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TWST: Can we begin with a brief historical sketch and overview of Umweltkontor (Frankfurt:760810.F)?

Mr. Lohmann: Umweltkontor is one of the leading companies in the field of renewable energy. We were founded in 1995 and IPO’d in 2000 at the Neuer Markt, Frankfurt. Originally, we were focused on wind energy as the most profitable and most economical renewable energy source and we have seen good performance in the past because of our expertise in project development, financing and services for wind farms, mainly in Germany. After the acquisition of new companies, we will grow into a company that plays a major role in technological development and production in the field of renewable energy. So we are in a transformation process from a project developer to a technology company, expanding our activities in the fields of solar energy, biomass and hydropower.

TWST: Will that expansion remain within the Germany?

Mr. Lohmann: Our main market is still Germany, especially, in the field of bioenergy and wind power, but the new companies in the hydropower and solar energy segment are internationally exporting their products. For example, in the solar segment, we are trying to enforce export to China. And in hydropower production Gugler is very active and has sales all over the world, although mainly in Latin America and Eastern Europe.

TWST: Can you comment on the competitive landscape you are operating in and touch on the key advantages that you bring to the space?

Mr. Lohmann: We have to differentiate all our competitors by segment. In the wind sector, we compete with the German wind farm developers like Plambeck, EnergieKontor, and P&T Technology. In the solar segment we compete with German players like SolarWorld. We are internationally placed at number thirteen, but in terms of efficiency we can compete with the market leaders, like Sharp and Kyocera, and we are far ahead of Shell and Siemens Solar. Then looking at biomass sector, one strength is in the production of biodiesel where we now have a new production capacity of 100,000 tons of biodiesel. If you consider that there is around 500,000 tons of total biodiesel production in Germany, you can see we are one of the most important players there. Further, the biodiesel market is substantially increasing and so we see a lot of growth in that segment. Looking at the hydropower segment, I would point out that we are operating in the field of small and middle turbines where there are four or five competitors dividing market share. We make our sales, we get our orders and we have the advantage of offering our products cheaper because of the cheaper working capacity in Austria.

TWST: What is your impression of the current condition of your markets and what trends and developments do you see going forward that suggest significant growth opportunity?

Mr. Lohmann: We are able to look back on very strong growth in the sector in general and in the wind sector especially. The growth driver is that we are able to compete more and more effectively with conventional fossil energy. So in the long run, looking at solar in five to ten years, we will be able to compete on a decentralized basis with the conventional power producers. And looking at wind turbines, it is already a fact that in Spanish, British and US utilities they are already competitive.

TWST: Can you summarize your strategic direction for the next 12 to 24 months?

Mr. Lohmann: First, we have to integrate the new companies. Then we have to improve the margins in all business units. And up to 2004, we are aiming at sales of about EUR450 million with an EBIT of EUR45 million. That will lead to something like EUR 0.8 per share and hopefully that will improve the share price if the market reacts normally.