Q-Cells Was Largest Solar Producer in 2007

Solar cell manufacturer Q-Cells AG (QCE.F) released preliminary figures for FY07 that show production increased in 2007 to 389.2 megawatt peak (MWP). 

This 54% increase over 2006 production levels makes Q-Cells the world’s current largest manufacturer of Solar Cells for 2007, beating out competitors Sharp and Suntech.

However, it is unclear if the company will retain that title by year end – Suntech announced it has the capacity to produce 540 MW, and is on track to have 1 GW of production capacity by the end of 2008.

Likewise, Sharp announced plans last December to build a solar cell factory in Japan with 1 GW per year production capacity.

Q-Cells expects 2008 total production of monocrystalline and polycrystalline cells and thin-film modules to rise to 565-590 MW. 

Q-Cells said in 2007, sales rose by 59% to EUR 858.9 million. Earnings before interest and taxes (EBIT) grew by 52% to EUR 197.0 million, up from EUR 129.4 million.

Net income without the income contribution from its stake in REC Renewable Energy Corporation ASA was approximately EUR 127.0 million. Including the REC contribution, net income totaled approx. EUR 148.2 million, which equates to growth of 69% compared with the previous year.

The company said it is, however, lower than the originally expected figure, because the income contribution from the stake in REC turned out to be lower than expected.

For fiscal 2008 as a whole, Q-Cells continues to expect total sales of approximately EUR 1.2 billion.