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 Conergys 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 companys 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.
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