Corporate | 27 November 2008 15:30
COLEXON Energy AG / Interim Report/Merger
Announcement, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Turnover doubled to EUR 98.5 million
- EBIT quadrupled to EUR 6.9 million
- Vertical integration: Plan to merger with Renewagy A/S
Hamburg, 27 November 2008 - COLEXON Energy AG (WKN 525070, ISIN
DE0005250708), a company specialised in the development of solar power
plants, has posted strong results for the first nine months of financial
year 2008. This underlines the successful strategy to focus on thin-film
modules, fostering the sustainable development of the business in uncertain
times.
During the first nine months of financial year 2008, COLEXON almost doubled
turnover, which increased from EUR 51.3 million to EUR 98.5 million. The
increase in earnings before interest and tax (EBIT) was even more striking,
almost quadrupling from EUR 1.5 million in the same period the previous
year to EUR 6.9 million this year. The EBIT margin rose from 2.9 percent in
the same period last year to 7.0 percent this year. Net profit also climbed
sharply, up from EUR 0.5 million to EUR 3.8 million. This corresponds to
undiluted earnings per share of EUR 0.74 (same period the previous year:
EUR 0.10).
The strong earnings position is also reflected in the balance sheet
figures. Reported equity capital increased to EUR 37.2 million,
representing an equity ratio of just below 54 percent. This gives COLEXON a
solid financial structure to move on with the planned expansion of its
operational business. At the end of the first nine months of 2008, the
operating cash flow was EUR -1.1 million. This resulted from an increase in
stocks and future receivables from production contracts based on the
improvement in the operational business.
In the third quarter of 2008, COLEXON again set the benchmark as one of the
leading developers of thin-film rooftop systems. For example, COLEXON
provided South Korea's first thin-film installation made from First Solar
modules. In Germany, the company is currently building the world’s largest
PV on-roof system consisting of thin-film modules with a capacity of 4.6
MWp in Haßleben, Brandenburg.
These outstanding successes have further bolstered COLEXON's position on
the German and international solar energy market and created a solid
foundation for the company to effectively meet the challenges of the
future. The strategy paper 'Change COLEXON 2012' will enhance the
effectiveness of the company's strategic orientation and strengthen the
international business.
'The results generated underline the fact that COLEXON is able to respond
to market changes quickly and provide a solid basis for the future
development of our business,' said Executive Board Chairman Thorsten
Preugschas about the nine-month figures. 'In view of the planned merger
with Renewagy A/S, we can further strengthen our market position and are
very optimistic about the new financial year,' he added.
The full quarterly report as of 30 September 2008 will be published during
the course of the day at www.colexon.com and can be downloaded from the
'Investor Relations' section. The figures have been reviewed by
PricewaterhouseCoopers.
About COLEXON Energy AG
COLEXON Energy AG is one of the leading manufacturer-independent system
integrators in the photovoltaic sector. The company designs and installs
turnkey photovoltaic plants for institutional and private investors in
Germany and abroad. COLEXON, located in Hamburg, operates internationally
and is listed on the Prime Standard at the German Stock Exchange in
Frankfurt.
About Renewagy A/S
The Danish Renewagy A/S is one of the leading operators of solar power
plants and wind farms. The company is a long term business partner of
COLEXON and currently owns 19.43 % of the shares of the company. Renewagy
is listed on NASDAQ OMX Copenhagen AS and operates out of Virum, Denmark.
Contact:
COLEXON Energy AG
Jan Hutterer
Email: hutterer@colexon.de
Tel: +49 40 280031-0
Fax: +49 40 280031-101
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27.11.2008 Financial News transmitted by DGAP
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Language: English
Issuer: COLEXON Energy AG
Große Elbstraße 45
22767 Hamburg
Deutschland
Phone: +49(0)40 280031-0
Fax: +49(0)40 280031-101
E-mail: hutterer@colexon.de
Internet: www.colexon.de
ISIN: DE0005250708
WKN: 525070
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Düsseldorf
End of News DGAP News-Service
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