Q-Cells’ Chief Financial Officer Steps Down Following Weak Quarter

Marion Helmes has resigned from her position as chief financial officer (CFO) of Q-Cells SE. The supervisory board has accepted her resignation and has opted to reduce the executive board to two members in view of the company's current financial situation.

Responsibilities will be reassigned: Nedim Cen will assume the position of CFO, in addition to his role as CEO. Chief operating officer Andreas von Zitzewitz will take over the additional responsibility for marketing and sales from Nedim Cen.

Q-Cells recently reported weak third-quarter results, with revenues totaling 228.8 million euros, compared to 316.0 million euros in the preceding quarter. The company's operating result was once again negative, standing at -47.3 million euros. Q-Cells says this result was due largely to the continued fall in module prices, as well as ‘underutilization of production capacities.’

Although the current liquidity forecast still is in the latest forecast range of 300 million euros to 350 million euros, the company has taken the precaution of lowering its liquidity forecast for the end of 2011 due to continued uncertainty about the operational development in the fourth quarter of this year.

The company also reiterated that, as announced in August, approximately 250 jobs will be cut before the end of the year.

‘Overhead costs are to be reduced by approximately 25 percent in 2012,’ Q-Cells says. ‘In this course, some 250 employees are leaving the company until the end of the year as part of personnel-adjustment measures.’


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