Conergy AG

euro adhoc: Conergy AG
quarterly or semiannual financial statement
Conergy grows according to plan: profitably and with even greater proportion abroad

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- Management sees Conergy slightly ahead of plan for jump in sales and earnings in 2006 - At half-year, foreign sales have tripled - Group’s accumulated earnings at half-year are in the black - At least 50% increase in growth expected for sales and earnings

Hamburg, 9 August 2006. The Hamburg firm Conergy AG (ISIN DE 00060 40025) is further increasing its worldwide market share with the goal of becoming the world’s leading system provider for renewable energy. After numerous construction sites became free of frost and snow, operational business rose noticeably in the second quarter. The tripling of sales abroad, up to 60.5 million euros (period in previous year 20.4 million euros), was the principal factor leading to the fact that total sales for the half-year showed a substantial increase, up 62 per cent to 245 million euros (period in previous year 150.8 million euros). Conergy has thus exceeded targets, since it was planned to increase total yearly sales by least 50 per cent compared to last year (530 million euros) to more than 800 million euros.

Conergy now ranks among the European top five for solar heat

Conergy is today already the European solar energy provider with the highest sales figures. Thanks to persistent expansion of sales networks and targeted acquisitions, Conergy is moving towards becoming one of the leading providers of solar heat and bioenergy on the continent. Growth markets, which are being driven by oil prices in particular. Conergy is thereby attaining significant synergy effects in core customer groups which help to ensure sustainable profitability, win new customers, and provide stability in the face of market fluctuations. Conergy plans to generate more than 50 per cent of total sales outside of the still-growing core business of photovoltaics, as well as abroad, as early as 2008. To achieve this, eleven new sales points have opened around the world since the beginning of the year and eight companies have been acquired. Conergy is thus continuing to increase its proximity to customers in the USA, Spain, Germany, Australia, Austria and Switzerland. Thanks to new market entries in Italy, Singapore, Brazil, Belgium and Cyprus, Conergy is currently already represented in 22 countries on five continents. Targeted acquisitions mean that the worldwide sales effort has the appropriate technologies available, in addition to solar energy and bioenergy, in order to offer a range of renewable products adapted to the extremely diverse regional requirements for heating. Besides thermosyphoning systems, fin absorbers and drain-back technology for warm water and as heating support, Conergy also offers its customers geothermal heat pumps and Enerbus, an energy management system for efficient heating, cooling and air conditioning of buildings using a combination of different renewable energy systems.

Conergy shows half-year profits despite investments for growth

The accumulated group earnings for the semester, with an EBIT totalling 8.2 million euros,  have thus completely compensated for the extra costs incurred by the investments necessary for the expansion of business operations already in the second quarter. To prepare for the second semester, which will bring increased sales due to system installation, Conergy carried out the main investments needed in the first half-year. The number of employees (FTE) has thus more than doubled in comparison to the previous year (510) to 1,091, which is partially due to the increased real net output ratio. Despite corresponding higher costs and traditionally lower sales in the system installation business in the first semester, a positive accumulated result for the group (0.5 million euros) has already been attained. At the end of the year, Conergy expects sales to exceed 800 million euros and profits after tax to increase to more than 40 million euros. A variety of large projects for renewable energy are already being implemented to this end. Thanks to the substantial expansion of its own production, global sourcing and its unique worldwide customer-oriented sales network Conergy considers itself fully prepared to flexibly adapt to regional price fluctuations around the world.

Conergy expects additional growth and profit potential

Conergy expects, as was previously the case, to benefit to a greater extent than the competition from the tendency towards decreasing procurement costs for regenerative system components. "Conergy consistently concentrates on its customers. As market leader, we use our practical experience and our purchasing power for product innovations, which offer customers added value and further improve our competitiveness. The current investment in new products, sales and procurement is laying the foundations for continuing our disproportionately high growth", declared Hans-Martin Rüter, Chairman of the Board and founder of Conergy AG. As the basis for this growth its own production capacity has been correspondingly multiplied and with regard to procurement, in addition to sufficient quantities of solar modules from more than 20 suppliers around the world, supplies of extremely pure solar silicon in increasing quantities have been ensured. Furthermore, sales of self-developed and manufactured solar system components such as inverters, solar collectors, small wind power systems and mounting systems are in constant progression. Conergy expects even more substantial benefits from its further steps towards an increased real net output ratio for renewable system technologies as early as 2007.

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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
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

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