company presentation (aug. 2009) - colexon energy ag
TRANSCRIPT
COLEXON Energy AGCompany Presentation
COLEXON Energy AG
Hamburg, August 31, 2009 | © COLEXON Energy AG
CONTENTSCONTENTS
COLEXON at a Glance1
Business Model and Strategy2
Project References3
Financials as of June 30, 20094
Q & A Session5
1 | August 31, 2009
COLEXON at a GlanceKEY FACTS
Manufacturers(Panels, inverters etc.)
PV System integrators(Building projects)
Investors/customers(Operating projects)
• International project developer and
Financials H1/2009
EUR H1/07 H1/08 H1/09
Company Overview
International project developer and independent power producer (IPP)
• Objective: optimal IRR of solar power plants
T h l f i ti thi fil
m. EUR H1/07 H1/08 H1/09
Revenue 29.6 56.6 51.9
Gross Profit 5 9 10 2 10 0• Technology: focus on innovative thin film technology
• Workforce: > 100 employees worldwide
Gross Profit 5.9 10.2 10.0
EBIT 0.7 3.0 1.7
• References: > 1,300 installed power plants Total Assets 53.5 78.5 89.2
2 | August 31, 2009
Full-service project developer focused on innovative thin-film technology.
CONTENTSCONTENTS
COLEXON at a Glance1
Business Model and Strategy2
Project References3
Financials as of June 30, 20094
Q & A Session5
3 | August 31, 2009
Business Model and StrategyOVERVIEW
Mission
• Independent supplier of solar power (IPP) with the mid-term goal of grid parity
Business Fields• Project: Realization of large scale thin-film projects• Trading: Focus on cost-efficient First Solar modulesTrading: Focus on cost efficient First Solar modules • Operating: Enhance stability with secured constant cash-flows
USPUSP• Experienced: More than 1,300 installed solar power plants worldwide• Independent: No fixed volumes from crystalline manufacturers• Flexible: Outsourcing of construction work to sub contractors• Flexible: Outsourcing of construction work to sub-contractors• Reliable: Combination of secured cash-flows with high-return project business• Unique: Access to cost-efficient First-Solar modules
4 | August 31, 2009
COLEXON is one of the leading project developers and system integrators.
Business Model and StrategygySOLAR MARKET IN H1/2009
Supply side: Ambitious expansion plansPV t d t ti t t hi h t i th i
Market development creates new challenges.
PV expected to continue to grow at high rates in the coming yearsMassive capacity increases underway or announced
Cost reduction potentials mainly in wafer, cell and module manufacturingLess-than proportionate saving potential for downstream players Double-digit cost reduction possibilities among upstream companies
Supply vs. demand – the macroeconomic perspective:
Supply vs. demand – the microeconomic perspective
2007/08: Strong PV years with supply and demand being in balanceAs from 2009e: Oversupply due to declining political support, but increasing production capacities
pp y p pAs from 2009e pressure on prices and consequently on margins to increaseBottom-line: Upstream players will have to pass on cost savings to downstream companies
5 | August 31, 2009
COLEXON will be a clear winner in the current market development.
Business Model and StrategygyCOLEXON IN THE MARKET
• Investors eager to invest in solar power
Today’s risks are our opportunities.
Financial Crisis
g p• High returns for large scale projects• Improved access to financial resources
Module Prices
• Price decline for solar modules• No fixed contracts with crystalline suppliers• Focus on cost efficient First Solar modules
• Strengthening of business model with plant operationCompetition • Favorable position with First Solar partnership
• Optimization of business processes to reduce costs
6 | August 31, 2009
COLEXON has lean and flexible structures to react quickly to market changes.
Business Model and StrategygyBUSINESS STRUCTURE
OperationsTrading ProjectsSegment
Balanced strategy for stability in dynamic market development.
p
1 MWp to Multi-MWppower plants for:
g
100 kWp to Multi-MWplarge scale projects for:
Modules, components and turnkey systems:
jg
Business
• Own investments• Continuous cash-flow• Power production
• Institutional investors• Fonds• Industry
• System integrators• Project developers• Solar companies
• Agriculture• Public institutions
80 % 20 %H1 Turnover - %80 % 20 %H1 Turnover - %
7 | August 31, 2009
COLEXON follows a balanced business model for efficient market penetration.
Business Model and StrategygyCOLEXON SUPPLY CHAIN
Tailored business model for dynamic market development.
ProjectDevelopment
Business Processes Procurement Construction
InstallationOperation & Maintenance
Main Services • Site Analysis • Site optimization • Modules • Site • Inspections
Engineering
Main Services • Site Analysis
• Site securing
• Preliminary design
• Site optimization
• Detail engineering
• Modules
• Mounting systems
• Inverters
• Site Management
• Civil works
• Performance tests
• Inspections
• Planels cleaning etc.
• Immediate diagnosis
• Damage recovery• Business
planning• Logistics tests
• Grid connection
8 | August 31, 2009
COLEXON outsources construction works to focus on its core competencies.
Business Model and StrategygyBUSINESS DEVELOPMENT
H1/2009: Establishing an initial position for future market penetration
Takeover RenewagyTakeover Renewagy Operative BusinessOperative Business Key FinancialsKey Financials
Strong positioning in downstream segment
Market capitalization
Internationalization to new growth markets.
Secured grounds for
Revenue H1/09: €51.9Revenue H1/08: €56.6
EBIT H1/09: €1.7Market capitalizationmore than tripled
Improved access tofinancial market
Secured grounds for25 MWp in France
Investor contract for 15 MWp in France
EBIT H1/08: €3.0
Cashflow H1/09: €6.1CashflowH1/08: €39financial market MWp in France Cashflow H1/08: -€3.9
COLEXON looks back at a solid H1/2009 and laid important fundamentals for its
9 | August 31, 2009
COLEXON looks back at a solid H1/2009 and laid important fundamentals for its development.
Business Model and StrategyTHE COLEXON SHARE
Market capitalizationMarket capitalization
COLEXON became a relevant player in the solar market.
83 0230,7
318,5
COLEXON E AGPhoenix Solar AG
Conergy AG
p(26.08.2009)
63 0219,7
246,8
Systaic AGPhoenix Solar AG
Conergy AG
p(30.06.2009)
38,241,3
58,083,0
S.A.G. AGCentroSolar AG
Systaic AGCOLEXON Energy AG
25,630,2
61,563,0
COLEXON Energy AGS.A.G. AG
CentroSolar AGSystaic AG
0,0 100,0 200,0 300,0 400,00,0 50,0 100,0150,0200,0250,0300,0
• Market capitalization more than tripled with the takeover of Renewagy A/S• Share liquidity and visibility enhanced• Fiscal basis for becoming one of the leading companies in the solar industry
10 | August 31, 2009
The COLEXON-share gained attractiveness with the takeover of Renewagy.
CONTENTSCONTENTS
COLEXON at a Glance1
Business Model and Strategy2
Project References3
Financials as of June 30, 20094
Q & A Session5
11 | August 31, 2009
Project BusinessREFERENCES
Waldeck 3.04 MWp
• Building type • Mounting systemChicken farm
• ModuleFirst Solar, CdS/CdTe
• Inverter
Schüco, Schletter• Location
Waldeck, Germany• Commissioning
12 | August 31, 2009
InverterSMA
• CommissioningJune 2008
Project BusinessREFERENCES
Michelin 1,9 MWp
• Building type • Mounting systemg ypTire warehouse
• Type of siteRooftop project
• Solar module
Aluminium trays• Power production
approx. 1.87 Mio. kWh• CO2 savings• Solar module
Thin-film, First SolarKristallin Yunnan Tianda and Moser BaerI t
CO2 savingsapprox. 1.650 t/a
• LocationLandau, PfalzC i i i
13 | August 31, 2009
• InverterSputnik
• CommissioningAugust 2008
Project BusinessREFERENCES
Ramstein 2.5 MWp
• Building type • Mounting systemg ypLogistics depot
• Type of siteRooftop project
• Solar module
Aluminium tanks• Power production
approx. 2.42 Mio. kWh• CO2 savings• Solar module
Firs Solar CdS/CdTe• Inverter
SMA
CO2 savingsapprox. 2.000 t/a
• LocationRamstein, GermanyC i i i
14 | August 31, 2009
• CommissioningAugust 2007
Project BusinessREFERENCES
Haunsfeld 1.67 MWp
• Type of siteFreefield project
• Solar module
• Power productionapprox. 1.82 Mio. kWh
• CO2 savingsFirs Solar CdS/CdTe
• InverterSMA
• Mounting system
approx. 1.605 t/a• Location
Hausfeld, Bavaria• Commissioning
15 | August 31, 2009
Mounting systemSchletter
CommissioningDecember 2008
Project BusinessREFERENCES
Hassleben 4.64 MWp
• Building type • Mounting system
In 2009 Expansionof 1 MWp
g ypBreeding farm
• Type of siteRooftop project
• Solar module
ejot, Schüco• Power production
approx. 4.37 Mio. kWh• CO2 savings• Solar module
Firs Solar CdS/CdTe• Inverter
SMA
CO2 savingsapprox. 3.900 t/a
• LocationHassleben, BrandenburgC i i i
16 | August 31, 2009
• CommissioningDecember 2008
Project BusinessREFERENCES
Ronda 1.98 MWp
T pe of site • Power production• Type of siteFreefield project
• Solar moduleFirs Solar, MSK, Trina
• Power productionapprox. 1.82 Mio. kWh
• CO2 savingsapprox. 3.170 t/a
Solar, Solterra• Inverter
Fronius• Mounting system
• LocationRonda, Malaga
• CommissioningAugust 2008
17 | August 31, 2009
ou t g systeHabdank
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CONTENTSCONTENTS
COLEXON at a Glance1
Business Model and Strategy2
Project References3
Financials as of June 30, 20094
Q & A Session5
18 | August 31, 2009
Financials as of June 30, 2009,REVENUE & GROSS PROFIT (m€)
Excellent previous H1/2008 could almost be repeated.56,6
51,960,0
29 6
40,0
50,0
29,6
20,0
30,0
5,910,2 9,9
0,0
10,0
H1/2007 H1/2008 H1/2009
In spite of economic downturn COLEXON achieved acknowledgeable results in
Revenue Gross profit
19 | August 31, 2009
In spite of economic downturn COLEXON achieved acknowledgeable results inrevenue and profit.
Financials as of June 30, 2009,COMPETITORS CHANGE IN REVENUE (%)
Systaic
Positive revenue development compared to peer group.
Colexon
Phönix
SAG Solarstrom
Centrosolar
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
Conergy
Change H1/2009 vs. H1/2008 in %
20 | August 31, 2009
Colexon outperformed most of its direct competitors concerning revenue development.
Financials as of June 30, 2009,EBIT & NET PROFIT (m€)
3,03,5
EBIT and profit came out strongly positive for H1/2009
,
1 72,0
2,5
3,0
0,7
1,7
1,4
0,81,0
1,5
,
0,2
,
0,0
0,5
H1/2007 H1/2008 H1/2009
EBIT Net profit
21 | August 31, 2009
In spite of increasing competition COLEXONs EBIT-margin still reached 3.3%.
Financials as of June 30, 2009,COMPETITORS EBIT (m€)
3,8Systaic
Positive EBIT development compared to peer group
0,4
1,7
SAG Solarstrom
Colexon
-11,3
-7,3
Centrosolar
Phoenix
-47,0
-50,0 -40,0 -30,0 -20,0 -10,0 0,0 10,0
Conergy
EBIT H1/2009 in m€EBIT H1/2009 in m€
22 | August 31, 2009
Colexon outperformed most of its direct competitors concerning EBIT results.
CONTENTSCONTENTS
COLEXON at a Glance1
Business Model and Strategy2
Project References3
Financials as of June 30, 20094
Q & A Session5
23 | August 31, 2009
Q & A SessionQ & A Session
Please feel free to ask us questions.q
In case of questions after the presentation please contact our IR team:In case of questions after the presentation, please contact our IR-team:
Investor RelationsJan HuttererJan HuttererHead of Investor RelationsFON: +49 40. 28 00 31-111FAX: +49 40. 28 00 [email protected]
24 | August 31, 2009
Hamburg, August, 31 2009
COLEXON Energy AGCOLEXON Energy AGGroße Elbstraße 45 • 22767 Hamburg • GermanyFON: +49 40. 28 00 31-0FAX: +49 40. 28 00 31-101FAX: 49 40. 28 00 31 [email protected]
25 | August 31, 2009