Media | 30 November 2009 11:27
COLEXON Energy AG / Energy
30.11.2009
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- COLEXON continues its growth despite the decline in the solar market
- EBIT of EUR 14.0 million and turnover of EUR 112.7 million well above
2008 figures (pro forma basis)
- EBIT of EUR 16-18 million and turnover of EUR 160-180 million expected
for full year 2009 (pro forma basis)
- Acquisition of Renewagy characterizes the third quarter results
Hamburg, November 30, 2009 - COLEXON Energy AG (German SIN 525070, ISIN
DE0005250708), an international developer and operator of high-yield solar
power plants, achieved strong results in the first nine months of 2009.
Despite the current uncertainty that characterizes the solar market,
COLEXON has continued to grow and has positively counteracted the trend.
As these results indicate, the acquisition of Renewagy has strengthened the
flexibility and performance of COLEXON. As a vertically integrated
corporation, COLEXON now covers three business fields that optimally
complement each other: Wholesale, Projects and PV-Plant Operation. This
business model has helped COLEXON adopt a pioneering role in the solar
industry.
'The 'new' COLEXON is one of the most competitive companies in the solar
sector,' said Thorsten Preugschas, Chief Executive Officer of COLEXON
Energy AG, when commenting on current year's development. 'A comparison
with our direct peer group demonstrates that we have positioned ourselves
very well in an extremely challenging market environment and that we have
set the foundations for the future success of the COLEXON Group by
expanding our business model. Taking both companies into account, the 'new'
COLEXON has achieved EBIT of EUR 14.0 million and turnover of EUR 112.7
million in the first nine months. An EBIT margin of 12.4 per cent makes
COLEXON one of the most profitable solar companies in Europe.'
The Management Board expects turnover of the 'new' COLEXON to reach between
160 and 180 million EUR and EBIT between EUR 16 and 18 million for the full
year. At this level of sales volume the company expects to achieve an EBIT
increase of approximately 40 per cent (pro forma basis).
The 'new' COLEXON has become one of the leading providers of solar energy
Europe. The target for the business is to operate about 200 MWp of solar
power plants by 2012. This would supply 60,000 households with solar
energy. Further information on the strategic development and direction of
the 'new' COLEXON will be released to the market in the beginning of 2010
in the official release of the strategy concept 'Change COLEXON 2012'.
The financials of COLEXON in the third quarter have been significantly
influenced by the acquisition of Renewagy. The figures for the third
quarter 2009 have been recorded as per International Financial Reporting
Standards. Accordingly, COLEXON provided a high EBIT and strong cash flow
position. Turnover in the third quarter under IFRS is proportionately
lower, as only the period from August 14th to September 30th is taken into
account for the main contributing segments from the 'old' COLEXON,
Wholesale and Project Development. Revenues in the third quarter amounted
to EUR 41.7 million. The cumulative EBIT of both companies reached EUR 13.0
million at the end of the third quarter. Operative cash flow over during
the period amounted to EUR 7.4 million.
A copy of the complete quarterly financial report up to September 30th 2009
is available for download at www.colexon.de from the 'Investor Relations'
section.
About COLEXON Energy AG
The international COLEXON group 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, and specializes in the
realization of return-optimized and large-scale photovoltaic projects for
both internal and third-party operations.
COLEXON distinguishes itself in particular through its expertise in the
application of innovative thin-film technology. The company's target
clients are primarily institutional investors and developers from
agriculture, industry, and the public sector.
COLEXON Energy AG is listed in the Prime Standard at the German Stock
Exchange in Frankfurt.
Contact:
COLEXON Energy AG
Kirsten Friedrich
Email: k.friedrich@colexon.de
Tel: +49 40 280031-0
Fax: +49 40 280031-101
30.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: COLEXON Energy AG
Große Elbstraße 45
22767 Hamburg
Deutschland
Internet: www.colexon.de
End of News DGAP-Media
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