7C Solarparken AG

Earnings Release • Aug 26, 2014

News Details

Corporate | 26 August 2014 17:32

Colexon Energy AG enjoyed a positive first half year: recurring EBITDA up by 79% to 3.7 mio EUR in H1’14, record figures for 7C Solarparken NV.

COLEXON Energy AG / Key word(s): Half Year Results

26.08.2014 / 17:32

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**– Adjusted for one-off items, EBITDA of Colexon rose by 79% to EUR 3.7mio

– Astenhof relocation, merger transaction and restructuring expenses distort H1 figures

– Cost initiatives under new Management at full speed

– Record numbers for 7C Solarparken NV, which also expanded its PV Estate portfolio**

Hamburg, August, 26 2014 – COLEXON Energy AG (WKN: A11QW6, ISIN: DE000A11QW6; Stock Exchange: General Standard in Frankfurt/Main) achieved an increase in revenues by 13% to EUR 6.2mio in H1’14. Production rose by 16% thanks to much sunnier weather than last year, but overall there has been 10% less capacity in operation given the dismantlement of the old Astenhof installation. Reported EBITDA dropped from EUR 2.7mio in H1’13 to EUR 2.1mio in H1’14 because of three exceptional cost items: i) EUR 0.3mio merger transaction costs, ii) EUR 1.25mio non-activated expenses related to the relocation and iii) restructuring fees of EUR 0.4mio related to the leave of Mr. Hars and 6 other employees. Mainly due to cash-outs for the Astenhof relocation, the free liquidity dropped from EUR 5.3mio at year-end 2013 to EUR 2.5mio at the end of June ’14.

Management prepares new Strategic plan – cost initiatives at full speed

As will be detailed in the Strategic Plan, cost rationalization and a fitter structure have been immediate action points implemented by the new management. Number of employees has been reduced from 21 in 2013 to 17 at the end of June, but they include 6 employees that have already been dismissed in H1’14 and another 3 that are leaving in Q3’14. As a result, only 8 employees including the two-persons board of directors will remain in the company.

7C Solarparken NV with record figures during H1’14 – expansion of its PV Estate portfolio

The growth path of 7C Solarparken NV has brought its fruits as EBITDA rose to EUR 5.7mio. Adjusted for merger/ transaction costs, EBITDA would even have been EUR 5.9mio. These numbers do not include any revaluation effects of parks. Cash on balance sheet amounted to EUR 9.5mio of which EUR 3.9mio is free liquidity. During the first half, 7C Solarparken NV significantly expanded its PV Estate portfolio through acquiring the land on a 7MWp park in Zerre and through purchasing an office building in Bayreuth including the ownership of different related PV installations (carport, rooftop and tracker) and a battery for self-consumption. Aside from lucrative deals in PV Estate, the company will shortly close the negotiations of wider expansion of its IPP portfolio.

Upcoming Dates

26. August 2014 Publication of the H1 figures 2014

18. November 2014 Publication of the Q3 figures 2014

Contact:

COLEXON Energy AG

Große Elbstr. 43

22767 Hamburg

Deutschland

FON: +49 (0)40. 28 00 31-100

FAX: +49 (0)40. 28 00 31-102

EMAIL: info@colexon.de

www.colexon.de

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Language:	English
Company:	COLEXON Energy AG
	Große Elbstraße 43
	22767 Hamburg
	Germany
Phone:	+49(0)40 280031 100
Fax:	+49(0)40 280031 102
E-mail:	info@colexon.de
Internet:	www.colexon.de
ISIN:	DE000A11QW68
WKN:	A11QW6
Listed:	Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart

End of News	DGAP News-Service

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