Conergy AG

euro adhoc: Conergy AG
Financial Figures/Balance Sheet
Conergy announces preliminary revenues and earnings guidance

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Conergy announces preliminary revenues and earnings guidance

The Hamburg-based solar energy company expects a 40% increase in revenues in 2006 and higher net profit

Conergy AG today announced that according to initial, preliminary figures, the company has increased 2006 revenues by more than 40% to over EUR 750m (2005: EUR 530.2m) and was thus able to consolidate its position as the largest European solar energy company. Delayed deliveries of solar modules and wind turbines led to delays in some projects and resulted in a loss of revenues of approximately EUR 53m, which will now be booked in 2007 instead. Conergy was thus unable to achieve its goal of revenues of EUR 800m. However, Conergy now expects correspondingly higher 2007 revenues - compared with previous expectations - of EUR 1.25bn, representing an increase of over 60%. At the end of January, Conergy’s order book stood at EUR 813m, more than three times the level at the same time last year, supporting the company’s revenue expectation for the full year.

Sales outside Germany rose more strongly than expected and now account for 38% of the total (2005: 14%). These figures confirm that Conergy is on target to achieve 50% of its revenues outside Germany and 50% outside the photovoltaics core business from 2008 onwards.

As a result of these delayed projects, net profit in 2006 is expected to be above the level of 2005 (EUR 27.8m) but below previous expectations of EUR40m. The profits from the delayed projects will be booked in 2007 and are expected to lead to a higher than previously expected net profit of around EUR60m. Additional costs incurred in 2006 for the construction of the fully integrated solar wafer, solar cell and solar module plant in Frankfurt/Oder will be more than compensated by non-recurring profits. Conergy expects that 2007 earnings will be higher as a result of higher margins in the high-growth non-German business and by higher earnings in the areas of solar thermal and bioenergy.

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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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