Investor Presentation • Nov 10, 2009
Investor Presentation
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Company Presentation
COLEXON Energy AG
Frankfurt, November 2009 | © COLEXON Energy AG
| 1 | C O L E X O N G l t a a a n c e |
|---|---|
| 2 | T h P V M k t e a r e |
| 3 | S B i M d l d t t u s n e s s o e a n r a e g y |
| 4 | S i O l k t t t r a e g c u o o |
| 5 | F i i l n a n c a s |
| 6 | O l k Q ( R T k ) 3 2 0 0 9 t u o o e v e r s e a e o v e r |
| 6 | Q & A S i e s s o n |
The members of our management board have a proven track record in photovoltaic industry, national and international. As a team, they drive the company's successful development. Thorsten Preugschas
CEO since Nov. 2006
Henrik Christiansen CFO since Oct. 2008
COLEXON is one of the leading key players in solar solutions.
| € m |
2 0 0 5 |
2 0 0 6 |
2 0 0 7 |
2 0 0 8 |
H 1 2 0 0 9 |
|---|---|---|---|---|---|
| R e v e nu e |
5 2. 6 |
6 2. 2 |
8 5. 4 |
1 4 2. 8 |
5 1. 9 |
| G f i t r o s s p r o |
7. 6 |
7. 9 |
1 2. 9 |
2 8. 0 |
9. 9 |
| E B I T |
4. 3 |
-6 4 |
0. 2 |
1 2. 2 |
1. 7 |
| N t I e n c o m e |
2. 6 |
-4 4 |
-0 7 |
7. 2 |
0. 8 |
Shares: 17,744,557 Market cap: 65 m€ Avg Volume 3M: 15,000 shares Segment: Prime Standard Trading centers: Xetra, Frankfurt
An attractive investment opportunity with a positive outlook.
| 2 | T h P V M k t e a r e |
|---|---|
| 3 | S B i M d l d t t s n e s s o e a n r a e g u y |
| 4 | S i O l k t t t r a e g c o o u |
| 5 | F i i l n a n c a s |
| 6 | O Q ( ) l k 3 2 0 0 9 R T k t u o o e v e r s e a e o v e r |
| 7 | Q S & A i e s s o n |
Source: EPIA 2009, Global Market Outlook for Photovoltaics until 2013
COLEXON is positioned in the most important growth markets.
COLEXON strongly benefits from the current market development.
COLEXON's strong position within the value chain promotes operating margins.
| 2 | T h P V M k t e a r e |
|---|---|
| 4 | S i O l k t t t r a e g c u o o |
| 5 | F i i l n a n c a s |
| 6 | O Q ( ) l k R T k 3 2 0 0 9 t o o e e r s e a e o e r u v v |
| 7 | Q S & A i e s s o n |
| W h l l o e s a e |
P j t r o e c s |
i P l O t t a n p e r a o n |
S t e g m e n |
|---|---|---|---|
| M d l t o e s c o m p o n e n s u , d k t t a n u r n e y s y s e m s |
S l l t o a r p o e r p a n s w k W M l i- M W 1 0 0 t t p o u p |
S l i t o a r p o e r g e n e r a o n w 1 M W M l i- M W t t p o u p |
B i u s n e s s |
| S i I i i l i t t t t t t t s e m n e g r a o r s n s o n a n e s o r s • y • u v P j d l I d t t r o e c e e o p e r s n s r • v • u y R l l A i l t e s e e r s g r c r e • • u u |
C O O G L E X N I P P b H m • O i t t n n e s m e n • w v t n e m p l o e v d e i c g t e P P S t a r I n o s e s u f c o s s e i n b s u |
T t a r g e G r o u p |
|
COLEXON follows a flexible business approach for efficient market penetration.
| W h l l o e s a e |
P j t r o e c s |
P l O i t t a n p e r a o n |
|---|---|---|
| D i i b t t s r u • A i i t t A i i c t v t y F l l- c v y • u s e r v f- t t s a e -o |
i h i h d d l n g g -e n m o u e s c o m p , i h i l d i h i h c e a p p r o a c n c u n g g e h h l t t t e -a r e c n o o g y |
d k t t t o n e n s a n u r n e y s y s e m s l i d d d t t t s q u a y s a n a r s a n |
| A b i l i t t y o • i R l E l i i t R i l a t o n a e • q u a z a o n a e M k t a r e e • |
f b l h l h h b t a a n c e c a s o w r o u g f l i i t t n g r e v e n u e u c u a o n s n p r o f i t t t n r y s r a e g y o r e m e r g n g m |
i l u s n e s s c y c e s j b i t e c u s n e s s k t a r e s |
| E i t e n s • x v S U P A t U S P • c c e s s P j t r o e c • |
l k b l f l t e s p p n e o r e n a e s e u y w i h i f i l l t o p r e m u m n m p a n e s o b i i f t s n e s s e p e r e n c e r a n s e r u x |
i b l f d t e r a n g e o p r o c s x u r e t n r a 5 p 1 l y f F i S l O t n r s o a r i t t t n o c s o m e r s p p o r u u |
Wholesale segment strengthens COLEXON's business.
| W h l l o e s a e |
j P t r o e c s |
P l O i t t a n p e r a o n |
|---|---|---|
| R l i i t e a a • z A i i t t A i i c t v t y c v y F o c u s o • |
f i i d k t t t o n o r e r n -o p m e r n e u z u f l l j t t n a r g e -s c a e r o o o p p r o e c s |
l l t s o a r p o e r p a n s y w |
| H i h d g e m • R i l t R i l a o n a e t a o n a e A i t t t r a c • v |
d f i i d P V t t a n o r r e r n o p m e u z d i t e r e r n s a n m a r g n s u |
l t t k p a n s e r a m g n o S t r i g n i n t o i s o p |
| M h t • o r e a U S P F S U P o c s o • u L l e g a p r • |
l i d l 1 7 0 0 n r e a z e s o a r p o w e , i i h l i t t n n n o a e e c n o o g e s e g v v , i t o c e s s n g c o m p e e n c e |
l t r p a n s S F i l t r s o a r |
| Y e a r |
P j t r o e c |
S i z e |
|---|---|---|
| D 2 0 0 8 e c. |
H ß l b f t a e e n, r o o o p |
k W 4, 6 4 0 p |
| D 2 0 0 8 e c. |
E b h, f t t z a c r o o o p |
3 k W 7 5 p |
| D 2 0 0 8 e c. |
H f l d, f f i l d a u n s e r e e e |
k W 1, 6 7 0 p |
| A 2 0 0 8 u g. |
M i h l i f t c e n, r o o o p |
1, 9 0 0 k W p |
| J 2 0 0 8 u n. |
W l d k, f t a e c r o o o p |
k W 3, 0 4 0 p |
| A 2 0 0 7 u g. |
R i f t t a m s e n, r o o o p |
2, 0 0 k W 5 p |
| J 2 0 0 7 u n. |
B l f t, t o a r r o o o p |
k W 2, 3 2 0 p |
COLEXON has the experience of more than 1,700 realized solar projects worldwide.
| Y e a r |
j P t r o e c |
S i z e |
||
|---|---|---|---|---|
| 2 0 0 9 E |
S i M i f f i l d ( F R ) t a n e- a m e, r e e- e x |
1, 0 0 0 k W p |
||
| M 2 0 0 9 a y |
S C ( S ) A U H l l, f U A t o o r a r o o o p |
1 0 8 k W p |
||
| D 2 0 0 8 e c. |
D N B I P V ( S K ) o n g a m , |
k W 6 0 7 p |
||
| S 2 0 0 8 e p. |
( S ) R d f f i l d E o n a, r e e e |
1, 9 8 0 k W p |
||
| J 2 0 0 8 n. u |
H l f f i l d ( E S ) e a, r e e- e u v |
k W 2 2 1 p |
||
| M 2 0 0 8 a r. |
( S ) A l f f i l d E m a n z o r a, r e e e |
4 4 8 k W p |
A S U t y r |
|
| F b. 2 0 0 8 e |
Y k f f i l d ( S K ) o u n g w a n g, r e e e |
k W 3, 0 0 0 p |
n t e k e M r a |
COLEXON has realized projects in Germany, Spain, France, USA and South-Korea.
| C t o u n r y |
M W p |
|---|---|
| G e r m a n y |
9 |
| F r a n c e |
2 5 |
| I l t a y |
3 |
| S i p a n |
2 |
| C h R b l i e c e p c z u |
7 |
| U S A |
3 |
| T l t o a |
5 2 |
Projects with a total capacity of approx. 50 MWp are currently in the pipeline.
| W h l l o e s a e |
j P t r o e c s |
P l O i t t a n p e r a o n |
|---|---|---|
| C i o m m s • A i i O i t t t A i i c t v t y • p e r a o c v y A d a n c e • v |
i i d l l s o n n g a n e g a p r o c e s s d i f l t n a n m a n e n a n c e o s o a r p d f i i f P V t n a n c n g o s s e m s y |
k a r s |
| P t r o m o e • S R i l t t t R i l a o n a e • a e -g u t a o n a e F i t t r s s e • |
f 's i b i l i i h h t t t c o m p a n y p r o a y w d h f l h t t t a r a n e e c a s o w s s r e n g i i i i i l i t t t p n p o s o n n g a s u y |
i h i b i g m a r g n u s n e s s y g t e l i i d i t a t r e n q u y s O r u N O X E L O C |
| E i i t • x s n g U S P S U P I h n o s • u - |
f l i f l t p o r o o o o w n s o a r p o w e r p k h d i f e n o o a n e p e r e n c e w w x - |
l f M W 4 4 t a n s o a p p r o x p i t t o r s e m a n a g e m e n |
Plant operation business adds stability and competitiveness to business development.
| Y e a r |
P j t r o e c |
S i e z |
|---|---|---|
| 2 0 0 9 |
/ E b h D i i f t t z a c e r g, r o o o p |
1. M W 5 7 p |
| 2 0 0 8 |
E k l d f t ä t, t c o s r o o o p |
M W 8. 8 2 p |
| 2 0 0 8 |
M i f f i l d o o r e n w e s, r e e e |
9 4 M W 5. p |
| 2 0 0 8 |
W l d k f l i f t t a e c p o r o o, r o o o p |
M W 5. 9 2 p |
| 2 0 0 8 |
f f T i h i l d t e r a u p e n, r e e e |
4. 9 9 M W p |
| 2 0 0 8 |
I l f t m m e r, r o o o p |
M W 4. 5 6 p |
| 2 0 0 8 |
f f H l h, i l d u r a c r e e e |
4. 3 0 M W p |
| 2 0 0 8 |
F h h f f i l d r o s c a m r e e e , |
M W 4. 2 0 p |
| 2 0 0 8 |
f f K h i l d t t e e r s a u s e n, r e e e |
2. 3 8 M W p |
| 2 0 0 7 |
H i d f, f f i l d e n o r r e e e |
1. 0 6 M W p |
| T l t o a |
4 3. 7 4 M W p |
State-guaranteed income of approx. 44 MW solar plants provides secured cash flows.
| 2 | T h P V M k t e a r e |
|---|---|
| 5 | F i i l n a n c a s |
| 6 | O l k Q ( R T k ) 3 2 0 0 9 t u o o e v e r s e a e o v e r |
COLEXON combines sustainable development with dynamic growth.
| W h l l b i o e s a e u s n e s s |
4 0 M W p |
|---|---|
| P j b i t r o e c s n e s s u |
3 6 M W p |
| P l i t t a n o p e r a o n |
M W 2 4 p |
| T l t o a |
M W 1 0 0 p |
| 6 | O Q ( ) l k 3 2 0 0 9 R T k t o o e e r s e a e o e r u v v |
|---|---|
In spite of economic downturn acknowledgeable results in key financial numbers.
| H Y 1 2 0 0 7 |
H Y 1 2 0 0 8 |
H Y 1 2 0 0 9 |
D i f f e r e n c e |
|
|---|---|---|---|---|
| R ( ) e v e n u e + |
2 9 6 , |
5 6 6 , |
5 1, 9 |
8 % - |
| C f ( ) t o s o r e e n e v u - |
2 4 1 , |
4 7 8 , |
4 2 6 , |
1 1 % - |
| O ( ) h i t e r n c o m e + |
0 3 , |
1, 4 |
0 6 , |
5 6 % - |
| G f i t r o s s p r o |
5, 8 |
1 0, 2 |
9, 9 |
3 % - |
| P l ( ) e r s o n n e e x p e n s e s - |
1, 6 |
2 4 , |
3 0 , |
2 4 % |
| O i ( ) t p e r a n g e x p e n s e s - |
3 4 , |
4 7 , |
5 1 , |
7 % |
| D i i ( ) t e p r e c a o n - |
0 1 , |
0 1 , |
0 2 , |
3 2 % |
| E B I T |
0, 7 |
3, 0 |
1, 7 |
4 3 % - |
| ( ) F i i l l t n a n c a r e s u - |
0 4 , |
0 7 , |
0 5 , |
2 3 % - |
| ( ) T a e s x - |
0 2 , |
0 9 , |
0 4 , |
5 6 % - |
| N f i t t e p r o |
0, 1 |
1, 4 |
0, 8 |
4 4 % - |
| P j t r o e c s |
W h l l o e s a e |
H l d i o n g |
T l t o a |
|
|---|---|---|---|---|
| R e v e n u e |
1 0 0 , |
4 1, 8 |
0 0 , |
5 1, 8 |
| E B I T |
1, 3 - |
6 7 , |
3 7 - , |
1, 7 |
| E l m p o y e e s |
4 9 |
1 3 |
2 8 |
9 0 |
80 % of revenue in wholesale segment reflect flexibility of business model.
| 0 9 / 0 8 |
1 2 / 0 8 |
0 3 / 0 9 |
0 6 / 0 9 |
|
|---|---|---|---|---|
| S h t- t t o r e r m a s s e s |
||||
| I i t + n v e n o r e s |
1 1, 7 |
1 8 4 , |
4 0 8 , |
4 7 6 , |
| A d t + a n c e p a m e n s v y |
5 4 , |
1, 3 |
1, 4 |
1, 6 |
| T d i b l + r a e r e c e a e s v |
2 1, 1 |
2 8 5 , |
3 1, 0 |
1 2 0 , |
| L i b i l i i t a e s |
||||
| T d b l r a e p a y a e s - |
4 7 , |
8 9 , |
2 2 7 , |
2 3 5 , |
| A d i d v a n c e s r e c e v e - |
3 4 , |
5 6 , |
7 7 , |
4 8 , |
| W k i i l t o r n g c a p a |
3 0, 2 |
3 3, 8 |
3 8, 3 |
3 2, 9 |
The working capital peak of first quarter maintained over entire period.
| $\overline{2}$ The PV Market 3 Business Model and Strategy $\overline{4}$ Strategic Outlook 5 Financials 6 Outlook Q3 2009 (Reverse Takeover) $\overline{7}$ Q & A Session |
1 | COLEXON at a Glance |
|---|---|---|
• Takeover affects consolidated financial figures of COLEXON Group
• Combined financials shown in Q3 2009 for the first time
• Q3 figures will be announced on Nov. 30, 2009
Transaction will be performed as a reverse acquisition. Acquirer is Renewagy A/S, aquiree is COLEXON Energy AG
Acquisition and first time consolidation date: August 14, 2009. There will be a PPA applied to COLEXON figures at that date
The P&L for the Renewagy will be shown for the total of 12 months for the financial year 2009.
The P&L for the COLEXON will be shown from the date of first consolidation onward, i.e. 4.5 months for 2009.
The consolidated group figures will be published with the Q3- 2009 report, issued on November 30, 2009.
Consolidated group financial figures difficult to compare with previous publications.
The reverse acquisition technique distorts actual revenues.
The appearance of the "new" COLEXON changed remarkably due to acquisition.
| 1 | COLEXON at a Glance |
|---|---|
| $\overline{2}$ | The PV Market |
| 3 | Business Model and Strategy |
| 4 | Strategic Outlook |
| 5 | Financials |
| 6 | Outlook Q3 2009 (Reverse Takeover) |
| 7 | Q & A Session |
In case of questions after the presentation, please contact our IR-team:
Jan HuttererHead of Investor RelationsFON: +49 40. 28 00 31-111FAX: +49 40. 28 00 [email protected]
Frankfurt, November 2009
COLEXON Energy AG Grosse Elbstrasse 45 • 22767 Hamburg • Germany FON: +49 40. 28 00 31-0FAX: +49 40. 28 00 [email protected] www.colexon.com
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