Q-Cells SE: Results of the Creditors' Meeting

Q-Cells SE  / Key word(s): Miscellaneous/Miscellaneous

18.07.2012 16:23

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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Ad-hoc announcement pursuant to §15 WpHG (German Securities Trading Act)

Results of the Creditors' Meeting

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.

CONTACT

Q-Cells SE i.I.
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699.10000
WEB www.q-cells.de

Q.CELLS Investor Relations
Stefan Lissner
TEL +49 (0)3494 6699.10101
EMAIL investor@q-cells.com

Q.CELLS Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699.10121
EMAIL presse@q-cells.com

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


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Language:     English
Company:      Q-Cells SE
              Sonnenallee 17-21, OT Thalheim
              06766 Bitterfeld-Wolfen
              Germany
Phone:        +49 (0)3494 - 6699-0
Fax:          +49 (0)3494 - 6699-199
E-mail:       q-cells@q-cells.com
Internet:     www.q-cells.com
ISIN:         DE0005558662, Wandelanleihe 2012: DE000A0LMY64, Wandelanleihe
              2014: DE000A1AGZ06, Wandelanleihe 2015: DE000A1E8HF6
WKN:          555866
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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