• Strategic realignment is starting to show results
• Sales grow by 70% to €1.35 billion in 2010 and EBIT to €82 Mio. Euro
• Prof Dr Eicke Weber new member of the Supervisory Board of Q-Cells SE

 

Bitterfeld-Wolfen (Germany), 29 March 2011 – Q-Cells SE (QCE; ISIN DE0005558662), one of the world's leading photovoltaic companies, has successfully completed its 2010 fiscal year with sales growing by 70% to 1.35 billion Euros following the start of the company's strategic realignment in March 2010.

Realignment Dominated 2010
In March 2010, Q-Cells announced its strategic realignment to become an integrated provider of PV solutions in the mid-term. The product portfolio was considerably expanded beyond the production of solar cells and the realisation of greenfield projects. Sales of about € 363 million, or 27% of the total sales of € 1.35 billion, were already generated last year in the new strategic business segments Solar Modules and Systems Business for medium sized rooftop installations and small greenfield installations (the so-called “Commercial & Industrial or C&I” segment), thanks also to a very strong market. These more profitable business segments offer Q-Cells more sales and profit potential. In addition, the international expansion of sales and production was a company priority in the previous year. Last year, Q-Cells generated more than 50% of its sales from customers outside Germany.

 

Positive 2010 Results
Sales for the full year 2010 increased by 70% year on year to € 1.35 billion. With that, Q-Cells is one of the largest solar companies in Europe from a sales perspective. Profit before interest and taxes (EBIT) was € 82.3 million. Net income (from continuing operations) was € 90.9 million for the full year 2010; including discontinued operations, the full year net income was € 18.9 million. Since last spring, Q-Cells has rigorously focused its investment portfolio. In the fall of 2010, the Company implemented a series of capital measures to refinance most of the convertible bond that will come due in 2012. Cash and cash equivalents were € 473.9 at the end of the fiscal year, 15% above the previous year figure. 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). Marion Helmes, CFO of Q-Cells, comments: “Q-Cells has a solid balance sheet once again and has thus created room to manoeuvre in a difficult market environment.”

 

New Supervisory Board Member
In March 2011, Prof Dr Eicke R. Weber agreed to become a new member of the Q-Cells Supervisory Board. He will be appointed initially by court order and will be nominated for election at the General Shareholders' Meeting in June 2011. Eicke Weber succeeds the long time Supervisory Board member Marcel Brenninkmeijer, who resigned from his position at the end of November 2010. Prof Dr Eicke Weber is Director of the Fraunhofer Institute für Solar Energiesysteme ISE in Freiburg, the largest solar research institute in Europe. In July 2008, he was appointed as Director to the SEMI (Semiconductor Equipment and Materials International) International Board of Directors. Eicke Weber has been awarded prestigious scientific awards during his professional career, and he received the Award of Merit (Bundesverdienstkreuz) from the President of Germany in 2006. Using his expertise, Eicke Weber will contribute to the further expansion of Q-Cells as a technological leader in the solar industry.   more   

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