In the first quarter of 2013, Conergy AG posted a net loss of -17.8 million, a significant improvement compared to Q4 2012 of -40.9 million, and a slight advance from -14.7 million in Q1 2012.
Sales in the first quarter of 2013 reached 122.2 million, up 24% on the previous year (98.2 million), but almost equal to Q4 sales in 2012 at 121.8 million. The European markets represented just 21% of the total sales, with 89% of its sales generated abroad.
Despite an unfavorable market situation, the company managed to increase its shipment volume by 83% to 128 MW in Q1, compared to the same period in 2012, as it shipped 70 MW. In the first quarter of 2013, shipment volume accounted to 128 MW. A slight decline, compared to Q4 2012, when Conergy shipped 105 MW of product.
In fact, in the Asia-Pacific and America region it increased volume by 92% to around 33 MW, compared to Q1 2012 at 17 MW. In Thailand, Conergy tripled its sales volume, thanks to several large-scale shipment orders.
With respect to gross profit, the German firm suffered a decline of 2.6 million to 17.7 million in Q1 2013 from 20.3 million in Q1 2012, due to a "sharp fall in prices in the fourth quarter of 2012," said the company in a statement. However, compared to Q4 2012 as it posted 10.7 million, it meant an increase.
The gross profit margin remained stable at 14.5%, compared to the average margin obtained in 2012. Nonetheless, it has come down from 20.7% year-to-year.
Looking ahead, the Hamburg-based company expects to reap sales of between 700 million and 800 million in 2013.
In other news, Conergy today announced it is issuing an unsecured convertible bond totaling 4.5 million to two strategic investors. This convertible bond will provide the company liquid funds in the same amount, according to a company statement released today.
"The convertible bond will be due 30 June 2015 and is issued with the exclusion of shareholders' subscription rights and exclusively subscribed by two strategic investors," the company statement added.
Moreover, the bond has a fixed annual coupon of 7% and includes the investors' right to convert it to ordinary shares of Conergy of up to 4.35 million, the statement said.
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: email@example.com.