euro adhoc: Conergy AG
Financial Figures/Balance Sheet
Conergy on schedule
to add 50 percent to sales and revenue in 2006
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
13.11.2006
- Conergys 50/50/08 growth strategy on course - Overseas sales up almost quadrupled after nine months - Q3 EBIT up 32% over same period last year - Sales target of EUR 800 million and P&L forecast of EUR 40 million confirmed
Hamburg, November 13, 2006 - Full order books put Hamburg-based Conergy AG (ISIN DE 00060 40025) fully on course to increase its total annual sales by at least 50 percent compared to the previous year (EUR 530.2 million), to more than EUR 800 million. The traditional end-of-year leap in sales will also see its after-tax profit grow to EUR 40 million (previous year: EUR 27.8 million). As in previous years, Conergy again expects a positive cash flow in 2007.
The project advances in the first nine months, which all ran according to plan, generated a jump in sales of 53 percent, to EUR 384.5 million (same period last year: EUR 250.9 million). By the end of the year, further solar, wind and bioenergy projects with a sales volume of more than EUR 390 million will be up and running according to plan. To substantially support the strongly growing project business and increase overseas sales, the workforce was almost doubled on October 1 to 1,340 (same period last year: 696).
Thanks to the exponential growth in the high-margin overseas business and the large projects running according to plan, Conergy is on course to meet its set goals and not to build up stocks of solar modules while purchase costs are on a downward trend. The Groups cumulative gross margin in the first three quarters, up to 19.3% (same period last year: 17.9%), shows the strength of the companys business model compared to market developments. This produced an improved EBIT in Q3 of 32% over the same period last year. Working capital rose to its highest-ever level in the third quarter, with comfortable financing behind it. As a result of year-end improvements to terms of delivery in purchasing and the financing of major projects in construction, it will again sink to less than 20% of sales.
International 50/50/08 growth strategy on schedule In overseas business, sales in the first nine months had already increased almost fourfold, to EUR 120.2 million (same period last year: EUR 34.1 million). In Germany too, sales grew by around 20% to EUR 260.4 million (same period last year: 216.8 million). Besides the growth in overseas sales to a current level of 31%, sales of solar thermal products, bioenergy and wind-generation projects had increased almost tenfold in the first nine months compared to the same period last year, to EUR 72.7 million. This corresponds to 18.9% of total sales in the first nine months. This development demonstrates that Conergy is well on the way to generating half of its sales outside of Germany as early as 2008, and another half beyond its core business of photovoltaics.
About Conergy With an expected turnover of more than 800 million euros in 2006, Conergy is Europes largest solar energy company. It is also one of the worlds top providers in other rapidly growing fields of renewable energies such as bioenergy. The company pursues a client-focused global growth strategy that aims to offer each energy consumer worldwide the most appropriate technology in the attractive markets for renewable energies. The Conergy Group is now represented on five continents with its own branches and has a current workforce of 1,400.
end of announcement euro adhoc 13.11.2006 07:29:21
Further inquiry note:
Conergy AG
Thorsten Vespermann
Head of Corporate Communications
Anckelmannsplatz 1
D-20537 Hamburg
Phone: +49 (40) 237102171
Fax: +49 (40) 237102405
Mobile: + 49 (172) 451 19 67
E-Mail: t.vespermann@conergy.de
Branche: Energy
ISIN: DE0006040025
WKN: 604002
Index: TecDAX, Technologie All Share, CDAX, HDAX, Prime All Share,
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Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade