Ad hoc: Q-Cells SE: Q-Cells SE: Weak market development burdens Q2 result>
Ad hoc: Q-Cells SE: Q-Cells SE: Weak market development burdens Q2 result
(Thomson Reuters ONE) - Q-Cells SE / Quarterly report / Ad hoc: Q-Cells SE: Weak market development burdens Q2 result Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------- Business development falls short of expectations in second quarter:preliminary revenue of around 142 EURm, expected EBIT of approx. -62EURm- Reliable whole-year forecast not possible due to uncertainty ofcurrent market situation- Management Board announces comprehensive package of measuresBitterfeld-Wolfen, 14 July 2009 - The prolonged weak development ofthe global photovoltaics markets has continued to negatively impactthe business development of Q-Cells SE (QCE; ISIN DE0005558662) inthe second quarter. The seasonal market upturn which the industry hadbeen anticipating to start in the second quarter has broadly notmaterialised for Q-Cells as yet. Lower sales volumes, thepostponement of a large scale project to the third quarter and thecontinued downward trend in solar cell prices has led, according topreliminary calculations, to a reduced revenue of around 142 EURm(previous quarter: 225 EURm) and to a considerable decline inoperating income (EBIT), to approx. -62 EURm (previous quarter: 15EURm). Due to existing agreements with suppliers, it has thus far notbeen possible to fully adjust wafer prices in the immediate term tothe lower price level of solar cells. Furthermore, the drop in celland wafer prices has led to non-cash relevant devaluations of currentassets. Despite this negative business development, Q-Cells maintainsa considerable financial reserve (cash and short-term availablecredit lines) of approx. 520 EURm as of 30 June 2009.In spite of an expected recovery in market volume in the second halfof the year due to seasonal upturn a generally tough marketenvironment is still being expected. Furthermore, the company expectsthe project business still to be largely dependent on the developmentof the financial markets. From a current standpoint, it will not bepossible to attain the revenue and production levels which had beenanticipated for the current business year. In light of this, theManagement Board is not making new revenue and production forecastsfor the current business year at this time.In dealing with the negative impacts of the current businessenvironment, the Management Board is developing a comprehensiveprogramme of measures, made up essentially of the following fivecomponents:- Further capacity alignments,- Further optimisation and reduction of capital investment programme,- Intensified cash flow and working capital management,- Intensifying and accelerating the existing cost-cutting programmeand- Pushing ahead with the project business by cooperating more closelywith selected financing partners.After agreement has been reached with the Supervisory Board, detailsof this programme will be presented along with the publication of thehalf-year results on 13 August. Further information will be providedby the Executive Board of Q-Cells SE at a conference call foranalysts and investors at 12.30 p.m. (CET). This conference call willalso be available as a webcast from the Investor Relations section ofthe Company's website (www.q-cells.com).Contact information:Q-Cells SEOT ThalheimSonnenallee 17 - 2106766 Bitterfeld-Wolfen, GermanyInvestor Relations:Stefan LissnerPhone: +49 - (0)3494 - 6699 10101investor(at)q-cells.comPublic Relations:Markus WieserPhone: +49 - (0)3494 - 6699 10111presse(at)q-cells.com --- End of Message ---Q-Cells SE OT Thalheim, Sonnenallee 17-21 Bitterfeld-Wolfen GermanyWKN: 555866; ISIN: DE0005558662; Index: CDAX, GEX, Prime All Share, TecDAX;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Stuttgart, Regulierter Markt in Frankfurter Wertpapierbörse;
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Datum: 14.07.2009 - 07:02 Uhr
Sprache: Deutsch
News-ID 3518
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