Conergy doubles third-quarter sales to EUR 100 million

Hamburg, 08 November 2005 / Hamburg-based Conergy AG (ISIN DE 00060 40025) doubled sales to EUR 100 million in the third quarter. The company announced that it is on track to boost annual sales to more than EUR 500 million, clearly surpassing last year's figure of EUR 285 million. As a result, Conergy is expanding its position as the German solar company with the strongest sales. Conergy is already in the process of realising regenerative energy projects with a total value of about EUR 180 million for the fourth quarter, which traditionally is the one with the highest sales by far in the solar projects segment. In order to enable on-time project implementation and a substantial expansion of its foreign business, the company has hired numerous staff for its local distribution channels and engineering teams in the first three quarters. As expected, earnings before interest, taxes and IPO costs (EBIT) rose to EUR 13.1 million in the first three quarters (Q1-3/2004: EUR 7.6 million). Given its project pipeline that awaits completion in the fourth quarter, Conergy expects to increase its profit for the year disproportionally to EUR 27 million.



Conergy's international expansion progresses swiftly

The company managed to almost quadruple its profitable foreign solar business in the first month of the year by achieving sales of EUR 34 million (Q1-3/2004: EUR 9 million). "Four successful takeovers and eight newly established international branches demonstrate that we have been moving ahead swiftly in the first nine months of the year. As well as expanding our operations further, we are also in the process of preparing further takeovers and foundings. They will considerably improve our international leverage in further lucrative regenerative markets," explains Hans-Martin Rüter, CEO and founder of Conergy AG. The energy demand for electricity, heat or cooling varies greatly in foreign markets. To address this fact, Conergy offers a wide range of solar products and has increased the international focus of its management team. The further expansion in North and South America, the European Mediterranean area, Asia and Australia will be supervised by highly experienced regional heads who will analyse and assess the diverse demand for regenerative energy in these regions. At the same time, they will review local players to identify takeover targets if they offer promising growth and profit potential, recruit experienced staff for new branches or forge new distribution partnerships. Conergy expects to increase foreign sales for the current year above plan to more than EUR 70 million and to generate growing profits.



The swift internationalisation of the distribution networks also serves as a sustainable distribution channel for the innovative solar products which are developed and launched on the global market by Conergy. Conergy's development and production activities benefit from the edge in experience of its more than 300 engineers. The expertise which they gained from planning and installing a wide variety of solar units of all sizes and from optimising the performance of more than 30,000 solar systems worldwide is truly unique. "Thanks to a strong jump in sales, we are on track not only to maintain our technological leadership in the field of complete solar systems but to become the world's leading provider of solar power inverters as well. We are gradually completing our product lines of self-developed power inverters and are setting new standards in terms of safety, design and comfort," says Hans-Martin Rüter. Conergy's product development is geared to meeting varying international customer requirements for electricity, heating or cooling from solar power. In order to achieve optimum synergies, Conergy has concentrated its production of state-of-the-art solar system components at Rangsdorf just outside of Berlin - a site it will continue to expand considerably in future.



Conergy intends to solidify its development into the leading systems provider for renewable energy on additional levels. To achieve this goal, Conergy plans to generate more than 50 percent of its sales abroad from 2008 and more than 50 percent through complementary regenerative products above and beyond photovoltaics such as solar cooling, solar heating, wind energy or even bioenergy. This strategy will generate additional sales and earnings potentials in lucrative and complementary business segments. It will also increase the flexibility of the Conergy Group in terms of being able to compensate for temporary demand fluctuations in regional markets through activities in other segments and divisions.

Contact at Conergy:

Svea Milena Schröder
Public Relations
Conergy AG

Anckelmannsplatz 1
20537 Hamburg
Germany

Phone: +49 (0)40 23 71 02-172
Fax: +49 (0)40 23 71 02-148
E-mail: press@conergy.com">press@conergy.com
Internet: http://www.conergy.com

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