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Conergy AG

EANS-Adhoc: Conergy AG
Conergy reaches agreement with MEMC regarding an adjustment of the wafer supply contract

  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.
Contracts
24.01.2010
Hamburg, 24.01.2010 - The Hamburg-based Conergy AG and the American 
MEMC Electronic Materials, Inc. have reached an out-of-court 
settlement of the lawsuit concerning the validity of the wafer supply
agreement which was pending since April 2009 and have agreed on a 
further adjustment of this contract. All clauses restricting 
competition have been cancelled. Furthermore, the contract has been 
adjusted with regard to volumes and price: going forward, the prices 
paid for wafers will be based on market prices and the volumes will 
be based on the requirements of Conergy´s solar plant in Frankfurt 
(Oder), provided Conergy purchases a certain minimum of its 
production capacity. This agreement will have a positive impact on 
the financial statements for 2009, as Conergy completely wrote off 
the prepayment made to MEMC as a precautionary measure when it filed 
the lawsuit in April 2009. As a result of the agreement, Conergy is 
able to partially reverse the write-off, which will have a positive 
impact of approximately EUR 34 million on the financial statements 
for 2009.
The agreement has an operational impact, leading to a significantly 
more flexible form of silicon wafer supply, which is more in line 
with the market. In future, Conergy will cover only half of its 
requirements for silicon wafers from MEMC. A minimum purchase value 
of less than a quarter of the current contract has been agreed for 
the remaining life of the contract, which amounts to approximately 
nine years. If Conergy does not purchase the annual amounts agreed, 
the life of contract will be extended accordingly. The remaining 
supply will be secured through third parties. The company is no 
longer obliged to limit purchases to wafers only, but is free to use 
silicon ingots, which was not permitted under non-competition clauses
in the original wafer supply contract. The agreement will also enable
Conergy to increase the capacity utilization of its wafer sawing 
facility in Frankfurt (Oder) and thus increase value added. 
Furthermore, both companies have agreed extensive cooperation with 
regard to the implementation of large solar projects beginning in 
2010.
Following negotiations with MEMC in mid 2008, the original purchasing
volume of over $ 8 billion agreed in late 2007 was halved. Talks were
resumed at the end of 2008, with the goal of removing clauses from 
the contract, which were anti-competitive from Conergy´s point of 
view. After these negotiations failed, Conergy filed for the 
invalidity of the contract by declaratory judgment in New York City 
in April 2009, which has now been settled out of court.
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,
Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Düsseldorf / free trade
Hannover / free trade

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