euro adhoc: Conergy AG / quarterly or semiannual financial statement / Conergy doubles sales in first quarter to EUR 173 million

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3-month report

16.05.2007

Conergy doubles sales in first quarter to EUR 173 million

- Above average growth in international business continues
- EBIT slightly improved
- Board confirms 2007 sales and profit targets
- Solar panel production in Frankfurt/Oder on target for Summer start-up

Hamburg, May 16th 2007. Conergy (ISIN DE 00060 40025), supplier of
renewable energy system components, achieved sales of EUR 173.1
million in the first quarter of 2007. This represents a rise of 101%
compared to the same period last year (EUR 86.3 million). The strong
growth in international business which already accounts for 49% of
sales contributed significantly to this result. Conergy already
markets its systems for the use of solar, wind and bio-energy in 25
countries, through its three key brands, which focus on the retail
customer, wholesale and investors respectively. Sales of solar
thermal, wind- and bio-energy products also rose significantly to
23.9% of total sales (2.5% in Q1 2006). When considering the
manufacturing segment quarterly results, the seasonal nature of the
business should be taken into account. Since the start of many large
projects is scheduled for spring, revenues and earnings in the first
quarter do not cover all of the cost of the preliminary work done on
such projects. As announced earlier the solar projects that were
deferred in December due to supply problems were booked in the first
quarter and contributed EUR 37 million to sales. The wind energy
projects, worth EUR 16 million, which were also deferred due to the
supply situation, have been delivered but will not be booked as sales
until connected to the grid in the second quarter.

Board confirms 2007 sales and profit targets

Thanks to the high, above-average order volume, sufficient supply
contracts, and project progress according to plan, the board confirms
the 2007 sales target of EUR 1.25 billion, together with a doubling
of net income for the year to over EUR 60 million. The gross income
margin in the first quarter of 2007 rose from 14 to 18%, compared
with the same period last year. The loss before interest and tax
(EBIT) was reduced by around EUR 2 million to EUR 6.1 million. This
includes start-up costs of EUR 1.5 million for Conergy´s solar panel
production unit in Frankfurt/Oder. The net loss amounted to EUR 4.9
million, around the same level as in the first quarter last year (EUR
-4.5 million).

Conergy creates architecture for global growth

As of March 31st 2007, the Conergy Group employed 1844 staff
worldwide (March 31st 2006: 873 staff) for the planning and
implementation of rising project sales in the course of the year.
Major projects are going according to plan. Preparations for the
start of Conergy´s solar panel production in Frankfurt/Oder in the
summer of 2007 are also going according to plan. The necessary raw
materials and components for more than 80% of the target volume of 50
MWp of Conergy´s own module production have been secured. Conergy
expects to be able to reach production of 50 MWp solar modules as
planned. Contractually assured purchasing contingents and Conergy´s
own production capacity currently exceed the planned output of 217
MWp for 2007 by 40 MWp. Supply reductions by one current supplier
have been overcompensated by two new suppliers.

Conergy expects positive operating cash flow for 2007

Payments owed from the 2006 end of year business, upcoming account
settlement for major projects as well as measures taken to optimise
project financing will lead to a reduction in receivables in the
second quarter, and thus also to a improvement in working capital of
at least EUR 70 million. Conergy expects that cash flow from
operating activities will be positive for both the second quarter and
the year as a whole. With an equity ratio of 39% Conergy is in a
solid position to finance future growth. For the purposes of working
capital and investment, several banks have made commitments for a
syndicated loan of more than EUR 600 million.

50/50/08: Conergy´s growth philosophy up to 2008

In the first quarter of this year Conergy already almost achieved its
target of generating more than half of its total turnover abroad.
Regional energy needs differ and it is intended that sales outside
the fast-growing Photovoltaic business should account for more than
50% of revenues. Fast-growing demand for solar thermal, wind and
bio-energy products will play a significant part. Conergy has reacted
consistently to these mega-trends with its range of products. The
range of products offers intelligent system technologies to meet the
rising worldwide demand for energy, in order to generate electricity,
heating or cooling from different renewable energy resources.

Besides inverters for the conversion of solar direct current into
alternating current conforming to the mains supply in all areas of
use, Conergy will develop and produce solar energy panels in a fully
integrated production unit in Frankfurt/Oder from summer of 2007. In
addition, Conergy produces collector panels for heating or cooling
using sunlight, as well as heat exchange pumps that can be used in
combination. Alongside these key high-tech solar technologies Conergy
also manufactures small wind power units and patented mounting
systems for renewable energy systems. Conergy, as one of the leaders
in technology for the development of the most efficient comprehensive
systems, is expanding its production lines, targeting the most
lucrative areas of renewable energy systems technology.

end of announcement euro adhoc 16.05.2007 07:00:00
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ots Originaltext: Conergy AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Thorsten Vespermann
Tel.: +49 (0)40 237 102 171
E-Mail: t.vespermann@conergy.de

Branche: Energy
ISIN: DE0006040025
WKN: 604002
Index: TecDAX, Technologie All Share, CDAX, HDAX, Prime All Share,
Midcap Market Index
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade