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.”
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%