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7C Solarparken AG

Investor Presentation • Aug 11, 2010

6_ip_2010-08-11_a2363d6c-e321-4ca5-98b6-17599af333ba.pdf

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Investor Presentation H1/2010

COLEXON Energy AG

Hamburg, August 11, 2010 | © COLEXON Energy AG

CONTENTS

1 C
o
m
p
a
n
y
2 M
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3 K
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y
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4 F
i
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l
n
a
n
c
a
s
5 O
l
k
t
o
o
u

CompanyFACT SHEET

COLEXON: A leading player for return-optimized solar solutions.

CompanySHARE

Attractive share with high potential

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COLEXON complies with transparency directives of the Prime Standard segment.

CompanyPOSITIONING

COLEXON covers the most profitable segments in the solar industry Production of solar panels and componentsWholesale Engineering & Construction Service & Maintenance Independent Power ProductionFirst fully integrated player indownstream segment

  • •Utilization of synergies from business segments result in increased EBIT-margin
  • •Stable and secure cash flows strengthen whole business operations

Strong strategic positioning allows continuous dynamic and sustainable growth.

CompanyBUSINESS SEGMENTS

Flexible business model as a basis for stable and dynamic growth

Wholesale Projects Plant Operation
Service, Logistics and
Distribution		 Turnkey Solar Power Plants Solar Power Generation
Modules, Components
and Turnkey Systems		 Investor Portfolios
Roof/Area Leasing,
Own Investment
1 MWp to Multi-MWp
100 kWp to 1 MWp		 COLEXON-
Own Investment
1 MWp to Multi-MWp
• Installers
• Project Developers
• Solar Companies		 • Institutional Investors
• Agriculture
• Industry		 • Investors
$\cdot$ Fonds
• Industry		 • COLEXON
Service and Operation for own and external Plants

COLEXON follows a flexible business approach for efficient market penetration.

CompanyGROUP STRUCTURE

Strategic focus on Europe and key international growth markets

  • • COLEXON has offices in Germany, Spain, France, Czech Republic, Denmark, USA, and Australia.
  • •Market entry risks reduced by involvement of foreign partners.

COLEXON's strategic focus is reflected in it's group structure.

Market EnvironmentSALES MARKET DEVELOPMENT

Source: EPIA 2009, Global Market Outlook for Photovoltaics until 2013

  • •2006 to 2008: Dynamic growth and high excess demand
  • •2009: Market slowdown and module oversupply lead to increased competition
  • •2010 onwards: Increased international diversification of market growth

Changes in German EEG foster international diversification of market growth.

Market EnvironmentPROCUREMENT MARKET DEVELOPMENT

Procurement market development in US\$

Source: Barclays Capital estimates, April 2010 / September 2009 (only tier 1 solar panels considered)

  • •Further but less aggressive price reductions expected for end of 2009 and 2010
  • •At present, slightly increasing prices due to seasonal increase in demand

COLEXON strongly benefits from decreasing module prices on procurement market.

Market EnvironmentCOLEXON IN MARKET ENVIRONMENT

Stabilization of module prices

  • • High flexibility on procurement market due to limited fixed volume buying obligations
  • •Purchase of low priced modules on the spot market
  • • Negotiations on long-term delivery contracts with module manufacturers to increase product range

Diversification of sales market

  • • Strengthening of company's international presence by establishing foreign branches
  • • Risk diversified international expansion due to strong involvement of local subcontractors/partners
  • •Mitigation of country-specific risks

COLEXON is able to react flexibly to changing conditions in the solat market.

AGENDA

1 C
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2 M
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3 K
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4 F
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5 O
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Key EventsCURRENT IMPACT OF CHANGES IN GERMAN EEG

Changes in German EEG impact solar industry

  • • Relevant decreases in German FiT from 01 July will impact second half of 2010.
  • • Particularly upstream players will have to take margin hits.
  • • COLEXON sees itself well positioned due to following reasons:
  • • Strengthening of international project business
  • • Diversified business model enables market oriented growth
  • • Flexible business structures secure efficient market penetration

State Guaranteed FiT 01 July – 30 September 2010

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COLEXON has the experience of more than 1,700 realized solar projects worldwide.

Key EventsOUTLOOK OF IMPACT ON GERMAN SOLAR MARKET

German market is on its way to grid parity

  • • Grid Parity: electricity from a PV system has the same cost as electricity bought from the grid.
  • • Economics dependent on grid electricity price and its evolution over the plant running time.
  • • Price of one kWh PV-electricity depends on various parameters, such as: interest, tax, etc.
  • • EEG changes brought further pressure on the industry to reach grid parity.* excludes areas of arable land
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Grid parity for private customers partially reachedPV costs will drive customer electricity prices

COLEXON has the experience of more than 1,700 realized solar projects worldwide.

Key EventsINTERNATIONALISATION OF PROJECT BUSINESS

COLEXON expands international project business

  • • COLEXON has expanded its international business model by entering new growth markets
  • • Projects with a capacity of more than 10 MWp are under construction or will be accomplished in 2010
  • •Core focus markets are Italy and France
  • • Further important markets are USA, Czech Republic, Australia, Israel and United Kingdom
  • • Country specific risks are reduced by a strong involvement of local sub contractors
  • • Further increase of revenue share from international project business in the course of the year

COLEXON is positioned in the most relevant growth markets.

AGENDA

1 C
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2 M
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FinancialsPEER GROUP COMPARISON H1/2010

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COLEXON had a strong performance from 2007 to 2010 compared to its peer group.

FinancialsPROFIT & LOSS – H1 2010

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  • • Turnover grew by 82 % due to pull-forward effects
  • • EBIT grew by 51 % despite lower EBIT-margins
  • • EBIT-margin: 7.9% (H1 2009: 9.5%)

* Pro-Forma figures

Business benefitted from pull-forward effects due to changes in Renewable Energies Act.

FinancialsPROFIT & LOSS BY SEGMENTS – H1 2010

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  • • Strong wholesale business as basis for successful performance
  • • Growth of project business compared to last quarter
  • • Own solar power plants with positive development due to good weather conditions
  • • International expansion of project business to realize further growth

Diversified business model supports sustainable corporate growth.

FinancialsBALANCE SHEET – 30 JUNE 2010

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  • • The financial liabilities include EUR 135.2 Mio. of debt which is subject to non-recourse financing
  • • Solid equity ratio of 37 % provides a sound basis for continuous healthy growth

Balance sheet shows solid financial basis for sustainable growth.

FinancialsWORKING CAPITAL 30. JUNE 2010

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%		 8
%		 8
%		 9
%
-1
2.
7
m
  • • Working capital was reduced by EUR 12.7 m. despite increases in turnover compared to previous year (H1 2009)
  • • The key driver for thispositive development was a significant reductions of inventories

* incl. advances provided resp. received.

COLEXON continuously reduced its Working Capital in the last quarters.

FinancialsCOLSOLIDATED CASH FLOW STATEMENT – H1 2010

  • • Cash flows from operating activities characterized by seasonal effects
  • • Cash flows from financing activities characterized by scheduled repayment of financial liabilities

* Pro-forma figures

COLEXON disposes of sufficient financial resources to continue continuous growth.

AGENDA

1 C
o
m
p
a
n
y
2 M
k
E
i
t
t
a
r
e
n
v
r
o
n
m
e
n
3 K
E
t
e
e
n
s
y
v
4 F
i
i
l
n
a
n
c
a
s
5 O
l
k
t
o
o
u

OutlookBUSINESS DEVELOPMENT

Market oriented growth in a dynamic future branch

  • COLEXON's diversified growth strategy leads to market oriented and constant growths
  • COLEXON's business model allows to react promptly and flexibly to market developments

Internationalization of company growth

  • COLEXON is positioned in important international growth markets
  • International share of operating business will be expanded this year

Constant positive operative developmenet

  • Estimated turnover for 2010: > EUR 200 m.
  • Estimated EBIT for 2010: EUR 13 m. – EUR 15 m.

COLEXON continues positive development despite EEG changes in Germany.

Hamburg, August 11, 2010

COLEXON Energy AGGrosse Elbstrasse 45 • 22767 Hamburg • GermanyFON: +49 40. 28 00 31-0FAX: +49 40. 28 00 [email protected]

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