Energiekontor AG

Legal Proceedings Report • Jan 31, 2002

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Corporate | 31 January 2002 15:15

Energiekontor AG english

Energiekontor AG unfairly criticised Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Energiekontor AG unfairly criticised Offer to take back shares of three wind farms in preparation Bremen, 31st January 2002. Since Thursday last week rumours about the Nordleda, Debstedt and Sievern wind farms owned by Energiekontor AG have caused confusion. The rumours entered circulation following reports in the “Süddeutsche Zeitung”. Since these reports are based largely on conjecture and incorrect assertions, Energiekontor AG is currently considering whether to take legal action. It is correct that the three wind farms are producing less electricity than was forecast in the prospectus. However, there certainly wasn’t a storm of protest by disappointed investors, as stated in one of the publications. Of the total of 364 investors, who have subscribed to shares in the three wind farms, only about 25 have complained to Energiekontor AG over the years about the lower earnings generated by the project. The viability of the wind farms is not under threat either. However, the after-tax profit forecast for these wind farms of between eight and ten percent has currently fallen to about one half of this figure. Since Energiekontor AG does however regard the trust of its investors as being a particularly valuable asset, the company has entered into discussions with the members of the advisory board and investors in the wind farms concerned. One option being discussed is that Energiekontor AG takes back the shares on a voluntary basis. “The result of the discussions will show that Energiekontor AG is a reliable partner for its investors at all times,” stressed Günter Lammers, a member of the board at Energiekontor AG. It is still not possible to make more specific statements on future policy and the approach to be adopted since negotiations are still being conducted. But in all probability the liquidity and the balance sheet of Energiekontor AG will not be significantly affected by the results. “We have various options and we believe that the likelihood of achieving a balance of our interests with those of the investors is high,” explained Lammers. The company is volunteering to take back the investment made by the limited partners. “As far as we know, such a proposal is unique in this line of business, indeed in the investment business at all”, is how Lammers explained the offer. Dr Peter Ahmels, President of the Federal Association WindEnergie, also assessed this conduct by Energiekontor as being “exemplary”. Thanks to the many years of experience Energiekontor AG has as a developer of wind farms, the quality of the wind farms available is increasing all the time. The standards have gone up and up in recent years. These standards include: – Two wind appraisals – Turn-key construction at a fixed price – Close monitoring of operation – Appropriate reserves for repairs and maintenance However, investments in wind farms are long-term by nature, and have to be judged over a period of 20 years. Fluctuations in individual years cannot be ruled out given the differences in the strength of the wind. It is also beyond dispute that an investment in a wind farm also has inherent risks as well as opportunities. Virtually all Energiekontor projects do however fulfil the electricity generation forecasts worked out for them. Some of them even generate more than the volumes forecast. “It certainly can’t be said that there is a crisis in the wind power industry, as implied in some media reports”, emphasised Günter Lammers, a board member. He went on to say that, “The industry is booming – still. Last year Energiekontor AG achieved an increase in turnover of about 40 percent. We shall continue to grow at the same rate without any let-ups”. Contact: Martin Bretag, Director Investor Relations, Tel.: (+49-421) 3304-210 E-Mail: martin.bretag@energiekontor.de end of message, (c)DGAP 31.01.2002