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SOLCO LTD
A0DNX0
Ist wohl glatt übersehen worden im Solarhype
Zu den am stärksten wachsenden Unternehmen Australiens gehört die auf erneuerbare Energien spezialisierte Solco Limited aus Perth. Im abgelaufenen Geschäftsjahr 2004/05 waren die Umsatzerlöse um 344 Prozent von 2,3 auf 10,2 Millionen australische Dollar gestiegen. Solco hat sich ehrgeizige Wachstumsziele gesetzt: Das Unternehmen will nach eigenen Angaben bis 2010 jährlich um 50 Prozent zulegen. Dem starken Wachstum kämen staatliche Maßnahmen des Landes entgegen, die die Nutzung erneuerbarer Energien und die Steigerung der Energieeffizienz fördern. Ferner habe Solco bereits Zugang zu den Märkten von Asien, Afrika und Europa gefunden. Die letzte deutsche Kursnotierung betrug am Freitag 0,20 Euro. umweltbank.de
A0DNX0
Ist wohl glatt übersehen worden im Solarhype
Zu den am stärksten wachsenden Unternehmen Australiens gehört die auf erneuerbare Energien spezialisierte Solco Limited aus Perth. Im abgelaufenen Geschäftsjahr 2004/05 waren die Umsatzerlöse um 344 Prozent von 2,3 auf 10,2 Millionen australische Dollar gestiegen. Solco hat sich ehrgeizige Wachstumsziele gesetzt: Das Unternehmen will nach eigenen Angaben bis 2010 jährlich um 50 Prozent zulegen. Dem starken Wachstum kämen staatliche Maßnahmen des Landes entgegen, die die Nutzung erneuerbarer Energien und die Steigerung der Energieeffizienz fördern. Ferner habe Solco bereits Zugang zu den Märkten von Asien, Afrika und Europa gefunden. Die letzte deutsche Kursnotierung betrug am Freitag 0,20 Euro. umweltbank.de
Solco 30th Fastest Growing Australian Company.
20.10.2005
Solco Limited (ASX: SOO), the Perth-based sustainable water and power company, was today listed 30th in the BRW magazine Fastest 100 Growth Companies in Australia.
Managing Director, Duncan Stone says Solco is now a clear market leader in the delivery of sustainable water and power solutions for households in Australia as a result of strong organic growth and judicious acquisitions in the past 12 months. He said the market for Solco products which reduce water and power consumption is growing at an enormous rate. There are a number of drivers contributing to this situation, Mr Stone said.
“Federal legislation such as the Mandatory Renewable Energy Target, and State government initiatives such as the NSW BASIX and Victorian 5 Star Home energy efficiency schemes are ensuring Solco’s energy-efficient products are incorporated into many new homes. Climate change realities are resulting in lower rainfall in Australia, ensuring a greater focus on efficient water usage, while global initiatives such as the Kyoto Protocol for trading carbon credits are contributing to a worldwide awareness of greenhouse gas issues.”
“The costs of conventional water and power continue to increase while many alternatives are reducing in price. These drivers are expected to ensure the market for Solco`s products grows significantly over the next decade and beyond,” Mr Stone said.
Solco has developed substantial infrastructure in the past 12 months which will allow it to more aggressively take advantage of the new market opportunities. The company now has distribution centres in NSW, Qld, SA, and WA and over two hundred distributors operating throughout Australia.
In addition to its Australian infrastructure, Solco has also been growing significantly internationally where similar drivers exist. Eight manufacturing licensees have been established to produce water tanks, solar hot water systems, water purification plants and septic tanks. These licensees form the basis for Solco to expand sales of its product range across Asia, Africa, and Europe.
Mr. Stone said that he expects Solco to be further up the list next year because an expanded product range, a larger dealer network and ongoing success in international markets continue to provide record sales. However, he stressed that improved profit performance was more important to the company than absolute sales growth this year.
In its latest annual report, the company quotes a growth target of 50% a year for the next five years. Duncan Stone says this will be achieved through three pillars of growth:
1. Selling new products through the expanded Australian network.
2. Leveraging relationships with international licensees to expand globally.
3. Making further suitable acquisitions.
Mr. Stone predicts that Solco will be a $100m business by 2010 and still growing.
20.10.2005
Solco Limited (ASX: SOO), the Perth-based sustainable water and power company, was today listed 30th in the BRW magazine Fastest 100 Growth Companies in Australia.
Managing Director, Duncan Stone says Solco is now a clear market leader in the delivery of sustainable water and power solutions for households in Australia as a result of strong organic growth and judicious acquisitions in the past 12 months. He said the market for Solco products which reduce water and power consumption is growing at an enormous rate. There are a number of drivers contributing to this situation, Mr Stone said.
“Federal legislation such as the Mandatory Renewable Energy Target, and State government initiatives such as the NSW BASIX and Victorian 5 Star Home energy efficiency schemes are ensuring Solco’s energy-efficient products are incorporated into many new homes. Climate change realities are resulting in lower rainfall in Australia, ensuring a greater focus on efficient water usage, while global initiatives such as the Kyoto Protocol for trading carbon credits are contributing to a worldwide awareness of greenhouse gas issues.”
“The costs of conventional water and power continue to increase while many alternatives are reducing in price. These drivers are expected to ensure the market for Solco`s products grows significantly over the next decade and beyond,” Mr Stone said.
Solco has developed substantial infrastructure in the past 12 months which will allow it to more aggressively take advantage of the new market opportunities. The company now has distribution centres in NSW, Qld, SA, and WA and over two hundred distributors operating throughout Australia.
In addition to its Australian infrastructure, Solco has also been growing significantly internationally where similar drivers exist. Eight manufacturing licensees have been established to produce water tanks, solar hot water systems, water purification plants and septic tanks. These licensees form the basis for Solco to expand sales of its product range across Asia, Africa, and Europe.
Mr. Stone said that he expects Solco to be further up the list next year because an expanded product range, a larger dealer network and ongoing success in international markets continue to provide record sales. However, he stressed that improved profit performance was more important to the company than absolute sales growth this year.
In its latest annual report, the company quotes a growth target of 50% a year for the next five years. Duncan Stone says this will be achieved through three pillars of growth:
1. Selling new products through the expanded Australian network.
2. Leveraging relationships with international licensees to expand globally.
3. Making further suitable acquisitions.
Mr. Stone predicts that Solco will be a $100m business by 2010 and still growing.
Wat neues
Open Briefing®. Solco. MD on Growth Strategy
03.11.2005
Solco Managing Director, Duncan Stone, has been interviewed by corporatefile on company growth strategy. This is the record of the interview.
Record of interview:
corporatefile.com.au
Solco Limited has recently reported significant progress offshore in Solco Manufacturing System licence sales. What are you doing to grow the business in Australia?
MD Duncan Stone
We’ve an exciting growth initiative for accessing the Australian metropolitan markets. We’re examining the feasibility of establishing a network of some 100 franchisees which will provide a total sustainable water and power solution to households. Across Australia governments have passed new legislation to make homes and businesses more environmentally friendly by reducing their water and power consumption. The problem we’re addressing is the lack of take up of water and power saving options because of complexity, cost and complicated installation. We’re exploring business models to provide the franchisees with a range of finance opportunities including access to all government rebates, mortgage refinance, and micro-credit to reduce the burden of upfront costs. We understand how to reduce household power bills by more than 35 percent with solar hot water and selling power back to the grid. From May next year, our franchisees could provide all the necessary products and installation services required to meet the new legislation that will eventually require all homes and businesses more environmentally friendly.
corporatefile.com.au
You’ve sold a new Solco manufacturing licence in Malta for US$650,000. What will be the impact of the sale on your results for the half year to December 2005?
MD Duncan Stone
The good news about the Malta manufacturing licence transaction is that not only has it been formalised, but it`s put us ahead of budget. The plant is expected to be installed by the end of December, and as we’ve already incurred many of the costs required to complete the construction, it will contribute significantly to Solco’s profit for the first half of this year. The licensee is a substantial industrial company which was a subsidiary of the UK based engineer, Motherwell Bridge.
corporatefile.com.au
Are there other manufacturing licence sales in the pipeline?
MD Duncan Stone
Yes, we spent a lot of management time marketing licences last year and now that investment is coming to fruition. We’ve signed an option agreement with an American company for a manufacturing licence for a number of Western African countries for five percent of the US$900,000 licence price. If the option is exercised before it expires 23rd March next year, it will be our largest and most profitable licence sale ever.
Our Malaysian licensee’s plant will be operating from next month. The licensee who originally purchased a Solco plant 15 years ago have been producing steelbased hot water systems. Consumer demand, however, has driven a return to our polymer-based system which has proven more durable in the Malaysian climate. As we’ve retained 30 percent equity in Bell Solco Malaysia we’ll participate in its growth.
Our Portuguese licensee, 19 percent owned by Solco, has received approval to sell the Solartech Genius® in Spain where it qualifies for the full rebate available for mandatory solar hot water systems in new houses. Spain is the fastest growing solar market in the world with approximately 500,000 new houses built per annum. Portugal has also passed similar legislation.
corporatefile.com.au
You reported revenue growth of 330 percent in FY05 with organic growth of some 30 percent and the balance from the acquisition of Solco and Choice Electrics. You’ve forecast revenue growth of 62 percent in FY06 to $16 million. What are your longer term revenue growth targets?
MD Duncan Stone
We’re on track to meet our $16 million target this year reflecting a full year’s operation from Solco and Choice and expect organic growth in most sectors of the business. Choice is expected to continue to perform strongly, our 40/200 strategy to establish major distributors in large regional towns is gaining traction for Hot Water Systems, international technology licencing is strong. The only downside is in Pumping where sales have been slow due to the cool, wet weather in southern Australia.
We’re planning organic revenue growth of 50 percent per annum to FY10 through expanded distribution, new products and technology sales. We believe our renewable energy power and water solutions are futuristic products. They’re cheap to produce and operate cleanly in a world in which the cost of energy and intolerance of pollution are ever increasing. I believe we’re set for long term growth over at least a ten year period based on market demand for decentralised, sustainable energy and water solutions. This fundamental market shift is complimented by external drivers such as the rocketing oil price, Kyoto protocol, and supportive government legislation for our products worldwide.
corporatefile.com.au
In recent briefings you identified a strategy of aggressive growth based on three pillars. The first is leveraging the existing international relationships by selling products through your seven licensees in Africa, Asia and Europe. What progress have you made to date?
MD Duncan Stone
We’ve focused on selling our standard product range into Africa and Sri Lanka. With our partner in Sri Lanka, Chemical Industries Colombo, the sixth biggest public company in the country, we’re rolling out tsunami relief funded projects to provide villages with clean water. Our first Sky Hydrant is operating and we’ve tendered for over $500,000 of projects in the last three months. In Africa we’ve been working with our Mauritian licensee to quote on another $500,000 worth of projects. This is evidence that our business model of leveraging our existing international relationships is working. In four to five years, we anticipate that the international distribution sales revenue will start to outweigh our turnover in Australia and from then on really become the main driver for the business.
corporatefile.com.au
Your second pillar of growth is to increase the range of products distributed? What new products have you added and what have you in the pipeline?
MD Duncan Stone
We’ve been working hard to expand the product range because we’ve got a network of some 200 distributors selling only a few products. We’ve just dispatched the first containers of our stainless steel solar hot water system to complement our polymer based solar hot water system. Late FY05 we expanded our solar pump range to include bigger pumps to widen our market reach. This month we’ve rolled out a solar swimming pool heating system. We’re also finalising the distribution rights to a range of household water saving products, including a water tank system with a rain bank device that can provide water for toilet flushing and washing and grey water systems.
corporatefile.com.au
The acquisition of technology and market share is your third growth pillar. Are there any corporate developments you can comment on and is your plan for revenue growth of 50 percent per annum dependent on acquisitions?
MD Duncan Stone
It’s likely that we’ll make some acquisitions which will accelerate our growth rate significantly. Whilst there’s nothing to announce in the immediate future, there are a couple of relatively attractive opportunities that we’re cultivating. We’re now finding that after two successful acquisitions in the last 12 months, businesses are being presented to us regularly. Previously we were out hunting for acquisitions.
corporatefile.com.au
What is your pricing strategy for your Solartech Genius water heater? Do you have scope to increase margins by lifting prices?
MD Duncan Stone
Yes, we do and that’s why we’re launching the new stainless steel solar hot water range this quarter. The Solartech Genius®, the only polymer based unit in the world, has substantial advantages over the steel systems in the frost prone areas of Australia which is where 55 percent of all solar hot water systems are sold. By introducing a cheaper stainless steel unit we can be more competitive in the other 45 percent of the market and we can raise the price of the Solartech Genius giving us higher margins.
corporatefile.com.au
Last May you signed a six-month trial marketing agreement with Country Energy which manages Australia’s largest power supply network across 95 per cent of New South Wales. What will be the strategic benefit of this relationship?
MD Duncan Stone
Country Energy is a key, long term, strategic relationship for us. It has a reputation as the most innovative power retailer in Australia and is a supportive partner. We’re represented by their sales force across New South Wales and our distributors are working with them on joint promotions. We recently had around 4,000 expressions of interest in our products in response to a competition mail out through their retail network and via joint promotions at field days and we’ll be working hard to convert those into sales.
corporatefile.com.au
You had a $1.3 million cash flow deficit in FY05 and cash at balance date of $2 million. With rising working capital requirements, what are you plans for capital management?
MD Duncan Stone
Our most important business objective this year is to make a profit which should translate into positive cash flow from operations. We’ve improved our ability to manage fluctuations in our working capital to meet the seasonal nature of demand by implementing a debtor financing arrangement. Likewise, we’re investigating a similar facility specifically for the large up-front costs associated with SMS licenses which could be very effective given the long lead time from signing of these contracts to final receipt of funds.
We plan to access appropriate external funds to boost cash generated from operations to fund the investments in the city franchise initiative, the introduction of five new products into our network, and the development of new international licensees. This funding will also allow Solco to continue to make judicious investments, including acquisitions, to grow the business.
corporatefile.com.au
FY06 will be the first full year of all business units, including the two acquisitions of FY05, contributing to the result. Can you provide specific earnings guidance for FY06?
MD Duncan Stone
We’re budgeting for our maiden profit this year. We’re negotiating new licences which contribute significantly to profit and expect several sales to be completed in the second half. Specific earnings guidance is not possible as the timing of the signing of sales contracts is unpredictable, but we’ve enough work in the pipeline to be reasonably confident that we’ll make our maiden profit this financial year.
corporatefile.com.au
Thank you Duncan
________________________________________________________________
For more information about Solco Limited, visit www.solco.com.au or contact
Managing Director, Duncan Stone, on 08 9334 8100 or 0402 987 000.
Open Briefing®. Solco. MD on Growth Strategy
03.11.2005
Solco Managing Director, Duncan Stone, has been interviewed by corporatefile on company growth strategy. This is the record of the interview.
Record of interview:
corporatefile.com.au
Solco Limited has recently reported significant progress offshore in Solco Manufacturing System licence sales. What are you doing to grow the business in Australia?
MD Duncan Stone
We’ve an exciting growth initiative for accessing the Australian metropolitan markets. We’re examining the feasibility of establishing a network of some 100 franchisees which will provide a total sustainable water and power solution to households. Across Australia governments have passed new legislation to make homes and businesses more environmentally friendly by reducing their water and power consumption. The problem we’re addressing is the lack of take up of water and power saving options because of complexity, cost and complicated installation. We’re exploring business models to provide the franchisees with a range of finance opportunities including access to all government rebates, mortgage refinance, and micro-credit to reduce the burden of upfront costs. We understand how to reduce household power bills by more than 35 percent with solar hot water and selling power back to the grid. From May next year, our franchisees could provide all the necessary products and installation services required to meet the new legislation that will eventually require all homes and businesses more environmentally friendly.
corporatefile.com.au
You’ve sold a new Solco manufacturing licence in Malta for US$650,000. What will be the impact of the sale on your results for the half year to December 2005?
MD Duncan Stone
The good news about the Malta manufacturing licence transaction is that not only has it been formalised, but it`s put us ahead of budget. The plant is expected to be installed by the end of December, and as we’ve already incurred many of the costs required to complete the construction, it will contribute significantly to Solco’s profit for the first half of this year. The licensee is a substantial industrial company which was a subsidiary of the UK based engineer, Motherwell Bridge.
corporatefile.com.au
Are there other manufacturing licence sales in the pipeline?
MD Duncan Stone
Yes, we spent a lot of management time marketing licences last year and now that investment is coming to fruition. We’ve signed an option agreement with an American company for a manufacturing licence for a number of Western African countries for five percent of the US$900,000 licence price. If the option is exercised before it expires 23rd March next year, it will be our largest and most profitable licence sale ever.
Our Malaysian licensee’s plant will be operating from next month. The licensee who originally purchased a Solco plant 15 years ago have been producing steelbased hot water systems. Consumer demand, however, has driven a return to our polymer-based system which has proven more durable in the Malaysian climate. As we’ve retained 30 percent equity in Bell Solco Malaysia we’ll participate in its growth.
Our Portuguese licensee, 19 percent owned by Solco, has received approval to sell the Solartech Genius® in Spain where it qualifies for the full rebate available for mandatory solar hot water systems in new houses. Spain is the fastest growing solar market in the world with approximately 500,000 new houses built per annum. Portugal has also passed similar legislation.
corporatefile.com.au
You reported revenue growth of 330 percent in FY05 with organic growth of some 30 percent and the balance from the acquisition of Solco and Choice Electrics. You’ve forecast revenue growth of 62 percent in FY06 to $16 million. What are your longer term revenue growth targets?
MD Duncan Stone
We’re on track to meet our $16 million target this year reflecting a full year’s operation from Solco and Choice and expect organic growth in most sectors of the business. Choice is expected to continue to perform strongly, our 40/200 strategy to establish major distributors in large regional towns is gaining traction for Hot Water Systems, international technology licencing is strong. The only downside is in Pumping where sales have been slow due to the cool, wet weather in southern Australia.
We’re planning organic revenue growth of 50 percent per annum to FY10 through expanded distribution, new products and technology sales. We believe our renewable energy power and water solutions are futuristic products. They’re cheap to produce and operate cleanly in a world in which the cost of energy and intolerance of pollution are ever increasing. I believe we’re set for long term growth over at least a ten year period based on market demand for decentralised, sustainable energy and water solutions. This fundamental market shift is complimented by external drivers such as the rocketing oil price, Kyoto protocol, and supportive government legislation for our products worldwide.
corporatefile.com.au
In recent briefings you identified a strategy of aggressive growth based on three pillars. The first is leveraging the existing international relationships by selling products through your seven licensees in Africa, Asia and Europe. What progress have you made to date?
MD Duncan Stone
We’ve focused on selling our standard product range into Africa and Sri Lanka. With our partner in Sri Lanka, Chemical Industries Colombo, the sixth biggest public company in the country, we’re rolling out tsunami relief funded projects to provide villages with clean water. Our first Sky Hydrant is operating and we’ve tendered for over $500,000 of projects in the last three months. In Africa we’ve been working with our Mauritian licensee to quote on another $500,000 worth of projects. This is evidence that our business model of leveraging our existing international relationships is working. In four to five years, we anticipate that the international distribution sales revenue will start to outweigh our turnover in Australia and from then on really become the main driver for the business.
corporatefile.com.au
Your second pillar of growth is to increase the range of products distributed? What new products have you added and what have you in the pipeline?
MD Duncan Stone
We’ve been working hard to expand the product range because we’ve got a network of some 200 distributors selling only a few products. We’ve just dispatched the first containers of our stainless steel solar hot water system to complement our polymer based solar hot water system. Late FY05 we expanded our solar pump range to include bigger pumps to widen our market reach. This month we’ve rolled out a solar swimming pool heating system. We’re also finalising the distribution rights to a range of household water saving products, including a water tank system with a rain bank device that can provide water for toilet flushing and washing and grey water systems.
corporatefile.com.au
The acquisition of technology and market share is your third growth pillar. Are there any corporate developments you can comment on and is your plan for revenue growth of 50 percent per annum dependent on acquisitions?
MD Duncan Stone
It’s likely that we’ll make some acquisitions which will accelerate our growth rate significantly. Whilst there’s nothing to announce in the immediate future, there are a couple of relatively attractive opportunities that we’re cultivating. We’re now finding that after two successful acquisitions in the last 12 months, businesses are being presented to us regularly. Previously we were out hunting for acquisitions.
corporatefile.com.au
What is your pricing strategy for your Solartech Genius water heater? Do you have scope to increase margins by lifting prices?
MD Duncan Stone
Yes, we do and that’s why we’re launching the new stainless steel solar hot water range this quarter. The Solartech Genius®, the only polymer based unit in the world, has substantial advantages over the steel systems in the frost prone areas of Australia which is where 55 percent of all solar hot water systems are sold. By introducing a cheaper stainless steel unit we can be more competitive in the other 45 percent of the market and we can raise the price of the Solartech Genius giving us higher margins.
corporatefile.com.au
Last May you signed a six-month trial marketing agreement with Country Energy which manages Australia’s largest power supply network across 95 per cent of New South Wales. What will be the strategic benefit of this relationship?
MD Duncan Stone
Country Energy is a key, long term, strategic relationship for us. It has a reputation as the most innovative power retailer in Australia and is a supportive partner. We’re represented by their sales force across New South Wales and our distributors are working with them on joint promotions. We recently had around 4,000 expressions of interest in our products in response to a competition mail out through their retail network and via joint promotions at field days and we’ll be working hard to convert those into sales.
corporatefile.com.au
You had a $1.3 million cash flow deficit in FY05 and cash at balance date of $2 million. With rising working capital requirements, what are you plans for capital management?
MD Duncan Stone
Our most important business objective this year is to make a profit which should translate into positive cash flow from operations. We’ve improved our ability to manage fluctuations in our working capital to meet the seasonal nature of demand by implementing a debtor financing arrangement. Likewise, we’re investigating a similar facility specifically for the large up-front costs associated with SMS licenses which could be very effective given the long lead time from signing of these contracts to final receipt of funds.
We plan to access appropriate external funds to boost cash generated from operations to fund the investments in the city franchise initiative, the introduction of five new products into our network, and the development of new international licensees. This funding will also allow Solco to continue to make judicious investments, including acquisitions, to grow the business.
corporatefile.com.au
FY06 will be the first full year of all business units, including the two acquisitions of FY05, contributing to the result. Can you provide specific earnings guidance for FY06?
MD Duncan Stone
We’re budgeting for our maiden profit this year. We’re negotiating new licences which contribute significantly to profit and expect several sales to be completed in the second half. Specific earnings guidance is not possible as the timing of the signing of sales contracts is unpredictable, but we’ve enough work in the pipeline to be reasonably confident that we’ll make our maiden profit this financial year.
corporatefile.com.au
Thank you Duncan
________________________________________________________________
For more information about Solco Limited, visit www.solco.com.au or contact
Managing Director, Duncan Stone, on 08 9334 8100 or 0402 987 000.
man findet schon Beachtung
Trading Spotlight
International Sale of Solco Solar Manufacturing System to Tunisia
07.11.2005
Solco Ltd (ASX: SOO) has received a non-refundable deposit of EUR 100,000 to supply a Solco Manufacturing System (“SMS”) to Tunisia.
The SMS is a turnkey manufacturing plant, which will be built in Solco’s Perth factory and then shipped to Tunisia allowing the licensee to manufacture the world’s only polymer-based solar hot water system.
The agreement, with Solar Energy Systems Tunisia, valued at USD 650,000, is expected to be installed and operational in 2006.
For further information, contact Duncan Stone on (08) 9334 8100 or 0402 987 000.
07.11.2005
Solco Ltd (ASX: SOO) has received a non-refundable deposit of EUR 100,000 to supply a Solco Manufacturing System (“SMS”) to Tunisia.
The SMS is a turnkey manufacturing plant, which will be built in Solco’s Perth factory and then shipped to Tunisia allowing the licensee to manufacture the world’s only polymer-based solar hot water system.
The agreement, with Solar Energy Systems Tunisia, valued at USD 650,000, is expected to be installed and operational in 2006.
For further information, contact Duncan Stone on (08) 9334 8100 or 0402 987 000.
immer noch günstig zu erhalten
In AUS gut dabei
schau an
Open Briefing®. Solco MD on Capital Management Plans
14.12.2005
Solco Ltd MD, Duncan Stone has been interviewed by Corporatefile.com.au on the companies capital management plans. This is a record of the interview.
corporatefile.com.au
Solco Limited presented to both existing and potential institutional investors in November to update your current position and outline future proposed developments. What progress have you made in relation to your capital raising plans?
MD Duncan Stone
The presentations were well received. As most of these funds are ethical investors they continue to endorse our strategies for growth in the development of new water and power products. We were encouraged to continue discussions in the New Year.
corporatefile.com.au
You said in November that you are budgeting for a maiden profit in FY06. Can you refresh your revenue and profit guidance?
MD Duncan Stone
The business is in good shape, its evolving and the performance is improving. We’re on track to record our maiden profit this financial year on our target turnover of $18 million. Last year we turned over $10 million and made $1 million loss.
In the December 2005 half year we’re on budget to turnover $9 million with a loss of around $0.5 million after expensing redundancy costs arising from business restructuring. The cost savings arising from the restructure will not be reflected in results until the second half. We’ve also got some highly profitable major international manufacturing license sales being installed in the second half, the completion of which will ensure Solco’s maiden profit for the FY06 year as forecast.
corporatefile.com.au
You’ve made some structural changes to the business in recent months. In the November presentation you identified plans to outsource manufacture and divest or restructure non-performing assets. Can you explain the changes and the anticipated impact on Solco’s profitability?
MD Duncan Stone
As a result of the two acquisitions we’ve made over the last 18 months, we’re finalising the rationalisation of the non-performing assets that are not core to our distribution business. By outsourcing the manufacture of some of the components of our hot water systems were reducing our overhead costs by $600,000 a year and we’ll also reduce national distribution costs. We can focus on getting product to market and allow others to carry manufacturing overheads for us, while retaining control of our Intellectual Property.
corporatefile.com.au
Acquisitions are a component of your growth strategy. What progress have you made towards acquiring new businesses? What is your acquisition strategy?
MD Duncan Stone
Now that we’ve consolidated the acquisitions and completed the development of some new water and power products, we believe the time is right to pursue acquisitions aggressively. There are some six or seven sustainable water and power solution businesses that we’ve spoken to in the last three or four months with turnover ranging from $8 million to $40 million that would fit our strategy.
In the short term we’re looking at acquisitions in Australia with products that reduce household water and power bills. We expect over the next six to 12 months to make up to three substantial acquisitions to take our turnover to the $50 million to $80 million range.
corporatefile.com.au
What progress have you made in selling your water and power product range into your target markets in Africa and Asia?
MD Duncan Stone
We’re making solid progress and continue to believe the strategy of distributing through our manufacturing partners will provide substantial growth for us in the three to five year period. Proving the strength of our relationship with our southern African partner in Mauritius, we’ve just completed a joint venture to install a new manufacturing system in Malta.
We’ve also signed an agreement with an American company to establish a Solco manufacturing system in Ghana to supply the western African countries with our range of solar pumping and water supply systems. We’ve received a large deposit to establish the Solco manufacturing system in Tunisia. In Sri Lanka, where we’re in partnership with the fifth largest listed company, we’ll be installing a second village water supply point in January using some of the technology we developed for the Maldives water purification project.
The World Bank has allocated substantial funds to locations, such as Madagascar and the Congo, where we already have trial systems operating. We’ve recently employed a water engineer who will be exploiting further opportunities in Africa.
corporatefile.com.au
In Australia, have you made progress in your efforts to secure and to integrate new products into the branch distribution network? Can you summarise recent product developments?
MD Duncan Stone
We’re now rolling out our new solar pool heating system which is making significant sales in New Zealand as well as Australia. We’re also working with a leading Australian financial institution on a highly innovative, low cost customer finance package which will help us sell a whole range of integrated water and power saving systems to households. These include grid feed solar power, both the steel and the polymer based solar hot water systems, and water tanks incorporating the Davey Rainbank system that allows households to use rain water in toilets and washing machines. The details of the finance package will be available in January.
We’ve commenced work on our franchise network to connect the cities with our rural distribution agencies. Our first national dealer conference and training session will be held in Perth in January and the first franchises will be available for sale in May and June of 2006.
corporatefile.com.au
You announced in December a $0.2 million grant by the Federal Renewable Energy Development Incentive Fund to fund 50 percent of a “revolutionary” polymer solar hot water system. What is revolutionary about this solar hot water system?
MD Duncan Stone
This grant is a real milestone for us. Ten companies in Australia were awarded this Renewable Energy grant and some of these were multi-billion dollar businesses, such as Origin Energy. It endorses the high quality and reflects confidence in the future of our next generation polymer based solar hot water system which will be available in around 12 months time. Also the value of our R&D, our Intellectual Property, is enhanced. The grant will also make the sale of our international licenses more competitive. We’ve also won two other R&D grants recently for our solar desalination equipment and for a hybrid wind and solar powered pump.
The high pressure polymer based solar hot water system we’ve developed is split and it’s quite different from the existing unit. It’s much more efficient than other hot water systems on the market and cheaper than the competition with a substantially longer life because it won’t be capable of rusting.
corporatefile.com.au
Thank you, Duncan.
________________________________________________________________
14.12.2005
Solco Ltd MD, Duncan Stone has been interviewed by Corporatefile.com.au on the companies capital management plans. This is a record of the interview.
corporatefile.com.au
Solco Limited presented to both existing and potential institutional investors in November to update your current position and outline future proposed developments. What progress have you made in relation to your capital raising plans?
MD Duncan Stone
The presentations were well received. As most of these funds are ethical investors they continue to endorse our strategies for growth in the development of new water and power products. We were encouraged to continue discussions in the New Year.
corporatefile.com.au
You said in November that you are budgeting for a maiden profit in FY06. Can you refresh your revenue and profit guidance?
MD Duncan Stone
The business is in good shape, its evolving and the performance is improving. We’re on track to record our maiden profit this financial year on our target turnover of $18 million. Last year we turned over $10 million and made $1 million loss.
In the December 2005 half year we’re on budget to turnover $9 million with a loss of around $0.5 million after expensing redundancy costs arising from business restructuring. The cost savings arising from the restructure will not be reflected in results until the second half. We’ve also got some highly profitable major international manufacturing license sales being installed in the second half, the completion of which will ensure Solco’s maiden profit for the FY06 year as forecast.
corporatefile.com.au
You’ve made some structural changes to the business in recent months. In the November presentation you identified plans to outsource manufacture and divest or restructure non-performing assets. Can you explain the changes and the anticipated impact on Solco’s profitability?
MD Duncan Stone
As a result of the two acquisitions we’ve made over the last 18 months, we’re finalising the rationalisation of the non-performing assets that are not core to our distribution business. By outsourcing the manufacture of some of the components of our hot water systems were reducing our overhead costs by $600,000 a year and we’ll also reduce national distribution costs. We can focus on getting product to market and allow others to carry manufacturing overheads for us, while retaining control of our Intellectual Property.
corporatefile.com.au
Acquisitions are a component of your growth strategy. What progress have you made towards acquiring new businesses? What is your acquisition strategy?
MD Duncan Stone
Now that we’ve consolidated the acquisitions and completed the development of some new water and power products, we believe the time is right to pursue acquisitions aggressively. There are some six or seven sustainable water and power solution businesses that we’ve spoken to in the last three or four months with turnover ranging from $8 million to $40 million that would fit our strategy.
In the short term we’re looking at acquisitions in Australia with products that reduce household water and power bills. We expect over the next six to 12 months to make up to three substantial acquisitions to take our turnover to the $50 million to $80 million range.
corporatefile.com.au
What progress have you made in selling your water and power product range into your target markets in Africa and Asia?
MD Duncan Stone
We’re making solid progress and continue to believe the strategy of distributing through our manufacturing partners will provide substantial growth for us in the three to five year period. Proving the strength of our relationship with our southern African partner in Mauritius, we’ve just completed a joint venture to install a new manufacturing system in Malta.
We’ve also signed an agreement with an American company to establish a Solco manufacturing system in Ghana to supply the western African countries with our range of solar pumping and water supply systems. We’ve received a large deposit to establish the Solco manufacturing system in Tunisia. In Sri Lanka, where we’re in partnership with the fifth largest listed company, we’ll be installing a second village water supply point in January using some of the technology we developed for the Maldives water purification project.
The World Bank has allocated substantial funds to locations, such as Madagascar and the Congo, where we already have trial systems operating. We’ve recently employed a water engineer who will be exploiting further opportunities in Africa.
corporatefile.com.au
In Australia, have you made progress in your efforts to secure and to integrate new products into the branch distribution network? Can you summarise recent product developments?
MD Duncan Stone
We’re now rolling out our new solar pool heating system which is making significant sales in New Zealand as well as Australia. We’re also working with a leading Australian financial institution on a highly innovative, low cost customer finance package which will help us sell a whole range of integrated water and power saving systems to households. These include grid feed solar power, both the steel and the polymer based solar hot water systems, and water tanks incorporating the Davey Rainbank system that allows households to use rain water in toilets and washing machines. The details of the finance package will be available in January.
We’ve commenced work on our franchise network to connect the cities with our rural distribution agencies. Our first national dealer conference and training session will be held in Perth in January and the first franchises will be available for sale in May and June of 2006.
corporatefile.com.au
You announced in December a $0.2 million grant by the Federal Renewable Energy Development Incentive Fund to fund 50 percent of a “revolutionary” polymer solar hot water system. What is revolutionary about this solar hot water system?
MD Duncan Stone
This grant is a real milestone for us. Ten companies in Australia were awarded this Renewable Energy grant and some of these were multi-billion dollar businesses, such as Origin Energy. It endorses the high quality and reflects confidence in the future of our next generation polymer based solar hot water system which will be available in around 12 months time. Also the value of our R&D, our Intellectual Property, is enhanced. The grant will also make the sale of our international licenses more competitive. We’ve also won two other R&D grants recently for our solar desalination equipment and for a hybrid wind and solar powered pump.
The high pressure polymer based solar hot water system we’ve developed is split and it’s quite different from the existing unit. It’s much more efficient than other hot water systems on the market and cheaper than the competition with a substantially longer life because it won’t be capable of rusting.
corporatefile.com.au
Thank you, Duncan.
________________________________________________________________
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