Q-Cells AG (QCE.F), which became the world’s largest volume manufacturer of solar cells in 2007, continued to grow in 1Q08, producing 117 megawatts (MW)–up 50% from 78 MW in 1Q07.
Production volume was slightly down from 132.6 MW the previous quarter. The company said lowered production was due to scheduled retrofits and optimisation measures carried out to boost production on four lines.
Sales rose by 65% to EUR 269.7 million, while operating income (EBIT) increased by 63% to EUR 58.9 million.
Net income for the first quarter increased 54% year-over-year to EUR 36.7 million.
The export ratio increased to 69.7% in the course of the Group’s increasing internationalisation. Although Spain was the most important foreign market, Q-Cells AG achieved its highest growth rates compared with the same period in the previous year in the Asian growth markets of India and South Korea.
Q-Cells AG has been granted a revolving credit of up to EUR 750 million by an international banking syndicate to finance its future dynamic growth. The credit will run until 31 March 2009.
In addition, it has decided to merge and change its form to a European Company (Societas Europaea/SE). The required agreement with employees has already been signed and the merger plan has been notarised. Final approval is to be given at the Annual Shareholders’ Meeting, which will take place in Leipzig on 26 June 2008.
Loading...