COMPANYNEWS Q Cells hits 1 GW
Q-CELLS SE increased its sales in 2010 by more than 70 % year on year to a total
of €1.35 billion (2009: €790.4 million). At €387 million, total sales in the fourth quarter of 2010 were up 54 % on the previous year, almost matching the results of the very strong third quarter of 2010. With operating income totalling €82.3 million, Q-Cells also slightly exceeded the EBIT forecast for the financial year 2010
of €75 million to €80 million (Q4 2010: €27.7 million). The result after taxes (from
continuing operations) came to a total of €90.9 million in the financial year 2010; net income including income from
discontinued operations amounted to €18.9 million.
In the fourth quarter of the financial year, Q-Cells also managed to reduce its net working capital significantly, particularly in the systems business. The Company had around €340 million in net working capital at the end of the year, on 30 September 2010, it was still €646 million. This is one of the reasons for cash and cash equivalents rising by 22 % to €474 million in the fourth quarter and financial liabilities dropping by more than a quarter to approximately €804 million. In the fourth quarter of 2010, Q-Cell’s net debt
therefore went down by more than half to €330 million.
“Q-Cells has lowered its debt to a reasonable level,” said Marion Helmes, CFO of Q-Cells SE. “We have a healthy balance sheet structure that places us in an solid position to master the challenges yet to come.”
The positive development of the 2010 figures went alongside the successful step-by-step implementation of the strategic transformation. The figures reflect the expansion of the modules business and the systems business for medium-sized roof-top systems and small ground-mounted systems.
The new business segments generated a total of €363 million, accounting for 27 % of annual sales. With high sales volumes in the fourth quarter in particular, these segments contributed to the results. Q- Cells has driven the expansion of these segments in 2010 with full speed which form the basis for its solar modules and solar systems.
The export rate totalled 67 % in the fourth quarter and is the result of the successful expansion of Q-Cell’s global sales activities. For the full year 2010, Q-Cells recorded an export rate of just over 50 %.
“As previously announced, we once again achieved positive results in the fourth quarter of 2010, despite significantly higher purchasing prices for wafers and further materials in the solar industry,” commented Nedim Cen, CEO of Q-Cells SE. “Our figures show that we have made the right strategic decision by adding products and systems with stronger margins to our portfolio. We will continue to consistently implement this strategy, especially as the market is more challenging in 2011.”
Q-Cells continued to expand France and Italy and managed to enter the North American market. Q-Cells has already been awarded projects with a total volume of some 120 megawattpeak (MWp). In addition, offices opened in Australia, India and the UK in 2010.
For the first time in 2010, Q-Cells produced more than 1 GWp in solar cells and modules. Production increased by 84% to 1,014 MWp (approximately 940 MWp in solar cells and 74 MWp in CIGS thin-film solar modules). Q Cells increased capacity to 1.3 GWp during the course of the year. This figure includes production lines in Germany and Malaysia as well as the German thin-film line.
On top of that, Q-Cells manufactured polycrystalline solar modules with a total capacity of 400 MWp with international partners. The Company will continue to expand production capacities in the module business in 2011. Plans include a dedicated production line at the Thalheim site for the high-performance solar module
Q.PEAK.
Varian establishes
Chinese market VARIAN Semiconductor Equipment Associates has formally launched its Solion photovoltaic ion implant platform into the Chinese market. Varian has partnered with several Chinese PV manufacturers to insert Solion patterned ion implantation into volume manufacturing by mid-year. Varian has established engagements with seven Chinese manufacturers who see Solion’s potential for accelerating their drive to grid parity by delivering the precision and control required for high efficiency cells while simplifying the manufacturing process to reduce the overall cost per watt.
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Solion enables solar module manufacturers to achieve a combination of increased cell efficiency at lower production cost by replacing traditional diffusion doping processes with ion implant. In addition to greater precision and process control for improved junction quality, this approach eliminates multiple production steps, improves cell uniformity, and enables significantly tighter binning.
Early Solion users have already adopted the enabling patterned implant technology to produce crystalline solar cells in volume with conversion efficiencies over 19 percent. Patterned implantation provides a clear roadmap to efficiencies of 22 percent at reduced cost per watt.
“The strong market interest in Solion from so many Chinese PV manufacturers validates the value of implant for manufacturing high efficiency, low cost solar cells,” said Varian’s Chief Executive Officer Gary Dickerson.
www.solar-pv-management.com Issue II 2011
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