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Q-Cells slumps into €1.36bn loss in 2009

Q-Cells fell into a net loss of €1356 million in 2009 compared to a net profit of €191m in 2008 as sales fell 36%.

Sales for the year reached €801m, over a third down from 2008. Q-Cells also reported a negative EBIT of €481m compared to €205m the year before.

Chairman Anton Milner, says: “In 2009, our clear aim was to secure the long-term competitiveness of the company. We have achieved significant milestones and mad real progress here, which will make a key contribution to our earnings for 2010.”

Whole solar industry hit

“We are focusing on our competitive core technologies in the area of crystalline silicon and thin-film modules made by Solibro. Other new technologies such as Calyxo need a little more time to become competitive.

“Against this backdrop, we have taken precautions to protect Q-Cells against future eventualities. In view of the fundamental changes in the solar market, this trend is unavoidable and is also likely to affect other players in the industry,” Milner says.

2010 outlook

Despite a difficult 2009, Q-Cells expects more positive results for 2010 saying a positive market signal is already visible for the first half of 2010.

Q-Cells’ restructuring started in the second half of 2009 are starting to take effect. The solar cell manufacturer also expects significant growth potential from its current asset base and technological progress and new product introductions.

Milner adds: “With the implemented and planned restructuring steps, Q-Cells intends to return to profitable growth with its operating business. The actual shape of the development will heavily depend on government plans for reductions in solar power subsidies and in the key German market.”

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity