Literature Review Women on boards and in TMTS and firm performance 97 Company growth was driven crucially by CEO Mar tin Rueter s aggressive expansion strategy pursu ed through the establishment of a large number of subsidiaries throughout the globe as well as through numerous acquisitions While the CONERGY Group had twelve national and nine international subsidiaries on January 1 2003 it had expanded by a multiple at the end of 2007 now counting 27 national and 56 international subsidiaries The CAGR from 2002 to 2007 for to tal staff was 72 percent and for international staff nearly threefold with 216 percent As expected international sales made a significant contribution to total sales from 2006 onwards and exceeded national sales by far after 2008 Unfortunately the expansion activities did not 2002 to 2005 the year of the company s IPO revenues grew at a CAGR of 94 percent For the period 2002 to 2007 CAGR for Group revenues still was 58 percent The following table 4 1 presents CONERGY AG s key financial figures from fiscal year 2002 to fiscal year 2007 Table 4 1 CONERGY AG key financial figures for FY 2002 to FY 2007116 Total sales Gross margin EBITDA EBITDA margin EBIT EBIT margin ROS Net profit loss Earnings per share Equity Ratio COMPANY FINANCIALS in EUR million 73 20 17 62 0 05 0 07 0 74 0 96 1 00 0 12 16 FISCAL YEAR 2002 122 38 35 05 2 08 1 70 0 90 0 74 0 40 0 05 28 FISCAL YEAR 2003 284 83 15 06 20 94 7 34 19 20 6 74 11 00 1 40 26 FISCAL YEAR 2004 530 17 16 13 50 30 9 49 47 43 8 95 27 80 0 98 44 FISCAL YEAR 2005 682 33 15 82 6 73 0 99 2 19 0 32 0 64 0 01 22 FISCAL YEAR 2006 restarted 719 14 03 163 20 22 70 213 30 29 67 213 00 6 5 12 FISCAL YEAR 2007 restarted contribute to earnings to the same extent Profi tability expressed through the EBIT margin or re turn on sales ROS figure developed in the oppo site direction and remained in the red from 2006 onwards The overly rapid expansion organically and by acquisitions was not only extremely costly but also increased complexity within the Group to an extent which posed a threat to the existence of the Group 4 5 3 Heightened acquisitiveness and exces sive expansion Rueter used SunTechnics business model the de sign and installation of photovoltaic systems as basis for CONERGY Having secured the necessary liquidity Rueter started to build up the company 16 All financial statement data on CONERGY AG are taken from the annual reports of CO NERGY AG as published on the company s website http www CONERGY group com investor relations aspx CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 97
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