Conergy AG

euro adhoc: Conergy AG
quarterly or semiannual financial statement
Conergy increases revenues in the first half year to EUR 418 million, up 71%

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6-month report


Conergy increases revenues in the first half year to EUR 418 million, up 71%

- Growing domestic revenues have been surpassed by foreign sales for the first time - Positive consolidated net income at the half-year mark - Working capital improved by EUR 83 million in the second quarter - Positive net cash flow from operations after investments of EUR 44 million - Orders on hand rose to more than EUR 1.2 billion - Production of solar modules in Frankfurt/Oder starts on schedule

Hamburg, Germany, 15 August 2007. Listed Hamburg-based Conergy AG (ISIN DE 00060 40025) increased half-year revenues by 70.6 percent to EUR 418 million (previous year: EUR 245 million). This is the first time that foreign sales -  which more than tripled year-on-year from EUR 60.5 million to EUR 223.6 - have exceeded revenues in Germany, which also gained slightly. Conergy already offers its systems for utilising solar, wind and bioenergy in 26 countries via three brand worlds focused on end customers, the trade and investors. Outperforming our own expectations, photovoltaics grew by 80.3 percent and remains the Group's core business and growth engine. Revenues in the other technologies increased by 36.8 percent.

Positive consolidated net income for the first six months of the year

Earnings before interest and taxes (EBIT) improved from EUR -6.1 million in the first quarter to EUR +13.6 million in the second quarter of 2007 in tandem with the growth of our revenues as the year progresses. The gross profit margin rose from 16.8 percent in the prior-year period to 21.1 percent in the first half year of 2007, already offsetting at the half-year mark the first quarter´s traditionally negative consolidated net income (EUR -4.9 million). Consolidated net income after interest and taxes was EUR 1.5 million for the first six months of the year. Any analysis of our quarterly results must consider the seasonal nature of the system construction business. Because construction on many large projects is launched in the spring, Conergy usually generates about 50% of its revenues in the fourth quarter.

Orders on hand increase to EUR 1.2 billion

Orders on hand surpassed the billion euros mark for the first time ever at 30 June 2007, rising to EUR 1.238 billion. Almost all of these orders are scheduled to be executed within the next 18 months. Sixty-two percent of these orders are from abroad, where Korea and the United States currently are the markets with the highest growth.

Improved working capital and positive operating cash flow after investments

The measures that Conergy initiated with the aim of optimising working capital have already resulted in an improvement of working capital by EUR 83 million, surpassing the Company's own target of EUR 70 million. Conergy posted positive net cash flow of EUR 44 million in spite of investments of EUR 37,4 million in the second quarter and expects this positive trend to continue. Equity of EUR 326 million and a syndicated credit line of EUR 600 million provide the Conergy Group with a solid basis for financing its planned growth in years to come.

Production of solar modules in Frankfurt/Oder launched as planned

Both the costs and the construction of our own solar wafer, cell and module production in Frankfurt/Oder are on target. The first modules from this factory have been undergoing international certification processes since May 2007 such that, beginning in the autumn of this year, we will be able to install the 50 megawatts that are planned for 2007 from our own production on numerous construction sites. Demand for Conergy´s innovative, high-quality premium modules already exceeds current production volumes.

Conergy optimises its structures to accommodate further growth

The Conergy Group had 2,255 employees at 30 June 2007. This corresponds to an increase of 1,164 jobs within the past 12 months. Besides adding 573 new jobs in Germany, the number of engineers and sales specialists abroad almost tripled to 908. Hence Conergy has not only prepared for imminent growth but has also created many jobs at its new and expanded production facilities.

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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:  Börse Frankfurt / official dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Düsseldorf / free trade
              Börse Hannover / free trade

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