Conergy Reports Improved Operating Result for 2009

Conergy AG, Hamburg, one of the major German solar companies, reported a significantly improved operating result for the whole of 2009 and a return to a positive operating result in the fourth quarter.

Despite the financial and economic crisis and a sharp decline in demand from the Spanish market, Conergy generated earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR -10.8 million in 2009, compared with EUR -147.3 million the previous year. In the fourth quarter of 2009, with a revenue of EUR 244.4 million, Conergy recorded positive EBITDA again for the first time, generating EUR 36.8 million (previous year: EUR -130.3 million). This figure includes revalued receivables of EUR 34.2 million against MEMC which Conergy had written down as prepayments in its 2008 financial statements as a precautionary measure.

“Our figures show that the trend is moving in the right direction.We are therefore aiming to get back into the black with our operating result in 2010 – although the future development of the market in Germany will, of course, continue to play an important role,” said Dieter Ammer, CEO of Conergy AG.

Source: Conergy

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