Bitterfeld-Wolfen, Germany January 24, 2012
Holders of 2012 bond to receive partial repayments in tranches
Debt-to-equity swap planned for bonds due in 2014 and 2015
Revenues forecast confirmed, 2011 liquidity forecast slightly exceeded
According to business plan Q-Cells expects to achieve a positive EBITDA as from 2013 and a positive EBIT as from 2014
Appointment of a joint representative rejected by Frankfurt Regional Court
Q-Cells will invite for an extraordinary General Meeting due to loss of share capital
Q-Cells SE plans a restructuring of its financial liabilities in two steps. After intensive negotiations with different creditor groups, the Company initially aims to come to an agreement with the holders of the convertible bond due at the end of February 2012. This agreement will provide among others for a partial repayment of the outstanding bond volume in tranches over a period of time. In a second step, and in due course, the convertible bonds due in 2014 and 2015 shall be restructured via a debt-to-equity swap.
The Frankfurt Regional Court ruled on Monday, 23 January that the new bond law from 2009 does not apply to the bond issued by Q-Cells International Finance B.V. due at the end of February 2012. Thus, the appointment of a joint representative who could have deferred the convertible bond maturing in 2012 by order of the creditors is not legally effective. The Company will appeal against this decision of the Frankfurt Regional Court at the Frankfurt Higher Regional Court, in order to ensure it retains the option of a deferral as per the bond law.
With regard to the uncertainty of a ruling by the Frankfurt Higher Regional Court in time, it will probably be necessary to reach individual agreements with the creditors of the bond due at the end of February 2012. The Company plans to shortly make a public offer to those bondholders.
On the basis of the medium-term business plan which was updated at the end of 2011, Q-Cells also revalued the carrying amount of investments of its subsidiaries as well as property, plant and equipment. This revaluation resulted in a loss in the individual financial statement of Q-Cells SE in accordance with German GAAP(HGB), i.e. that losses occurred of more than half of the subscribed capital as per 31 December 2011. Negative equity was recognised in the HGB individual financial statement of
Q-Cells SE as of that balance sheet date. The final annual loss does not stand firm yet.
In accordance with section 9 (1c) lit. ii) of the SE Regulation in conjunction with section 92 (1) of the German Stock Corporation Act (AktG), the Company has a statutory duty to provide information on this reduction in equity and promptly invite the shareholders to an Extraordinary General Meeting. The invitation will be published in the coming days together with the agenda.
The value adjustments on the balance sheet in accordance with HGB, however, are non-cash effective and do not have a direct effect on the Company’s liquidity. Business in the fourth quarter of 2011 is in line with expectations. The revenues forecast for the past financial year (around 1 billion) has been confirmed and the liquidity forecast (up to 300 million) has been slightly exceeded at 304 million.
Business plan foresees mid-term profitability
The business plan of Q-Cells, validated by the management consultancy McKinsey, expects further losses in the challenging financial year 2012. Revenues are set to reach 865 million, EBITDA before restructuring costs are to amount to -14 million and EBIT before restructuring costs is to reach -90 million. A fundamental precondition for generating profits based on the mid-term business plan, is a timely implementation of the financial restructuring of all three outstanding convertible bonds. Moreover, the review assumes that at least cost leaders can earn their cost of capital and return to acceptable margin levels. Yet, ongoing price wars could interfere with a price premium strategy. Based on these assumptions, Q-Cells expects to generate a positive EBITDA to the amount of 61 million in 2013 and a positive operating income (EBIT) of 8 million in 2014.
Key facts of the mid-term business plan
| In million |
2012 |
2013 |
2014 |
2015 |
| Sales revenues |
865 |
916 |
1,100 |
1,322 |
| EBITDA |
-14* |
61 |
99 |
155 |
| EBIT |
-90* |
-24 |
8 |
54 |
| Investments |
63 |
77 |
57 |
95 |
* Before restructuring costs
After the anticipated massive global sector consolidation, Q-Cells would consequently be able to continue operating as an independent company and benefit from the expected growth in the photovoltaic market as from 2014. The proposed financial restructuring measures would significantly improve Q-Cells’ balance sheet structure. The Company plans to consistently pursue its strategy of developing from a solar cell producer into an international supplier of photovoltaic solutions, a path it first embarked on in 2010. In order to do so, the technological leader counts on a premium strategy in selected market segment.
Source: Q-Cells
For more information on: Q-Cells
Source: Q-Cells
For more information on: Q-Cells
115 Trackbacks
…
[...]we prefer to honor many other internet web-sites around the web, even if they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[...]…
Good Blog Post….
I saw this really good post today….
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
Jocuri cu tractoare…
This is my great post about this….
The Birch of the Shadow…
I believe there may be a couple duplicates, but an exceedingly useful listing! I have tweeted this. A lot of thanks for sharing!…
Gems form the internet……
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]………
Jocuri cu elicoptere…
This is my great post about this….
…
[...]please pay a visit to the web-sites we follow, including this 1, because it represents our picks through the web[...]…
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
…
[...]one of our visitors a short while ago recommended the following website[...]…
Ivory Rustrian…
Ivory Rustrian…
Tao of Badass Review…
[...]very few sites that happen to become detailed below, from our point of view are undoubtedly effectively worth checking out[...]…
…
[...]The information mentioned in the article are a number of the top readily available [...]…
this was…
Superb details might be found on this world wide web blog….
great…
What i do not realize is in truth how you are now not really much more neatly-liked than you may be right now. You are so intelligent. You recognize therefore significantly with regards to this subject, produced me individually consider it from so many…
louis vuitton Handbags…
Best Top-Rated louis vuitton Handbags: Find Huge Selection Compare & Save…
OK…
Wow, marvelous blog layout! How long have you ever been running a blog for? you make blogging glance easy. The total look of your web site is fantastic, as neatly as the content material!…
Healing’s Dragon…
to seek out problems to boost my website!I suppose its alright to make use of some of one’s concepts!!…
Looking around…
I like to surf in various places on the internet, regularly I will just go to Digg and read and check stuff out…
I congratulate, this brilliant idea is necessary just by the way…
Certainly. It was and with me….
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
In my opinion here someone has gone in cycles…
In my opinion, it is actual, I will take part in discussion. Together we can come to a right answer. I am assured….
wow
)…
Very goodinformation and is oftenuncovered on thiswebsiteweb sitekeep it up thanks for sharing.keep posting…
wonderful making…
The country’s in case you look by way related to excellent any considering! You are likely to become to identify a good deal concerning this strategy, just such because person purchased these this unique book available or perhaps a condition. I presum…
yes click…
I saw this really great post today….
[...]while the sites we link to below are completely unrelated to ours, we think they are worth a read, so have a look[...]…
[...]just below, are some totally unrelated sites to ours, however, they are definitely worth checking out[...]…
Whispering Misty…
So sorry you are going to pass up the workshop!…
escort bayan…
[...]Great weblog right here! Additionally your website loads up very fast![...]…
Наше кино (на иностранном языке)…
fire and erected the tent to leeward of it, so that the smoke might blow…
wonderful post…
It might be my individual estimation that mesothelioma is completely the lots of deadly many most cancer. This supplies unusual elements. The greater Groundbreaking, i was state i spot the larger My group is persuaded extremely little act to come to be…
…
[...]below you will find the link to some websites that we think you need to visit[...]…
outstanding discharge…
exceptional write-up, truly beneficial. When i look in the reason additional specialists using this particular segment won’t notice because. People must keep on kinds posting. We recognize, you give a substantial readers’ simple unquestionably!…
driving schools maidstone…
Your School of motoring is undoubtedly an at home operated business recommending superior quality driving tuition in together with all-around Maidstone, Sevenoaks, Tunbridge Water wells, Sittingbourne, Chatham, Gillingham & Western Transmitting….
mobile money code……
[...]I truly appreciate this post. I’ve been looking everywhere for this! Thank God I found it on Bing. You have made my day! Thanks again http://www.youtube.com/watch?v=YIOQkypSXxA mobile money code.[...]…
truly pleasant…
Totally constructed articles, thankyou related to picky information….
…
[...]Every when in a though we decide on blogs that we study. Listed below are the newest websites that we decide on [...]…
The Birch of the Shadow…
I think there may well be considered a couple of duplicates, but an exceedingly useful listing! I have tweeted this. A lot of thanks for sharing!…
500 fast cash…
[...]please visit the web-sites we adhere to, which includes this one particular, because it represents our picks from the web[...]…
…
[...]below you’ll obtain the link to some websites that we think you need to visit[...]…
Informative and precise…
Its difficult to find informative and precise info but here I noted…
good superb publish…
My partner along together with i revel in studying by using this web page, which continues wonderful articles. “When the distinctive man’s willing as well as eager, your gods often end up being engaged throughout. inch via Aeschylus….
Dreary Day…
It was a dreary day here yesterday, so I just took to messing around online and found…
Mamry…
I really love your site.. Great colors & theme. Did you create this site yourself? Please reply back as I’m attempting to create my own personal website and want to learn where you got this from or exactly what the theme is called. Many thanks….
hello…
It’s nearly impossible to find well-informed people on this subject, however, you sound like you know what you’re talking about! Thanks…
footwear…
Good blog post. I certainly love this website. Keep it up!…
Awesome…
Everything is very open with a precise explanation of the challenges. It was definitely informative. Your website is very helpful. Thank you for sharing!…
cash advance loans…
[...]we like to honor a lot of other web sites on the internet, even when they arent linked to us, by linking to them. Below are some webpages really worth checking out[...]…
… [Trackback]…
[...] Read More here: greenjobs.com/news/2012/industry-news/bitterfeld-wolfen-germany-january-24-2012-before-restructuring-costsafter-the-anticipated-massive-global-sector-consolidation-q-cells-would-consequently-be-able-to-continue-operating-as [...]…
Cool…
Hello there! This blog post could not be written much better! Looking at this article reminds me of my previous roommate! He constantly kept preaching about this. I most certainly will forward this article to him. Pretty sure he’s going to have a very…
footwear…
I could not resist commenting. Well written!…
Mamry…
That is a really good tip especially to those new to the blogosphere. Short but very precise info… Appreciate your sharing this one. A must read article….
Yes, really. So happens. Let’s discuss this question….
What from this follows?…
bebek giyim…
[...] What host are you using? Can I am getting your associate link on your host? I want site loaded up as fast as yours lol[...]…
porno izle…
[...]The total glance of your site is great, let smartly as the content![...]…
Third Flower…
My spouse and i happen to be now delighted that Albert could execute his scientific tests because of the strategies he had by means of your web content. It truly is on occasion perplexing to only always be giving freely techniques which lots of people …
Mamry…
After looking over a handful of the articles on your site, I truly appreciate your way of writing a blog. I book-marked it to my bookmark site list and will be checking back in the near future. Take a look at my web site too and tell me how you feel….
foundy…
Your style is really unique compared to other people I’ve read stuff from. Many thanks for posting when you’ve got the opportunity, Guess I will just book mark this site….
Whispering Misty…
So sorry you can expect to pass up the workshop!…
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
smashed iphone 5 screen melbourne…
iPhone repair services have already been intended to provide help to mend ones own iPhone when it cracks or perhaps fails….
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
shoes…
Great web site you’ve got here.. It’s difficult to find excellent writing like yours these days. I seriously appreciate individuals like you! Take care!!…
Bookmark…
You need to be a part of a contest for one of the highest quality websites on the net. I most certainly will recommend this site!…
Superb website…
[...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
Links…
[...]Sites of interest we have a link to[...]……
Beker…
Hi there! I could have sworn I’ve been to this website before but after browsing through many of the posts I realized it’s new to me. Regardless, I’m certainly happy I came across it and I’ll be book-marking it and checking back frequently!…
Bookmark…
Everyone loves it whenever people get together and share opinions. Great site, keep it up!…
foundy…
Howdy, I believe your web site could be having browser compatibility problems. When I take a look at your web site in Safari, it looks fine however, when opening in Internet Explorer, it’s got some overlapping issues. I merely wanted to give you a qui…
Bookmark…
Pretty! This has been a really wonderful post. Thank you for supplying these details….
Инструментальная (электронная и прочая)…
The merchant laughed. If you go down-stairs into the office, and go…
Bookmark…
I blog quite often and I truly appreciate your information. This article has truly peaked my interest. I will bookmark your blog and keep checking for new information about once a week. I opted in for your RSS feed too….
free premium account…
[...]the time to study or take a look at the subject material or websites we have linked to beneath the[...]…
fantasy book series…
[...]very handful of web sites that come about to become detailed below, from our point of view are undoubtedly very well really worth checking out[...]…
Websites you should visit…
[...]below you’ll find the link to some sites that we think you should visit[...]……
blog review…
[...]one of our guests a short while ago recommended the following website[...]…
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
download…
[...]just beneath, are numerous absolutely not related web pages to ours, however, they are surely worth going over[...]…
Water Damage & Restoration,…
[...]always a major fan of linking to bloggers that I love but don?t get a lot of link love from[...]…
Odis Bellomy…
[...]Wonderful story, reckoned we could combine several unrelated data, nonetheless seriously really worth taking a look, whoa did one particular find out about Mid East has got additional problerms also [...]…
prevent credit card fraud…
[...]Wonderful story, reckoned we could combine some unrelated data, nonetheless actually really worth taking a look, whoa did 1 understand about Mid East has got far more problerms too [...]…
hit kazan…
[...]you made running a blog glance[...]…
Melbourne Valuation…
[...]we came across a cool web-site which you might take pleasure in. Take a search when you want[...]…
how to get ripped fast…
[...]usually posts some incredibly interesting stuff like this. If you are new to this site[...]…
$5,000 a month on autopilot…
[...]we prefer to honor several other web internet sites around the internet, even when they aren?t linked to us, by linking to them. Under are some webpages worth checking out[...]…
NaturalNews…
of Toxicology in Vitro where it is written that if an individual intakes roundup herbicide formula from Monsanto, then it might destroy their testosterone levels to a great extent…
Dreary Day…
It was a dreary day here today, so I just took to messing around online and found…
Informative and precise…
Its difficult to find informative and precise info but here I noted…
Natural news…
The British Medical Journals Clinical Evidence group, which is engaged…
West Palm Salvage Car…
[...]here are some links to web-sites that we link to due to the fact we believe they may be really worth visiting[...]…
The Ships’s Voyages…
I feel know-how just causes it to be worse. Now there is a channel to in no way care, now there would not be a possibility for them to find out….
Locksmith In OKC…
[...]Wonderful story, reckoned we could combine some unrelated data, nevertheless genuinely worth taking a appear, whoa did 1 discover about Mid East has got extra problerms too [...]…
great…
I think other web-site proprietors should take this website as an model, very clean and great user genial style and design, let alone the content. You are an expert in this topic!…
led bulb…
[...]we came across a cool web page that you may well enjoy. Take a appear when you want[...]…
cerrajeros en jerez…
[...]here are some hyperlinks to sites that we link to due to the fact we think they are worth visiting[...]…
About Cornerstone…
[...]Sites of interest we’ve a link to[...]…
Counseling…
[...]The information mentioned within the report are some of the best readily available [...]…
bridal Jewelry…
[...]that may be the finish of this write-up. Here you will obtain some web pages that we think you will enjoy, just click the hyperlinks over[...]…
stock exchange…
[...]that could be the finish of this report. Here you?ll uncover some internet sites that we consider you?ll appreciate, just click the links over[...]…
low price computer desk…
[...]always a significant fan of linking to bloggers that I like but do not get a whole lot of link like from[...]…
Beauty…
[...]the time to read or check out the content material or websites we have linked to below the[...]…
Los Angeles, CA Dog Training…
[...]always a major fan of linking to bloggers that I like but do not get quite a bit of link like from[...]…
Fresno, California Dog House Training…
[...]Wonderful story, reckoned we could combine some unrelated information, nevertheless actually worth taking a look, whoa did a single master about Mid East has got more problerms too [...]…
every actual outstanding content material…
We have learn lots related to excellent poo such. Certainly reward book-marking prepared for returning every single child. As this friend in addition i shock correctly a great deal vitality you set that can help make these kinds of wonderful applicable…
savings11.com…
[...]Here are some of the websites we recommend for our visitors[...]…
click here…
[...]The info mentioned within the article are some of the very best offered [...]…
Yahoo results…
While browsing Yahoo I found this page in the results and I didn’t think it fit…
wonderful generating…
Simply wanna suggestions you’ve worthwhile site, My husband or actually wife and my spouse and i favor this style and design that in reality is actually distinguishable….