Q-Cells SE publishes Report as of 31 March 2009

Tuesday, 11. May 2010 07:00
Q-Cells SE / Q-Cells SE publishes Report as of 31 March 2009 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

-       Sales EUR 232.3 million, EBITDA with EUR 18.8 million positive
-       Operative result (EBIT) of  EUR -9.3 million, adjusted EBIT of
EUR -1.0 million
-       New Executive Board Member for Marketing & Sales with international
expertise
-       Introduction of crystalline solar modules extends product portfolio

Bitterfeld-Wolfen, 11 May 2010: Q-Cells SE (QCE; ISIN DE0005558662) with its
figures for the first quarter 2010, published today, was able to demonstrate
continued successes of the restructuring programme, especially in terms of the
operative result. In spite of closing of the older production lines at the
Thalheim site by end of last year, the overall production volume at 174 megawatt
peak (MWp) was above the value of the fourth quarter 2009 (161 MWp), and also
higher than the production volume of the previous year quarter (154 MWp). Apart
from increasing the production at the Malaysian site, the production of
thin-film modules with 8.8 MWp was more than doubled, compared with the previous
quarter. Sales in the amount of EUR 232.3 million were slightly above the value
of the previous year's quarter (EUR 224.6 million), but below those of the
fourth quarter 2009 (EUR 251.3 million). This expected development is related to
the new crystalline module business, which will start during the second quarter
2010. These modules need to initially be produced from solar cells;
correspondingly part of the cell production of the first quarter was not
available for external deliveries. In the first quarter 2010, the gearing-up of
the module business is reflected in an inventory increase of EUR 57.4 million.
The aggregate total output thus amounted to EUR 289.7 million (Q4 2009: EUR
175.9 million).

For the first time since the first quarter 2009, Q-Cells SE was again able to
show a positive result before interest, taxes, depreciation and amortisation
(EBITDA) with the amount of EUR 18.8 million. The operative result (EBIT) was
EUR -9.3 million and thus clearly above the values of the previous quarters (Q3
2009: EUR -163.8, Q4 2009: EUR -274.5 million). Adjusted by ramp-up costs of the
productions in Malaysia and of Solibro, this resulted in a figure of EUR -1.0
million for the first quarter 2010. Due to the higher wafer sourcing prices of
the previous year, which still had an effect during the first quarter 2010 in
view of existing inventories, this still contains a negative effect of approx.
EUR 8 million.

The result before tax from continuing operations was EUR 4.1 million, while the
net result amounted to EUR -9.6 million. Including the results from discontinued
operations (EUR -36.8 million as a result of impairments on Calyxo and VHF
Technologies/Flexcell and their negative earnings contribution), the net result
of the period was EUR -46.4 million.

Experienced management team for the success of the new strategy

At top management level, two new highly experienced managers will in future make
a major contribution to successfully implementing the transformation of Q-Cells
SE and to further develop the company. Marion Helmes (44) - as previously
announced - will take over the position as Chief Financial Officer with effect
of 1 July 2010. Hans-Gerd Füchtenkort (60) on 10 May 2010, was appointed by the
Supervisory Board as the new Chief Sales Officer, taking effect on 25 May 2010.
At the same time, the Supervisory Board and Marko Schulz, as a member of the
Executive Board responsible for Marketing and Sales, agreed that he will be
relieved of his responsibilities as member of the Executive Board of Q-Cells SE
with immediate effect, since there are varying opinions on the implementation of
the strategic transformation. The contract was terminated prematurely by mutual
agreement of the parties.

"With the changes at Executive Board level, we have engaged experienced experts
for Q-Cells who will successfully accelerate the company's strategic
transformation," commented Marcel Brenninkmeijer, Chairman of the Supervisory
Board of Q-Cells SE, with respect to the imminent change within the Board. "Dr
Marion Helmes is the ideal appointment for Q-Cells' financial department. With
her extensive experience as a CFO of various corporations in the ThyssenKrupp
group and her proven management qualities, she has the best qualifications of
further developing Q-Cells in these challenging times as Chief Financial
Officer. Hans-Gerd Füchtenkort, due to his many years of international
management experience and excellent sales expertise, will make a considerable
contribution to the quick transformation of Q-Cells, and above all advance the
module introduction and development of new markets," said Marcel Brenninkmeijer
in welcoming the new team members and thanked the retiring board member: "I
would like to thank Dr Marko Schulz for his contribution to Q-Cells. Through the
successful development of the project business, he made a considerable
contribution to developing Q-Cells from a pure solar cell producer to a
comprehensive photovoltaic corporation."

Hans-Gerd Füchtenkort will take over the positon of Chief Sales Officer (CSO)
from Marko Schulz. Since April 2009, as member of the Executive Board, Marko
Schulz has managed the marketing and sales segment and in addition since 2007,
has also been the chairman of the Managing Board of Q-Cells International GmbH
(QCI). Hans-Gerd Füchtenkort, who last was chairman of the Managing Board of CG
Cordes & Graefe 1921 GmbH, has extensive experience in marketing and
international expertise through his work with Grohe, Stanley Works, ACNielsen
Corporation, Klaus J. Jacobs and Mars. The marketing and sales position within
the Board was reappointed in order to successfully advance the company's
transformation, which had become necessary for reasons of basic reorganization
and expansion of marketing activities.

On 15 May 2010, Till Utermöhlen (49) will take over as managing director of the
project development company QCI. Previously, the graduated engineer had a
leading position among other things with Lockwood Greene International, Wayss &
Freytag and with URS Group Inc., where he managed numerous projects in building
construction and civil engineering, as well as renewable energies at home and
abroad. His expertise in project management will further strengthen future
projects and QCI's market presence.

Marion Helmes will take over the position of CFO from Nedim Cen, who is acting
as interim, and since March 2010, also has been CEO of Q-Cells SE. She is
currently a member of the Executive Board of ThyssenKrupp Elevator AG, and as
CFO is responsible for the segments controlling, accounting, finance, corporate
development, as well as mergers and acquisitions. During the previous business
year, the ThyssenKrupp Elevator division with just under 43,000 employees
realised sales of some EUR 5.3 billion.

These new experts will contribute to advancing the current restructuring and
strategic realignment of Q-Cells in order to increase sales and improve the
operative result.

Innovative product portfolio for new markets

A core element of the company's strategic transformation is the production and
market introduction of crystalline solar modules in addition to Solibro's
thin-film modules. Both will in future be distributed under a strong common
brand. Q-Cells addresses wholesalers and large installers who will be able to
order photovoltaic modules directly from Q-Cells. In early June, the new
portfolio will be presented at the Intersolar Trade Fair in Munich for the first
time. The existing customer contacts with module producers will remain
unaffected, since an expansion of production capacities and the expected market
growth of over 30% worldwide will open additional sales opportunities. The
corresponding organisation of sales and marketing was restructured
correspondingly in recent months. Apart from solar cells and thin-film modules,
the future product range will comprise crystalline modules. Moreover, the system
business of large-scale solar systems will be complemented by medium-size
photovoltaic systems for commercial and industrial users.

"With the new product portfolio we offer suitable products for all market
segments and enable global marketing through various channels. We thus will be
able to reach lucrative sections of the value chain, which, in combination with
the further improvement of our cost situation, will clearly strengthen the
performance of Q-Cells", said Nedim Cen, CEO and CFO of Q-Cells SE. "The figures
for the first quarter 2010 show that we have chosen the right way with our
restructuring and transformation. We will consistently pursue our policies in
this direction."

Further details are contained in the Report as of 31 March 2010 and in a
presentation of the published figures and are available on Q-Cells SE's website
(www.q-cells.com ) in the investor relations segment.
Photographs of the persons introduced are available at:
www.q-cells.com/company/qcells_newmanagement.zip




----------------+-------------------+--------------------+--------------------
  | 1st Quarter ´10 | 4th Quarter ´09 | 1st Quarter ´09
----------------+-------------------+--------------------+--------------------
Production | 174 MWp | 161 MWp | 154 MWp
----------------+-------------------+--------------------+--------------------
Sales | EUR 232.3 million | EUR 251.3 million | EUR 224.6 million
----------------+-------------------+--------------------+--------------------
EBIT | EUR -9.3 million | EUR -274.5 million | EUR 21.3 million
----------------+-------------------+--------------------+--------------------
Adjusted EBIT | EUR -1.0 million | EUR -20.0 million | EUR 15.7 million
----------------+-------------------+--------------------+--------------------
Net result | EUR -46.4 million | EUR -411.1 million | EUR -391.9 million
----------------+-------------------+--------------------+--------------------

 Contact information:

Q-Cells SE
OT Thalheim
Sonnenallee 17 - 21
06766 Bitterfeld-Wolfen/Germany
www.q-cells.com
Investor relations:
Stefan Lissner
Phone: +49 - (0)3494 - 6699 10101
investor@q-cells.com
Corporate Communications:
Ina von Spies
Phone: +49 - (0)3494 - 6699 10121
presse@q-cells.com



[HUG#1414483]



--- End of Message ---

Q-Cells SE
OT Thalheim, Sonnenallee 17-21 Bitterfeld-Wolfen Germany

WKN: 555866;ISIN: DE0005558662;Index:TecDAX,Prime All Share,CDAX,GEX;
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Report as of 31 March 2010: http://hugin.info/136506/R/1414483/365820.pdf
Presentation Report as of 31 March 2010: http://hugin.info/136506/R/1414483/365813.pdf
Related Links: Global PVQ SE
Author:
Hugin
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