DGAP-News: Q-Cells SE: Supervisory Board agrees realignment package on innovation, cost reduction and productivity gains and changes Executive Board
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Quarter Results
Q-Cells SE: Supervisory Board agrees realignment package on
innovation, cost reduction and productivity gains and changes
Executive Board
12.08.2011 / 07:00
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PRESS RELEASE
Supervisory Board agrees realignment package on innovation, cost reduction
and productivity gains and changes Executive Board
Bitterfeld-Wolfen (Germany), 12 August 2011 - The Supervisory Board of
Q-Cells SE yesterday approved the realignment package which the Executive
Board had announced on Wednesday in order to reduce costs and agreed
changes in two Executive Board positions. Furthermore, both the second
quarter results 2011 and the half year report have been published today
after the Executive Board had already announced key parts of the results on
Wednesday.
The realignment programme
The approved realignment programme is aimed to strengthen the competitive
position of the company further, in particular through the reduction of
production costs for solar cells and modules and through additional savings
of between 25 and 30 percent in central services. The plan is to avoid
enforced redundancies. Research and development is being expanded to
include the full spectrum from solar cells to solar systems and
applications to become even quicker at developing marketable products with
competitive system costs. Sales activities will also focus even more
strongly on customer groups and international target markets and sales
structures will be simplified. Overall the aim is to strengthen innovation,
improve productivity and reduce costs.
Changes in the Executive Board
In its meeting on 11 August 2011, the supervisory board has appointed
Andreas von Zitzewitz as a Member of the Executive Board. He will assume
the position of COO and will be responsible for Production, Research&Development, Purchasing, Logistics and Quality. CEO Nedim Cen had
temporarily assumed these tasks since Gerhard Rauter left the Company in
May 2011. Andreas von Zitzewitz has extensive management experience in the
fields assigned to him, which he had gathered in his last position as an
Executive Board member of the solar company Conergy and prior to that at
the semiconductor producer Infineon Technologies and at Siemens. The
51-year old electrical engineer, who graduated with a doctorate, will focus
on strengthening Q-Cells' competitive position with regard to crystalline
solar cells, solar modules and solar systems as well as CIGS thin-film
modules of the subsidiary Solibro.
'I am delighted to have secured the services of Andreas von Zitzewitz. He
is an experienced manager who will focus on driving innovation and
productivity and is in a position to make a key contribution to improving
the competitive position of the company,' comments Karlheinz Hornung, Head
of the Supervisory Board of Q-Cells SE.
Hans-Gerd Füchtenkort, up until now responsible for Marketing&Sales, has
decided to step down from his Board position and leave the company. Since
joining Q-Cells in May 2010 he has laid the foundations for a strong
international sales organisation and established the necessary structures
for strong performance in the future. He has offered to remain an advisor
to the company. Until a decision on a possible successor has been taken,
Nedim Cen will take on responsibility for Sales&Marketing on an interim
basis.
'We thank Hans-Gerd Füchtenkort for his achievements in implementing the
international sales structure. His extensive experience that was brought to
bear during the implementation phase will remain available to the company',
stated Karlheinz Hornung, Head of the Supervisory Board of Q-Cells SE.
Half Year Report 2011
Key parts of the half year report as published today had already been
announced by the Executive Board of Q-Cells SE on Wednesday. Thus, Q-Cells
SE was able to increase sales revenues significantly compared to the
extremely weak first quarter, but recorded another operating loss in the
second quarter due to continuing price pressure and considerable one-off
effects.
The Company expects a negative EBIT for the full year 2011 despite signs
of a recovery in the markets. The approved realignment package is intended
to contribute to a return to an operating profit in what is still expected
to be a difficult financial year 2012.
CONTACT
Q-Cells SE
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
WEB www.q-cells.com
Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699 10121
FAX +49 (0)3494 6699 10000
EMAIL presse(at)q-cells.com
Q-Cells Investor Relations
Stefan Lissner
TEL +49 (0)3494 6699 10101
FAX +49 (0)3494 6699 10000
EMAIL investor(at)q-cells.com
About Q-Cells SE
The Q-Cells Group is one of the world's leading photovoltaics companies and
offers a wide range of photovoltaic solutions, from solar cells and modules
to solar power plants. Q-Cells's 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. 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.
Executive Board: Dr Nedim Cen (CEO), Dr Marion Helmes (CFO), Dr Andreas von
Zitzewitz (COO)
Chairman of the Supervisory Board: Prof Dr Karlheinz Hornung
End of Corporate News
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12.08.2011 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
Germany
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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