Conergy AG: Conergy retracts annual forecast for 2011

Conergy AG  / Key word(s): Forecast

15.06.2011 18:52

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Conergy retracts annual forecast for 2011

Within the scope of its 2010 annual reporting, Conergy AG projected that
sales would rise to over one billion euros and its EBITDA would be in the
mid-double-digit millions for the 2011 fiscal year. Based on the
development of business to date, the company does no longer maintain its
forecast.

As reported, the industry-wide weak Q1 2011 led to a significant decline in
gross profit at Conergy, making it uncertain whether the annual targets
would be met. When publishing its results for Q1 2011, Conergy thus made
achieving its sales and earnings forecast dependent upon the development of
the second quarter.

The first months of Q2 2011 saw no significant improvement in the
international solar markets that would have been able to compensate for the
overall disappointing first quarter. Even though signs of a market revival
can once again be seen, in light of the course of business to date as well
as the unpredictable further development of the market, the Management
Board of Conergy AG is retracting its sales and earnings forecast for the
2011 fiscal year.

Conergy remains on target regarding the implementation of its refinancing,
which the Management Board expects to successfully conclude by the end of
July.


Contact:
Christoph Marx
Head of Investor Relations 
Conergy AG
Anckelmannsplatz 1
20537 Hamburg
Germany
T +49 40 271 42 - 1634
F +49 40 271 42 - 1639 




15.06.2011 DGAP's Distribution Services include Regulatory Announcements, 
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Language:     English
Company:      Conergy AG
              Anckelmannsplatz 1
              20537 Hamburg
              Deutschland
Phone:        +49 (0)40 27 142-1000
Fax:          +49 (0)40 27 142-1100
E-mail:       info@conergy.de
Internet:     www.conergy.de
ISIN:         DE0006040025
WKN:          604002
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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