• Sales grow by 70 % to €1.35 billion (2009: €790.4 million) and operating income (EBIT) is positive at €82.3 million (2009: €-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 €1.35 billion (2009: €790.4 million). At €387 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 €82.3 million, Q-Cells also slightly exceeded the EBIT forecast for the financial year 2010 of €75 million to €80 million (Q4 2010: €27.7 million). The result after taxes (from continuing operations) came to a total of €90.9 million in the financial year 2010; net income including income from discontinued operations amounted to €18.9 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 €340 million in net working capital at the end of the year – on 30 September 2010, it was still €646 million. This is one of the reasons for cash and cash equivalents rising by 22 % to €474 million in the fourth quarter and financial liabilities dropping by more than a quarter to approximately €804 million. In the fourth quarter of 2010, Q-Cell’s net debt therefore went down by more than half to €330 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.  

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.