DGAP-Adhoc: Q-Cells publishes preliminary figures for fourth quarter and financial year 2011

Q-Cells SE  / Key word(s): Final Results/Preliminary Results

06.03.2012 09:00

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Bitterfeld-Wolfen (Germany), 6 March 2012. According to preliminary,
unaudited figures, Q-Cells was able to increase its revenues in the fourth
quarter 2011 as compared to the previous quarter to EUR 353 million (Q3:
EUR 229 million). As a result, the company's sales revenues in 2011
exceeded the one-billion mark, reaching EUR 1,023 million. Production
volume in 2011 amounted to 783 megawattpeak (MWp), of which 717 MWp were
attributable to solar cell production (Malaysia's share: nearly 60%) and
66 MWp to production of thin-film modules by subsidiary Solibro GmbH.
Additionally, the company processed crystalline modules with a volume of
390 MWp at external partners' facilities as well as in its own module
processing facilities in Bitterfeld-Wolfen, Germany. These solar modules
were both used in Q-Cells' own projects as well as for module sales.

Due to the challenging market situation with persistently falling prices in
the fourth quarter 2011 as well as the expected difficult market situation
in 2012, the company was forced to conduct impairments on its property,
plant and equipment as well as on inventories based on its updated business
plan. One-off effects therefore had a strong influence on the fourth
quarter's EBIT. Impairments on property, plant and equipment of approx. EUR
226 million (net) became necessary after an update and validation of the
medium-term business plan. Impairments for inventories totalled about EUR
53 million. Moreover, the provisions for onerous contracts as well as
further one-off effects as part of necessary purchasing contract
negotiations burdened EBIT by approx. EUR 36 million. Reported EBIT for the
fourth quarter totalled approx. EUR -355 million (2011 in total: about EUR
-720 million). Without taking these additional effects into account, EBIT
for the last quarter totalled approx. EUR -40 million - slightly above the
previous quarter's EBIT (EUR -47 million). Net income for the fourth
quarter
2011 after interest and taxes totalled approx. EUR -393 million, according
to preliminary figures. Net loss for the whole year 2011 was approx. EUR
846 million.

Already at the end of January 2012, Q-Cells SE reported the loss of
shareholders' equity in the individual financial statement in accordance
with German GAAP (HGB) and issued an invitation to an extraordinary general
meeting in Leipzig on 9 March.

Furthermore, Q-Cells reported at the start of 2012 that cash and cash
equivalents had increased to approx. EUR 305 million by the end of 2011, of
which EUR 69 million are restricted cash and cash equivalents. One
substantial reason for the increase in cash and cash equivalents was the
reduction in net working capital, which exceeded the impairments on
inventories. Net working capital amounted to about EUR 152 million at
year's end, while still totalling EUR 287 million at the end of the third
quarter 2011. Net debt decreased by the end of 2011 to EUR approx. 432
million (end of Q3 2011: EUR 515 million) in particular due to the increase
in cash and cash equivalents.

All financial information is considered preliminary and has not yet finally
been approved by a public auditor. They are based on the assumption of a
going concern that can only be confirmed after both creditors and
shareholders have approved the planned financial restructuring measures.
Further changes to this financial information may become necessary due to
up-to-date information.

The company expects further losses during the demanding 2012 financial year
before achieving a positive EBITDA in 2013.

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 6699.10101
EMAIL investor@q-cells.com

Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699.10121
EMAIL presse@q-cells.com

Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO,
CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung


06.03.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
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
 
---------------------------------------------------------------------------