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Advisors Report 2010
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Transcript of Advisors Report 2010
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InvestInvent Wind Energy Fund
sub-fund of InvestInvent Funds SICAV plc
Environment and Return
in Balance
Advisors Report 2010
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Advisors summaryAdvisors summary
Price Fluctuations 2010 in % Fund NAV +5.87%Bund Future +4.6%SMI -1.68%MSCI Europe +8.04%
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J F M A M J J A S O N D
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5
10
15
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2 1 2 3 4 5 6 7 8 9 1 0 1 1 1 2
Independence and ecology
The InvestInvent Wind Energy Fund offers investors the greatest possible independence from international financialmarkets. The stock market is incalculable: a comparison of investments in publicly traded securities with a sailing boatshows, that the investor can only adjust the sail to the wind conditions. In the worst case scenario, seen frequently inthe recent past, the harsh winds of the stock market lead to a ship wreck. This analogy also offers a good explanationfor both the strategy and philosophy of InvestInvent: to circumvent the moods of financial markets, the investor needsefficient and reliable investment funds. For InvestInvent, these instruments are called Real Assets: tangible andproducing wind energy plants. Analysts might now think of private equity, but the purpose of the InvestInvent WindEnergy Fund goes beyond that. While investment strategies in private equity are mostly intended to make assets gopublic, the purpose of this fund is not an IPO, but to grant a steady income stream to investors.
Uncertainty accompanies every investment decision. Cyclical economic data, fluctuating commodity prices and a volatiledemand move all kind of securities. The best case scenario is an increase in share prices; the unfavorable, but no lessfrequent alternative, is a loss of money. The recent financial crisis of 2008 illustrated it in a remarkable way. In thiscontext, products like the InvestInvent Wind Energy Fund are a rarity on the financial market, as they reward investorswith steady rates of return. A look back into the recent past shows that when global stock markets tumbled in 2008,the net asset value of the fund increased, just as in other years. Its a keystone of both our strategy and philosophy, toprovide investors with funds that offer the greatest possible independence from financial markets.
InvestInvent does something for clean air and investors make money out of it: clear proof of the fact that money andreturn are not mutually exclusive, but complement each other. All our decisions are based on this conviction and it isa central theme we pursue in every detail. Therefore, all com-ponents of our wind parks are manufactured in countrieswhere safety is a top priority. The successful development of the InvestInvent Wind Fund, which has evolved from a
small wind park to a respectable electricity provider, shows that we are on the right track. Meanwhile, the market itselfhas successfully refuted the belief that return and ecology do not match. The ecological and commercial success ofwind power has made it become a favorite of energy investors.
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Advisors summary
2010 was another positive year for the fund:
NAV-Performance in EUR since inception
The historical NAV performance does not imply any guarantee for future NAV development.
The NAV remained at EUR 100 for 6 months after the funds inception due to the installation of the initial wind turbines.
110
100
105
115
120
125
Oct Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
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Advisors summary
The fund:
In 2010 the fund received substantial subscriptions from institutional investors. They represented about two thirds of the projects immediately. investors had the possibility to visit this wind farm in October and to climb or drive up the 105 metres in one of the two
- be calculated and forecasted, he also showed the climatic developments for the past couple of thousand years. It was very
The advisors tested and implemented the necessary equipment in order to receive the system service ordinance in thefollowing wind farms: years.
The overall economic and environmental situation and the trust of the investors showed that the fund is a future-orientedinvestment that supports the interest of the coming generations and the need to achieve the climate goals. Due to the helps to save CO
2emissions.
The InvestInvest Wind Energy Fund in the portfolio context!
wind. The turbines do not pollute the air, land or water, they produce electricity by using a source at no charge and reducethe CO
2emissions.
131968 tons of CO
2
markets.
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Advisors summary
The fund within the portfolio analysis process:
The advisors principles:
The advisor does only evaluate and purchase assets which generate power from renewable energy resources
The investors best interests are the basis of the advisors work
No assets will be purchased which use plants for producing power instead of nutrition
Renewable energy projects have all permits, no development risks are taken
Only projects are evaluated which are located in countries with a stable political and economic system and preferably with
Euro is the only currency within the fund and of the assets
Only projects with proven and tested technologies are taken into consideration
Screening
Negative screening, e.g. exemptions like no child labour, weapons, nuclear power etc. Positive screening, e.g. ecological, social etc.; topics: could be renewable energy, water, infrastructure..
Concept and strategy
Definition of the portfolio structure and the strategy Evaluation of the SRI criteria and its implementation in the portfolio Investment products selection
Reduction of market risk by using market unrelated impact investments like the InvestInvent Wind Energy Fund Achievement of sustainable Alpha by using SRI principles
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Advisors summary
The funds asset portfolio to the end of 2010 is shown in the table below:
Wind farms held Funds participation
Krummensee I 4% 55% Petersdorf I 5% 100% 100%Rottelsdorf 4% 100%Trattendorf 2% 100%
Oyten-Ost 2% 100%Oyten-West 1% 100%Radegast 1% 100%Steinau 8% 100%Dbrichen-Priessen 7% 100%Stretense 5% 100% Bad Berleburg 4% 100%Panschow I 2% 100% Panschow II 2% 100% Total rated capacity 111.25 MW
The funds 5th anniversary
The fund celebrated its 5th anniversary in 2010. Itwas launched in August 2005 and proved duringthese years that investments in real assets are a va-lid alternative and a successful opportunity as well.
Especially in the years of the subprime crisis 2008 -lue and stabilised the investors portfolios. Thanksto the successful years and as an appreciation toour investors, the advisor created and publishedthe book WINDPARK. WINDPARK is a collectionof photographs and detailed information of all windfarms belonging to the fund. It also describes thehistory of wind energy and gives some general and the funds website www.investinventfund.com.
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a steady increase of installed capacity over the last years and the industry expects similar growth in the future. Chinabecame the new overall leader of installed capacity in 2010.
In Europe: Wind power accounted for 16.7% of total 2010 power capacity installations.
Renewable power installations accounted for 41% of all new power installations in Europe during 2010.
in 2010, an annual average market growth of 17.6%. A total of 84,074 MW is now installed in the European Union, an increase in installed cumulative capacity of 12.2%
0
50000
100000
150000
200000
250000
95 96 97 98 99 0 01 02 03 04 05 06 07 08 09 10
The development of the global installed capacity
+27% +28%
+21%
+27%
+28%
+27%
+26%+24%
+22%
Global developments
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Installed capacity in MW 2010
Distribution per country
0
10'000
20'000
30'000
40'000
50'000
60'000
70'000
80'000
90'000
100'000
Europe Asia North America Pacific Region Latin America Africa & Middle
East
China
22%
India
7%
Japan
1%
Germany
14%
Spain10%
Italy
3%
France
3%
UK
3%
Portugal
2%
Denmark
2%
Netherlands
1%
USA21%
Canada
2%
Rest
9%
Europe is the leader
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Business model
InvestInventWind Energy Fund
SICAV Plc.
Power capacity for 318808 people
Total
Rated Capacity: 111.25 MW
Production: 262 kWh/a
Project Acquisitions
Dividends
As of December 2010
New Windfarms Momerstroff Rottelsdorf Trattendorf Oyten-OstSold Windfarms
Krummensee Petersdorf I Oyten-West Radegast
Dbrichen Stretense Steinau Nateln
Petersdorf II Oelsig Bad Berleburg Panschow I
Hauteurs de
Panschow IIWlsickendorf
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Overview of the funds wind farms in Germany
P E T E R S D O R F
M O M E R S T R O F F
T R A T T E N D O R F
K R U M M E N S E E N O R D
Saxony-Anhalt
Brandenburg
Lower Saxony
N O R T H S E A
S E A
C Z E C H R E P U B L I C
A U S T R I A
E T H E R L A N D S
P O L A N D
F R A N C E
E L G I U M
L U X E M B O U R G
S W I T Z E R L A N D
O Y T E N O S T & W E S T
Pomerania
Saxony
S T E I N A U
D B R I C H E N
Hesse
S T R E T E N S E
P E T E R S D O R F I
P E T E R S D O R F I I
P A N S C H O W
P E T E R S D O R F
M O M E R S T R O F F
T R A T T E N D O R F
K R U M M E N S E E N O R D
Saxony-Anhalt
Brandenburg
Lower Saxony
N O R T H S E A
S E A
C Z E C H R E P U B L I C
A U S T R I A
E T H E R L A N D S
P O L A N D
F R A N C E
B E L G I U M
L U X E M B O U R G
S W I T Z E R L A N D
O Y T E N O S T & W E S T
Pomerania
Saxony
S T E I N A U
D B R I C H E N
Hesse
S T R E T E N S E
P E T E R S D O R F I
P E T E R S D O R F I I
P A N S C H O W I
P A N S C H O W I I
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Overview of the funds wind farms in France
M O M E R S T R O F F
H A U T E U R S
Wind farm Hauteurs de Gtine, purchased in 2010
PARIS
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Wind farm data and production figures
Brandenburg
Type of wind turbine
Number of wind turbines 4
Rated capacity in MW 8
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
Wind farm Steinau
Wind farm Dbrichen- Priessen
Hesse
Type of wind turbine
Number of wind turbines 4
Rated capacity in MW 8
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
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Wind farm Momerstroff
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Wind farm data and production figures
Dpartement Moselle, France
Type of wind turbine
Number of wind turbines 5
Rated capacity in MW 11.5
Power purchase agreement Electricit de France
Financing bank HSH Nordbank
Production forecast in Euro 2402764
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2005
Type of wind turbine Repower MD77
Number of wind turbines 4
Rated capacity in MW 6
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro 1144704
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2006
Wind farm Momerstroff
Wind farm Nateln
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Wind farm Oyten-Ost
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Wind farm data and production figures
Wind farm Petersdorf I
Mecklenburg- Western Pomerania
Type of wind turbine
Number of wind turbines
Rated capacity in MW 6
Power purchase agreement
Financing bank Umweltbank
Production forecast in Euro
Production forecast in kWh 16604720
Price in Euro/ kWh
Year of commissioning 2007
Wind farm Oyten-Ost
Type of wind turbine Vestas V52
Number of wind turbines 4
Rated capacity in MW
Power purchase agreement
Financing bank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning 2006
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Wind farm Trattendorf
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Wind farm data and production figures
Wind farm Rottelsdorf
Saxony- Anhalt
Type of wind turbine
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning 2006
Wind farm Trattendorf
Saxony
Type of wind turbine
Vestas V80
Vestas V52
Number of wind turbines 2
Rated capacity in MW 2.85
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro 460571
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2006
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Wind farm data and production figures
Mecklenburg West Pomerania
Type of wind turbine
Number of wind turbines 1
Rated capacity in MW 2
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
Wind farm Petersdorf II
Wind farm Oelsig
Brandenburg
Type of wind turbine
Number of wind turbines 4
Rated capacity in MW 2
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
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Wind farm Stretense
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Wind farm data and production figures
Wind farm Oyten- West
Type of wind turbine Enercon E48
Number of wind turbines 2
Rated capacity in MW 1.7
Power purchase agreement
Financing bank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning 2007
Wind farm Stretense
Mecklenburg- Western Pomerania
Type of wind turbine
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
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Wind farm Krummensee
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Wind farm data and production figures
Wind farm Bad Berleburg
North Rhine- Westphalia
Type of wind turbine
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement RWE Westfalen
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
Wind farm Krummensee
Brandenburg
Type of wind turbine
Number of wind turbines 5
Rated capacity in MW 7.5
Power purchase agreement
Financing bank Deutsche Bank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning 2002
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Wind farm Radegast
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Wind farm data and production figures
Wind farm Panschow
Mecklenburg- Western Pomerania
Type of wind turbine
Number of wind turbines 1
Rated capacity in MW 2
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commissioning
Wind farm Radegast
Mecklenburg- Western Pomerania
Type of wind turbine Enercon E70
Number of wind turbines 1
Rated capacity in MW
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2006
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Wind farm Steinau
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Wind farm data and production figures
Brandenburg
Type of wind turbine
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro 857042
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2010
Brandenburg
Type of wind turbine
Number of wind turbines 5
Rated capacity in MW 10
Power purchase agreement
Financing bank Deutsche Kreditbank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2010
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Wind farm data and production figures
Wind farm Panschow II
Mecklenburg-Vorpommern
Type of wind turbine
Number of wind turbines 1
Rated capacity in MW 2
Power purchase agreement
Financing bank Deutsche Bank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh
Year of commiss ioning 2010
Wind farm Hauteurs de Gtine
Dpartement Deux-Svres, France
Type of wind turbine
Number of wind turbines
Rated capacity in MW 18
Power purchase agreement Solis SIEDS Energies Service
Financing bank
Production forecast in Euro
Production forecast in kWh
Price in Euro/ kWh 0.08616
Year of commissioning 2011
Wind farm Crussow
Sold in August 2008
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Financial evaluation of a wind farm
Manufacturer
Type
Number
Rated capacity in MW
Hub height in m
Rotor diameter in m
Tower type
Location
Federal State
Turbine
Wind speed in m/s
Commissioning
Rottelsdorf
Saxony-Anhalt
Vestas
2
4
105
Steel
6.5 m/s
December 2006
A. Project data
7752950
Investment
Project price
Total
Investment costs /kWh
Financing
Bank loans:
Total
Internal rate of return
C. Financing (in EUR)
2500000
7752950
12%
/kWh
Annual gross energy production
Deductions
Technical availability, transformer losses, shadowing effects
Annual net energy production
Power sales revenue
Price
Annual revenue
1528172 kWh
936871
B. Revenue
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Financial evaluation of a wind farm
Profitability and liquidity forecast Rottelsdorf Total 2006 - 2026
in %
2.42
2.00
2.00
40.44
6.78
2.56
2.75
0.450.15
0.64
I. Revenue
Energy sales
Interest income
Total Revenue
II. Costs
Insurance
Maintenance
Commercial management
Technical management
Depreciation
Interest payments ERP
Interest payment KfW
Transformer station
Industrial tax
Own power usageInterest rebate
Miscellaneous
Total costs
B. Liquidity Forecast
Depreciation
Repayment ERP
Repayment KfW
Liquidity
C. Dividend Forecast
Dividends
Dividends in % of equity
Accumulated Result
in EUR
18905520
456051
655877
481750
518648
15199316
3706204
-2500000
5257794
-5255000
2794
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Appendix
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InvestInvent Wind Energy Fund
Net asset value EUR 31 December 2010 B-Share 119.15
C-Share 121.76
Fund volume Mio. EUR 31 December 2010 65.17
_____________________________________________________________________________________________
Dividend 2008 EUR per B-Share 31 May 2009 1.00
Dividend 2009 EUR per B-Share 31 July 2010 1.50
Dividend 2010 EUR per B-Share 22 August 2011 0.40
_____________________________________________________________________________________________
Performance
Since inception 2005 in % B-Share (ex-dividend) 19.15C-Share 21.76
In 2010 in % B-Share (ex-dividend) 4.53
C-Share 5.87
_____________________________________________________________________________________________
Investment objective
and economically attractive technologies with a future. InvestInvent Wind Energy Fund Sicav Plc. invests in
renewable energies, especially wind power, in Europe. The aim is to earn stable, above-average returns with a
controlled risk for investors.
Type of fund SICAV, stock company with variable capital
according to Maltese law;
Domicile Malta
Auditors PricewaterhouseCoopers
Currency EUR
Management fee 1.7 %
Front-end fee max. 5.0 %
Redemption fee none
Redemptions 45 business days notice to the month end
NAV calculation monthly
Subscriptions up to 2 business days before month end
Homepage www.investinventfund.com
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Produced by:
InvestInvent AG
Bahnhofstrasse 248001 Zrich