First quarter result weaker than expected

Discussion about feed-in tariffs, weather and price development reduce demand / Restructuring currently being implemented

(PresseBox) ( Hamburg, )
The Hamburg-based COLEXON Energy AG (WKN 525070, ISIN DE0005250708) has issued its report for the first quarter of 2011.

In the photovoltaics industry, the first quarter of 2011 was characterized by very low demand and political discussions on feed-in tariffs in the core markets. Alongside general consumer restraint, the poor weather conditions also meant that the entire European solar market fell short of projected values. Due to the harsh cutbacks in remuneration for energy feeding back from the grid, the German sales market in the first quarter of 2011 also showed up much weaker than the same period in 2010.

On March 31, 2011, the turnover of COLEXION totaled 25.4 million EUR, following 45.6 million EUR in the equivalent quarter of 2010. From the sales revenue, the trade sector reached 17.8m EUR, therefore 70 percent of the total revenue. With 5.0 million EUR, 20 percent was attributed to the projects sector, while revenue generated by the solar power plant operation and service & works management totaled 2.0 million (8 percent) and 0.6 million EUR (1 percent) respectively. Altogether, the Hamburg-based companies recorded a loss before interest and taxes (EBIT) of 1.5 million EUR.

COLEXION Energy AG has decided to adapt its Group strategy to the new conditions. The restructuring plan drawn up for this purpose is currently being implemented and allows for the Group to reposition itself with a streamlined and cost-effective structure.

In future, the focus of the company's business strategy will be on the fragmented market. COLEXON will concentrate predominantly on trade with solar modules and components as well as selected projects, primarily in the rooftop sector, and project-related services. The introduction of the newly developed kit system COLEXON FLEX represents an important milestone in this process. The system has been developed for roof-top systems and consists of high end components of leading manufacturers. It is available for sale.

The full quarterly report can be downloaded on the company's website at www.colexon.de in the Investor Relations section.
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