Date Published :May 11, 2010

Source : http://www.solarbuzz.com/news/NewsEUCO955.htm

Thalheim, Germany: Q-Cells SE Publishes First Quarter 2010 Results

Q-Cells sales in the amount of EUR 232.3 million were slightly above the previous year's quarter (EUR 224.6
million), but below those of the fourth quarter 2009 (EUR 251.3 million).

Q-Cells will start its new crystalline module busines in the second quarter 2010. In the first quarter 2010,
gearing-up for the module business is reflected in an inventory increase of EUR 57.4 million. The aggregate
total output thus amounted to EUR 289.7 million (Q4 2009: EUR 175.9 million).

For the first time since the first quarter 2009, Q-Cells SE was again able to show a positive result before
interest, taxes, depreciation and amortization (EBITDA) with the amount of EUR 18.8 million. The operative
result (EBIT) was EUR -9.3 million and thus clearly above the values of the previous quarters (Q3 2009: EUR
-163.8, Q4 2009: EUR -274.5 million).

In spite of closing of the older production lines at the Thalheim site by end of last year, the overall production
volume at 174 megawatt peak (MWp) was above the value of the fourth quarter 2009 (161 MWp), and also
higher than the production volume of the previous year quarter (154 MWp). Apart from increasing the production
at the Malaysian site, the production of thin-film modules with 8.8 MWp more than doubled, compared with the
previous quarter.

Adjusted by ramp-up costs of the productions in Malaysia and of Solibro, this resulted in a figure of
EUR -1.0 million for the first quarter 2010. Due to the higher wafer sourcing prices of the previous year,
which still had an effect during the first quarter 2010 in view of existing inventories, this still contains a
negative effect of approx. EUR 8 million.

The result before tax from continuing operations was EUR 4.1 million, while the net result amounted to EUR -9.6
million. Including the results from discontinued operations (EUR -36.8 million as a result of impairments on
Calyxo and VHF Technologies/Flexcell and their negative earnings contribution), the net result of the period was
EUR -46.4 million.

At top management level, two new highly experienced managers will in future make a major contribution to
successfully implementing the transformation of Q-Cells SE and to further develop the company. Marion Helmes
(44) - as previously announced - will take over the position as Chief Financial Officer with effect of 1 July 2010.
Hans-Gerd Füchtenkort (60) on 10 May 2010, was appointed by the Supervisory Board as the new Chief Sales
Officer, taking effect on 25 May 2010. At the same time, the Supervisory Board and Marko Schulz, as a member
of the Executive Board responsible for Marketing and Sales, agreed that he will be relieved of his
responsibilities as member of the Executive Board of Q-Cells SE with immediate effect, since there are varying
opinions on the implementation of the strategic transformation. The contract was terminated prematurely by
mutual agreement of the parties.

"With the changes at Executive Board level, we have engaged experienced experts for Q-Cells who will
successfully accelerate the company's strategic transformation," commented Marcel Brenninkmeijer, Chairman
of the Supervisory Board of Q-Cells SE, with respect to the imminent change within the Board. "Dr Marion
Helmes is the ideal appointment for Q-Cells' financial department. With her extensive experience as a CFO of
various corporations in the ThyssenKrupp group and her proven management qualities, she has the best
qualifications of further developing Q-Cells in these challenging times as Chief Financial Officer. Hans-Gerd
Füchtenkort, due to his many years of international management experience and excellent sales expertise, will
make a considerable contribution to the quick transformation of Q-Cells, and above all advance the module
introduction and development of new markets," said Marcel Brenninkmeijer in welcoming the new team
members and thanked the retiring board member: "I would like to thank Dr Marko Schulz for his contribution to
Q-Cells. Through the successful development of the project business, he made a considerable contribution to
developing Q-Cells from a pure solar cell producer to a comprehensive photovoltaic corporation."

Hans-Gerd Füchtenkort will take over the positon of Chief Sales Officer (CSO) from Marko Schulz. Since April
2009, as member of the Executive Board, Marko Schulz has managed the marketing and sales segment and in
addition since 2007, has also been the chairman of the Managing Board of Q-Cells International GmbH (QCI).
Hans-Gerd Füchtenkort, who last was chairman of the Managing Board of CG Cordes & Graefe 1921 GmbH,
has extensive experience in marketing and international expertise through his work with Grohe, Stanley Works,
ACNielsen Corporation, Klaus J. Jacobs and Mars. The marketing and sales position within the Board was
reappointed in order to successfully advance the company's transformation, which had become necessary for
reasons of basic reorganization and expansion of marketing activities.

On 15 May 2010, Till Utermöhlen (49) will take over as managing director of the project development company
QCI. Previously, the graduated engineer had a leading position among other things with Lockwood Greene
International, Wayss & Freytag and with URS Group Inc., where he managed numerous projects in building
construction and civil engineering, as well as renewable energies at home and abroad. His expertise in project
management will further strengthen future projects and QCI's market presence.

Marion Helmes will take over the position of CFO from Nedim Cen, who is acting as interim, and since March
2010, also has been CEO of Q-Cells SE. She is currently a member of the Executive Board of ThyssenKrupp
Elevator AG, and as CFO is responsible for the segments controlling, accounting, finance, corporate
development, as well as mergers and acquisitions. During the previous business year, the ThyssenKrupp
Elevator division with just under 43,000 employees realised sales of some EUR 5.3 billion.

A core element of the company's strategic transformation is the production and market introduction of crystalline
solar modules in addition to Solibro's thin-film modules. Both will in future be distributed under a strong common
brand. Q-Cells addresses wholesalers and large installers who will be able to order photovoltaic modules
directly from Q-Cells. In early June, the new portfolio will be presented at the Intersolar Trade Fair in Munich for
the first time. The existing customer contacts with module producers will remain unaffected, since an expansion
of production capacities and the expected market growth of over 30% worldwide will open additional sales
opportunities. The corresponding organisation of sales and marketing was restructured correspondingly in
recent months. Apart from solar cells and thin-film modules, the future product range will comprise crystalline
modules. Moreover, the system business of large-scale solar systems will be complemented by medium-size
photovoltaic systems for commercial and industrial users.

'With the new product portfolio we offer suitable products for all market segments and enable global marketing
through various channels. We thus will be able to reach lucrative sections of the value chain, which, in
combination with the further improvement of our cost situation, will clearly strengthen the performance of Q-
Cells", said Nedim Cen, CEO and CFO of Q-Cells SE. "The figures for the first quarter 2010 show that we have
chosen the right way with our restructuring and transformation. We will consistently pursue our policies in this
direction."