Literature Review Women on boards and in TMTS and firm performance110 lion CONERGY s 2006 restated EBIT margin or re turn on sales ratio ROS of 0 3 percent originally 6 9 percent indicates poor operational efficiency and profitability notably as it was hugely surpas sed by the corresponding double digit figures of its peers Q Cells for example achieved a 24 percent EBIT margin and Solarworld presented 35 percent both with comparable annual revenues above EUR 500 million and rapid organizational growth Although Phoenix Solar remained on a low level with an EBIT margin between 4 and 8 percent the company at least managed to maintain this level until the industry s collapse in 2009 2010 The comparison of the return on sales ratios not surpris ingly shows strong analogies to the comparison of CONERGY s share price with the benchmark indices The following figure 4 5 shows the development of the return on sales figures of CONERGY and selec ted peers over time Figure 4 5 Return on sales ratios of CONERGY AG and selected peers 60 40 20 0 20 40 60 80 2006 2007 2008 2009 2010 20112002 EB IT r ev en ue s 2003 2004 2005 Q Cells Solarworld Phoenix Solar Conergy Source Companies annual reports 2002 2010 Despite all these alarming signals for CONERGY s negative development and probably not corres ponding to reality CEO Rueter in February 2007 experienced the height of his career He received the Entrepreneur of the Year Award from the European Business Award Due to the substantial past investments in its ex pansion CONERGY s solid capital base had shrunk significantly since the IPO In order to strengthen the capital base and to finance further growth the company successfully placed 2 999 999 shares in an equity issue without subscription rights to Ger man and international investors in March 2007 The placing price had been EUR 50 per share The proceeds of the transaction amounted to approxi mately EUR 150 million and thus even exceeded IPO proceeds Proceeds were to have been used for up front investments to secure supplies of solar grade silicon and to reduce purchasing prices as well as for further acquisitions CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 110
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