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Conergy AG

EANS-Adhoc: Conergy AG
Financial statements of Conergy AG approved: further risks taken into account in the 2008 results

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
20.04.2009
Financial statements of Conergy AG approved: further risks taken into
account in the 2008 results
-       Conergy aims for a cancellation of the supply contract with MEMC
-       Prepayment written down as a precaution
-       Legal doubts over the enforceability of certain contractual provisions;
Supervisory Board authorizes Management Board to initiate legal challenge
Hamburg, April 20, 2009 - The Supervisory Board of Conergy AG today 
approved the consolidated financial statements for the 2008 fiscal 
year, as submitted by the Management Board. According to these 
financial statements, and as previously announced in the preliminary 
figures at the beginning of March, revenue amounts to EUR 1,006m. 
This represents an increase of 40% compared to the previous year (EUR
719m). In relation to the preliminary figures presented on 5 March 
2009, earnings before interest and taxes (EBIT) fell by EUR 54m to 
EUR -213m (2007: EUR -213m). The additional losses are caused by 
write-downs and reserves which are not cash-effective. As Conergy is 
aiming for a cancellation of the supply contract with MEMC Electronic
Materials, Inc., using legal means if necessary, this amount includes
writedowns of prepayments, which Conergy made in mid 2008 in 
connection with the long-term wafer supply contract. This leads to a 
corresponding worsening of the result.
The publication of the annual results, originally intended for March 
27, 2009, had to be postponed because of the ongoing negotiations 
with MEMC Electronic Materials, Inc. Contrary to expectations, it has
not yet been possible to bring these negotiations to a conclusion. 
Earlier this year, Conergy entered into talks with MEMC with the aim 
of renegotiating the wafer supply contract. This action was taken 
because of the significant changes in the economic environment, 
particularly the very rapid swing from a seller's to a buyer's 
market. Since there are also legal doubts over the enforceability of 
some contractual provisions and the validity of the contract as a 
whole, the Supervisory Board of Conergy AG has today authorized the 
Management Board to take legal action contesting the supply contract 
no later than the end of April, if an amicable agreement cannot be 
reached in the next few days. As a precautionary measure, the 
Management Board has therefore already written down the prepayment 
made in the annual accounts approved today. In addition, expected 
litigation costs have been taken into account. At the same time, 
negotiations are continuing, with the aim of an amicable cancellation
of the contract, in return for the prepayment made remaining with 
MEMC and a new supply contract with a term of one year. Although it 
appears that the general terms of this solution will be acceptable to
both parties, the parties have not yet entered a formal agreement and
the outcome remains uncertain.
In its continued operations, the annual loss 2008 recorded by the 
company therefore now stands at EUR -254m (previous year: EUR -213m).
Including discontinued operations, the annual loss came to EUR 307m 
(previous year: EUR -248m). Conergy will present its complete 
financial statements on 29 April 2009.
Revenue in first quarter below prior-year level Business at the 
beginning of the year developed below expectations for the Conergy 
Group. According to preliminary estimates, revenue in the first three
months of the year amounted to EUR 65m. This would correspond to a 
decline of 70% compared with the prior-year quarter, which had 
exceptionally high revenue. Following a difficult fourth quarter, 
which was burdened by the financial crisis and the recession in 
particular, January and February continued to be influenced by the 
same factors. On the other hand, there was some improvement in 
business in March, but the comparatively poor preceding months could 
not be compensated. Accordingly, the Management Board assumes that it
will be very difficult to maintain revenue this year at the same 
level as in 2008. This is also caused by a change in the business 
model of Epuron, which will lead to lower revenue but at the same 
time to higher gross margins. The complete first quarter report will 
be published on May 14, 2009.
end of announcement                               euro adhoc

Further inquiry note:

Christoph Marx
Head of Investor Relations
Tel.: +49(0)40 27142 1634
e-mail: c.marx@conergy.de

Branche: Energy
ISIN: DE0006040025
WKN: 604002
Index: Midcap Market Index, TecDAX, CDAX, HDAX, Prime All Share,
Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade

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