Q-Cells Announces First Half 2010 Results (Aug 12, = 2010)

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August 12, 2010

Bitterfeld-Wolfen, Germany: Q-Cells Announces = First Half=20 2010 Results

Q-Cells=20 SE total production volume of solar cells and = thin-film modules=20 was around 238 megawatts-peak (MWp) in the second quarter = and thus=20 37 % higher than in the first quarter (174 MWp); the figure = for the=20 first half of 2010 amounts to 412 MWp.

A=20 strong factor contributing to this growth included the high = rise in=20 production volume at Q-Cells=92 Malaysian solar cell = factory, which=20 almost doubled its production output as against the previous = quarter=20 to nearly 100 MWp. Thin-film module production at the = Thalheim=20 location also virtually doubled from a low level to around = 17 MWp.=20

Sales=20 in the first half of the year amounted to =80 565.7 million = with the=20 company generating =80 333.5 million in the second quarter. = This marks=20 an increase of 144 % on the same quarter of the previous = year and=20 growth of 44 % as against the first quarter of 2010. =

For the=20 first time, Q-Cells is reporting significant sales in its = newly=20 launched solar module business. Deliveries of crystalline = modules=20 amounted to 44 MWp in the second quarter.

Operative EBIT for the second quarter was =80 27.1 = million (H1=20 2010: =80 17.9 million). Thus, one of the key goals of the=20 restructuring programme =96 operative profitability in the = second=20 quarter of 2010 =96 has been achieved. Ramp-up costs for = production in=20 Malaysia and thin-film module production in Germany amounted = to=20 around =80 4 million in the past quarter. These ramp-up = losses were=20 therefore reduced significantly as against the previous = quarter (Q1=20 2010: =80 9 million).

The=20 result for the period in the second quarter was =80 35.2 = million,=20 producing a figure for the first half of the year of =80 = 11.2 million=20 including the loss in the first quarter. Continuing = operations=20 accounted for =80 37.0 million in the second quarter and =80 = 27.4=20 million in the first half of the year (discontinued = operations in=20 Q2: =80 1.8 million; H1: =80 38.6 million).

The=20 Supervisory Board of Q-Cells SE has named Nedim Cen as CEO = of=20 Q-Cells SE for the next five years with effect of 1 = September 2010.=20 Nedim Cen, so far Managing Director at restructuring advisor = Alvarez=20 & Marsal (A&M), had taken on the CFO position at = Q-Cells SE=20 back in June 2009 as well as the CEO position in March 2010 = on an=20 interim basis. He has since successfully led the = restructuring of=20 the company and will now as CEO continue the strategic=20 transformation of Q-Cells. The position of CFO has been = taken on by=20 Marion Helmes since July 2010. Hans-Gerd F=FCchtenkort = (Marketing=20 & Sales) and Gerhard Rauter (Operations & = Technology)=20 complete the team of the Management Board.

=93We are=20 very pleased that Dr. Nedim Cen has agreed to continue his = work with=20 Q-Cells. He has so far done an excellent job with = restructuring and=20 transforming the company,=94 said Karlheinz Hornung, = Chairman of the=20 Supervisory Board of Q-Cells SE. =93The new strategy to = develop=20 Q-Cells into a provider of photovoltaic solutions is on its = way.=20 With the launch of solar modules we have taken the first = successful=20 step which is reflected in a positive operative result for = the=20 second quarter 2010. Yet, the way ahead is still strewn with = obstacles which I am certain Nedim Cen, the Management Board = and the=20 whole Q-Cells team will handle appropriately.=94