Q-Cells production volume increases at Malaysian solar cell factory; announces financial results

Total production volume of solar cells and thin film modules, explains the company, was around 238 MWp in the second quarter and thus 37 percent higher than in the first quarter (174 MWp); the figure for the first half of this year amounts to 412 MWp. This figure was boosted by Q-Cell’s thin film module production at its Thalheim location, with reports that production also virtually doubled from “a low level to around 17 MWp”.

It added that sales in the first half of the year amounted to €565.7 million, with the company generating €333.5 million in the second quarter. This marks an increase of 144 percent on the same quarter of the previous year and growth of 44 percent as against the first quarter of this year.

For the first time, it says its operative EBIT for the second quarter was €27.1 million (H1 2010: €17.9 million). Thus, it says that one of the key goals of the restructuring program – operative profitability in the second quarter of this year – has been achieved. It went on to explain that ramp-up costs for production in Malaysia and thin film module production in Germany amounted to around €4 million in the past quarter. These ramp-up losses were therefore “reduced significantly” as against the previous quarter (Q1 2010: € 9 million).

The result for the period in the second quarter was €35.2 million, producing a figure for the first half of the year of €11.2 million including the loss in the first quarter. Continuing operations accounted for €37.0 million in the second quarter and €27.4 million in the first half of the year (discontinued operations in Q2: €1.8 million; H1: € 38.6 million).

In other news, the Supervisory Board of Q-Cells SE has named Nedim Cen as its CEO for the next five years, taking effect from September 1. The position of CFO has been taken on by Marion Helmes since July. Hans-Gerd Füchtenkort (Marketing & Sales) and Gerhard Rauter (Operations & Technology) complete the team of the Management Board.

“We are very pleased that Dr. Nedim Cen has agreed to continue his work with Q-Cells. He has so far done an excellent job with restructuring and transforming the company,” said Karlheinz Hornung, chairman of the Supervisory Board of Q-Cells SE. “The new strategy to develop Q-Cells into a provider of photovoltaic solutions is on its way. With the launch of solar modules we have taken the first successful step, which is reflected, in a positive operative result for the second quarter 2010. Yet, the way ahead is still strewn with obstacles which I am certain Nedim Cen, the Management Board and the whole Q-Cells team will handle appropriately.”