DGAP-News: Q-Cells SE: positive result for 2010 - Continued focus on realignment
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Final Results
Q-Cells SE: positive result for 2010 - Continued focus on realignment
29.03.2011 / 07:01
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- Strategic realignment is starting to show results
- Sales grow by 70% to EUR1.35 billion in 2010 and EBIT to EUR82 Mio. Euro
- Prof Dr Eicke Weber new member of the Supervisory Board of Q-Cells SE
Bitterfeld-Wolfen (Germany), 29 March 2011 - Q-Cells SE (QCE; ISIN
DE0005558662), one of the world's leading photovoltaic companies, has
successfully completed its 2010 fiscal year with sales growing by 70% to
1.35 billion Euros following the start of the company's strategic
realignment in March 2010.
Realignment Dominated 2010
In March 2010, Q-Cells announced its strategic realignment to become an
integrated provider of PV solutions in the mid-term. The product portfolio
was considerably expanded beyond the production of solar cells and the
realisation of greenfield projects. Sales of about EUR 363 million, or 27%
of the total sales of EUR 1.35 billion, were already generated last year in
the new strategic business segments Solar Modules and Systems Business for
medium sized rooftop installations and small greenfield installations (the
so-called 'Commercial&Industrial or C&I' segment), thanks also to a very
strong market. These more profitable business segments offer Q-Cells more
sales and profit potential.
In addition, the international expansion of sales and production was a
company priority in the previous year. Last year, Q-Cells generated more
than 50% of its sales from customers outside Germany.
Positive 2010 Results
Sales for the full year 2010 increased by 70% year on year to EUR 1.35
billion. With that, Q-Cells is one of the largest solar companies in Europe
from a sales perspective. Profit before interest and taxes (EBIT) was EUR
82.3 million. Net income (from continuing operations) was EUR 90.9 million
for the full year 2010; including discontinued operations, the full year
net income was EUR 18.9 million.
Since last spring, Q-Cells has rigorously focused its investment portfolio.
In the fall of 2010, the Company implemented a series of capital measures
to refinance most of the convertible bond that will come due in 2012. Cash
and cash equivalents were EUR 473.9 at the end of the fiscal year, 15%
above the previous year figure.
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).
Marion Helmes, CFO of Q-Cells, comments: 'Q-Cells has a solid balance sheet
once again and has thus created room to manoeuvre in a difficult market
environment.'
New Supervisory Board Member
In March 2011, Prof Dr Eicke R. Weber agreed to become a new member of the
Q-Cells Supervisory Board. He will be appointed initially by court order
and will be nominated for election at the General Shareholders' Meeting in
June 2011. Eicke Weber succeeds the long time Supervisory Board member
Marcel Brenninkmeijer, who resigned from his position at the end of
November 2010.
Prof Dr Eicke Weber is Director of the Fraunhofer Institute für Solar
Energiesysteme ISE in Freiburg, the largest solar research institute in
Europe. In July 2008, he was appointed as Director to the SEMI
(Semiconductor Equipment and Materials International) International Board
of Directors. Eicke Weber has been awarded prestigious scientific awards
during his professional career, and he received the Award of Merit
(Bundesverdienstkreuz) from the President of Germany in 2006.
Using his expertise, Eicke Weber will contribute to the further expansion
of Q-Cells as a technological leader in the solar industry.
Flexible Production and Innovative Technology
In parallel with the expansion of its product portfolio, Q-Cells increased
its production capacity for solar cells and CIGS thin-film modules from 830
megawatt peak (MWp) to 1,235 MWp as of the end of 2010.
Q-Cells built up the production of crystalline solar cells during 2010
together with its processing partners: Flextronics in Malaysia and Hanwha
SolarOne in China (previously: Solarfun). This module production should be
expanded even further in 2011, mostly in partnership with selected
international processing partners.
The company is building an in-house production line in Thalheim for its
high-efficiency premium product Q.PEAK, in order to expand its
technological expertise in modules using the close integration between
research, development and production that exists at that location. Taken
together, these steps by Q-Cells have made its production capabilities very
internationalised and flexible.
In order to improve its product performance even further, Q-Cells intends
to transition its entire production capacities for solar cells during the
course of 2011 completely to the so-called 'next generation' technology.
The new product generation will be introduced at the industry fair
Intersolar in June 2011. It is based upon an optimization and design change
of production processes and significantly increases, as a result, the
efficiency of the manufactured cells: In the future, Q-Cells will produce
multicrystalline solar cells in series with peak efficiencies of more than
17%.
The first prototypes of modules that are processed using these 'next
generation' solar cells have already demonstrated their outstanding
performance capabilities in tests conducted under extreme climatic
circumstances at the Australian solar centre Desert Knowledge Australia in
Alice Springs. (www.dkasolarcentre.com.au).
As part of its quality offensive 'Q-Cells yield security', Q-Cells was the
only solar company worldwide to establish production standards for
unrivalled reliability of solar installations and thus secured again its
position as quality leader. Solar cells and -modules of the new generation
are now protected against possible voltage based loss of performance
(so-called PID - potential induced degradation). Moreover, material defects
(so-called Hot-Spots), which could lead to overheating and even fires, are
ruled out by comprehensive quality inspections. In addition, solar cells
are identified using a laser based coding procedure over the entire
production process - from the wafer to the cell and the module to the
system. Through these quality features Q-Cells increases the electricity
output and yields for its clients.
Development of International Markets
In order to benefit from the growing international demand for photovoltaic-
products and solutions, Q-Cells decided during the 2010 fiscal year to
focus on the development of international photovoltaic markets. To that
end, the Company secured market access in 15 countries that together
comprise more than 80% of the world market and represent, therefore, the
foundations of the Q-Cells international expansion strategy.
The Systems Business should also contribute to the further successful
expansion of international sales activities. For example, Q-Cells won
projects in the North American market with a total capacity of about 130
MWp; one of these projects with a capacity of 22 MWp has already been
realized. Here, Q-Cells will focus on the promising business segment for
smaller industrial and commercial photovoltaic installations (C&I),
primarily with the help of standardized solutions.
Continued Rigorous Implementation of the Strategy
'Our financial results show that our new strategic realignment in 2010 has
begun successfully. With the creation of new business segments and the
development of international markets, we have taken initial steps to
position the company well for the challenges that are ahead of us,' says
Nedim Cen, Chairman of Q-Cells SE. 'The photovoltaic market will be
significantly more demanding this year. We will continue to implement our
strategy rigorously so that we remain able to offer competitive products
and innovative solutions in the medium term also in a more difficult market
environment.'
Therefore, Q-Cells has established the following priorities for 2011:
- continued rigorous focus on the strategic realignment;
- further strengthening and internationalization of sales;
- continuous innovation through new products and high quality applications;
- further process optimization and ongoing cost reductions; and
- supported by highly qualified and motivated employees.
Given this background, Q-Cells seeks to generate sales of around the level
achieved in the previous year. The Company is planning for increasing
volumes in the production of solar cells and CIGS thin-film modules. The
portion of crystalline modules as a percentage of the total quantity sold,
about 17% in 2010, should be increased significantly in 2011. However, the
positive effects resulting from this increase will be reduced by expected
declines in selling prices.
Q-Cells plans new investments in 2011 of up to EUR 120 million. The
overwhelming portion of this amount will be used to invest in the complete
transition of solar cell production to the 'next generation' technology and
the expansion of an in-house crystalline module production line for the
premium product Q.PEAK.
However, overall at the current moment it is not possible to assess the
expected development for the financial year as a whole. On the one hand,
the effects of cutbacks announced but not yet quantified by the respective
governments in important European markets such as Italy, Germany, and
France, cannot be estimated at this time. On the other, the current
situation in Japan has opened a discussion regarding the future of nuclear
power, which will have an impact on the energy mix. From today's
perspective, what is clear is that the first quarter of 2011 has been
characterized by very weak demand as a result of the regulatory situation
and seasonal influences.
Further details can be found in the Annual Report 2010 and a presentation
on the published figures available on the Q-Cells SE website
www.q-cells.com under Investor Relations.
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 information:
Q-Cells SE
OT Thalheim
Sonnenallee 17 - 21
06766 Bitterfeld-Wolfen, Germany
www.q-cells.com
Corporate Communications:
Ina von Spies
Tel.: +49 - (0)3494 - 6699 10121
presse(at)q-cells.com
Investor Relations:
Stefan Lissner
Tel.: +49 - (0)3494 - 6699 10101
investor(at)q-cells.com
End of Corporate News
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29.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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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117322 29.03.2011
Datum: 29.03.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 33610
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