Conergy hopes for 2013 upswing

German PV group Conergy narrowed its losses in 2012 and hopes to return to an operating profit this year by increasing its business in Asia, the US and eastern Europe.

Despite downward pressure on prices of about 40% during the year, Conergy reduced its net loss in 2012 to €99m ($126.7m) from €164.5m in 2011, the company said today.

The result was also dragged down by an €18m extraordinary item in the third quarter, relating to the early termination of a wafer supply contract with US company MEMC.

“The termination of the contract with MEMC was, next to other measures, a basic and logical step of our restructuring,” Conergy CEO Philip Comberg said. “Our target is to achieve a slightly positive Ebitda this year.”

Earnings before interest, taxes, depreciation and amortisation (Ebitda) in 2012 narrowed to a loss of €69m from a deficit of €80.3m a year earlier.

Conergy’s sales volume last year was equivalent to 370MW, down 6% from 393MW in 2011. Revenue fell to €121.8m from €183.2m.

Changes to support for PV in Germany led to a 14% decline in sales volume there last year, the company said, which could only partially be compensated for by gains in Greece, Italy and Thailand.