euro adhoc: Conergy AG / quarterly or semiannual financial statement / Conergy grows according to plan: profitably and with even greater proportion abroad (E)

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Disclosure announcement transmitted by euro adhoc.
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09.08.2006

- Management sees Conergy slightly ahead of plan for jump in sales and earnings
in 2006
- At half-year, foreign sales have tripled
- Group’s accumulated earnings at half-year are in the black
- At least 50% increase in growth expected for sales and earnings

Hamburg, 9 August 2006. The Hamburg firm Conergy AG (ISIN DE 00060 40025) is
further increasing its worldwide market share with the goal of becoming the
world’s leading system provider for renewable energy. After numerous
construction sites became free of frost and snow, operational business rose
noticeably in the second quarter. The tripling of sales abroad, up to 60.5
million euros (period in previous year 20.4 million euros), was the principal
factor leading to the fact that total sales for the half-year showed a
substantial increase, up 62 per cent to 245 million euros (period in previous
year 150.8 million euros). Conergy has thus exceeded targets, since it was
planned to increase total yearly sales by least 50 per cent compared to last
year (530 million euros) to more than 800 million euros.

Conergy now ranks among the European top five for solar heat

Conergy is today already the European solar energy provider with the highest
sales figures. Thanks to persistent expansion of sales networks and targeted
acquisitions, Conergy is moving towards becoming one of the leading providers of
solar heat and bioenergy on the continent. Growth markets, which are being
driven by oil prices in particular. Conergy is thereby attaining significant
synergy effects in core customer groups which help to ensure sustainable
profitability, win new customers, and provide stability in the face of market
fluctuations. Conergy plans to generate more than 50 per cent of total sales
outside of the still-growing core business of photovoltaics, as well as abroad,
as early as 2008. To achieve this, eleven new sales points have opened around
the world since the beginning of the year and eight companies have been
acquired. Conergy is thus continuing to increase its proximity to customers in
the USA, Spain, Germany, Australia, Austria and Switzerland. Thanks to new
market entries in Italy, Singapore, Brazil, Belgium and Cyprus, Conergy is
currently already represented in 22 countries on five continents. Targeted
acquisitions mean that the worldwide sales effort has the appropriate
technologies available, in addition to solar energy and bioenergy, in order to
offer a range of renewable products adapted to the extremely diverse regional
requirements for heating. Besides thermosyphoning systems, fin absorbers and
drain-back technology for warm water and as heating support, Conergy also offers
its customers geothermal heat pumps and Enerbus, an energy management system for
efficient heating, cooling and air conditioning of buildings using a combination
of different renewable energy systems.

Conergy shows half-year profits despite investments for growth

The accumulated group earnings for the semester, with an EBIT totalling 8.2
million euros, have thus completely compensated for the extra costs incurred by
the investments necessary for the expansion of business operations already in
the second quarter. To prepare for the second semester, which will bring
increased sales due to system installation, Conergy carried out the main
investments needed in the first half-year. The number of employees (FTE) has
thus more than doubled in comparison to the previous year (510) to 1,091, which
is partially due to the increased real net output ratio. Despite corresponding
higher costs and traditionally lower sales in the system installation business
in the first semester, a positive accumulated result for the group (0.5 million
euros) has already been attained. At the end of the year, Conergy expects sales
to exceed 800 million euros and profits after tax to increase to more than 40
million euros. A variety of large projects for renewable energy are already
being implemented to this end. Thanks to the substantial expansion of its own
production, global sourcing and its unique worldwide customer-oriented sales
network Conergy considers itself fully prepared to flexibly adapt to regional
price fluctuations around the world.

Conergy expects additional growth and profit potential

Conergy expects, as was previously the case, to benefit to a greater extent than
the competition from the tendency towards decreasing procurement costs for
regenerative system components. "Conergy consistently concentrates on its
customers. As market leader, we use our practical experience and our purchasing
power for product innovations, which offer customers added value and further
improve our competitiveness. The current investment in new products, sales and
procurement is laying the foundations for continuing our disproportionately high
growth", declared Hans-Martin Rüter, Chairman of the Board and founder of
Conergy AG. As the basis for this growth its own production capacity has been
correspondingly multiplied and with regard to procurement, in addition to
sufficient quantities of solar modules from more than 20 suppliers around the
world, supplies of extremely pure solar silicon in increasing quantities have
been ensured. Furthermore, sales of self-developed and manufactured solar system
components such as inverters, solar collectors, small wind power systems and
mounting systems are in constant progression. Conergy expects even more
substantial benefits from its further steps towards an increased real net output
ratio for renewable system technologies as early as 2007.

Further inquiry note:
Thorsten Vespermann
Tel.: +49 (0)40 237 102 171
E-Mail: [email protected]

end of announcement euro adhoc 09.08.2006 07:11:28
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emitter: Conergy AG
Anckelmannplatz 1
D-20537 Hamburg
phone: +49 (0)40 237 102 0
FAX: +49 (0)40 237 102 148
mail: [email protected]
WWW: http://www.conergy.de
ISIN: DE0006040025
indexes: TecDAX, Technologie All Share, CDAX, HDAX, Prime All Share, Midcap
Market Index
stockmarkets: official dealing/prime standard: Frankfurter Wertpapierbörse, free
trade: Börse Berlin-Bremen, Hamburger Wertpapierbörse, Börse
Düsseldorf, Niedersächsische Börse zu Hannover
sector: Energy
language: English

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