•   Weak market and regulatory uncertainties burden first quarter
  
• Sales of EUR 125.1 million and production of 313 megawatt peak in the first quarter
  
• Operating income (EBIT) of EUR -10.6 million below the first quarter of the prior year (EUR -9.3 million)

 

Bitterfeld-Wolfen, 12 May 2011 – Q-Cells SE (QCE; ISIN DE0005558662) has recorded a significant drop in sales compared to the same period last year as a result of weak market demand in the first quarter of 2011. Sales of EUR 125.1 million were approximately 46 percent below the value for the first quarter of 2010 (EUR 232.3 million), which however included the sale of the utility-scale Strasskirchen project (EUR 72.5 million) and the electricity trading company QCCS (EUR 19.8 million) that was sold at the end of 2010. The seasonal weakness of the first quarter was aggravated by regulatory uncertainty in the important solar markets of France and Italy.

 

Falling selling prices in the first quarter along with high prices for solar wafers and silver in combination with weak demand have negatively impacted the earnings position of the Company accordingly. Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 15.3 million, slightly below the prior year value of EUR 18.8 million. Earnings before interest and taxes (EBIT) at EUR -10.6 million for the first quarter of 2011 also came in slightly below the prior year period (EUR -9.3 million). The net loss for the period was EUR -41.1 million (Q1 2010: EUR -46.4 million).

 

The production of solar cells and thin film modules totalled 313 MWp in the first quarter of 2011. Of the 284 MWp solar cells, 163 MWp were produced in the Q-Cells plant in Malaysia. The production of thin film solar modules (Q.SMART at the subsidiary Solibro) amounted to 29 MWp (+74% compared to Q1 2010). Net working capital increased from EUR 339.8 million to EUR 494.2 million in the first quarter of 2011.

 

“Despite the currently challenging market environment, we are convinced that we are on the right path with our strategic transformation” said Nedim Cen, CEO of Q-Cells SE. “We will continue the consistent pursuit of this path.”     more   

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