Conergy hits black for first time in five years


Conergy reaped sales of €913.5 million in the past fiscal year. This is an increase of over 50 percent from 2009, which saw sales of €600.9 million. The company says it expanded both its national and international businesses, with 54 percent of sales coming from overseas.

Showing positive signs of improvement, Conergy’s earnings before interest, taxes, depreciation and amortization (EBITDA) achieved strong results at €30.1 million (2009: €-10.7 million), meaning the company went into the black for the first time since 2006.

In a statement, it explains: "In addition to the encouraging rise in sales, one contributing factor was also the clearly improved gross profit margin, which Conergy managed to increase by four percentage points to 23.7 percent. Among other things, this was achieved by an increased use of products produced by Conergy itself."

However, due to "extraordinary" depreciation, the company reports that its (EBIT) was negatively affected during the fourth quarter. Conergy explained: "At the level of individual subsidiaries, there was the need for a liquidity-neutral value adjustment on goodwill and other fixed assets of roughly €17 million due to ongoing restructuring measures."

It adds that €13 million worth of consultancy fees also impacted the EBIT. It says though, that it was still possible to reduce the loss of €-36.8 million in 2009 by €23.0 million to €-13.8 million.

Meanwhile, Conergy says the "extraordinary" depreciation also affected earnings after taxes by around €9.5 million. Consequently, the tax result from continuing operations amounted to €-13.5 million (2009: €-22.5 million). When taking into account a financial result of €-14.7 million (2009: €-21.8), the after-tax result reportedly amounted to €-42.0 million (2009: €-81.1 million). As a result, the company says the loss was reduced by €39.1 million compared to the previous year.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:

Popular content

Anker launches new all-in-one home storage solution

10 July 2024 Anker has developed a new all-in-one home storage solution with up to 30 kWh of capacity, available in single-phase and three-phase configurations.


Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.