DGAP-News: Q-Cells presents report for third quarter 2011
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Quarter Results
Q-Cells presents report for third quarter 2011
14.11.2011 / 07:10
---------------------------------------------------------------------
PRESS RELEASE
Q-Cells presents report for third quarter 2011
- Revenues of EUR 228.8 million and EBIT of EUR -47.3 million in third
quarter
- Liquidity increased in third quarter of 2011, reducing full year
guidance as precaution
- Revenue target of EUR 1 billion confirmed for 2011
- Successful international projects business despite difficult market
situation
- CFO Marion Helmes resigns upon her own request - Supervisory Board
re-assigns positions within Executive Board
Bitterfeld-Wolfen, 14 November 2011. Q-Cells SE, one of the world's leading
photovoltaics companies, has generated comparatively solid quarterly
results in view of a market environment which also in the third quarter was
significantly more difficult than had generally been expected. The
company's revenues in the third quarter amounted to EUR 228.8 million,
following revenues of EUR 316.0 million in the preceding quarter, which
included a major utility project. Revenues for the first nine months total
EUR 669.9 million. The company expects that the implementation of several
major utility projects in the fourth quarter will produce revenues of a
level similar to the second quarter. Thus the company confirms its target
to reach some EUR 1 billion in revenues for the current year. In the third
quarter, the operating result was again negative, standing at EUR -47.3
million: this result was due largely to the continued fall in prices while
purchasing prices declined with a time lag. Also, underutilisation of
production capacities as well as expenditures for measures initiated in
August 2011 had impacted operating results. On the other hand, unlike the
preceding quarter, the third quarter was not affected by major write-offs.
Instead, Q-Cells achieved its first positive free cash flow in 2011 of EUR
41.9 million, thereby among others lifting its cash and cash equivalents
from EUR 169.5 million in the second quarter to EUR 230.3 million in the
third quarter.
Module business performs well in third quarter - internationalisation
taking effect
The development of our module business was uplifting: shipments in the
third quarter were the highest recorded so far this year. Initial orders
for the flat roof system unveiled in September also prove that the strategy
of expanding photovoltaic applications is bearing fruit. In the first nine
months of 2011, the share of solar cells sales in total sales fell from
69.2% compared to 46.5% in the previous year.
The second pillar of the strategic transformation, the further
internationalisation, is also delivering increasingly positive results:
Q-Cells has won its first major project in the important US market. The US
utility PG&E has selected Q-Cells as a partner for projects comprising 30
megawatts in California in 2012 as part of a five-year photovoltaic
program. Moreover, in Ontario, Canada, Q-Cells realised 33 MWp of a solar
park comprising 66 MWp during the third quarter. In its home market
Germany, Q-Cells was also able to announce significant project success
stories in recent weeks: the sale of the largest European photovoltaics
power plant (Brandenburg-Briest) and the delivery of solar modules into the
world's largest CIGS-thin-film solar power plant (Ammerland).In addition,
Q-Cells has won new project clients in Japan, Australia, India and
Malaysia.
Nedim Cen, CEO of Q-Cells SE said: 'Q-Cells has scored important successes
in what remains a highly competitive solar market. On top of a stable
products business major international projects demonstrate that our clients
decide for quality and reliability 'engineered in Germany' by Q-Cells.'
Following very weak results in the first half of 2011 and in anticipation
of an equally tough market in 2012, Q-Cells announced a series of measures
already in August in order to adjust production capacities as well as
streamline the organisational structure. Overhead costs are to be reduced
by approximately 25% in 2012. In this course some 250 employees are leaving
the company until the end of the year as part of personnel adjustment
measures. With this package Q-Cells makes a further step to remain
competitive in the international market.
Re-assignment of Executive Board positions
Marion Helmes resigned from her position as CFO of Q-Cells SE by her own
request with effect from 14 November 2011 end of day. The Supervisory Board
accepted her resignation but regrets her decision. Marion Helmes
contributed significantly to the development of the company's financial
organisation during her time as an Executive Board member. The Supervisory
Board would like to thank her for her commitment.
The Supervisory Board decided to concentrate the Executive Board to two
members in view of the company's current situation. Responsibilities will
be re-assigned: Nedim Cen will assume the position of CFO in addition to
his role as CEO. COO Andreas von Zitzewitz will take over the additional
responsibility for Marketing and Sales from Nedim Cen.
'In the current situation, Nedim Cen, with his in-depth knowledge of
restructuring processes, will take over the task of providing a solid
medium-term financial basis for the company, pushing these activities
forward in his double role as CEO and CFO,' commented Karlheinz Hornung,
Chairman of the Supervisory Board, on the re-allocation of responsibilities
on the Executive Board. 'Andreas von Zitzewitz will take on the position of
CSO in addition to his role as COO. With this streamlined management
organisation the company is set up to operate effectively.'
Outlook
As previously stated, Q-Cells expects revenues of approximately EUR 1
billion and an operating result in the negative three-digit million range
for the full year 2011. This includes an expected operating loss in the
fourth quarter, as already published in August.
Sales prices in the first half year of 2011 have fallen more than expected
due to weak demand. In addition, uncertainties regarding the further
development of the photovoltaic market have not diminished in the past
quarter contrary to expectations. These developments could have a negative
impact on the planned increase in cash and cash equivalents in the fourth
quarter of 2011. Although the current liquidity forecast still is within
the existing range of 300 to EUR 350 million, the company has taken the
precaution of lowering the liquidity forecast for the end of 2011 due to
still existing uncertainty about the operational development in the fourth
quarter 2011. By the end of the third quarter, Q-Cells was able to increase
cash and cash equivalents to EUR 230.3 million. The company expects a
further increase of cash and cash equivalents to up to EUR 300 million
until the end of the year 2011. This is expected to include restricted cash
between EUR 60 to 70 million.
With a view to the cash and cash equivalents required for the operating
business, it cannot be excluded that the company will not be able to fully
repay the convertible bond due in February 2012. Against this background
Q-Cells has contacted important bondholders who are invested in the
company's convertible bonds. Already at the end of October, the holders of
the 2012 bond had elected a joint representative, thereby creating the
possibility to defer the maturity of the convertible bond 2012 to a point
in time after February 2012.
As already announced, Q-Cells has mandated investment bank Houlihan Lokey
with assessing possible options. In connection with the company's financial
liabilities, Q-Cells is currently also updating its medium-term business
plan as announced, being validated by a renowned business consultancy. The
process of preparing this plan is in advanced stages and due to be
concluded in the course of November.
KEY FIGURES
EUR million (exluding production) Q3 Q2 Q3NOTE TO EDITORS
2010 2011 2011
Production 305 147 156
MWp MWp MWp
Sales revenues 401,6 316,0 228,8
Earnings before interest, taxes, depreciation and 58,4 -140,7 -24,3
amortisation (EBITDA)
Operating income (EBIT) 36,7 -307,7 -47,3
Net results (after minorities) -19,9 -354,8 -57,1
Visual material relating to the company is available under
http://www.q-cells.com/presse.html
Please find a presentation regarding the results of the third quarter on
our website www.q-cells.com in the investor relations section
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 Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699 10121
EMAIL presse(at)q-cells.com
Q-Cells Investor Relations
Stefan Lissner
TEL +49 (0)3494 6699 10101
EMAIL investor(at)q-cells.com
About Q-Cells SE
Q-Cells SE is among the leading companies in the photovoltaics industry
worldwide. Its extensive product portfolio ranges from solar cells and
modules to complete photovoltaic systems. Q-Cells develops and manufactures
its products at its headquarters in Bitterfeld-Wolfen, Germany and markets
them through a global distribution network. The company has a second
production facility in Malaysia. More than 200 scientists and engineers at
Q-Cells are pursuing the rapid development of technologies in order to
achieve the company's objective: quickly and permanently reducing the cost
of photovoltaics, making the technology more competitive. Close networking
between research, development and production allows Q-Cells to mass produce
innovations quickly, thereby assuming the role of a technology leader in
the photovoltaics sector. Q-Cells SE is listed on the Frankfurt Stock
Exchange (QCE; WKN (security identification number) 555866) and in the
German technology index TecDAX.
Executive Board: Dr. Nedim Cen (CEO), Dr. Marion Helmes (CFO), Dr. Andreas
von Zitzewitz (COO)
Chairperson of the Supervisory Board: Prof. Dr. Karlheinz Hornung
End of Corporate News
---------------------------------------------------------------------
14.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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(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
---------------------------------------------------------------------
146053 14.11.2011
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2011 - 07:10 Uhr
Sprache: Deutsch
News-ID 87162
Anzahl Zeichen: 13995
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 234 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Q-Cells presents report for third quarter 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Q-Cells SE (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
