Conergy remains positive, despite Q3 losses

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Conergy’s Q3 financial results were significantly affected by the termination of its wafer sales contract with MEMC, announced in September. Overall, the German company had to pay back €18 million to MEMC and transfer operations and maintenance contracts for photovoltaic plants worth around 175 MW in Germany, Italy and Spain.

As such, Conergy recorded a Q3 EBITDA of €-31.7 million, compared to €0.5 million in Q2, and €-27.3 million in Q3 2011. "However, through this [termination] we have freed ourselves of a great burden, and can benefit substantially from this in the long term," said Conergy CEO, Philip Comberg. For the first nine months of 2012, EBITDA was €-38.8 million, compared to €-44.3 million in 2011.

EBIT, on the other hand, was €-35.1 million in Q3, compared to €-3.1 million in Q2, and €-104 million in Q3 2011, and €-49.7 million in the first nine months of 2012, up from €-133.5 million in 2011.

Overall, net loss after taxes fell to €-37.8 million in Q3, down from €-5.6 million in Q2, but markedly up from the €-62.2 million lost in Q3 2011. For the first three quarters of the year, net loss amounted to €-58.1 million, up from €-103.2 million in 2011.

Looking at sales, just 84 MW of product was sold in Q3, compared to 110 MW in Q2 and 90 MW in Q3 2011. This led to declining sales of €108 million, €30.7 million of which was generated in Germany, and €77.3 million abroad, compared to €145.5 million in Q2 and €182.4 million in Q3 2011.

In comparison, the first nine months of the year saw 264 MW of product sold, down from 289 MW in 2011, and sales of just €351.7 million, a decrease from the €570.9 million reaped in 2011.

For the full year 2012, Conergy expects to see lower sales than in 2011 and a negative EBITDA in the mid-double-digit million range. Going forward, it plans to strengthen its market position in Thailand. The U.S. is also said to be a key market.