Conergy increases sales but suffers €6.7 million loss

Share

An increase in international sales was noted as assisting Q2 totals of €225.2 million. This however is below the €239.4 million recorded in Q2 2010. Falling prices cut into the gross profit margin, reducing it, from 2010 figures, from 24.6 percent to 19.1 percent. Conergy claims that stock management allowed an "almost balanced operating cash flow" of €-1.6 million.

While the German market remained hesitant, international sales for Conergy grew well, up 26 percent on 2010 from €115.6 million to €157.2 million, resulting in 70 percent of Conergy’s sales coming from outside Germany. Sales to the Asia-Pacific region doubled over 2010 to €63.1 million.

Conergy has suffered a number of set-backs in 2011 and the strong sales results, despite falling prices and continuing losses, may be interpreted as a sign of the Hamburg-based company’s resilience. June seemed to be a month the Conergy may wish to forget, being forced to withdraw its 2011 forecasts, accusations of balance sheet falsification and insider training and CFO Sebastian Biedenkopf was even struck by lightening.

Looking forward, the Conergy Management Board says that it, "considers it very difficult to provide a new, reasonably accurate forecast." While demand is expected to increase in the second half of 2011, module prices are expected to fall, if only slightly. Conergy therefore expects increased earnings, however no figures were released in the statement announcing its Q2 financials.

Share

Related content

Elsewhere on pv magazine...

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Your email address will not be published.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.