Conergy AG

euro adhoc: Conergy AG
quarterly or semiannual financial statement
89% increase in sales due to quadrupling of Conergy┬ĺs foreign sales

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- Snowy winter and special effects influenced the winter quarter that traditionally boasts weak in sales of facility construction segment

- Board sees Conergy as slightly ahead of its plans for a jump in sales and results in 2006

Hamburg, 10 May 2006. The renewable energy system supplier Conergy (ISIN DE 00060 40025) was able to greatly increase sales in the first quarter, despite a snowy winter in Germany, its core market. Consolidated sales rose 89% in comparison to the previous first quarter, to EUR86.3 million from EUR45.8 million in the previous year. A considerable percentage of this growth was due to foreign sales in markets facing less adverse weather conditions. Foreign sales grew more than fourfold EUR8.0 million the year before to EUR34.8 million. Seasonality must be kept in mind when viewing the quarterly results in solar plant construction. Snow-covered roofs are a fundamental reason why Conergy┬ĺs first quarter share of sales accounts for an estimated 10% of total yearly sales, as has been the case in previous years. Thanks to the fivefold increase of Conergy┬ĺs own production capacity in the last year and the contractually ensured supply of solar modules, Conergy sees itself as slightly above its plan to raise sales from last year┬ĺs EUR530 million to EUR800 million, which means a growth of over 50%. In order to gain additional market shares in the core business area of photovoltaics, which faces an excess of demand, and to keep margins at least stabile, Conergy has secured high-purity solar silicon from suppliers based in various countries. The company will make this silicon available to solar module suppliers, to increase their production for Conergy.

Conergy expects 50% growth in sales in 2007 and 2008 as well

For 2007 and 2008 as well, Conergy anticipates unimpeded growth impetus, with sales increases of 50% each year. This would allow Conergy to substantially expand its global share in the market for renewable energy systems, which is growing at an annual rate of roughly 25%. "We have already oriented our international management structures and engineering teams towards expanding in the direction of global market shares, in coming years as well," reports Hans-Martin R├╝ter, Chairman of the Management Board and founder of Conergy AG. As of 31 March, Conergy employed 873 people worldwide to help fulfil its targets for growth, an increase of over 100% from the same time last year, when the company had 421 employees. In the traditionally sales-weak winter quarter, the company had a negative EBIT margin of EUR8.0 million, due to capital expenditures resulting from the company┬ĺs own silicon acquisitions and from the development of additional teams of engineers for large-scale renewable projects in the field of bioenergy and large-scale solar-thermal plants. "The operating results, once they have been adjusted to take into account these special factors, show that we are right on target to increase our profit margin slightly in 2006, and to boost net earnings accordingly," explains Hans-Martin R├╝ter.

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ots Originaltext: Conergy AG
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Further inquiry note:
Thorsten Vespermann
Tel.: +49 (0)40 237 102 171

Branche: Energy
ISIN:      DE0006040025
WKN:        604002
Index:    TecDAX, Technologie All Share, CDAX, HDAX, Prime All Share,
              Midcap Market Index
B├Ârsen:  Frankfurter Wertpapierb├Ârse / official dealing/prime standard
              B├Ârse Berlin-Bremen / free trade
              Hamburger Wertpapierb├Ârse / free trade
              B├Ârse D├╝sseldorf / free trade
              Nieders├Ąchsische B├Ârse zu Hannover / free trade

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