Bonds Check: Windreich - not draw
The management of character is not suited to lead a company listed on the public capital market
The new corporate bond Windreich AG, is scheduled to be drawn up to 13.07.2011, the coupon is 6.50%. Windreich Dürr and were the first issuers that are started by means of transfer Bondm, the middle class platform, the Stuttgart Stock Exchange. While the bonds of automotive suppliers have developed very positively, Windreich falls on the capital market, mainly through his unusual business practices. company 's core business Windreich AG is the promotion of renewable energies through the planning, preparation, technical and commercial operation and the distribution of onshore and offshore. We started with the implementation of onshore wind energy projects, according to a securities prospectus from 2000 until its sale in 2006 by the Natenco GmbH, formerly affiliated companies under the management of Windreich-founder and CEO Willi Balz. A total of 186 MW were installed onshore wind energy capacity. In 2001, the French market was opened up with an affiliate. In 2003, the first wind farm with 10 wind turbines built in Corsica. 2005 various projects were initiated to erect wind turbines in India, Brazil and the Czech Republic. Part of the constructed wind turbines were sold to keep a smaller part in its own portfolio. The proceeds from the sale were used to develop new projects and business and as equity for the realization of its own facilities. 2006, 100% owned subsidiary Natenco GmbH was sold in a share deal to the French energy supplier Theolia SA. 2007 is based on an exclusive distribution agreement in the German speaking countries for a variety of Theolia SA wind farms with a total rated output of 136 380 kW have been sold off. Shares in the Fuhrländer acquired a strategic investment, the investment in Theolia SA was reduced in return. The years 2008 and 2009 are mainly characterized by greater investment in the planning of offshore locations and the buying and selling new and used wind turbines. Parallel already with the sale was an approved offshore site started and thus revenues generated. former Economics Minister of Baden-Wuerttemberg Walter Doering, 2010 was chairman and later vice chairman of Windreich AG. Windy Wind Empire AG of Timo Glock Motorsport GmbH Loans given to be possibly converted into a stake. In addition, Empire has wind in the balance of 2009 historic race car (including vans) from the value of € 3.61 million. In addition to CEO in 2009, loans were sufficient courtship, which were also used primarily for the acquisition of historic racing cars. There are also at the 100% owned subsidiary, Wind Energy GmbH FC loans to Mr. Balz. For comparison. The volume of the first loan of 50 million € is nearly the purchase price of historic racing cars in addition there were last year at Windreich Board changes that were not initially communicated by the company. And so, although the names of the directors in the prospectus were noted and the bond was still in the placement. Windreich Board has communicated the change until after we had reported about it. Business fiscal year 2010 achieved total revenues of Windreich € 120.9 million (2009: 91.9 million euros). While net income fell from € 14.4 million to 3.4 million euros. Accordingly, the return on assets fell from 6.3% to 3.7%. Of these, one can of course pay no interest at a rate of 6.50%. This was created on 05/05/2011 Rating Summary. The old rating was valid for a period up to 11.02.2011. The new rating report was submitted until early June. Thus was about four months without a valid rating report, although the Bondm regulations so require. Conclusion: The actions of the wind Empire board members erschient really windy: The investments made with corporate funds purchases of historic racing cars, the volume of the first bond in the amount exceeding 50 million Euro. It also appears questionable whether the investment is in such vehicles with the business purpose of the promotion of renewable energies in harmony. Of these funds in the latest rating report is no more talk. The backgrounds do not reveal themselves contained in this brochure. In addition, Board changes were not initially released (and this was nachplatziert during the first bond and were released even the names of former directors in the securities prospectus). In addition, the rating report was about four months is not available, although the Bondm regulations so require. Management has therefore long been established that it is not in character to drive a suitable on the public capital market listed company. Main features of Windreich Bond Symbol: A1H3V3 Running Time: 07/14/2016 Interest rate futures: 15.07, year round. Coupon: 6.50% Denomination: 1,000 EUR Rating: BBB + emission volume: up to 75 million euros Listing: Bondm, Börse Stuttgart Web: Windreich AG: Das Unternehmen
The management of character is not suited to lead a company listed on the public capital market
The new corporate bond Windreich AG, is scheduled to be drawn up to 13.07.2011, the coupon is 6.50%. Windreich Dürr and were the first issuers that are started by means of transfer Bondm, the middle class platform, the Stuttgart Stock Exchange. While the bonds of automotive suppliers have developed very positively, Windreich falls on the capital market, mainly through his unusual business practices. company 's core business Windreich AG is the promotion of renewable energies through the planning, preparation, technical and commercial operation and the distribution of onshore and offshore. We started with the implementation of onshore wind energy projects, according to a securities prospectus from 2000 until its sale in 2006 by the Natenco GmbH, formerly affiliated companies under the management of Windreich-founder and CEO Willi Balz. A total of 186 MW were installed onshore wind energy capacity. In 2001, the French market was opened up with an affiliate. In 2003, the first wind farm with 10 wind turbines built in Corsica. 2005 various projects were initiated to erect wind turbines in India, Brazil and the Czech Republic. Part of the constructed wind turbines were sold to keep a smaller part in its own portfolio. The proceeds from the sale were used to develop new projects and business and as equity for the realization of its own facilities. 2006, 100% owned subsidiary Natenco GmbH was sold in a share deal to the French energy supplier Theolia SA. 2007 is based on an exclusive distribution agreement in the German speaking countries for a variety of Theolia SA wind farms with a total rated output of 136 380 kW have been sold off. Shares in the Fuhrländer acquired a strategic investment, the investment in Theolia SA was reduced in return. The years 2008 and 2009 are mainly characterized by greater investment in the planning of offshore locations and the buying and selling new and used wind turbines. Parallel already with the sale was an approved offshore site started and thus revenues generated. former Economics Minister of Baden-Wuerttemberg Walter Doering, 2010 was chairman and later vice chairman of Windreich AG. Windy Wind Empire AG of Timo Glock Motorsport GmbH Loans given to be possibly converted into a stake. In addition, Empire has wind in the balance of 2009 historic race car (including vans) from the value of € 3.61 million. In addition to CEO in 2009, loans were sufficient courtship, which were also used primarily for the acquisition of historic racing cars. There are also at the 100% owned subsidiary, Wind Energy GmbH FC loans to Mr. Balz. For comparison. The volume of the first loan of 50 million € is nearly the purchase price of historic racing cars in addition there were last year at Windreich Board changes that were not initially communicated by the company. And so, although the names of the directors in the prospectus were noted and the bond was still in the placement. Windreich Board has communicated the change until after we had reported about it. Business fiscal year 2010 achieved total revenues of Windreich € 120.9 million (2009: 91.9 million euros). While net income fell from € 14.4 million to 3.4 million euros. Accordingly, the return on assets fell from 6.3% to 3.7%. Of these, one can of course pay no interest at a rate of 6.50%. This was created on 05/05/2011 Rating Summary. The old rating was valid for a period up to 11.02.2011. The new rating report was submitted until early June. Thus was about four months without a valid rating report, although the Bondm regulations so require. Conclusion: The actions of the wind Empire board members erschient really windy: The investments made with corporate funds purchases of historic racing cars, the volume of the first bond in the amount exceeding 50 million Euro. It also appears questionable whether the investment is in such vehicles with the business purpose of the promotion of renewable energies in harmony. Of these funds in the latest rating report is no more talk. The backgrounds do not reveal themselves contained in this brochure. In addition, Board changes were not initially released (and this was nachplatziert during the first bond and were released even the names of former directors in the securities prospectus). In addition, the rating report was about four months is not available, although the Bondm regulations so require. Management has therefore long been established that it is not in character to drive a suitable on the public capital market listed company. Main features of Windreich Bond Symbol: A1H3V3 Running Time: 07/14/2016 Interest rate futures: 15.07, year round. Coupon: 6.50% Denomination: 1,000 EUR Rating: BBB + emission volume: up to 75 million euros Listing: Bondm, Börse Stuttgart Web: Windreich AG: Das Unternehmen
