DGAP-News: Q2 2012: Conergy achieves first positive EBITDA since 2010
(firmenpresse) - DGAP-News: Conergy AG / Key word(s): Quarter Results/Half Year Results
Q2 2012: Conergy achieves first positive EBITDA since 2010
14.08.2012 / 08:08
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Q2 2012: Conergy achieves first positive EBITDA since 2010
* Module sales at 110 megawatts, sales at EUR 145.5m
* EBITDA at EUR 0.5m
* Net cash flow at EUR 7.0m in Q2 2012, continued to be positive
Hamburg, 14 August 2012 - Hamburg-based solar company Conergy continues the
positive trend and has improved the quality of earnings in the second
quarter 2012. The system supplier achieved the first positive earnings
before interest, taxes, depreciation and amortization (EBITDA) since the
third quarter 2010. Net cash flow also continued to be positive in the
second quarter 2012.
'Despite an unchanged difficult market environment we have managed to
return to the black at operating level in the second quarter,' said Conergy
CEO Dr. Philip Comberg. 'We continue to work hard on bringing Conergy back
on track and the results are an important milestone on our way. It clearly
shows that our strategic realignment and improved cost structures yield
results.'
Q2 2012: Sales dynamics clearly visible during course of the year
As expected, the overall decline in prices lead to lower sales in the
second quarter 2012 compared to the same period in the previous year. Sales
were about 35% lower at EUR 145.5m (Q2 2011: EUR 225.2m) compared to the
same period in 2011. Allowing for price and currency effects, the decline
was significantly lower at 7.5%. Total sales volume in the second quarter
was at 110 megawatts and only slightly below the previous year's value (Q2
2011: 119 megawatts).
Compared to the first quarter 2012 business notably picked up; Conergy
increased its sales during the current fiscal year by about 48% (Q1 2012:
EUR 98.2m) and sales volumes by almost 60% (Q1 2012: 70 megawatts).
In Germany, Conergy achieved sales of EUR 30.6m in the second quarter 2012
(Q2 2011: EUR 61.8m), while international sales added up to EUR 114.9m (Q2
2011: EUR 163.4m). The share of international business was accordingly at
about 79%. Quarterly developments in Italy, Greece, and USA were
particularly promising, as Conergy substantially increased sales volumes.
The system supplier compensated the decline in prices and kept sales in
these countries stable. In the US growth market Conergy increased sales
even by 41%.
Q2 2012: Earnings performance - EBITDA, EBIT, net income
In the second quarter 2012, Conergy achieved the first positive earnings
before interest, taxes, depreciation and amortization (EBITDA) of EUR 0.5m
(Q2 2011: EUR -5.9m) since the fall of 2010. This marks a clear improvement
by EUR 6.4m compared to the second quarter 2011.
Compared to the first quarter 2012 the positive trend has become more
visible: In the first three months of the current fiscal year EBITDA was at
EUR -7.6m, while Conergy improved EBITDA by EUR 8.1m to EUR 0.5m in the
second quarter 2012.
In the second quarter 2012 earnings before interest and taxes (EBIT) were
at EUR -3.1m (Q2 2011: EUR -12.7m) and net income after tax for the
continuing operations at EUR -5.6m (Q2 2011: EUR -18.6m). Conergy reduced
losses by about 70% year-on-year.
Q2 2012: Net cash flow repeatedly positive in Q2
As in the first quarter 2012, Conergy repeatedly generated a positive net
cash flow, amounting to EUR 7.0m in Q2 (Q1 2012:EUR 6.2m). Compared to the
same quarter last year, this is an improvement of EUR 9.7m (Q2 2011: EUR
-2.7m). This positive development is due to, among others, a continuously
strict Working Capital Management.
First half-year 2012: Sales, EBITDA, EBIT, net income
In the first half of the fiscal year 2012, Conergy achieved a sales volume
of 180 megawatts (1. HY 2011: 199 megawatts), sales of EUR 243.7m (1. HY
2011: EUR 388.5m) as well as an EBITDA of EUR -7.1m (1. HY 2011: EUR
-16.9m). Conergy reduced losses on EBITDA level by more than half
year-on-year. Other financial indicators show positive developments, too:
EBIT was at EUR -14.6m in the first half of the fiscal year (1. HY 2011:
EUR -29.4m), net income after tax for the continuing operations at EUR
-20.3m (1. HY 2011: EUR -41.0m).
2012: Outlook third quarter and full year 2012
'The solar industry and important markets, especially in Europe, were
characterized by insecurity concerning subsidy programs and instability as
a result of the euro crisis as well as a continuing decline in prices in
the first half of 2012. Given that we were able to maintain our position in
these surroundings and to improve our results, we are full of hope for the
further course of the year,' said Comberg.
In 2012, the Management Board continues to expect sales to be lower
year-on-year and the EBITDA to improve to a low positive figure.
About Conergy
Conergy delivers solar energy systems from a single source. As a system
supplier, Conergy offers all components for a solar installation as well as
all related services.
With its portfolio of modules, inverters and mounting systems, the solar
expert creates Conergy System Technology, which is efficient solar energy
systems for private or commercial rooftops, as well as for multi-Megawatt
Parks.
Conergy System Services deliver a 'Worry-Free Package' for Conergy solar
installations - from 'A' for architectural planning to 'Y' for yield
insurance and 'Z' for zero trouble. Conergy's experts not only install
on-site turn-key solar projects, but they also manage the planning and
financing, project implementation, system monitoring, operation and
on-going maintenance of the project for maximum performance. With this
comprehensive technology and service package, Conergy offers yield
insurance for its installations.
Conergy System Sales brings Conergy premium products to more than 40
countries. From 'A' for Australia to 'T' for Tunisia - the solar expert
supports homeowners, installers, wholesalers and investors in their efforts
to 'go solar'. With sales activities on five continents, Conergy has close
relationships with all its customers. In 2011, around three quarters of
Conergy's sales were generated outside of Germany.
Listed on the Frankfurt stock exchange, Conergy employs around 1,300 people
worldwide. Since Conergy's founding in 1998, it has produced and sold 2 GW
of clean solar energy. Thus, in 2011 Conergy solar installations have
generated more power than a nuclear reactor.
Please contact us if you have any questions or requests.
End of Corporate News
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Language: English
Company: Conergy AG
Anckelmannsplatz 1
20537 Hamburg
Germany
Phone: +49 (0)40 27 142-1000
Fax: +49 (0)40 27 142-1100
E-mail: info(at)conergy.deInternet: www.conergy.de
ISIN: DE000A1KRCK4
WKN: A1KRCK
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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181542 14.08.2012
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