Quarterly Report • May 26, 2009
Quarterly Report
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The Group as of 31 March 2009
| INCOME STATEMENT IN EUR | Q1/2009 | Q1/2008 | +/– IN % |
|---|---|---|---|
| Revenue | 21,207,358 | 26,317,262 | –19 |
| Gross profit | 4,706,260 | 3,804,251 | + 24 |
| Operating profit (EBIT) | 1,256,580 | 952,629 | + 32 |
| Net profit | 696,583 | 519,665 | + 34 |
| BALANCE SHEET IN EUR | 31 MAR 2009 | 31 DEC 2008 | |
| Total assets | 101,645,424 | 78,523,071 | + 29 |
| Equity | 39,666,898 | 39,226,053 | + 1 |
| Equity ratio in % | 39 | 50 | – 22 |
| Subscribed capital | 5,115,000 | 5,115,000 | 0 |
| Goodwill | 15,092,955 | 15,092,955 | 0 |
| CASH FLOW IN EUR | Q1/2009 | Q1/2008 | |
| Cash flow from operating activities | – 6,890,690 | – 609,738 | – 1,030 |
| Cash flow from investing activities | –187,043 | 24,493 | – 864 |
| Cash flow from financing activities | 4,865,375 | 2,153,013 | +126 |
| Cash and cash equivalents as of 31 March | 394,347 | 6,303,634 | – 94 |
| THE SHARE IN EUR | |||
| Earnings per share (basic) in EUR* | 0.14 | 0.10 | + 40 |
| Share price, beginning of January (closing price) in EUR | 4.05 | 12.88 | – 69 |
| Share price, end of March (closing price) in EUR | 5.15 | 6.80 | – 24 |
| Number of shares | 5,115,000 | 5,115,000 | 0 |
| Number of employees (as of 31 March) | 86 | 76 | + 13 |
* There are no dilutive effects
06 Acquisition of Renewagy 08 Market environment 20 Consolidated balance sheet
PUBLISHING INFORMATION DISCLAIMER
Thorsten Preugschas (CEO) • Henrik Christiansen (CFO)
The first quarter of 2009 was the most difficult for the solar industry in a long time. The darkened economic horizon also affected the solar electricity market by depressing sales, intensifying competition and greatly cutting into profits. The COLEXON Group has made a dynamic start into the current financial year, generating positive earnings for the first quarter in a difficult economic environment.
COLEXON posted revenue of EUR 21.2 million in the first three months of the 2009 financial year. At the same time, EBIT climbed slightly to EUR 1.3 million year on year (previous year: EUR 0.95 million). The reported earnings must be deemed an important success against the backdrop of the tight market and stiffer competition; they show that the Company is on a firm footing despite the pervasive uncertainty in its markets. There are a number of reasons for the negative development of the photovoltaic market: The deterioration in macroeconomic conditions is increasingly impacting the solar industry. This applies in particular to the tight situation in the financial sector. The shortage of funds for financing projects has substantially impeded the industry's growth. In addition, German solar companies suffered from a long winter and difficult weather conditions in the year's first quarter. But we do believe that this setback in the industry's growth is temporary and that the markets will revive in the course of the year.
This hotly contested and dynamic phase in the development of the solar electricity market requires forwardlooking and risk-optimized corporate policies. It is against this backdrop that the management of COLEXON focused in the first quarter of 2009 on the process of acquiring the Danish company, Renewagy A/S. Taking over this system operator would offer us enhanced financial security as well as better growth prospects based on predictable free cash flows. Hence we are convinced that the merger would strengthen COLEXON in the long term, thus allowing it to weather the difficult climate in the solar electricity market and emerge stronger than before.
We are in a good position to face the challenges of the market in effective ways. Our Supervisory Board and our employees, whose expertise and willingness to excel have made our success possible in the first place, enable us to look confidently to the future. We would be pleased if you would accompany us on this journey.
Sincerely,
Thorsten Preugschas Chief Executive Officer
Henrik Christiansen Chief Financial Officer
Share prices were under a lot of pressure in the first quarter of 2009 in the wake of the international financial crisis and worsening macroeconomic conditions. They continued to plunge across the board.
The DAX fell from 4,857 points to 4,085 points in the reporting period, a decline of almost 16 percent. The solar industry was unable to extricate itself from this development, as the analysis of industry averages reveals all too clearly: After 437.46 points at the close of 2008, the Prime IG Renewable Energy Index fell to 363.03 points by 31 March 2009. This corresponds to a decline of 17 percent.
But COLEXON's share did manage to buck this trend, posting substantial gains in contrast to many other companies in the renewables sector. It rose 27.2 percent, from EUR 4.05 to EUR 5.15, in the reporting period. As a result, the Company's market capitalization increased by just under EUR five million to EUR 26.34 million based on the share's closing price as of 31 March 2009.
Pursuant to the reports filed in accordance with the German Securities Trading Act, the shareholders of COLEXON Energy AG comprised the following as of the 31 March 2009 reporting date:
The following directors' dealings took place in the first quarter of 2009:
| DATE | PERSON | TRANSACTION | NUMBER |
|---|---|---|---|
| 29 January 2009 | Thorsten Preugschas | Purchase conv. bond | 3,000 |
| 29 January 2009 | Thorsten Preugschas | Purchase conv. bond | 2,000 |
The solar industry is currently undergoing a process of consolidation. Enterprises are facing increasing competitive pressures. Those who want to prevail in this environment must be able to rise to the challenge and chart a course aimed at risk-optimized and sustainable growth.
concerning the two companies'
merger. •
• Exploits synergies and economies of scale.
The takeover of the Danish system operator Renewagy is an important milestone in our corporate development. In our view, the merger is synonymous with greater stability, better development perspectives and increased security Our shareholders and our customers will benefit from this acquisition in equal measure.
29 APRIL 2009 • Altogether 66.46 percent of Renewagy's shareholders issue irrevocable declarations of intent to approve the takeover offer before
Renewagy's Annual General
Meeting. •
26 MAY 2009 • The Annual General Meeting of COLEXON Energy AG will resolve the capital increase needed to execute the takeover. •
The photovoltaics market underwent a fundamental shift in the last two quarters (Q4 2008 and Q1 2009). After several years of dynamic growth, the solar power industry is now evolving into a regulated market. While the market's development from a seller's into a buyer's market was anticipated, both the current economic crisis and increasing competitive pressures have substantially accelerated this shift.
The speed of this development took many market participants by surprise, and they are now faced with declining demand and stiffer competition.
The shortage of funds for financing projects is substantially impeding the industry's growth. Moreover, the excess supply of PV modules is putting pressure on prices worldwide. Since there currently is no sales market that could absorb these excess capacities in the short term, inventories in many solar companies are rising. At 10.4 GW relative to 5.3 GW, worldwide module supplies exceed demand almost twofold.
There are first signs, however, that these trends are easing. Current surveys by EuPD Research show that the PV industry's expectations in regards to the development of business trends are currently improving again. Given falling module prices, experts now expect solar electricity to achieve grid parity with conventionally generated electricity in southern regions within a few years. The Bundesverband Solarwirtschaft (BSW-Solar), Germany's major solar industry association, currently predicts that in Germany this will occur between 2014 and 2016.
It is against this backdrop that the thin film sector is increasingly evolving into a separate market because thin film modules can be used in a greater number of applications and produced at lower cost. Thin film photovoltaics are thus being given good chances of prevailing in the future.
The German market is still expected to post strong growth in 2009 as well. Experts forecast 2.1 GW of newly installed output in 2009 (previous year: 1.7 GW) even though revenue is not expected increase as much due to collapsing prices (USD 11.2 billion in 2009 compared to USD 11.6 billion in 2008). According to BSW-Solar, the prices for turnkey PV systems dropped 8 percent in the first quarter of 2009 compared to the same period the previous year due to the decline in the German feed-in tariff since the start of the year, increased mass production of solar components as well as falling commodities prices in the wake of the financial crisis.
According to Landesbank Baden-Württemberg, the Spanish PV market will continue to contract because in 2009 subsidies will be limited to a total output of 450 MW (294 MW open space, 156 MW rooftop) pursuant to Royal Decree RD 1578 / 2008). As a result, Spain will all but disappear as a PV sales market especially for large-scale projects. While the newly installed aggregate PV volume in Spain was 1.8 GW in 2008, the market will decline by 25 percent in 2009 (2008: USD 11.3 billion, 1.8 GW; 2009: USD 2.4 billion, 450 MW).
Italy, France, the Czech Republic and Greece, among others, are interesting markets in Europe because they offer attractive subsidies. Although they are expected to post robust growth, they remain very small markets given their relatively low overall volume of 590 MW in 2009.
How the US photovoltaics market will develop greatly depends on the effects of the Obama administration's efforts to promote renewables. Demand for photovoltaics is high in the US but, again, is heavily dependent on subsidies, in particular, the investment tax credit (ITC). According to its most recent study, US-based Lux Research expects the aggregate installed output to rise to 495 MW in 2009, generating a sales volume of USD 2.7 billion.
COLEXON is a leading project developer of large-scale photovoltaic systems. As part of its long-term, forward-looking corporate development, COLEXON is also seeking to establish itself on the market as an independent provider of solar power (IPP). The Company's paramount goal is to offer solar power at competitive prices. We pursue goal-oriented and risk-optimized growth in these and related areas where we can generate added value.
COLEXON has successfully positioned itself with its Projects division in the market for large-scale photovoltaic installations, especially rooftop systems. Focusing on large-scale, high-yield photovoltaic plants, COLEXON is a partner to a multitude of institutional investors, fund management companies and owners of large roof portfolios and roof areas. COLEXON has installed more than 1,300 photovoltaic plants worldwide – most of them on rooftops – and is therefore able to install photovoltaic systems on virtually any type of roof. The Company also has technical expertise in ground-mounted PV systems and building-integrated photovoltaics.
Furthermore, COLEXON has positioned itself on the international market through its Wholesale division with modules and components as well as complete systems. We aim to ensure ongoing and regular purchases from component manufacturers through our wholesale business and, as a result, obtain better procurement terms. But the Wholesale division also serves to place our planning on a more secure footing by offsetting fluctuations in the Projects division. COLEXON also uses wholesale as a tool for developing new markets. Domestic and international contractors who were originally gained as customers through wholesale are then hired by COLEXON as subcontractors for the construction of projects, for instance.
The strategic focus on thin film technology has enabled COLEXON to gain extensive experience in the early stages of this technology's development and build up its in-depth expertise. This clear orientation, which up to now has been quite anticyclical to the general trend in the industry, is currently paying dividends from COLEXON's perspective and will prove very worthwhile in the future as the Company believes that demand for thin film technologies and, specifically, for solutions using products manufactured by First Solar LLC is growing much more dynamically than demand for products based on crystalline PV technology.
We continued to push ahead with the Company's international expansion in the first quarter of 2009:
• Czech Republic: COLEXON established important networks in the Czech market and laid the groundwork successful entry into this market. The Group's Czech subsidiary, COLEXON Energy s. r. o., was officially recorded in the Commercial Register on 20 April 2009. COLEXON expects to benefit from the positive development of the Czech growth market and further increase its international sales by setting up this company. • Australia: Due to its positive future prospects, the Australian market is an important building block in the expansion of COLEXON's international business. Important preparations for entering the Australian market were made in the first quarter. The local subsidiary, COLEXON Australia PTY Ltd., has already been recorded in the Commercial Register.
The COLEXON Group had 86 employees as of 31 March 2009, an increase of 13 percent over the previous year (31 March 2009: 76). This is proof positive yet again that the Group is pursuing a sustainable growth trajectory. In particular, this entailed expanding the Legal Process, Project Financing and Controlling units as well as the Company's international business.
COLEXON achieved a positive result in the year's first quarter despite the difficult conditions in the solar power market, having posted revenue of EUR 21.2 million in the reporting period. EBIT rose slightly year on year to EUR 1.3 million (previous year: EUR 0.95 million). This means that COLEXON has charted a truly positive course in the solar industry.
The performance of COLEXON's share also gives us reason to be optimistic. While solar industry stocks fell substantially across the board, COLEXON's share made substantial gains until 31 March 2009. As of 31 March 2009, the Prime IG Renewable Energy Index had fallen by 17 percent to 363.03 points. In contrast, COLEXON's share climbed by 27 percent to EUR 5.15 a share between 31 December 2008 and 31 March 2009.
All these positive results were flanked by important strategic partnerships. COLEXON closed two important cooperation agreements concerning the purchase of turnkey plants despite the difficult economic climate:
This positive development also arises from the successful launch and gradual execution in the 2008 financial year of several measures related to our »Change COLEXON 2012« strategy. They greatly enhanced the efficiency and quality of the Company's business processes and substantially lowered internal business risks. The year 2009 will also see COLEXON push ahead with measures on all levels aimed at further enhancing the Company's performance.
Regarding profit and loss, the figures for the first quarter of 2009 are compared with those of the first quarter of 2008. The comparison regarding assets and liabilities is based on the figures as of 31 March 2009 and 31 December 2008.
The sales revenue generated by the COLEXON Group in the period from 1 January to 31 March 2009 decreased by EUR 5,110 thousand year on year, or 19.4 percent, to EUR 21,207 thousand.
The Projects division generated revenue of EUR 957 thousand in the first quarter of 2009. Due to the long winter and inclement weather, revenue fell short of the previous year's level by EUR 11,698 thousand or 92.4 percent.
In the Wholesale segment, first-quarter sales of modules and components generated revenue of EUR 20,250 thousand, causing revenue in this segment to increase year on year by EUR 6,612 thousand or 48.5 percent.
International sales came in at EUR 23 thousand (prior-year period: EUR 2,576 thousand), thus accounting for just under 0.1 percent (prior-year period: 9.8 percent) of the Group's total sales.
Gross profit in the first quarter of 2009 increased from EUR 3,804 thousand in 2008 to EUR 4,706 thousand. At 22.2 percent (prior-year period: 14.5 percent), the gross profit margin as a percentage of sales improved substantially compared with the previous year.
Staff costs increased slightly by EUR 218 thousand to EUR 1,360 thousand. Depreciation and amortization in the Group relates to amortization of intangible assets and depreciation of property, plant and equipment amounting to EUR 84 thousand (prior-year period: EUR 60 thousand). Other operating expenses in the first quarter rose by EUR 356 thousand from EUR 1,649 thousand to EUR 2,005 thousand. Given the decrease in revenue, the ratio of other operating expenses to revenue increased substantially from 6.3 percent to 9.5 percent.
EBIT in the first quarter of 2009 was boosted to EUR 1,257 thousand (prior-year period: EUR 953 thousand). This represents an EBIT margin of 5.9 percent (prior-year period: 3.6 percent).
The result from investments and the financial result improved from EUR – 321 thousand to EUR – 252 thousand. This corresponds to an improvement of 21.4 percent, which is due to the increase in other interest and similar income. The ratio of interest expense to sales revenue nevertheless rose slightly from 1.4 percent to 1.8 percent.
The Group recorded net profit of EUR 697 thousand for the first quarter of 2009 (prior-year period: EUR 520 thousand). This improvement was mainly driven by the substantial increase in the business volume generated in the Wholesale segment, coupled with a higher gross profit margin. The major expense items, other operating expenses and staff costs, also rose at a lower-than-average level.
Non-current assets only rose by EUR 892 thousand to EUR 23,463 thousand.
By contrast, current assets rose significantly by EUR 22,230 thousand from EUR 55,952 thousand to EUR 78,182 thousand. This increase is mainly due to the higher level of inventories. Inventories of EUR 40,836 (31 December 2008: EUR 18,431) largely result from goods for modules, including floating goods with a value of EUR 20,814 as of the reporting date. Trade receivables rose to EUR 24,430 thousand (31 December 2008: EUR 22,048 thousand), due to the final invoicing of solar power plants. Cash and cash equivalents decreased to EUR 394 thousand as of 31 March 2009 (31 December 2008: EUR 2,607 thousand).
Non-current liabilities decreased by EUR 248 thousand to EUR 616 thousand.
Current liabilities rose from EUR 38,432 thousand by EUR 22,930 thousand to EUR 61,362 thousand. This increase essentially resulted from suppliers' improved procurement conditions (i. e. extended payment terms). Hence trade payables climbed by EUR 18,357 thousand to EUR 27,210 thousand. In addition, tax provisions rose by EUR 483 thousand to EUR 1,687 thousand, current financial liabilities to banks by EUR 4,865 thousand to EUR 5,102 thousand and advances received by EUR 2,056 thousand to EUR 7,703 thousand. Other liabilities fell by EUR 2,613 thousand to EUR 5,638 thousand.
In terms of COLEXON's working capital (= inventories + advances paid + trade receivables + future receivables from construction contracts – advances paid – trade payables), this merely entails an increase by EUR 4,525 thousand to EUR 38,302 thousand (31 December 2008: EUR 33,777 thousand) despite the considerable increase in inventories and trade payables in the first quarter of 2009.
As of 31 March 2009, cash flows from operating activities amounted to EUR 6,891 thousand (prior-year period: EUR – 610 thousand). The negative cash flow is due to the increase in both inventories and liabilities, which, in turn, was caused by the seasonal weakness of the first quarter, as expected.
Cash flows from investing activities of EUR – 187 resulted from investments in property, plant and equipment (prior-year period: EUR 24 thousand).
Cash flows from financing activities increased to EUR 4,865 thousand (prior-year period: EUR 2,153 thousand).
COLEXON issued a convertible bond in May 2006. The bond issue comprised 474,886 bonds, each costing EUR 21.90. This generated cash of EUR 10.4 million for COLEXON. All investors in the 2006 / 2009 convertible bond, which matured in early May 2009, were repaid in full and timely fashion. The Company obtained refinancing of EUR 5.0 million from each of two renowned banks for this purpose in early May 2009. The balance of EUR 400 thousand was paid out of the Company's own funds. A total of 658 bonds were converted into 658 new COLEXON shares in accordance with the conversion terms. The new shares will be credited to the shareholders from the Company's contingent capital within a reasonable period of time once they have been recorded in the Commercial Register (probably in June 2009).
On 27 November 2008, COLEXON announced its plan to merge with Renewagy A/S, the Danish system operator and the Company's major shareholder. A comprehensive review carried out during the transaction process revealed that the takeover of Renewagy A/S by COLEXON was the most attractive type of business combination in economic terms.
COLEXON announced on 15 April 2009 (i. e. after the reporting period had ended) that it would submit a voluntary takeover offer to Renewagy's shareholders entailing an exchange of shares under Danish law. On 29 April, COLEXON reported that 66.46 percent of the shareholders of Renewagy A/S had already undertaken to accept the takeover offer of COLEXON Energy AG. On 13 May, COLEXON finally submitted the official takeover offer in Denmark.
The local subsidiary, COLEXON Australia PTY Ltd., has been recorded in the Commercial Register. Due to its positive future prospects, the Australian market plays an important role in the expansion of COLEXON's international business.
COLEXON announced on 11 May 2009 that it had completed its first solar power plant in the United States. The 108 kWp installation on the roof of Arizona State University in Tempe, Arizona / USA, is one of first solar installations in that state to use modules supplied by First Solar in a project managed not by the latter but by a partner entity. This cooperation underscores the positive collaborative partnership between First Solar and COLEXON yet again. Additional US projects are currently in the planning stage.
For general opportunities and risks, please see our 2008 annual report. The following additional risks arose in the first quarter of 2009, particularly as a result of the global financial crisis and the developments in the procurement market:
The solar electricity market is evolving from a seller's into a buyer's market. While supplies of solar modules continue to outstrip demand, there has been an unmistakable decline in demand. In turn, this generates excess capacities and inventories. COLEXON's focus on innovative and cost-efficient thin film solar modules produced by the market leader, First Solar, is once again giving the Company a clear advantage over its competitors in this phase.
The liquidity of solar companies is suffering from rising inventories and falling EBIT margins. Securing funds for both working capital and interim project financing is a substantial impediment to growth. Valuable growth opportunities will be wasted as long as the funds necessary for financing major solar power projects are limited.
The fact that supply and demand are moving in opposite directions has triggered a consolidation of the solar market. COLEXON believes that it is well positioned to deal with stiffer competition. In the Projects segment, the Company has focused on the niche market for large-scale thin film rooftop systems. Because this market segment requires a great deal of technical experience, the Company expects little increase in competition. Its supply contract with First Solar in particular will enable the Company to set itself apart from the competition.
Acquiring the Danish system operator, Renewagy, is a major opportunity for COLEXON. It would further stabilize COLEXON'S existing business model and allow the Company to achieve an optimal alignment in an increasingly competitive market. Risks could arise if the integration of different corporate cultures and employees should fail or if the planned cooperative ventures require additional financing at the beginning.
The downturn in economic output is expected to continue despite economic stimulus packages that have been enacted worldwide with the aim of stabilizing economic conditions. As an export-oriented economy, Germany is particularly affected by this development. According to the forecasts of the Institut der deutschen Wirtschaft in Cologne, Germany's GDP will contract by approximately 4.5 percent in 2009. The downturn is expected to slow down substantially in the course of the year even though experts do not expect conditions to stabilize until 2010.
The German solar energy market is developing along a much weaker trajectory than initially forecast due to difficult macroeconomic conditions. The market is expected to recover in the course of the year, sparking new demand in the process, if macroeconomic conditions improve and the capital markets stabilize.
Given the difficult economic climate, COLEXON was very successful in the first quarter of the year and confidently looks to the future. However, the Company's project business started very slowly in the year's first quarter due to the harsh winter. This segment is expected to make considerable progress during the year.
The Management Board will submit a detailed report on the Company's development to its shareholders at the Annual General Meeting on 26 May. COLEXON will present itself at the Intersolar in Munich from 27 through 29 May 2009. The Company will also attend the German Equity Forum in Frankfurt / Main from 9 through 11 November 2009. The dates of additional investor and analyst conferences will be announced after the Annual General Meeting.
Given the tough economic situation, the virtual impossibility of forecasting trends in our key foreign markets and the planned transaction with the Danish company Renewagy A/S, it is difficult to predict how business will develop in the current year. The Management Board therefore feels that it is more appropriate to provide an updated forecast for the 2009 financial year later on in the year, though it expects the Company to continue growing in 2009 and 2010.
as of 31 March 2009
| ASSETS | 31 MAR 2009 EUR |
31 DEC 2008 EUR |
|---|---|---|
| A. Non-current assets | ||
| I. Goodwill |
15,092,955 | 15,092,955 |
| II. Other intangible assets |
349,704 | 380,196 |
| III. Other equipment, operating and office equipment | 721,516 | 593,923 |
| IV. Equity investments | 5,727 | 0 |
| V. Other non-current assets |
7,251,242 | 6,503,861 |
| VI. Deferred tax assets | 42,239 | 0 |
| Total non-current assets | 23,463,383 | 22,570,935 |
| B. Current assets | ||
| I. Inventories |
||
| 1. Modules | 37,490,754 | 16,814,749 |
| 2. Production supplies | 621,795 | 626,618 |
| 3. Work in progress | 2,513,206 | 772,753 |
| 4. Finished products and goods | 210,051 | 217,242 |
| II. Advances paid |
1,401,499 | 1,304,116 |
| III. Trade receivables | 24,429,884 | 22,048,487 |
| IV. Future receivables from construction contracts | 6,547,618 | 6,492,661 |
| V. Cash |
394,347 | 2,606,705 |
| VI. Other assets | 4,508,679 | 4,964,198 |
| VII. Tax refund claims | 64,208 | 104,607 |
| Total current assets | 78,182,041 | 55,952,136 |
| EQUITY AND LIABILITIES | 31 MAR 2009 EUR |
31 DEC 2008 EUR |
|---|---|---|
| A. Equity | ||
| I. Subscribed capital |
5,115,000 | 5,115,000 |
| II. Capital reserves |
24,371,443 | 24,635,940 |
| III. Retained earnings | 474,758 | – 221,825 |
| IV. Other changes in equity | 9,724,811 | 9,724,811 |
| V. Currency translation reserve |
– 20,451 | – 27,873 |
| VI. Revaluation surplus | 1,337 | 0 |
| Total equity | 39,666,898 | 39,226,053 |
| B. Liabilities | ||
| I. Non-current liabilities |
||
| 1. Deferred tax liabilities | 616,440 | 864,660 |
| Total non-current liabilities | 616,440 | 864,660 |
| II. Current liabilities |
||
| 1. Tax provisions | 1,686,953 | 1,204,423 |
| 2. Other provisions | 3,671,598 | 4,033,561 |
| 3. Convertible bonds | 10,350,816 | 10,207,166 |
| 4. Financial liabilities | 5,101,726 | 236,351 |
| 5. Advances received | 7,702,841 | 5,646,608 |
| 6. Trade payables | 27,210,279 | 8,853,330 |
| 5,637,873 | 8,250,919 | |
| 7. Other liabilities | ||
| Total current liabilities | 61,362,086 | 38,432,358 |
for the period from 1 January to 31 March 2009
| 1 JAN – 31 MAR 2009 EUR |
1 JAN – 31 MAR 2008 EUR |
|
|---|---|---|
| 1. Revenue | 21,207,358 | 26,317,262 |
| 2. Other operating income | 292,462 | 450,256 |
| 3. Increase in inventories of work in progress | 1,740,453 | 0 |
| 4. Cost of productions supplies and purchased goods | – 17,416,516 | – 21,725,938 |
| 5. Cost of purchased services | – 1,117,497 | – 1,237,328 |
| 6. Gross profit | 4,706,260 | 3,804,252 |
| 7. Staff costs | –1,360,423 | –1,142,167 |
| 8. Depreciation, amortization and impairment losses | – 84,215 | – 60,063 |
| 9. Other operating expenses | – 2,005,042 | – 1,649,393 |
| 10. Operating profit (EBIT) | 1,256,580 | 952,629 |
| 11. Other interest and similar income | 125,862 | 53,694 |
| 12. Interest and similar expenses | – 378,095 | – 384,698 |
| 13. Impairment losses on financial assets | 0 | 0 |
| 14. Result from investments and financial result | – 252,233 | – 331,004 |
| 15. Taxes on income | – 305,902 | – 99,839 |
| 16. Other taxes | –1,862 | – 2,121 |
| 17. Net profit | 696,583 | 519,665 |
| Earnings per share (basic) Basis: 5.115 million (previous year: 5.115 million) shares according to IAS 33 There are no dilutive effects |
0.14 | 0.10 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONDENSED) |
||
| Net profit | 696,583 | 519,665 |
| Changes in the fair value of financial instruments held for sale |
1,337 | 0 |
| Currency translation | 7,422 | 0 |
| Other comprehensive income | 8,760 | 0 |
| Consolidated comprehensive income | 705,343 | 519,665 |
as of 31 March 2009
| SUBSCRIBED CAPITAL |
CAPITAL RESERVE |
RETAINED EARNINGS |
OTHER CHANGE IN EQUITY |
CURRENCY TRANSLATION RESERVE |
REVALUATION SURPLUS** |
TOTAL | |
|---|---|---|---|---|---|---|---|
| BALANCE | EUR | EUR | EUR | EUR | EUR | EUR | EUR |
| I. 1 Jan 2008* |
5,115,000 | 24,795,578 | –7,460,423 | 9,724,811 | 0 | 0 | 32,174,967 |
| 1. Consolidated comprehensive income* |
519,665 | 519,665 | |||||
| II. 31 Mar 2008* | 5,115,000 | 24,795,578 | –6,940,758 | 9,724,811 | 0 | 0 | 32,694,632 |
| I. 1 Jan 2009 |
5,115,000 | 24,635,940 | –221,825 | 9,724,811 | –27,873 | 0 | 39,226,053 |
| 1. Consolidated comprehensive income |
696,583 | 7,422 | 1,337 | 705,342 | |||
| 2. Cost of the capital increase |
–264,497 | –264,497 | |||||
| II. 31 Mar 2009 | 5,115,000 | 24,371,443 | 474,758 | 9,724,811 | –20,451 | 1,337 | 39,666,898 |
* Amounts changed as a result of the supplementary audit
** Changes in the fair value of financial instruments held for sale
for the period from 1 January to 31 March 2009
| 1 JAN – 31 MAR 2009 EUR |
1 JAN – 31 MAR 2008 EUR* |
|
|---|---|---|
| Net profit | 696,583 | 519,665 |
| + Depreciation, amortization and impairment losses |
84,215 | 60,063 |
| –/+ Gains and losses from the disposal of fixed assets | 0 | – 57,631 |
| + Changes in provisions |
120,568 | 618,879 |
| +/– Other non-cash expenses | – 257,075 | 0 |
| –/+ Increase/decrease in inventories | – 22,501,826 | –1,972,281 |
| –/+ Increase/decrease in trade receivables | – 2,436,353 | – 4,163,007 |
| –/+ Increase/decrease in other assets | – 292,367 | 1,937,257 |
| +/– Increase/decrease in liabilities | 17,695,565 | 2,447,317 |
| Cash flows from operating activities | – 6,890,690 | – 609,738 |
| Cash outflows for investments in intangible assets – |
– 2,518 | – 49,391 |
| Cash outflows for investments in property, plant and equipment – |
–178,798 | –142,920 |
| Cash outflows for the purchase of financial assets – |
– 5,727 | 0 |
| + Cash receipts from the disposal of fixed assets |
0 | 216,804 |
| Cash flows from investing activities | –187,043 | 24,493 |
| +/– Change in financial liabilities | 4,865,375 | 2,153,013 |
| Cash flows from financing activities | 4,865,375 | 2,153,013 |
| Net change in cash and cash equivalents | – 2,212,358 | 1,567,768 |
| + Cash and cash equivalents at beginning of period |
2,606,705 | 4,735,866 |
| = Cash and cash equivalents at end of period |
394,347 | 6,303,634 |
* Amounts changed as a result of the supplementary audit
COLEXON is a group of companies with an international focus. The parent company is COLEXON Energy AG, with subsidiaries in Spain, France, the Czech Republic and the United States. COLEXON Energy AG is a listed stock corporation under German law that is entered in the commercial register of Hamburg Local Court under No. HRB 93828. The Company's registered office is in Grosse Elbstrasse 45, 22767 Hamburg, Germany. What used to be Reinecke + Pohl Sun Energy AG was renamed COLEXON Energy AG upon its entry in the commercial register on 25 January 2008. The Company has an Official Market listing on the Frankfurt Stock Exchange with German Securities Identification Number 525070 and is also listed on other stock markets in Germany.
In accordance with a notarized merger agreement dated 26 June 2008, COLEXON GmbH, Hamburg, was retroactively merged in its entirety into COLEXON Energy AG (hereinafter abbreviated to »COLEXON AG«) as of 1 January 2008 through the transfer of its assets by way of dissolution without liquidation. The merger took place applying predecessor accounting in accordance with Section 24 of the German Reorganization and Transformation Act (Umwandlungsgesetz – UmWG) and was entered in the commercial register of COLEXON AG on 10 September 2008. Mainly operational reasons were behind the merger, which also simplifies the preparation of the interim and annual financial statements.
Renewagy A/S, Denmark, holds an interest of 19.43 percent in COLEXON Energy AG and has 26.13 percent of the voting rights. Based on its actual voting share at the last annual general meetings and resulting influence on the composition of the Supervisory Board as well as on financial and business policy, Renewagy A/S is a shareholder with significant influence.
In the area of renewable energy, the COLEXON Group has specialized both in the distribution of solar modules and in the project development of large-scale solar power plants. The Group companies plan and build turnkey solar power installations for constructors and investors from agriculture, industry and the public sector in and outside Germany.
These financial statements are condensed interim consolidated financial statements for the period from 01 January 2009 to 31 March 2009 with comparative figures for the period from 01 January 2008 to 31 December 2008 and balance sheet comparative figures for the closing date of 31 December 2008.
The interim balance sheet is organized according to maturity. The nature of expense method was used to prepare the interim statement of comprehensive income. All figures are presented in two statements: A separate income statement and a reconciliation of profit or loss with the statement of comprehensive income, including a presentation of the components of other income. The Group's reporting currency is the euro (EUR). For purposes of simplification, most disclosures are made in EUR thousand.
The consolidated interim report as of 31 March 2009 for COLEXON Energy AG was prepared in accordance with the requirements and regulations of the International Financial Reporting Standards (IFRS), as applicable within the European Union, and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), taking IAS 34 (Interim Financial Reporting) into account. The disclosures in Section 2, »Selected accounting policies,« in the notes to the consolidated financial statements as of 31 December 2008 also apply to the present consolidated interim report as of 31 March 2009.
Furthermore, revised IAS 1 must be applied for the first time, leading to changes in individual items of the financial statements. Revised IAS 23 must also be applied; it requires capitalizing the borrowing costs allocable to qualified assets. An asset is considered qualified if a period of at least 12 months is required for its completion. To date, this does not substantially affect the assets, liabilities, cash flows and profit or loss of the COLEXON Group and the previous year's figures. All other standards and interpretations to be applied for the first time from 2009 also do not have a significant impact on the presentation.
These interim financial statements were not audited in accordance with Section 317 German Commercial Code (HGB), nor were they reviewed by an auditor.
The data for the comparative period of this consolidated interim report contain all adjustments arising from the revised consolidated financial statements as of 31 December 2006 and 31 December 2007.
The interim consolidated financial statements as of 31 March 2008 contained provisions for warranties related to defective modules that were offset against the corresponding claims for damages against the suppliers of these modules. The claims and provisions should have been reported as gross amounts, as follows:
| BALANCE SHEET | 31 MAR 2008 EUR '000 |
|---|---|
| Other non-current assets | 728 |
| Total non-current assets | 728 |
| Other current assets | 874 |
| Total current assets | 874 |
| Other provisions | 1,541 |
| Trade payables | 61 |
| Total current liabilities | 1,602 |
This correction does not impact the result of the cash flow statement on the whole since it merely entails shifts among the statement's individual line items. It also leads to insignificant changes in segment assets shown within segment reporting.
By equity contribution agreement dated 01 February 2005, the shareholders of Reinecke + Pohl Solare Energien GmbH contributed all shares in that company to COLEXON Energy AG (at the time named Reinecke + Pohl Sun Energy AG) to capital reserves by means of an additional payment. The shareholders of Reinecke + Pohl Solare Energien GmbH at the time basically were the same as the shareholders of Reinecke + Pohl Sun Energy AG. A valuation of the enterprise value, which had been obtained to determine the cost of the contribution, was used to determine and recognize the goodwill.
COLEXON Energy AG was a new entity as defined in IFRS 3.22 at the time the contribution was effected.
Hence it should have been accounted for without recognizing goodwill.
RPSE AG acquired 100 percent of Nastro-Umwelttechnik GmbH pursuant to an equity contribution agreement dated 19 May 2005. The equity interest was transferred by means of a non-cash capital increase based on the contribution of two shares in Nastro-Umwelttechnik GmbH. In return, 460,000 new shares in RPSE AG were transferred to the shareholders of Nastro-Umwelttechnik GmbH. The accounting for this corporate acquisition was corrected.
RPSE AG acquired 100 percent of Maaß Regenerative Energien GmbH pursuant to an equity contribution agreement dated 18 August 2005. The equity interest was transferred by means of a non-cash capital increase. In return, 800,000 new shares in RPSE AG were transferred to the shareholders of Maaß Regenerative Energien GmbH. The accounting for this corporate acquisition was corrected.
The effects of these corrections on the items of the consolidated financial statements are shown below:
| 31 MAR 2008 | |
|---|---|
| BALANCE SHEET | EUR '000 |
| Goodwill | – 3,746 |
| Total non-current assets | – 3,746 |
| Total assets | – 3,746 |
| Capital reserve | – 3,486 |
| Retained earnings | – 260 |
| Total equity | – 3,746 |
| Total assets / equity and liabilities | – 3,746 |
This correction does not impact the result of the cash flow statement on the whole since it merely entails shifts among the statement's individual line items. The statement of changes in equity was adjusted in accordance with both the capital reserves and retained earnings. This also leads to changes in segment assets as shown within segment reporting.
The interim consolidated financial statements as of 31 March 2008 contained the following incomplete disclosures regarding related parties:
| RELATIONSHIPS WITH RELATED PARTIES |
MANAGEMENT BOARD MEMBERS EUR '000 |
SUPERVISORY BOARD MEMBERS EUR '000 |
RELATED ENTITIES EUR '000 |
|---|---|---|---|
| Services and products provided | 0 | 0 | 2,950 |
| Receivables | 14 | 0 | 0 |
| Services and products received | 0 | 0 | 13 |
| Advances received | 0 | 0 | 241 |
The full disclosure as of 31 March 2008 is presented below:
| RELATIONSHIPS WITH RELATED PARTIES |
COMPANIES WITH A MATERIAL INFLUENCE EUR '000 |
MANAGEMENT BOARD MEMBERS EUR '000 |
SUPERVISORY BOARD MEMBERS EUR '000 |
OTHER RELATED ENTITIES EUR '000 |
|---|---|---|---|---|
| Services and products provided |
7,518 | 0 | 0 | 2,950 |
| Receivables | 15,397 | 16 | 0 | 0 |
| Services and products received |
33 | 11 | 0 | 0 |
| Advances received | 0 | 0 | 0 | 241 |
The presentation of the changes in equity was adjusted to reflect the restatement of the consolidated financial statements as of 31 December 2006.
In this connection, a new column, »Other changes in equity« was included, which comprises all withdrawals from the capital reserve, which were used in the past to compensate for a net loss or a loss brought forward and previously were included in the »Profit brought forward« column.
The structure of the statement of changes in equity was also adjusted in this connection. The column previously called »Profit brought forward« was renamed »Retained earnings« and now includes profits and losses brought forward as well as the net profit or loss from the current accounting period. The column »Accumulated results« was eliminated.
The interim consolidated financial statements as of 31 March 2009 include COLEXON ENERGY AG and all companies whose financial and business policy can be controlled by the COLEXON Group. Subsidiaries are fully consolidated in the interim consolidated financial statements from the date at which the Group assumes control over them. Conversely, they are deconsolidated at the date the Group's control over the respective company ends. Insignificant subsidiaries from the Group's perspective are not consolidated.
In addition to the parent company, COLEXON Energy AG, the following subsidiaries were fully consolidated in the interim consolidated financial statements as of 31 March 2009:
| SHARE % |
|
|---|---|
| COLEXON Iberia S.L., Madrid (Spain) | 100 |
| COLEXON Corp., Tempe / Az. (USA) | 100 |
| SASU COLEXON FRANCE, Nice (France) | 100 |
| SASU SAINTE MAXIME SOLAIRE, Sainte Maxime (France) | 100 |
COLEXON Energy s.r.o. (80 percent of which is owned by COLEXON Energy AG) was newly established in the Czech Republic during the current financial year and recorded in the Czech Commercial Register on 20 April 2009. Given its secondary significance at the present time, the company is not fully consolidated in the interim consolidated financial statements.
The need to ensure the execution of pending projects caused a seasonal increase in inventories. Goods mainly relate to photovoltaic modules for the wholesale and project business. Inventories include floating goods with a value of EUR 20,814 thousand (31 December 2008: EUR 9,203 thousand). Raw materials also relate to photovoltaic modules destined for the project business.
Trade receivables essentially comprise receivables from services rendered in the 2008 financial year in connection with major projects.
Existing future receivables from construction contracts in the amount of EUR 6,548 thousand (31 December 2008: EUR 6,493 thousand) stem from contract revenue in the amount of EUR 10,695 thousand (31 December 2008: EUR 15,191 thousand), after offsetting against advances already received in the amount of EUR 4,147 thousand (31 December 2008: EUR 8,698 thousand).
The increase in trade payables is primarily due to suppliers' improved procurement terms.
Please see the Group segment reporting for the composition of revenue.
The Group has applied IFRS 8 »Operating Segments« since 2008. This standard stipulates the »management approach«, according to which segment information is presented externally on the same basis as used by the Company for internal management. EBIT, earnings before interest and taxes, is used for internal management and as an indicator of the long-term earnings capacity of an operating segment.
Reporting using the operating segments corresponds to the internal reporting to the chief operating decisionmaker. The chief operating decision-maker is the Management Board. Reporting to the Management Board is based on consolidated figures.
The operating segments are defined on the basis of the reports available to the Management Board. The reporting on the operating segments' financial performance using the »management approach« depends to a considerable extent on the nature and the scope of the information submitted to the chief operating decisionmaker.
The Management Board assesses the Company from a sales market-based perspective, distinguishing two segments, »Wholesale« and »Projects«.
The Projects segment comprises the Company's activities as a system provider of photovoltaic systems as well as a project developer for private and institutional investors. As a system provider, the COLEXON Group plans, delivers and installs large-scale photovoltaic systems, mainly on the roofs of buildings used for commercial, public or agricultural purposes.
The »Wholesale« segment comprises the wholesale business with modules and accessories.
The accounting principles for the two segments are identical to those for the Group as applied in its accounting principles. The earnings capacity of the Group's individual segments is measured on the basis of operating result (EBIT) as presented in the income statement.
The comparative figures for 2008 were adjusted both in accordance with the supplementary audits of the 2006 and 2007 consolidated financial statements and for the purpose of ensuring comparability pursuant to IFRS 8.
Segment reporting for the period from 01 January 2009 to 31 March 2009 is presented below:
| SEGMENT INFORMATION | PROJECTS | WHOLESALE | RECONCILIATION | TOTAL |
|---|---|---|---|---|
| BY DIVISION | EUR '000 | EUR '000 | EUR '000 | EUR '000 |
| Segment revenue | 957 | 20,250 | 0 | 21,207 |
| Previous year (Q1 2008) | 12,656 | 13,639 | 23 | 26,317 |
| Changes in inventories | 1,740 | 0 | 0 | 1,740 |
| Previous year (Q1 2008) | 0 | 0 | 0 | 0 |
| Cost of materials | –1,788 | –16,746 | 0 | –18,534 |
| Previous year (Q1 2008) | –11,052 | –11,911 | 0 | – 22,963 |
| Other income | 87 | 13 | 192 | 292 |
| Previous year (Q1 2008) | 102 | 110 | 239 | 450 |
| Staff costs | – 803 | – 85 | – 473 | –1,360 |
| Previous year (Q1 2008) | – 488 | – 207 | – 446 | –1,142 |
| Amortization / depreciation | – 3 | – 32 | – 49 | – 84 |
| Previous year (Q1 2008) | – 26 | – 28 | – 6 | – 60 |
| Other expenses | – 497 | – 70 | –1,438 | – 2,005 |
| Previous year (Q1 2008) | – 784 | – 852 | –14 | –1,649 |
| EBIT | – 306 | 3,331 | –1,768 | 1,257 |
| Previous year (Q1 2008) | 407 | 750 | – 204 | 953 |
| Result from investments and financial result |
– 252 | |||
| Previous year (Q1 2008) | – 321 | |||
| Income tax and other taxes Previous year (Q1 2008) |
– 308 –112 |
|||
| Net profit Previous year (Q1 2008) |
697 520 |
|||
| Segment assets | 65,307 | 34,971 | 1,368 | 101,645 |
| Previous year (Q1 2008) | 37,882 | 16,504 | 6,914 | 61,300 |
The »reconciliation« column includes assets and holding company expenses not allocable to the segments as well as intra-Group transactions.
The reporting of the information regarding external sales by region to the Management Board is based on the customers' registered offices. Germany, Europe and Other Regions are defined as regions in line with internal management requirements.
| SEGMENT INFORMATION | GERMANY | REST OF EUROPE | OTHER REGIONS | GROUP |
|---|---|---|---|---|
| BY REGION | EUR '000 | EUR '000 | EUR '000 | EUR '000 |
| External sales | 21,185 | 23 | 0 | 21,207 |
| Previous year (Q1 2008) | 23,741 | 1,699 | 877 | 26,317 |
COLEXON issued a convertible bond in May 2006. The bond issue comprised 474,886 bonds, each costing EUR 21.90. This generated cash of EUR 10.4 million for COLEXON. All investors in the 2006 / 2009 convertible bond, which matured in early May 2009, were repaid in full and timely fashion. The Company obtained refinancing of EUR 5.0 million from each of two renowned banks for this purpose in early May 2009. The balance of EUR 400 thousand was paid out of the Company's own funds. A total of 658 bonds were converted into 658 new COLEXON shares in accordance with the conversion terms. The new shares will be credited to the shareholders from the Company's contingent capital within a reasonable period of time once they have been recorded in the Commercial Register (probably in June 2009).
On 27 November 2008, COLEXON announced its plan to merge with Renewagy A/S, the Danish system operator and the Company's major shareholder. COLEXON announced on 15 April 2009 (i. e. after the reporting period had ended) that it would submit a voluntary takeover offer to Renewagy's shareholders entailing an exchange of shares under Danish law. On 29 April, COLEXON reported that 66.46 percent of the shareholders of Renewagy A/S had already undertaken to accept the takeover offer of COLEXON Energy AG. On 13 May, COLEXON finally submitted the official takeover offer in Denmark.
Trade receivables essentially comprise services performed in connection with the execution of major projects in the 2008 financial year. Customers have paid approximately EUR 12.0 million of these receivables since the end of the first quarter.
Both the weather and statutory promotional measures subject the sale of photovoltaics modules to seasonal fluctuations during the financial year. It is the digression in the German feed-in tariff that usually stimulates demand at the close of a year and depresses it at the start of the following year. Earnings in the last two quarters of a financial year usually exceed earnings in the first two quarters.
There were no contingent liabilities as of 31 March 2009.
Besides the subsidiaries included in the consolidated financial statements, COLEXON Energy AG has direct and indirect relationships with related parties within the scope of its ordinary operations.
In the ordinary course of business, all supply and service relationships with individuals were conducted on an arm's length basis.
The data for the comparative period in regards to related persons contain the adjustments arising from the revised consolidated financial statements as of 31 December 2006 and 31 December 2007 (see section 2, »Accounting regulations and policies«).
The business relationships with related parties of the Group are as follows:
| RELATIONSHIPS WITH RELATED PARTIES |
COMPANIES WITH A MATERIAL INFLUENCE EUR '000 |
MANAGEMENT BOARD MEMBERS EUR '000 |
SUPERVISORY BOARD MEMBERS EUR '000 |
OTHER RELATED ENTITIES EUR '000 |
|---|---|---|---|---|
| Services and products provided Previous year (Q1 2008) |
587 7,518 |
0 0 |
0 0 |
650 2,950 |
| Receivables Previous year |
25,661 | 0 | 0 | 3 |
| (as of 31 Mar 2008) Writedown, receivables Previous year (as of 31 Mar 2008) |
15,397 0 0 |
16 0 0 |
0 0 0 |
0 0 0 |
| Interest rate p. a. Previous year (Q1 2008) |
0 % 0 % |
0 % 0 % |
0 % 0 % |
0 % 0 % |
| Services and products received Previous year (Q1 2008) |
0 33 |
8 11 |
0 0 |
0 0 |
| Liabilities Previous year (as of 31 Mar 2008) |
231 0 |
0 0 |
0 0 |
0 0 |
| Advances received Previous year (as of 31 Mar 2008) |
0 0 |
0 0 |
0 0 |
0 241 |
The deliveries and services provided for companies with a material influence relate to the construction of solar power plants. The receivables comprise both trade receivables and future receivables from construction contracts that have been offset against advances already received.
These receivables entail outlays on behalf of members of the Management Board.
In the reporting year, the related party entity is owned by family members of one of the Management Board members. The deliveries and services provided and received are on an arm's length basis.
In accordance with Article 8 of the Articles of Association, the Company's Supervisory Board comprises six members and was composed as follows as of 31 March 2009:
The following individuals were members of the Management Board as of 31 March 2009:
In accordance with Article 6 of the Articles of Association, the Company is represented by two members of the Management Board or by one Management Board member together with an authorized signatory (»Prokurist«).
The declaration to be submitted in accordance with Section 161 of the German Stock Corporation Act stating to what extent the Company has complied and will comply with the recommendations of the Government Commission of the German Corporate Governance Code was submitted through publication on the Company's website and made available to shareholders.
Hamburg, Germany, 22 May 2009
COLEXON Energy AG The Management Board
Thorsten Preugschas Chief Executive Officer
Henrik Christiansen Chief Financial Officer
Publication Interim Report Q1 / 2008 26 May 2009 Annual General Meeting 26 May 2009 Publication Half-yearly Report 2008 27 August 2009 Analyst conference (Equity forum) 9 to 11 November 2009 Publication Interim Report Q3 / 2008 30 November 2009
| BIPV | Building-integrated PV systems |
|---|---|
| BSW-Solar | Bundesverband Solarwirtschaft, Berlin [German Solar Industry Association] |
| CdTe | Cadmium Telluride |
| CdS | Cadmium Sulfide |
| COLEXON | Short form of COLEXON Energy AG |
| Crystalline silicon | Crystalline modules are made by cutting wafer-thin slices of monocrystalline or poly |
| crystalline silicon and fitting them with contacts. Their efficiency is higher than that | |
| of thin-film cells covering the same surface area. | |
| EEG | Erneuerbare-Energien-Gesetz [German Renewable Energy Sources Act] |
| IPP | Independent (solar) power producer |
| kW / kWp | Kilowatt / kilowatts-peak |
| MW / MWp | Megawatt / megawatts-peak |
| PV | Photovoltaics (Production of power from solar irradiation) |
| Thin-film technology | Thin-film modules are made by depositing or vapor coating high-purity semiconduct |
| ing materials such as a-Si or CdTe onto a substrate, and then applying contacts. Since | |
| thin-film PV cells are produced using less energy and material, they are more envi | |
| ronmentally friendly and cost-efficient than crystalline cells. |
COLEXON Energy AG Große Elbstrasse 45 • 22767 Hamburg • Germany www.colexon.de
Jan Hutterer / Kirsten Friedrich Fon +49 (0)40. 28 00 31-0 Fax +49 (0)40. 28 00 31-101
CAT Consultants GmbH & Co., Hamburg
This report is available for download in German and English. Please contact us for printed copies or additional information about COLEXON Energy AG. We will be happy to include you in our mailing list for shareholders if you'd like to receive regular information and the latest news by email.
This Report includes forward-looking statements that are based on the opinions of the Management Board of COLEXON Energy AG and reflect the Board's current assumptions and estimates. These forward-looking statements are subject to risks and uncertainties. Numerous facts unforeseeable at this time could cause the actual performance and results of COLEXON Energy AG to differ from such forward-looking statements. These facts include, but are not limited to: lack of acceptance of newly introduced products or services; changes in the general economic or business situation; failure to meet efficiency or cost reduction targets; and changes in the Company's business strategy.
The Management Board firmly believes that the expectations contained in these forward-looking statements are sound and realistic. However, should the previously mentioned or other risks materialize, COLEXON Energy AG cannot guarantee that the assumptions made turn out to be correct.
This interim report was produced in a climate-neutral fashion and printed on PEFC-certified paper. The greenhouse gas emissions generated by the production and dissemination of this publication were offset by investments in an additional climate protection project.
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