EANS-Interim Report: COLEXON Energy AG / Zwischenmitteilung

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Intermediate report of the management pursuant to section 37x of the WpHG
transmitted by euro adhoc. The issuer is responsible for the content of this
announcement.
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3 months 2012
- continued difficult market environment
- lower revenue, EBIT loss reduced significantly
- strategic realignment of the company continues

MARKET ENVIRONMENT The expansion of the world economy was modest in
the first quarter of 2012. Considered as a whole, the economic
outlook has slightly improved since the beginning of the year. The
U.S. economy has gained in dynamics and the concern about a serious
decline of the Chinese economy has proved unfounded.

The highly indebted European countries follow a rigid path of
austerity which has strained the economy. At the same time, the
threat of increasing inflation rates is rising because the European
Central Bank pursues an expansive monetary policy. On the whole, the
European Monetary Union will probably report a decrease of the gross
domestic product for the first quarter of 2012, as it did already for
the last quarter of 2011.

The mood in the photovoltaics (PV) industry remains very tense even
though the free fall of module prices slowed down somewhat at the
beginning of the year. If the already announced amendments to the
Renewable Energy Sources Act (EEG) are adopted by the German
Bundesrat, though, the situation will probably get worse once again.

PROFIT/LOSS

Compared to the corresponding prior-year quarter, COLEXON's revenue
dropped EUR 19.9 million to reach EUR 5.5 million in the first
quarter of 2012. For the most part, this decrease is due to the
quartering of sales volumes in the reporting period (approx. 4 MWp in
Q1 2012 vs. 16 MWp in Q1 2011).

International revenue amounted to EUR 0.4 million. Thus the
international share of the Company's total revenue came to 7.0
percent, entirely accounted for by the Wholesale business.

Compared to the previous year, gross profit went down from EUR 4.4
million to EUR 2.3 million in the first quarter of 2012. The gross
profit margin as a percentage of sales improved to 42.0 percent
(previous year: 17.4 percent). The increase in the gross profit
margin is particularly due to the Plant Operation segment, which
shows a very high gross profit margin and made a much larger
contribution to the entire business of COLEXON in the first three
months of 2012.

As of the reporting date, the Company had 42 employees (31 March
2011: 119 employees). Accordingly, staff costs went down
significantly from EUR 1.8 million to EUR 0.7 million compared to the
previous year. However, at 12.1 percent, the staff costs ratio is
much higher than in the year before (previous year: 9.7 percent).

Depreciation and amortization in the amount of EUR 1.0 million
comprise depreciation of solar power plants and amortization of
intangible assets (previous year: EUR 1.1 million).

Other operating expenses went down considerably by EUR 1.5 million
over the first three months of 2012, to EUR 0.8 million (previous
year: EUR 2.3 million). Yet the ratio of other operating expenses to
revenue increased from 9.2 percent to 15.3 percent.

The EBIT improved by EUR 1.3 million to EUR -0.2 million in the
financial year (previous year: EUR -1.5 million). The reason for this
development of the EBIT is the strong cutback on personnel and other
expenses, overcompensating the decline of the gross profit.

The negative financial result and result from investments is
accounted for almost exclusively by interest expenses of the IPP
portfolio and amounted to EUR 1.1 million. The significantly lower
interest expenses in comparison with the previous year are especially
the result of the decrease in liabilities to banks as a consequence
of the disposal of two solar farms over the course of the 2011
financial year.

For the first quarter of 2012, the resulting consolidated net loss
comes to EUR 1.2 million. In the previous year, the consolidated net
loss still amounted to EUR 2.9 million.

ASSETS, LIABILITIES AND CASH FLOWS

Non-current assets

Non-current assets were reduced by EUR 2.3 million over the first
three months of 2012 compared to the closing date 31 December 2011,
to EUR 109.3 million. This decline essentially resulted from the
release of long-term cash deposits for guarantees.

Current assets

Current assets went down EUR 4.2 million to EUR 23.7 million (31
December 2011: EUR 27.9 million). This change results in particular
from the decline of receivables (EUR -5.6 million). Contrary to that,
liquid assets were increased by EUR 2.0 million.

Compared to 31 December 2011, inventories were reduced by EUR 0.3
million. Solar module inventories accounted for most of the decline,
going down EUR 0.3 million to EUR 0.9 million. This decline is due
primarily to more flexible module procurement.

Trade receivables saw a decrease by EUR 4.9 million to EUR 6.6
million (31 December 2011: EUR 11.5 million). There are no future
receivables from construction contracts as of the reporting date 31
March 2012, compared to EUR 0.8 million as of 31 December 2011.

Cash and cash equivalents went up to EUR 6.2 million as of 31 March
2012 compared to EUR 4.2 million at the end of the year 2011. The
essential factor behind this increase is COLEXON's improved cash flow
management and thus a decline of trade receivables.

Non-current liabilities

Coming to EUR 79.2 million, non-current liabilities were down EUR 1.0
million compared to 31 December 2011, due primarily to the scheduled
repayment of financial liabilities. Deferred tax liabilities
increased to EUR 2.7 million, after EUR 2.6 million as of 31 December
2011.

Current liabilities

Current liabilities were reduced from EUR 30.8 million as of 31
December 2011 to EUR 25.6 million.

Tax provisions remained unchanged. Other provisions decreased to EUR
2.9 million (31 December 2011: EUR 4.1 million). Trade payables
dropped EUR 1.8 million to amount to EUR 5.6 million.

Current financial liabilities went down to EUR 10.7 million in
comparison with 31 December 2011. The reason for this is scheduled
and extraordinary repayment of bank loans.

Advances received in the amount of EUR 2.3 million comprise advances
on orders received by the reporting date 31 March 2012 (31 December
2011: EUR 2.4 million). Other liabilities were reduced to EUR 2.5
million.

The working capital (= inventories including advances paid plus
receivables, less advances received, less liabilities) altogether
amounted to EUR 2.4 million as of 31 March 2012. Thus the working
capital dropped from EUR 6.7 million at the end of the year 2011 by
EUR 4.3 million.

Statement of cash flows

The principles and goals of COLEXON's financial management are aimed
at securing funding for the Company's operating activities and
safeguarding its solvency at all times.

The Group has guarantee facilities at its disposal in the amount of
EUR 10.2 million for financing purposes. As of the reporting date,
EUR 8.1 million thereof were utilized.

The cash flow from operating activities came to EUR 5.1 million in
the first quarter of 2012 (previous year: EUR -19.7 million). The
positive cash flow is largely based on the decrease in working
capital. From investing activities, the resulting cash flow was
reported at EUR 0.0 million (previous year: EUR -3.1 million). The
cash flow from financing activities amounted to EUR -3.0 million
(previous year: EUR 9.1 million) and is accounted for by the
repayment of financial liabilities.

OUTLOOK The new regulation of the promotion of solar power in Germany
and the other leading European markets shows more clearly than ever
that a business model based primarily on feed-in tariffs has no
future in the PV industry. The downsizing measures started by COLEXON
already in the year 2011 and the resulting streamlining of the
Company's entire organization lead to a significant cost reduction in
the current year. Contrary to that, however, considerably reduced
business activities are anticipated for the Wholesale and Projects
business. A positive aspect worth pointing out is that stable revenue
and cash flows can be expected in the Plant Operation segment for the
long term. The next months will be determined by the effort to
further optimize the Company's strategy and focus.

A detailed version of the interim management statement, including the
key figures of COLEXON ENERGY AG as of 31 March 2012 is available on
the website at the following link: www.colexon.com/content/en/_downlo
ad/financial_reports/2012/interim_management_statement_first_half_201
2.pdf

end of announcement euro adhoc
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issuer: COLEXON Energy AG
Große Elbstraße 45
D-22767 Hamburg
phone: +49 (0) 40 2800 31 0
FAX: +49 (0) 40 2800 31 102
mail: info@colexon.de
WWW: http://www.colexon.de
sector: Energy
ISIN: DE0005250708
indexes: CDAX
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
dealing/general standard: Frankfurt
language: English