2. CONTENTS
1 COLEXON at a Glance
2 Business Model and Strategy
3 Project References
4 Financials as of June 30, 2009
5 Q & A Session
1 | August 31, 2009
3. COLEXON at a Glance
KEY FACTS
Manufacturers PV System integrators Investors/customers
(Panels, inverters etc.) (Building projects) (Operating projects)
Company Overview Financials H1/2009
• International project developer and m. EUR H1/07 H1/08 H1/09
independent power producer (IPP)
Revenue 29.6 56.6 51.9
• Objective: optimal IRR of solar power plants
• T h l
Technology: f
focus on innovative thi fil
i ti thin film Gross Profit 5.9
59 10.2
10 2 10.0
10 0
technology
EBIT 0.7 3.0 1.7
• Workforce: > 100 employees worldwide
• References: > 1,300 installed power plants Total Assets 53.5 78.5 89.2
Full-service project developer focused on innovative thin-film technology.
2 | August 31, 2009
4. CONTENTS
1 COLEXON at a Glance
2 Business Model and Strategy
3 Project References
4 Financials as of June 30, 2009
5 Q & A Session
3 | August 31, 2009
5. Business Model and Strategy
OVERVIEW
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 modules
cost-efficient
• Operating: Enhance stability with secured constant cash-flows
USP
• 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
sub-contractors
• Reliable: Combination of secured cash-flows with high-return project business
• Unique: Access to cost-efficient First-Solar modules
COLEXON is one of the leading project developers and system integrators.
4 | August 31, 2009
6. Business Model and Strategy
gy
SOLAR MARKET IN H1/2009
Market development creates new challenges.
Supply side: Ambitious expansion plans
PV expected to continue to grow at high rates in the coming years
t dt ti t t hi h t i th i
Massive capacity increases underway or announced
Cost reduction potentials mainly in wafer, cell and module manufacturing
Less-than proportionate saving potential for downstream players
Double-digit cost reduction possibilities among upstream companies
Supply vs. demand – the macroeconomic perspective:
2007/08: Strong PV years with supply and demand being in balance
As from 2009e: Oversupply due to declining political support, but increasing production capacities
Supply vs. demand – the microeconomic perspective
pp y p p
As from 2009e pressure on prices and consequently on margins to increase
Bottom-line: Upstream players will have to pass on cost savings to downstream companies
COLEXON will be a clear winner in the current market development.
5 | August 31, 2009
7. Business Model and Strategy
gy
COLEXON IN THE MARKET
Today’s risks are our opportunities.
• Investors eager to invest in solar p
g power
Financial
Crisis • High returns for large scale projects
• Improved access to financial resources
• Price decline for solar modules
Module
Prices • No fixed contracts with crystalline suppliers
• Focus on cost efficient First Solar modules
• Strengthening of business model with plant operation
Competition • Favorable position with First Solar partnership
• Optimization of business processes to reduce costs
COLEXON has lean and flexible structures to react quickly to market changes.
6 | August 31, 2009
8. Business Model and Strategy
gy
BUSINESS STRUCTURE
Balanced strategy for stability in dynamic market development.
Segment
g Trading
g Projects
j Operations
p
Business Modules, components 100 kWp to Multi-MWp 1 MWp to Multi-MWp
and turnkey systems: large scale projects for: power plants for:
• System integrators • Institutional investors • Own investments
• Project developers • Fonds • Continuous cash-flow
• Solar companies • Industry • Power production
• Agriculture
• Public institutions
H1 Turnover 80 % 20 % -%
COLEXON follows a balanced business model for efficient market penetration.
7 | August 31, 2009
9. Business Model and Strategy
gy
COLEXON SUPPLY CHAIN
Tailored business model for dynamic market development.
Business Project Construction Operation &
Engineering Procurement
Processes Development Installation Maintenance
Main Services • Site Analysis • Site optimization • Modules • Site • Inspections
• Site securing • Detail • Mounting Management • Planels cleaning etc.
• Preliminary engineering systems • Civil works • Immediate diagnosis
design • Inverters • Performance • Damage recovery
• Business • Logistics tests
planning • Grid connection
COLEXON outsources construction works to focus on its core competencies.
8 | August 31, 2009
10. Business Model and Strategy
gy
BUSINESS DEVELOPMENT
H1/2009: Establishing an initial position for future market penetration
Takeover Renewagy Operative Business Key Financials
Strong positioning in Internationalization to Revenue H1/09: € 51.9
downstream segment new growth markets. Revenue H1/08: € 56.6
Market capitalization Secured grounds for EBIT H1/09: € 1.7
more than tripled 25 MWp in France EBIT H1/08: € 3.0
Improved access to Investor contract for 15 Cashflow H1/09: € 6.1
financial market MWp in France Cashflow H1/08: -€ 3 9
€ 3.9
COLEXON looks back at a solid H1/2009 and laid important fundamentals for its
development.
9 | August 31, 2009
11. Business Model and Strategy
THE COLEXON SHARE
COLEXON became a relevant player in the solar market.
Market capitalization
p Market capitalization
p
(30.06.2009) (26.08.2009)
Conergy AG 246,8 Conergy AG 318,5
Phoenix Solar AG 219,7 Phoenix Solar AG 230,7
Systaic AG 63,0
63 0 COLEXON E
Energy AG 83,0
83 0
CentroSolar AG 61,5 Systaic AG 58,0
S.A.G. AG 30,2 CentroSolar AG 41,3
COLEXON Energy AG 25,6 S.A.G. AG 38,2
0,0 50,0 100,0150,0200,0250,0300,0 0,0 100,0 200,0 300,0 400,0
• 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
The COLEXON-share gained attractiveness with the takeover of Renewagy.
10 | August 31, 2009
12. CONTENTS
1 COLEXON at a Glance
2 Business Model and Strategy
3 Project References
4 Financials as of June 30, 2009
5 Q & A Session
11 | August 31, 2009
13. Project Business
REFERENCES
Waldeck 3.04 MWp
• Building type • Mounting system
Chicken farm Schüco, Schletter
• Module • Location
First Solar, CdS/CdTe Waldeck, Germany
• Inverter • Commissioning
SMA June 2008
12 | August 31, 2009
14. Project Business
REFERENCES
Michelin 1,9 MWp
• Building type
g yp • Mounting system
Tire warehouse Aluminium trays
• Type of site • Power production
Rooftop project approx. 1.87 Mio. kWh
• Solar module • CO2 savings
Thin-film, First Solar approx. 1.650 t/a
Kristallin Yunnan Tianda • Location
and Moser Baer Landau, Pfalz
• I
Inverter
t • C
Commissioning
i i i
Sputnik August 2008
13 | August 31, 2009
15. Project Business
REFERENCES
Ramstein 2.5 MWp
• Building type
g yp • Mounting system
Logistics depot Aluminium tanks
• Type of site • Power production
Rooftop project approx. 2.42 Mio. kWh
• Solar module • CO2 savings
Firs Solar CdS/CdTe approx. 2.000 t/a
• Inverter • Location
SMA Ramstein, Germany
• C
Commissioning
i i i
August 2007
14 | August 31, 2009
16. Project Business
REFERENCES
Haunsfeld 1.67 MWp
• Type of site • Power production
Freefield project approx. 1.82 Mio. kWh
• Solar module • CO2 savings
Firs Solar CdS/CdTe approx. 1.605 t/a
• Inverter • Location
SMA Hausfeld, Bavaria
• Mounting system • Commissioning
Schletter December 2008
15 | August 31, 2009
17. Project Business
REFERENCES
In 2009
Hassleben 4.64 MWp Expansion
of 1 MWp
• Building type
g yp • Mounting system
Breeding farm ejot, Schüco
• Type of site • Power production
Rooftop project approx. 4.37 Mio. kWh
• Solar module • CO2 savings
Firs Solar CdS/CdTe approx. 3.900 t/a
• Inverter • Location
SMA Hassleben, Brandenburg
• C
Commissioning
i i i
December 2008
16 | August 31, 2009
18. Project Business
REFERENCES
Ronda 1.98 MWp
• T pe of site
Type • Power production
Freefield project approx. 1.82 Mio. kWh
• Solar module • CO2 savings
Firs Solar, MSK, Trina approx. 3.170 t/a
Solar, Solterra • Location
• Inverter Ronda, Malaga
Fronius • Commissioning
• Mounting syste
ou t g system August 2008
g
Habdank
17 | August 31, 2009
19. CONTENTS
1 COLEXON at a Glance
2 Business Model and Strategy
3 Project References
4 Financials as of June 30, 2009
5 Q & A Session
18 | August 31, 2009
20. Financials as of June 30, 2009
,
REVENUE & GROSS PROFIT (m€)
Excellent previous H1/2008 could almost be repeated.
60,0 56,6
51,9
50,0
40,0
29,6
29 6
30,0
20,0
10,0 10,2 9,9
5,9
0,0
H1/2007 H1/2008 H1/2009
Revenue Gross profit
In spite of economic downturn COLEXON achieved acknowledgeable results in
revenue and profit.
19 | August 31, 2009
21. Financials as of June 30, 2009
,
COMPETITORS CHANGE IN REVENUE (%)
Positive revenue development compared to peer group.
Systaic
Phönix
Colexon
Centrosolar
SAG Solarstrom
Conergy
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
Change H1/2009 vs. H1/2008 in %
Colexon outperformed most of its direct competitors concerning revenue development.
20 | August 31, 2009
22. Financials as of June 30, 2009
,
EBIT & NET PROFIT (m€)
EBIT and profit came out strongly positive for H1/2009
3,5
3,0
,
3,0
2,5
2,0
, 1,7
17
1,5
1,4
1,0 0,7
,
0,8
0,5
0,2
0,0
H1/2007 H1/2008 H1/2009
EBIT Net profit
In spite of increasing competition COLEXONs EBIT-margin still reached 3.3%.
21 | August 31, 2009
23. Financials as of June 30, 2009
,
COMPETITORS EBIT (m€)
Positive EBIT development compared to peer group
Systaic 3,8
Colexon 1,7
SAG Solarstrom 0,4
-7,3 Phoenix
-11,3 Centrosolar
-47,0 Conergy
-50,0 -40,0 -30,0 -20,0 -10,0 0,0 10,0
EBIT H1/2009 in m€
Colexon outperformed most of its direct competitors concerning EBIT results.
22 | August 31, 2009
24. CONTENTS
1 COLEXON at a Glance
2 Business Model and Strategy
3 Project References
4 Financials as of June 30, 2009
5 Q & A Session
23 | August 31, 2009
25. Q & A Session
Please feel free to ask us questions.
q
In case of questions after the presentation please contact our IR team:
presentation, IR-team:
Investor Relations
Jan Hutterer
Head of Investor Relations
FON: +49 40. 28 00 31-111
FAX: +49 40. 28 00 31-101
hutterer@colexon.de
24 | August 31, 2009
26. Hamburg, August, 31 2009
COLEXON Energy AG
Große Elbstraße 45 • 22767 Hamburg • Germany
FON: +49 40. 28 00 31-0
FAX: +49 40. 28 00 31-101
49 31 101
ir@colexon.de
www.colexon.de
25 | August 31, 2009
