Conergy AG (CGY.DE) reports that sales doubled (101%) for the first quarter to ¬173.1 million. It attributes the rise to strong growth in international business which accounts for 49% of sales.
Conergy markets its renewable energy systems for in 25 countries. Sales of solar thermal, wind- and bio-energy products rose significantly to 23.9% of total sales from 2.5% in Q106).
Solar projects that were deferred in December because of supply problems were booked in the first quarter and contributed EUR 37 million to sales. Wind 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 the second quarter.
Gross margins rose from 14-18%, compared with Q106. Losses before interest and tax (EBIT) was reduced by ¬2 million to ¬6.1 million, including start-up costs of ¬1.5 million for its solar panel production unit in Frankfurt/Oder. Net was ¬4.9 million, about the same as Q106.
The company confirms 2007 guidance of ¬1.25 billion in sales, and expects to double net income, reaching over Euro 60 million. Conergy expects positive cash flow for 2007.
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