Bitterfeld-Wolfen (Germany), 18 July 2012. In the insolvency proceeding concerning the assets of Q-Cells SE (ISIN DE0005558662), the creditors’ meeting approved today the continuation of the business of Q-Cells SE. Two restructuring alternatives are ultimately intended to be finalised.
One alternative that will be considered provides for a sale of (almost the entirety of) the business of Q-Cells SE in the context of a structured sales process (M&A process). Another alternative that is being considered provides that the creditors of the convertible bonds issued or guaranteed by Q-Cells SE (ISIN DE000A0LMY64, ISIN DE000A1AGZ06 and ISIN DE000A1E8HF6) exchange their individual bonds for shares of a listed (shell) company. This (listed) shell company would then economically acquire almost the entirety of the business of Q-Cells SE and receive the liquidity necessary to continue business operations from the insolvency estate. The latter step would be implemented by way of an insolvency plan.
The liquidation of the business of Q-Cells SE would only potentially be undertaken if and to the extent that neither of the above alternatives can be realised.
At present, the insolvency administrator is unable to effectively forecast the amount of the insolvency dividend expected to be paid to creditors; the scope of the insolvency claims is unclear and the specific resolution of the business in insolvency – as set out above – is still undefined. The opening (insolvency) balance sheets prepared as of the effective date of 1 July 2012, which are preliminary and have not been audited, show (on a non-binding basis and subject to all reservations) an insolvency dividend in liquidation in the amount of approximately 13.9% and subject to continuation in the amount of approximately 19.3%.
On a stand-alone basis, in the period from 4 April 2012 to 30 June 2012 and according to the calculations of the insolvency administrator (which, in contrast to the German Commercial Code (HGB) only show liquidity-related matters) - Q-Cells SE achieved revenues in the amount of
EUR 89.8 million; the production volume amounted to 133 Megawattpeak (MWp). In accordance with these premises, second-quarter 2012 EBIT amounted to EUR -6.7 million and the results of ordinary business activities amounted to EUR -13.3 million. According to the calculations of the insolvency administrator, for this period, after-tax losses in the amount of EUR 17.2 million were sustained.
The insolvency administrator expects that in the third quarter of 2012, sales revenues of EUR 93 to 139 million will be realised with production volumes in the amount of 100 to 160 MWp; according to plan, third-quarter 2012 EBIT should amount to EUR -42 to -44 million and the results of ordinary business activity and the quarterly results for this quarter should amount to EUR -48 to -55 million.
As of 1 July 2012, the insolvency administrator assesses the available liquidity (cash-at-hand and deposits with banks) of Q-Cells SE as approximately EUR 176 million (of this, about EUR 35 million is restricted cash). At the end of the second quarter, Group liquidity amounted to approximately EUR 240 million (including restricted cash).
All of the above information on the financial data is preliminary and has not been conclusively reviewed, in particular by an auditor.
Note is made that the shareholders of Q-Cells SE will receive neither dividends nor any other notable benefits from the proceeds of an insolvency plan and/or an M&A process.
Q-Cells SE i.I.
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699.10000
Q.CELLS Investor Relations
TEL +49 (0)3494 6699.10101
Q.CELLS Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699.10121
Lawyer Henning Schorisch as insolvency administrator of Q-Cells SE
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas v. Zitzewitz (COO, CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung