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Conergy loss narrows in Q1 2010

Conergy recorded a net loss of €5.1 million in the first quarter of 2010, compared to a loss of €27.9m in Q1 2009.

Revenues almost tripled from €56.7m to 150.3m during the quarter, and the EBIT went from a negative €25m to an operating profit of €0.3m.

Outlook

Conergy says it expects increasing sales in both 2010 and 2011, but has not given specific figures.

“The intensified use of products manufactured in-house should have a positive impact on the gross profit margin in 2010 and generate a above-average increase in earnings,” Conergy says.

“We expect 2010 earnings before interest, taxes, depreciation and amortisation (EBITDA) will be in the low double-digit million range,” the solar company adds.

Refinancing problems

Dieter Ammer, CEO of Conergy, says: “The only bad news from last quarter is that, contrary to expectations, we have not yet been able to conclude the refinancing negotiations with our creditors.

However, he adds: “We are confident that we will be able to conclude these talks successfully in the foreseeable future.”

Sales by segment:

  • Germany: €63.2m, +355%
  • Europe (excl. Germany): €40.2, +99%
  • Americas: €9.3m, +11%
  • Asia-Pacific: €25.3m, +120%
  • Components: €12.1m, +348%
  • Holding: €0.2m, ---

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