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30Conergy AG I Annual Report 2010Accounting and audit of financial statementsConergy AG prepares its consolidated financial statementsand its interim consolidated financial statementsin accordance with the International Financial ReportingStandards (IFRS) as applicable in the European Union.The annual financial statements of Conergy AG are preparedin accordance with the provisions of the GermanCommercial Code. The annual financial statements andthe consolidated financial statements are prepared bythe Management Board and examined by the auditorand Supervisory Board. The audit committee discussesthe quarterly financial statements with the ManagementBoard prior to publication.The Company’s auditors were elected by the GeneralShareholders’ Meeting in accordance with the regulationsof the German Stock Corporation Act. Deloitte &Touche GmbH Wirtschaftsprüfungsgesellschaft, Munich,Hamburg branch office, were appointed as auditors forthe 2009 consolidated financial statements and the 2009annual financial statements of Conergy AG according tothe German Commercial Code. The Supervisory Boardobtained the statement by Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaftregarding its independence,as required under the German Corporate GovernanceCode, before it submitted its election proposal. The auditswere conducted in accordance with German auditingstandards and taking the generally accepted Germanstandards for the audit of financial statements promulgatedby the Institute of Public Auditors (IDW) into account.The International Standards on Auditing were also takeninto account. They also included the risk managementand compliance with the reporting duties related tocorporate governance under Section 161 AktG.We also entered into a contract with the auditor pursuantto which they must notify the Supervisory Boardimmediately, while the audit is in progress, of anygrounds for excluding them, any partiality on their partas well as any material findings and events.TransparencyThe Conergy Group complies with the principle ofnon-discrimination under capital market legislation. Inorder to implement this policy, the same informationmust be available at the same time. Both institutionalinvestors and private investors can use the Conergywebsite (www.conergy-group.com) to obtain informationon significant dates and current corporate developments(including ad-hoc releases) in a timely manner.Relevant corporate news items are also announcedby means of press releases in German and English,which are also published on the website.The fact that individual shareholdings attain, exceed orfall below 3, 5, 10, 15, 20, 25, 30, 50 or 75.0 percent ofthe Company’s voting shares is published in a pan-European information system immediately after theCompany receives the respective notification pursuantto Section 21 German Securities Trading Act (WpHG).In accordance with Section 15a WpHG, certain individualsmust disclose the acquisition and disposal ofCompany shares and of any associated financial instruments.Such individuals include members of theManagement and Supervisory Board for Conergy AG,as well as certain members of managerial staff andpersons with whom they have close relationships.Conergy AG was not informed of any reportable securitiestransactions under Section 15a German SecuritiesTrading Act in the reporting period (1 January to31 December 2010).Service and information for shareholders ofConergy AGConergy AG uses a financial calendar to inform itsshareholders as well as analysts, shareholders’ associations,the media and the interested public on a regularbasis. This calendar is published in the annual reportand in interim reports, and is also available on theCompany website. In preparation for the GeneralShareholders’ Meeting, and to make it easier for themto exercise their rights, shareholders are informedcomprehensively on the past financial year as well asthe upcoming agenda prior to the meeting by way ofthe annual report and the invitation to the GeneralShareholders’ Meeting itself. All documents and informationreferring to the General Shareholders’ Meetingare also published on the Company website, includingthe annual report.
31Top quality – from a single sourceCorporate Governance | The Conergy Share IManagement Board and Supervisory BoardGroup Management ReportConsolidated Financial StatementsFurther InformationThe Conergy shareThe global economy clearly recovered in 2010, oneyear after the serious economic crisis. Particularly theGerman economy developed significant momentum inthe financial year just ended. These positive developmentswere also reflected in the stock marketsthroughout the year even though the upturn sloweddown intermittently due to the euro debt crisis or theongoing recession in the United States.The DAX (Deutsche Börse AG’s leading stock index)succeeded in closing the financial year just ended withsubstantial gains on the strength of positive economicdata – especially from Germany – as well as good corporatenews. Having opened the year at 5,976 points,the DAX passed the threshold of 6,000 points as earlyas in March. It closed the year at 6,914 points (afterbreaching the 7,000 point threshold in December) for again of 16.0 percent.The TecDAX, an index of technology stocks, closed at851 points on 30 December 2010, a gain of only4.0 percent on the year’s opening of 818 points. Theyear 2010 was a very difficult one for the solar companieslisted on the TecDAX owing to the debate onChinese competition, reduced or adjusted feed-intariffs in numerous countries as well as market observers’constrained outlook for the industry in the comingyears. Conergy AG’s stock closed the 2010 financialyear at EUR 0.50 per share, a loss of 24.24 percentfrom the year’s opening price of EUR 0.66. The Company’smarket capitalisation was EUR 199.04 million.As part of its routine review of the composition of itsstock indexes, Deutsche Börse AG notified ConergyAG on 3 March 2011 that the Company’s share wouldno longer be listed in the TecDAX. The delisting occurredon 21 March 2011.Price chartShare price performance 2010 (indexed; 100 = XETRA opening price on 4 January 2010)140120100806040200January February March April May June July August September October November DecemberConergy Restated TecDAX Restated ÖkoDAX Restated
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2011 Financial calendarTuesday, 29
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