DGAP-News: Q-Cells SE publishes positive preliminary figures for financial year 2010 - strategic transformation is showing results
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Final Results
Q-Cells SE publishes positive preliminary figures for financial year
2010 - strategic transformation is showing results
22.02.2011 / 07:00
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Q-Cells SE publishes positive preliminary figures for financial year 2010 -
strategic transformation is showing results
- Sales grow by 70 % to EUR1.35 billion (2009: EUR790.4 million) and
operating income (EBIT) is positive at EUR82.3 million (2009:
EUR-362.5 million)
- Net working capital and net debt further reduced in fourth quarter
- Solar cell and solar module production volume exceeds 1 GWp for the first
time
Bitterfeld-Wolfen, 22 February 2011 - Q-Cells SE, one of the world's
leading photovoltaic companies, increased its sales in 2010 by more than 70
% year on year to a total of EUR1.35 billion (2009: EUR790.4 million). At
EUR387 million, total sales in the fourth quarter of 2010 were up 54 % on
the previous year, almost matching the results of the very strong third
quarter of 2010.
With operating income (EBIT) totalling EUR82.3 million, Q-Cells also
slightly exceeded the EBIT forecast for the financial year 2010 of EUR75
million to EUR80 million (Q4 2010: EUR27.7 million). The result after taxes
(from continuing operations) came to a total of EUR90.9 million in the
financial year 2010; net income including income from discontinued
operations amounted to EUR18.9 million.
In the fourth quarter of the financial year, Q-Cells also managed to reduce
its net working capital significantly, particularly in the systems
business. The Company had around EUR340 million in net working capital at
the end of the year - on 30 September 2010, it was still EUR646 million.
This is one of the reasons for cash and cash equivalents rising by 22 % to
EUR474 million in the fourth quarter and financial liabilities dropping by
more than a quarter to approximately EUR804 million. In the fourth quarter
of 2010, Q-Cell's net debt therefore went down by more than half to EUR330
million. The net debt to EBITDA ratio fell by 55 % to 1.8 (end of Q3 2010:
4.0). The Company's total equity ratio went up to 41 % as a result of the
successful refinancing measures in autumn and due to the positive business
development (end of Q3 2010: 31 %).
'Q-Cells has lowered its debt to a reasonable level,' said Marion Helmes,
CFO of Q-Cells SE. 'We have a healthy balance sheet structure that places
us in an solid position to master the challenges yet to come.'
The positive development of the 2010 figures went alongside the successful
step-by-step implementation of the strategic transformation.
New business segments 'Solar Modules' and 'C&I Systems' strengthen income
in the fourth quarter
The positive figures particularly reflect the successful expansion of the
modules business and the systems business for medium-sized roof-top systems
and small ground-mounted systems (so-called Commercial&Industrial). The
new business segments generated a total of EUR363 million, accounting for
27 % of annual sales. With high sales volumes in the fourth quarter in
particular, these segments contributed significantly to the results.
Q-Cells has driven the expansion of these two business segments in 2010
with full speed, relying on its strong brand as well as its own
high-quality solar cells, which form the basis for its solar modules and
solar systems.
The export rate totalled 67 % in the fourth quarter and is the result of
the successful expansion of Q-Cell's global sales activities. For the full
year 2010, Q-Cells recorded an export rate of just over 50 %.
'As previously announced, we once again achieved positive results in the
fourth quarter of 2010, despite significantly higher purchasing prices for
wafers and further materials in the solar industry,' commented Nedim Cen,
CEO of Q-Cells SE. 'Our figures show that we have made the right strategic
decision by adding products and systems with stronger margins to our
portfolio. We will continue to consistently implement this strategy,
especially as the market is more challenging in 2011.'
Q-Cells expands international business
After successfully completing the restructuring program in the summer of
2010, Q-Cells secured its medium-term liquidity by implementing financing
measures in September 2010. This gives the Company sufficient leeway for
further international growth. In 2010, Q-Cells already secured market
access in 15 countries around the world, which account for over 80 % of the
global photovoltaic market volume. Q-Cells continued to expand in
the core markets France and Italy and also managed to enter the North
American market. Here, Q-Cells has already been awarded projects with a
total volume of some 120 megawattpeak (MWp). In addition, country offices
were established in Australia, India and the UK in 2010.
For the first time in 2010, Q-Cells produced more than 1 GWp in solar cells
and modules. Compared to the previous year, production increased by 84 % to
1,014 MWp (approximately 940 MWp in solar cells and 74 MWp in CIGS
thin-film solar modules). The Company increased total production capacity
to 1.3 GWp during the course of the year. This figure includes its own cell
production lines in Germany and Malaysia as well as the German thin-film
module production line. On top of that, Q-Cells manufactured
polycrystalline solar modules with a total capacity of 400 MWp with
international partners. The Company will continue to expand production
capacities in the module business in 2011. Plans include a dedicated
production line at the Thalheim site for the high-performance solar module
Q.PEAK.
Solar modules made by Q-Cells have demonstrated their leading edge
technology in testing at the renowned test site in Alice Springs,
Australia, with above-average performance even under extreme climatic
conditions (www.dkasolarcentre.com.au).
The successful implementation of the new strategy and the ensuing sales in
2010 are an important step on the path to become an international provider
of photovoltaic-solutions.
A presentation of the 2010 preliminary figures is available for download on
the Q-Cells SE website (www.q-cells.de) in the Investor Relations section.
About Q-Cells:
The Q-Cells Group is one of the world's leading photovoltaics companies.
Its extensive product portfolio ranges from solar cells and modules to
turnkey photovoltaics systems. Q-Cells' 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.
The 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.
Contact:
Q-Cells SE
OT Thalheim
Sonnenallee 17 - 21
06766 Bitterfeld-Wolfen
www.q-cells.de
Corporate Communications:
Ina von Spies, Alberta Rohardt
Phone: +49 - (0)3494 - 6699 10121
presse(at)q-cells.com
Investor Relations:
Stefan Lissner
Phone: +49 -(0)3494 - 6699 10101
investor(at)q-cells.com
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(at)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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112977 22.02.2011
Datum: 22.02.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 33261
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