Hamburg, May 12th 2010 - COLEXON Energy AG has started into 2010 with strong first quarter results. During the first three months of the year – which normally count as the solar industry’s weakest quarter – COLEXON realized revenues of 45.6 million euros (compared to 23.3 million euros in 2009, pro forma). Earnings before interest and tax (EBIT) rose by 43 percent to 3.0 million euros (2.1 million euros in the previous year, pro forma).
In the first quarter 2010 the PV market was influenced by discussions about cuts in the German feed-in tariff system as well as by a strong winter. The project business had to suffer from the unusual weather conditions. The wholesale business, however, experienced additional demand due to anticipatory effects. Customers who anticipated feed-in tariff cuts in Germany in the middle 2010 decided to buy modules earlier in order to be able to still benefit from the current tariffs. These developments are mirrored in COLEXON’s results: Wholesale contributed 36.3 million euros to the COLEXON group’s revenues. This was the main push factor which increased the EBIT.
In order to reduce the seasonal fluctuations in project business, COLEXON will further increase its international activities. COLEXON will focus on Europe’s growth markets France and Italy, where the company has already started realizing first projects. However, most of this year’s projects will enter construction phase in the second and third quarter.
Thorsten Preugschas, CEO of COLEXON Energy AG: “The first quarter 2010 results prove our successful start into the new business year. Despite the strong pressure in the market, due to the uncertainties regarding the upcoming political decisions on the German Renewable Energies Act, we see COLEXON well-positioned with our business model and our internationally diversified corporate strategy. We are optimistic about the future development of COLEXON. For 2010 we expect total revenues of over 200 million euros.