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Q-Cells’ consolidated loss narrows in Q1 2010

Q-Cells’ consolidated loss for the first quarter of 2010 amounted to €46.4 million, compared to a loss of €391.9m in Q1 2009.

Sales were up 3.4% to €232.3m. The EBIT for Q1 was a loss of €9.3m.

Dr Nedim Cen, CEO, says: “For the 2010 fiscal year we expect a significant increase in the installation of PV systems worldwide. We believe that based on its ongoing restructuring measures and the development of new market segments, Q-Cells will participate in this growth.

“At the same time, external market influences and political conditions make it difficult to issue a forecast particularly for the second half of 2010.”

German R&D funding for solar

Cen, which took over as CEO following Anton Milner’s resignation in March, adds: “The Federal Government [of Germany] is planning to subsidise research and development performed by German photovoltaics companies with €100m and to alleviate the planned reduction in solar subsidies from 2011 onwards.”

Outlook

Revenues for the full year are expected to reach €1-1.2 billion, and a positive EBIT is expected for Q2.

Q-Cells will continue realignment of its businesses in 2010.

“In line with analysts’ estimates, Q-Cells expects new installation of PV systems throughout the world to rise sharply in 2010,” Q-Cells says.

“Due to a likely reduction in feed-in tariffs in Germany by mid-2010 we expect a largely stable development in cell prices in the first half of 2010.”

Revenue by segment:

  • Germany: €151.4m, +29%
  • Rest of Europe: €50.1m, -30%
  • Asia: €14.3m, -12%
  • Africa: €11.9m, +23%
  • North America: €4.1m, -52%
  • ROW: €0.5m, -50%

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