Q-Cells SE / Key word(s): Interim Report/Forecast
14.11.2011 07:00
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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- Revenues of EUR 228.8 million and EBIT of EUR -47.3 million in third
quarter
- Liquidity increased in third quarter of 2011, reducing full year guidance
as precaution
- Revenue target of EUR 1 billion confirmed for 2011
- CFO Marion Helmes resigns upon her own request - Supervisory Board
re-assigns positions within Executive Board
Bitterfeld-Wolfen, 14 November 2011. Q-Cells SE, one of the world's leading
photovoltaics companies, has generated comparatively solid quarterly
results in view of a market environment which also in the third quarter was
significantly more difficult than had generally been expected. The
company's revenues in the third quarter amounted to EUR 228.8 million,
following revenues of EUR 316.0 million in the preceding quarter, which
included a major utility project. Revenues for the first nine months total
EUR 669.9 million. The company expects that the implementation of several
major utility projects in the fourth quarter will produce revenues of a
level similar to the second quarter. Thus the company confirms its target
to reach some EUR 1 billion in revenues for the current year. In the third
quarter, the operating result was again negative, standing at EUR -47.3
million: this result was due largely to the continued fall in prices while
purchasing prices declined with a time lag. Also, underutilisation of
production capacities as well as expenditures for measures initiated in
August 2011 had impacted operating results. On the other hand, unlike the
preceding quarter, the third quarter was not affected by major write-offs.
Instead, Q-Cells achieved its first positive free cashflow in 2011 of EUR
41.9 million, thereby among others lifting its cash and cash equivalents
from EUR 169.5 million in the second quarter to EUR 230.3 million in the
third quarter. The development of our module business was uplifting:
shipments in the third quarter were the highest recorded so far this year.
Initial orders for the flat roof system unveiled in September also prove
that the strategy of expanding photovoltaic applications is bearing fruit.
In the first nine months of 2011, the share of solar cells sales in total
sales fell from 69.2% compared to 46.5% in the previous year.
Re-assignment of Executive Board positions
Marion Helmes resigned from her position as CFO of Q-Cells SE by her own
request with effect from 14 November 2011 end of day. The Supervisory Board
accepted her resignation but regrets her decision. Marion Helmes
contributed significantly to the development of the company's financial
organisation during her time as an Executive Board member. The Supervisory
Board would like to thank her for her commitment. The Supervisory Board
decided to reduce the Executive Board to two members in view of the
company's current situation. Responsibilities will be re-assigned: Nedim
Cen will assume the position of CFO in addition to his role as CEO. COO
Andreas von Zitzewitz will take over the additional responsibility for
Marketing and Sales from Nedim Cen.
Outlook
As previously stated, Q-Cells expects revenues of approximately EUR 1
billion and an operating result in the negative three-digit million range
for the full year 2011. This includes an expected operating loss in the
fourth quarter, as already published in August.
Sales prices in the first half year of 2011 have fallen more than expected
due to weak demand. In addition, uncertainties regarding the further
development of the photovoltaic market have not diminished in the past
quarter contrary to expectations. These developments could have a negative
impact on the planned increase in cash and cash equivalents in the fourth
quarter of 2011. Although the current liquidity forecast still is in the
latest forecast range of 300 to EUR 350 million, the company has taken the
precaution of lowering the liquidity forecast for the end of 2011 due to
still existing uncertainty about the operational development in the fourth
quarter 2011. By the end of the third quarter, Q-Cells was able to increase
cash and cash equivalents to EUR 230.3 million. The company expects a
further increase of cash and cash equivalents to up to EUR 300 million
until the end of the year 2011. This is expected to include restricted cash
between EUR 60 to 70 million.
With a view to the cash and cash equivalents required for the operating
business, it cannot be excluded that the company will not be able to fully
repay the convertible bond due in February 2012. Against this background
Q-Cells has contacted important bondholders who are invested in the
company's convertible bonds. Already at the end of October, the holders of
the 2012 bond had elected a joint representative, thereby creating the
possibility to defer the maturity of the convertible bond 2012 to a point
in time after February 2012.
As already announced, Q-Cells has mandated investment bank Houlihan Lokey
with assessing possible options. In connection with the company's financial
liabilities, Q-Cells is currently also updating its medium-term business
plan as announced, being validated by a renowned business consultancy. The
process of preparing this plan is in advanced stages and due to be
concluded in the course of November.
Please find a presentation regarding the results of the third quarter on
our website www.q-cells.com in the investor relations section
CONTACT
Q-Cells SE
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699 10000
WEB www.q-cells.de
Q-Cells Investor Relations
Stefan Lissner
TEL +49 (0)3494 6699 10121
EMAIL presse@q-cells.com
Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699 10121
EMAIL presse@q-cells.com
14.11.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Q-Cells SE
Sonnenallee 17-21, OT Thalheim
06766 Bitterfeld-Wolfen
Germany
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
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Q-Cells SE: Q-Cells presents report for third quarter 2011
| Source: EQS Group AG