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Conergy posts €183 million (US$243 million) loss

German-based vertically integrated company Conergy has posted a significant EBIT loss for 2011. In its annual report released today, the company has attributed a decision to shift inventory and equipment write offs, at its Frankfurt (Oder) fab, for the result.

Conergy's net debt and working capital both decreased in 2011.

Conergy AG

The loss for 2011 was on top of an EBIT loss of €14 million (US$18.59 million) for 2010. Conergy’s net income for 2011 was reported as €-162 million (US$-215 million), which included income from a one-time capital increase in July and a waiver by lenders of €68 million (US$90 million). 

In terms of sales, Conergy increased its sales volume by seven percent to 393 megawatts (MW), however this represented a decrease in income from sales from €914 million (US$1.21 billion) in 2010, to €754 million (US$1 billion) in 2011. The report acknowledges that a 40 percent decline in module prices is the cause of this sales revenue decline.

Commenting on the result, in a media statement, Conergy CEO Philip Comberg said that obstacles were overcome in 2011 and company is repositioned for success. "Alongside the refinancing, main factors have been our continued focus on photovoltaic, our reorientation with regard to manufacturing and the sale of voltwerk to Bosch.” Comberg contined: We are optimistic that we will profit from these measures in 2012 and will be able to focus on our strengths again."

Looking to 2012, the Conergy board has forecast sales to be lower in 2012 however for a “low positive figure” EBITA to be recognized.