Literature Review Women on boards and in TMTS and firm performance106 year meaning that all relevant people and contracts are in place to have pro duction up and running from mid 2007 Citigroup Company Flash 2006 Nov 13 The CEO responsible for strategy and marketing apparently communicated the motivation behind and the preparations for its strategic decision with success The analysts positive assessment may have resulted partly from Rueter s communicati on skills and persuasiveness The strategy change was also appreciated by other brokers as it was to improve CONERGY s positioning in the market This change in strategy would make CONERGY comparable to integrated pro ducers such as Solarworld with the advan tage of a high quality distribution network with global reach We regard control over quality and availability and mostly lower sourcing costs by innovative producti on processes to be the key motivation Deutsche Bank Results Review 2006 Nov 14 4 5 6 Failures in procurement and pressure to fully utilize production plant In 2006 CONERGY had decided to build its own production plant for wafers cells and modules in Frankfurt Oder in Eastern Germany Start of production was scheduled for the second half of 2007 The initial capacity of 50 MW in 2007 was to increase fivefold to 250 MW by 2008 Securing cost and leadership quality on the global market was the objective thus creating the foundation for further dynamic growth in its core business CONERGY AG 2006 Nov 12 Despite the enor mous investment of EUR 250 million a group of analysts assessed the return potential as being substantial even under the assumption of ero ding prices and margins Citigroup Company Flash ject planning of power plants technical realization and marketing to investors who at a later stage participated in the project company As of Decem ber 31 2006 the number of project companies had reached 397 55 thereof consolidated At the end of 2007 the number had further increased to 442 113 thereof consolidated In addition the Group had 41 intermediary holdings Financial ac counting for these project companies should soon become a serious problem for CONERGY After the crisis year of 2007 these numbers were quick ly decreased by disposals from the sale of com panies and other disposals down to 187 project companies 14 consolidated and 14 intermediary holdings at the end of 2010 On November 12 2006 CONERGY positively sur prised capital markets with an unexpected stra tegy change By announcing that it would build the world s first and only fully integrated mass production of wafers cells and modules in Frank furt Oder in Eastern Germany creating more than 1 000 jobs CONERGY was to transform from a wholesaling distributing and project develop ment company into a fully integrated solar pro ducer Even though external procurement of solar components from third party suppliers was also to be continued the Group intended to reduce its dependence from suppliers by its own producti on Total investments for the new production plant were estimated at EUR 250 million a significant sum considering CONERGY s revenues and profita bility Analysts take was yet that this was big and positive re iterating their buy recommendation This is a well thought through and well planned decision by CONERGY meant to further support its distribution business rather than a complete reversal of stra tegy CONERGY has been exploring and planning this opportunity for almost a CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 106
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