An der Feuerwache 15
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COLEXON Energy AG presents annual report 2010
- Turnover with EUR 196.0 million and EBIT with EUR 9.5 million in line with expectations
- Goodwill amortization of more than 63.4 million EUR distorts comparability with last year
The Hamburg COLEXON Energy AG (WKN 525070, ISIN DE0005250708) presented its annual report for the year 2010.
With EUR 196.0 million the internationally operating solar company generated the highest turnover in the company's history. Moreover, the international share of the project business could be increased to 42 percent. The adjusted EBIT of EUR 9.5 million was lower than in the previous year due to the changed market conditions and the early onset of winter.
With 196.0 million EUR COLEXON slightly increased its turnover compared to the previous year. The core turnover driver in 2010 was the wholesale segment with a turnover of EUR 114.3 million (58 per cent of total turnover). The segment projects contributed 34 per cent (EUR 66.2 Mio.) while the plant operation segment achieved EUR 14.4 million (7 per cent).
Earnings before interest and tax (EBIT) had been severely affected by a goodwill amortization in the amount of EUR 63.4 million. The goodwill had been adopted to the consolidated financial statement in connection with the acquisition of Renewagy A/S in 2009 and was based on the assumption of a continuously and long term development of the solar power plant portfolio. In the main European markets Feed-in Tariffs had been cut faster and more severely than expected which resulted in the goodwill write-off. The amortization is cash neutral and therefore does not affect the current financial situation of the group. After amortization COLEXON reports a loss of EUR 53.9 million before interest and tax (EBIT).
The complete financial statement for the financial year 2010 is available for download at www.colexon.com under the heading "Investor Relations".
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