DGAP-News: Q-Cells SE / Key word(s): Interim Report
Q-Cells SE: Q-Cells SE publishes report as of 31 March 2011
12.05.2011 / 07:00
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PRESS RELEASE
Q-Cells SE publishes report as of 31 March 2011
- Weak market and regulatory uncertainties burden first quarter
- Sales of EUR 125.1 million and production of 313 megawatt peak in the
first quarter
- Operating income (EBIT) of EUR -10.6 million below the first quarter of
the prior year (EUR -9.3 million)
Bitterfeld-Wolfen, 12 May 2011 - Q-Cells SE (QCE; ISIN DE0005558662) has
recorded a significant drop in sales compared to the same period last year
as a result of weak market demand in the first quarter of 2011. Sales of
EUR 125.1 million were approximately 46 percent below the value for the
first quarter of 2010 (EUR 232.3 million), which however included the sale
of the utility-scale Strasskirchen project (EUR 72.5 million) and the
electricity trading company QCCS (EUR 19.8 million) that was sold at the
end of 2010. The seasonal weakness of the first quarter was aggravated by
regulatory uncertainty in the important solar markets of France and Italy.
Falling selling prices in the first quarter along with high prices for
solar wafers and silver in combination with weak demand have negatively
impacted the earnings position of the Company accordingly. Earnings before
interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 15.3
million, slightly below the prior year value of EUR 18.8 million. Earnings
before interest and taxes (EBIT) at EUR -10.6 million for the first quarter
of 2011 also came in slightly below the prior year period (EUR -9.3
million). The net loss for the period was EUR -41.1 million (Q1 2010: EUR
-46.4 million).
The production of solar cells and thin film modules totalled 313 MWp in the
first quarter of 2011. Of the 284 MWp solar cells, 163 MWp were produced in
the Q-Cells plant in Malaysia. The production of thin film solar modules
(Q.SMART at the subsidiary Solibro) amounted to 29 MWp (+74% compared to Q1
2010). Net working capital increased from EUR 339.8 million to EUR 494.2
million in the first quarter of 2011.
'Despite the currently challenging market environment, we are convinced
that we are on the right path with our strategic transformation' said Nedim
Cen, CEO of Q-Cells SE. 'We will continue the consistent pursuit of this
path.'
Q-Cells has responded to weak demand by adjusting its production of solar
cells and solar modules, both in the multicrystalline and the thin-film
segments. The existing flexible production concept with selected
international processing partners permits short-term responses to market
fluctuations in the module production segment as well. Capacities for
module production are to be expanded to 700 MWp by the end of the year. Up
to 130 MWp thereof is planned for the fabrication of the high-performance
module at the Thalheim site.
In addition to optimising production and processes, Q-Cells is also driving
the related technology advancements. Two new world records in the
development and production of solar modules underscore this claim: with
17.8% efficiency in the multicrystalline segment and 14.2% efficiency in
the thin film segment (respectively on the active aperture area). This
technology success constitutes proof that Q-Cells is highly innovative.
The current market situation shows that the photovoltaics industry remains
highly dependent on developments in the European core markets of Germany,
Italy and France. Even though the future markets in North America and Asia
are growing steadily, they were unable to compensate for weak demand in
Europe during the first quarter. However, Q-Cells sees great potential in
these international markets over the long term and continues to expand its
presence in 15 selected core countries, which jointly account for more than
80% of the global photovoltaics market. In order to convince international
customers with its products and solutions, Q-Cells intends to present the
next, even more powerful product generation - 'Next Generation' - at the
Intersolar industry trade fair in June 2011.
In the new strategic business area with smaller industrial and commercial
photovoltaic systems (Commercial & Industrial), Q-Cells received the
go-ahead for projects in France, Italy and the United Arab Emirates in the
first quarter of 2011 and has a pipeline that amounts to over 100 MWp in
total. Orders for utility-scale projects totalling 100 MWp are pending in
North America, some of which are already in the planning and construction
stages. The company has a total project pipeline in this business area of
around 300 MWp for 2011, with 130 MWp in the international and 170 MWp in
the German market.
Even in view of the current market situation, Q-Cells is standing by its
strategic plan to become a leading international supplier of photovoltaics
solutions. The company continues to optimise costs and processes,
purposefully drives the development of new, international markets and is
investing in innovative products and applications. Q-Cells counts on highly
qualified and motivated employees around the world.
'Despite the events in Fukushima and the intensive discussions in Germany
about an energy turnaround, structural changes on the international solar
markets are not evident over the short term,' said Nedim Cen, CEO of
Q-Cells SE. 'We will continue working diligently to improve our technology
and production processes, optimising the cost of our products and
applications in order to offer precisely tailored, high-yield solutions to
our international customers.'
As the first quarter of 2011 developed less favourably than in the previous
year and the demand situation for the second quarter as well as the second
half of 2011 is fraught with great unpredictability, a forecast for 2011
carries considerable uncertainties. The company's target to achieve the
same level of revenues as in the previous year can be reached, provided
that demand increases in the second half of 2011 and production capacities
are utilised accordingly. Due to the high degree of uncertainty about the
future development of purchase and sales prices, Q-Cells is presently
unable to provide a forecast for operating income in the current year. With
an increase in demand in the second half of 2011, a stabilisation of sales
prices, falling prices for wafers and silver and the realisation of planned
projects in the systems business, a positive operating income for the full
year is to be expected.
|[![CDATA[|[pre|]]]|]
EUR million (except production) Q1 Q4 Q1 2011
2010 2010
Production 174 297 313 MWp
MWp MWp
Sales revenues 232.3 386.9 125.1
Earnings before interest, taxes, 18.8 54.7 15.3
depreciation and amortization (EBITDA)
Operating income (EBIT) -9.3 27.7 -10.6
Net income for the period (after minority -46.4 50.0 -41.1
interests)
|[![CDATA[|[/pre|]]]|]
Contact
Q-Cells SE
OT Thalheim, Sonnenallee 17 - 21
06766 Bitterfeld-Wolfen, Germany
www.q-cells.com
Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
Tel.: +49 - (0)3494 - 6699 10121
presse@q-cells.com
Q-Cells Investor Relations
Stefan Lissner
Tel.: +49 - (0)3494 - 6699 10101
investor@q-cells.com
About Q-Cells SE
The Q-Cells Group is one of the world's leading photovoltaics companies and
offers a wide range of photovoltaic solutions, from solar cells and modules
to solar power plants. Q-Cells's products are developed and manufactured at
its headquarters in Bitterfeld-Wolfen (Germany) and marketed via its global
sales network. It also has a second production plant in Malaysia. More than
200 scientists and engineers at Q-Cells are working to swiftly advance
solar technology and achieve Q-Cells' twin aims: driving down the costs of
photovoltaics quickly and permanently, and making solar power competitive.
The close links between R&D and production enable Q-Cells to rapidly
translate cutting-edge innovation into mass production - and underpin its
ambition to be at the forefront of photovoltaic technology. Q-Cells is
quoted on the Frankfurt Stock Exchange (QCE; ISIN DE0005558662) and also
listed on the TecDAX, the German technology index.
Executive Board: Dr Nedim Cen (CEO), Dr Marion Helmes (CFO), Hans-Gerd
Füchtenkort (CSO)
Chairman of the Supervisory Board: Prof Dr Karlheinz Hornung
End of Corporate News
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Language: English
Company: Q-Cells SE
Sonnenallee 17-21, OT Thalheim
06766 Bitterfeld-Wolfen
Deutschland
Phone: +49 (0)3494 - 6699-0
Fax: +49 (0)3494 - 6699-199
E-mail: q-cells@q-cells.com
Internet: www.q-cells.com
ISIN: DE0005558662, Wandelanleihe 2012: DE000A0LMY64,
Wandelanleihe 2014: DE000A1AGZ06, Wandelanleihe 2015:
DE000A1E8HF6
WKN: 555866
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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124187 12.05.2011
DGAP-News: Q-Cells SE: Q-Cells SE publishes report as of 31 March 2011
| Source: EQS Group AG