Literature Review Women on boards and in TMTS and firm performance 109 Capital markets trust in CONERGY further dwindled when in November the same year the company announced that its accounts were to be checked by German officials The outlook for the current year is subject to a critical examination of the balance sheet valuation principles of CONERGY AG as well as to the results from various working groups which are currently analyzing the CONERGY s busi ness areas In this context the German Financial Reporting Enforcement Pa nel FREP has informed CONERGY that it will examine the accounts for 2006 and for the first six months of 2007 CONERGY AG 2007 Nov 7 The company s accounts had to be restated after the FREP had scrutinised the 2006 and 1HY07 ac counts One accusation was that interim profits of several project companies were unduly included in the balance sheet Another said that revenues with company subsidiaries were falsely stated It was also alleged that a property deal was recogni zed incorrectly Among others all three allegations became subject of criminal proceedings against six ex top managers beginning in 2011 The charges were false accounting market manipulation and insider trading e g Murphy Reuters 2011 June 14 Werner 2011 July 19 The sales figure for 2006 was down about 70 mil lion from EUR 752 2 million to now EUR 682 3 mil lion Expenditures had risen in line with Rueter s excessive expansion In addition to the high acqui sition costs of EUR 43 5 million costs for continu ed internationalization had been EUR 8 7 million Personnel costs had increased disproportionately from EUR 27 0 million 2005 to EUR 55 4 million other operating expenses had almost tripled to EUR 63 2 million 2005 EUR 22 8 million Further material items in 2006 had been investments in the development of complementary technologies as well as in the set up of the new production plant The EBIT figure for 2006 had to be corrected downward from EUR 52 1 million to EUR 2 2 mil Total sales Gross margin EBITDA EBITDA margin EBIT EBIT margin ROS Net profit loss Earnings per share Equity Ratio COMPANY FINANCIALS in EUR million 682 33 15 82 6 73 0 99 2 19 0 32 0 64 0 01 22 FISCAL YEAR 2006 restated 719 00 14 03 163 20 22 70 213 30 29 67 213 00 6 5 12 FISCAL YEAR 2007 restated 975 30 13 52 147 40 15 11 181 90 18 65 306 60 3 47 44 FISCAL YEAR 2008 restated 600 90 19 57 10 70 1 78 36 80 6 12 79 30 0 2 18 FISCAL YEAR 2009 913 50 23 74 30 10 3 30 13 80 1 51 44 90 0 84 12 FISCAL YEAR 2010 754 10 16 88 84 10 11 15 182 80 24 24 162 10 1 67 6 FISCAL YEAR 2011 Table 4 2 CONERGY AG key financial figures for FY 2006 to FY 2011 CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 109
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