Advisors Report 2010

8/13/2019 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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-10

J F M A M J J A S O N D

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5

10

15

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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


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


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








Price in Euro/ kWh


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Wind farm Momerstroff

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Dpartement Moselle, France



Rated capacity in MW 11.5

Power purchase agreement Electricit de France

Financing bank HSH Nordbank

Production forecast in Euro 2402764


Price in Euro/ kWh

Year of commiss ioning 2005

Type of wind turbine Repower MD77







Price in Euro/ kWh


Wind farm Momerstroff

Wind farm Nateln

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Wind farm Oyten-Ost

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Wind farm Petersdorf I

Mecklenburg- Western Pomerania


Number of wind turbines



Financing bank Umweltbank


Production forecast in kWh 16604720

Price in Euro/ kWh

Year of commissioning 2007

Wind farm Oyten-Ost

Type of wind turbine Vestas V52


Rated capacity in MW


Financing bank



Price in Euro/ kWh


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Wind farm Trattendorf

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Wind farm Rottelsdorf

Saxony- Anhalt








Price in Euro/ kWh


Wind farm Trattendorf

Saxony


Vestas V80

Vestas V52







Price in Euro/ kWh


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Mecklenburg West Pomerania








Price in Euro/ kWh


Wind farm Petersdorf II

Wind farm Oelsig

Brandenburg








Price in Euro/ kWh


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Wind farm Stretense

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Wind farm Oyten- West

Type of wind turbine Enercon E48




Financing bank



Price in Euro/ kWh


Wind farm Stretense









Price in Euro/ kWh


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Wind farm Krummensee

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Wind farm Bad Berleburg

North Rhine- Westphalia




Power purchase agreement RWE Westfalen




Price in Euro/ kWh


Wind farm Krummensee

Brandenburg





Financing bank Deutsche Bank



Price in Euro/ kWh


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Wind farm Radegast

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Wind farm Panschow









Price in Euro/ kWh


Wind farm Radegast


Type of wind turbine Enercon E70







Price in Euro/ kWh


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Wind farm Steinau

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Brandenburg








Price in Euro/ kWh


Brandenburg








Price in Euro/ kWh


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Wind farm Panschow II

Mecklenburg-Vorpommern





Financing bank Deutsche Bank



Price in Euro/ kWh


Wind farm Hauteurs de Gtine

Dpartement Deux-Svres, France


Number of wind turbines


Power purchase agreement Solis SIEDS Energies Service

Financing bank



Price in Euro/ kWh 0.08616


Wind farm Crussow

Sold in August 2008

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Financial evaluation of a wind farm

Manufacturer

Type

Number


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

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Advisors Report 2010

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