22767 Hamburg | HRB 93828
District Court Hamburg - Germany | VAT-ID: DE 198 423 754 | Executive Board: Volker Hars (CEO), Dr. Rolando Gennari (CFO) |
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