Q1 2006 englisch - Hanwha Q CELLS

Q-CELLS AG
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 2
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 3
First Quarter 2006 Report

Equity Story
1
Strong market growth
2
Leading independent player and No. 2 worldwide
One of the world’s
leaders in
photovoltaic
13
4
Proven growth and profitability track record
Portfolio of innovative highly advanced products
5
Leading edge R&D expertise
16
Strong position in additional technologies
PAGE 4
First Quarter 2006 Report

Q-Cells at a Glance
Company Description
Key Figures and Group Organisation
Pure play company
Core activities include development,
production and marketing of mono- and
poly-crystalline solar cells
Strong operating track record
Strong R&D focus
Strategy: Growth and cost reduction
FYE 31 Dec
Production
(in MWp)
Sales
(in EURm)
EBIT
(in EURm)
Net income
(EURm)
Employees
2002
9.3
17.3
0.9
0.2
82
* consolidated financial statements
2003
27.7
48.8
5.3
3.0
207
2004*
75.9
128.7
19.6
12.0
484
2005*
165.7
299.4
63.2
39.9
767
Core Business: Poly- and mono-crystalline solar cells
Calyxo TBN GmbH
Brilliant TBN 234. GmbH
Q-Cells Asia Ltd.
JV with Evergreen
and REC
String Ribbon
technology
Crystalline
Silicon on Glass
Thin film
technology
Thin film
technology
Thin film
technology
Sales
One of the world’s leading photovoltaic companies with strong technology edge
PAGE 5
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 6
First Quarter 2006 Report

Market Potential
Resources
Solar energy
Uranium Gas Oil Coal Annual global energy consumption
Source: BMWi 2000
There are only two solutions to satisfy global energy demand:
”fast breeder” nuclear and solar
PAGE 7
First Quarter 2006 Report

Applications Overview
Off-grid industry
applications
Consumer
96 MW / 8%
24 MW / 2%
108 MW / 9%
Already
competitive
Off-grid residential
applications
Grid applications
970 MW / 81%
Depending on
government
support
Source: SCHOTT Solar
Market 2005
Off-grid applications already competitive, however, grid applications still dominate
PAGE 8
First Quarter 2006 Report

Strong Market Growth
Photovoltaic Market Development
(in GWp)
10
9
8
7
6
5
4
3
2
1
0
0.6
Actual Figures Photon International
M. Rogol, 3rd Photon Silicon Conference
CLSA Sunscreen II
EPIA Grow th (Dec)
EPIA Business as Usual
CAGR:
44%
0.8
1.2
1.8
Estimates
constantly
rising
2002 2003 2004 2005 2006 2007 2008 2009 2010
Favourable development with expected growth rates of 22 - 35% p. a. and higher
PAGE 9
First Quarter 2006 Report

International Solar Initiatives (Examples)
New feed-in law passed in Mar 04
PV is part of the general energy
objectives since 1994
“PV 2030” roadmap outlines
development routes to further
promote PV until 2030
Incentive regime mainly on the
basis of production tax credits
New support programme in
California passed in January
2006
Renewable energy law (EEG) provides favourable
legal framework
Re-evaluation of EEG conditions to take place in
2007
New feed-in
law passed
in 2005
2001 EU directive provides legal framework
International solar initiatives support Q-Cells’ objective to grow globally
PAGE 10
First Quarter 2006 Report

The PV Value Chain (Poly- and Mono-Crystalline)
Solar-grade Silicon Ingots / Wafer Solar Cells Solar Modules PV-Systems
Setek
SMD/Aleo
Mitsubishi
Other (ca. 5)
Other (>10) Other (>20)
Other (>400) Other (>5.000)
Positioning as a pure play with large independent customer base
PAGE 11
First Quarter 2006 Report

Leading Independent Player
TOP 5 Cell Producers in MW
Comments
Production in MW
400
300
200
100
0
CAGR:
61%
CAGR:
61%
CAGR:
33%
CAGR:
161%
CAGR:
51%
Market leader in Germany and Europe
No. 2 solar cell producer worldwide (2005)
Dynamic and over-proportional capacity
and production growth
Clear customer focus and strong
strategic supplier and customer
partnerships
2002
2002 2005
2003
2004
2005
Focus of resources and expertise
on the key value-enhancing step
of the PV value chain
Rank
11
9
4/5
2
Market share
2%
4%
6%
9%
Source: PHOTON International (Mar 06, Mar 04)
Strong market position as the world’s leading independent PV cell producer
PAGE 12
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 13
First Quarter 2006 Report

Portfolio of Innovative Highly Advanced Products
Poly-Crystalline Cells
Mono-Crystalline Cells
Poly-Crystalline Cells
Q5
(125x125mm)
Q6
(150x150mm)
Q6M
(150x150mm)
Q6LM
(156x156mm)
Q6LTT
(156x156mm)
Q8TT*
(210x210mm)
Q8BC*
(Back-Contact)
(210x210mm)
Market
entry
Q3 2001
Q2 2002
Q4 2003
Q3 2004
Q2 2004
2008
2008
Power
per cell
2.43 Wp
3.51 Wp
3.69 Wp
3.92 Wp
3.80 Wp
6.88 Wp
6.88 Wp
*Due to the combination of larger cell thickness and the current silicon shortage, we do not expect a significant share for 8-inch-cells before 2008
Highly efficient solar cells of excellent quality – rapid innovation track record
PAGE 14
First Quarter 2006 Report

Leading Edge R&D Expertise
R&D Strategy
Strong
R&D team
One of the leaders in
the development of
additional technologies
Rapid
commercialisation of
innovations
Value creating development
projects with suppliers,
equipment providers,
manufacturers and customers
Established
partnerships with leading
institutes and universities
Strong R&D competence drives innovations and cost degression
PAGE 15
First Quarter 2006 Report

Factory
Building
Company
Description
Strong Position in Additional Technologies
Investment
Thesis
Founded in June 04
Shareholder structure: Q-Cells 23.03%
Other: Q-Cells’ investors/partners (REC,
APAX, Good Energies)
Production facility with ~25 MWp nominal
capacity currently being built near Q-Cells
Efficiency at pilot 8.2%, at lab 9.4%
Silicon usage approx. 1% (1.5 µm silicon layer)
and high cost reduction potential
First modules expected for Q2 2006
Ramp-up of production and decision on next
line in Q2/Q3/2006
JV with Evergreen Solar, USA, founded in
early 2005
Third partner from Nov. 2005: REC, Norway
Shareholder structure: Q-Cells 21%, REC 15%,
Evergreen Solar 64% (Q-Cells and REC have
option to increase to 33,3%)
Fully integrated module fab with 30 MWp
production capacity
Low silicon usage and high cost reduction
potential
First module produced on February 28, 2006
Efficiency best cells (at present): 14.8-15.0%
Ramp-up of production until mid 2006
Decision on next line in Q2/Q3/2006
Additional technologies offer business opportunities to leverage profit and growth and
position Q-Cells for tomorrow (with hedge)
PAGE 16
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 17
First Quarter 2006 Report

Main Strategic Priorities
Main Strategic Levers
…
Brilliant
Calyxo
CSG Solar
EverQ
Growth strategy
Plant and capacity expansion
Feedstock: wafer supply
High value-added products/brands
Customer base expansion, diversification
and internationalisation
Product development
Cost reduction
strategy
Technology improvements
Productivity
Scale economies
The overriding strategy is to rapidly drive down costs and expand quickly
PAGE 18
First Quarter 2006 Report

Plant and Capacity Expansion
Capacity Development 2003-2007e (Core Business)* *Basis Q6L
400
300
Line III
Line IV
(A+B)
292
Line IV
(C)
350
280
420
336
Expansion and improvement
of existing lines:
Nominal capacity 420MWp
(expected end 2006)
Production capacity 336MWp
(expected end 2006)
(in MWp)
200
Line I
Line II
170
234
316e
100
63
136
165,7
255e
0
22
27,7
50
75,9
2003 2004 2005 2006e
2007e
Nominal capacity
Production capacity
Production
Continued strong capacity expansions with new capacity coming on line
PAGE 19
First Quarter 2006 Report

Purchase and Sales Contracts
Summary (Core Business)
Comments
(in MWp)
Status 03/31/2006
Purchase
2006
Contracted/
256
secured
Additional potential
(~ 30)
availabilities 1)
Sales
2006
2007
298
(~ 95)
2007
2008
389
(~ 236)
Weighted sum 265 326 460
2008
2009-2016
1,178
2)
2009-2016
Current (secured) supply contracts
for 2006 to 2007 cover c. 554 MWp,
additional potential availabilities
Delivery quantities pertain to
silicon with approx. 18%
Secured wafer supply currently
provides high comfort level to
achieve planned production volume
in near- to mid-term
Contracted/
secured
212 3)
248 3)
307 3)
829 3)
1)
Potential additional volumes may result from contracted volumes “at risk”, annual on-going
deliveries, current negotiations and thickness reduction. Based on experience only a part (e.g.
~30% in 2006) leads to additional delivery quantities.
2)
Forecasts will be undertaken later on in the relevant time frames.
3)
+/- 10 % variation because of stipulations.
Wafer supply situation supports
sales growth in excess of market
growth
Further internationalization on the
basis of sales contracts
Silicon and wafer supply secured for strong future expansion
PAGE 20
First Quarter 2006 Report

Cost Reduction Potentials
1
70 µm decrease in thickness leads to c. 10-15%
increase in wafer output or 10-15% cost
reduction
2
1% increase in cell efficiency leads to a c. 7%
cost reduction at all levels of value chain
3
Format change results in power improvement,
less cell handling costs/Wp and cost savings in
lamination
4
Cell Thickness Reduction
Higher Cell Efficiency
Larger Formats
Economies of Scale
Cost degression due to increase of production
Cell Thickness Reduction
330-300 µm
280-270 µm
240-220 µm
200 µm
160 µm
130 µm
2003 H2 2004 H2 2005 H1 2006 In trial In lab.
Running test results
& best cells (1)
Potential due to R&D (1)
Cell Efficiency Potential
Production average
14.3%
2002 (1) 14.8 – 15.6% (3)
16.0 – 16.7%
18%
Typical production average
today (1)
5
Other
Increase in throughput, breakage reduction,
increasing rate of A-cells, increase in uptimes
Lab results (2)
(1) Poly-crystalline cells
(2) Mono-crystalline cells
(3) Process and material dependent
Improvements in technology offer significant cost saving potential
21%
PAGE 21
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 22
First Quarter 2006 Report

Production and Sales
Production
Sales
180
165.7
320
299.4
160
280
140
CAGR:
+161%
240
CAGR:
+159%
Production (in MWp)
120
100
80
60
75.9
53.7
Sales (in EURm)
200
+80% +117%
160
120
128.7
114.7
40
27.7
29.9
80
48.8
52.8
20
9.3
40
17.3
0
0
2002 2003 2004 2005 Q1
2005
Q1
2006
2002 2003 2004 2005 Q1
2005
Q1
2006
Strong increase in production is driving sales
PAGE 23
First Quarter 2006 Report

EBIT and Net Income
EBIT and EBIT Margin
Net Income and Net Income Margin
EBIT (in EURm)
Margin in relation to sales and increase in inventories
80
22% 22%
60
40
20
0
0.9
CAGR:
+313%
5%
5.3
10%
20% 20%
19.6
15%
63.2
10.5
2002 2003 2004 2005 Q1
2005
26.5
Q1
2006
17%
12%
7%
2%
-3%
EBIT Margin
Net Income (in EURm)
50
40
30
20
10
0
Margin in relation to sales and increase in inventories
CAGR:
+484%
6%
12.0
3.0
0.2 1%
13%
10%
39.9
12%
6.5
2002 2003 2004 2005 Q1
2005
14%
+152% +159%
17.0
Q1
2006
10%Net Income Margin
5%
0%
EBIT
EBIT Margin
Net Income
Net Income Margin
Strong financial background with exceptional growth rates
PAGE 24
First Quarter 2006 Report

Operating Cost Breakdown
in EURm
Cost Breakdown
300
244.4
250
18.8
28.1
200
150
106.5
26.5
100
8.0 197.9
12.3
11.7
9.9
46.8
10.0
50
3.4
5.4 86.2
12.2
17.9
18.3 74.6
1.4
2.3 38.0
130.5
14.2
0
2002 2003 2004 2005 Q1 Q1
2005 2006
Cost of material
Personnel expenses
Other operating expenses
Operating Cost
(in % of sales and increase in inventories)
75
10
Relative Cost
73
71
68
64 65
62
12
10 10
9
8
9
8
6 6 6
7
5 6
6 4 4
4
3
2002 2003 2004 2005 Q1 2005 Q1 2006
Personnel expenses Depreciation and amort.
Other op. Expenses Cost of material
Ongoing operating cost improvements on all levels
PAGE 25
First Quarter 2006 Report

Cash Flow and Capital Expenditures
Operating Cash Flow
Capital expenditures
25
22.6
50
45
44.2
Operating Cash Flow (in EURm)
20
15
10
5
6.4
11.6
5.3*
Capex (in EURm)
40
35
30
25
20
15
10
34.6
14.8
14.9
7 7.3
0.6
5
0
2002 2003 2004 2005 Q1
-2.2
2005
Q1
2006
0
2002 2003 2004 2005 Q1
2005
Q1
2006
-5
*Incl. advanced payments for future raw materials supplies of 9.8 EURm
Strong increase in operating cash flow supporting capex needs
PAGE 26
First Quarter 2006 Report

Balance Sheet
(In EUR ‘000)
Balance Sheet 03/31/2006
Current
Assets
338,108
71,346
18,259
31,030
14,514
Other
Liabilities
Financial liabilities
Special Reserves/
Grants
Profit Part.
340,292
Shareholders’
Equity
Non-current
Assets
137,333
Total Assets
475.441 , 475.441 ,
Equity ratio of 72 %
Total Equity and Debt
PAGE 27
First Quarter 2006 Report

First Quarter 2006
First Quarter 2006:
Production: 53.7 MWp (+80%)
Sales: 114.7 EURm (+117%)
Increase in inventories: 5.4 EURm
EBIT: 26.5 EURm (+152%)
EBIT Margin: 22%
Net income: 17.0 EURm (+159%)
Net income margin: 14%
PAGE 28
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 29
First Quarter 2006 Report

Outlook and Main Projects 2006
Production
Sales
260
255e
480
480e
240
440
220
400
200
360
Production (in MWp)
180
160
140
120
100
80
60
CAGR:
+129%
75.9
165.7
Sales (in EURm)
320
280
240
200
160
120
CAGR:
+130%
128.7
299.4
40
20
9.3
27.7
80
40
17.3
48.8
0
2002 2003 2004 2005 2006e
0
2002 2003 2004 2005 2006e
Strong increase in production is driving sales
PAGE 30
First Quarter 2006 Report

Outlook and Main Projects 2006
EBIT and EBIT Margin
Margin in relation to sales and increase in inventories
Net Income and Net Income Margin
Margin in relation to sales and increase in inventories
120
100
20% 20%
100e
20%
70
60
13% 13%
65e
EBIT (in EURm)
80
60
40
20
0
5%
0.9
15%
63.2
10%
19.6
5.3
15%
10%
5%
0%
EBIT Margin
Net Income (in EURm)
50
40
30
20
10
0
6%
3.0
0.2 1%
12.0
10%
39.9
10%
5%
0%
Net Income Margin
2002 2003 2004 2005 2006e
2002 2003 2004 2005 2006e
EBIT
EBIT Margin
Net Income
Net Income Margin
Strong financial background with stable margins
PAGE 31
First Quarter 2006 Report

Outlook and Main Projects 2006
Outlook Financial Year 2006:
Production: ~255 MWp
Sales: ~480 EURm (+ ~60%)
Increase in inventories: ~25 EURm
EBIT: ~100 EURm (+58%)
EBIT-Margin: ~20%
Net income: ~65 EURm (+ ~63%)
Net income margin: ~13%
PAGE 32
First Quarter 2006 Report

Outlook and Main Projects 2006
Main Projects 2006:
New ERP software: SAP
Further expansion of R&D department: from 57 to approx. 100 employees
at the end of 2006 (PV specialists: chemists, physicists, engineers)
Ongoing internationalisation (Target 2008: Export ratio > 50%)
Further investments and capacity expansions:
CSG Solar AG
EverQ GmbH
Four additional projects in core business and thin-film technologies
Completion of Line IV (C)
Expansion and improvement of existing lines in core business (nominal
capacity of 420 MWp/production capacity of 336 MWp at the end of 2006)
PAGE 33
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 - 2008
Appendix
PAGE 34
First Quarter 2006 Report

Outlook 2007 - 2008
Silicon and Wafer Supply 2006 – 2008:
500
400
71
(in MWp)
300
200
100
9
256
29
298
389
0
2006 2007 2008
Contracted/ secured Additional potential availabilities (weighted)
Capacities per 12/31/2006 (01/01/2007)
(in MWp)
450
420
400
336
350
300
250
200
150
100
50
0
Nominal Capacity Production Capacity
(in MWp)
350
300
250
200
150
100
50
0
Planned Production Volume
~316e
~255e
2006 2007
Secured basis for further growth in the next years
PAGE 35
First Quarter 2006 Report

Content
1. Equity Story and Q-Cells’ Overview
2. The Photovoltaic Market
3. Product Portfolio and R&D
4. Strategy
5. First Quarter 2006
6. Outlook and Main Projects 2006
7. Outlook 2007 and 2008
Appendix
PAGE 36
First Quarter 2006 Report

Profit and Loss Account
Profit and Loss Account
*Consolidated financial statements
(In EUR ‘000)
FY 2002
FY 2003
FY 2004*
FY 2005*
Q1 2005*
Q1 2006*
Sales 17,293 48,752
128,697
299,369
52,768
114,750
Changes in Finished Goods Inventories
2,132
4,812
-1,159
11,932
703
5,425
Other Own Work Capitalised
61
127
416
794
214
194
Other Operating Income
883
1,526
3,341
6,807
1,190
2,265
Cost of Materials
14,244
37,959
86,190
197,894
34,640
74,598
Personnel Expenses
2,312
5,386
12,281
28,116
4,844
9,901
Depreciation, Amortisation and Impairment Losses
1,496
3,232
5,201
11,302
2,057
4,165
Other Operating Expenses
1,425
3,387
8,019
18,429
2,829
7,501
Operating Income (EBIT)
892
5,253
19,604
63,161
10,505
26,469
Income from Associates
0
0
-396
-1,696
-183
-1,144
Interest and Similar Income
5
186
153
1,749
3
673
Interest and Similar Expenses
784
972
1,279
3,101
608
866
Profits transferred under Partial Profit Transfer
Agreements
0
172
172
172
43
17
Income before Taxes (EBT)
113
4,295
17,910
59,941
9,674
25,115
Tax
-64
1,290
5,924
20,009
3,133
8,152
Net Income
177
3,005
11,986
39,932
6,541
16,963
PAGE 37
First Quarter 2006 Report

Balance Sheet
Balance Sheet - Assets
*Consolidated financial statements
Assets (In EUR ‘000)
12/31/
2002
12/31/
2003
12/31/
2004*
12/31/
2005*
03/31/
2006*
Non-Current Assets
16,340
27,315
67,658
126,505
137,333
Intangible Assets
Property, Plant and Equipment
Financial Assets
Shares in Associates
Other Non-Current Assets
Deferred Taxes
419
15,120
100
0
0
701
197
27,113
5
0
0
0
609
66,425
30
594
0
0
3,712
99,642
3
12,481
10,667
0
4,512
102,418
3
11,417
18,983
0
Current Assets
10,286
25,308
45,434
329,559
338,108
Inventories
Trade Accounts Receivable
Time Deposits
Other Receivables and Other Current Assets
Cash and Cash Equivalents
3,943
2,930
0
3,389
24
12,697
5,882
0
5,324
1,405
14,699
17,371
0
10,837
2,527
49,889
33,802
32,500
12,720
200,648
62,240
40,218
36,000
15,627
184,023
Total Assets
26,626
52,623
113,092
456,064
475,441
PAGE 38
First Quarter 2006 Report

Balance Sheet
Balance Sheet–Equity and Liabilities
*Consolidated financial statements
Debt and Equity (In EUR ‘000)
12/31/
2002
12/31/
2003
12/31/
2004*
12/31/
2005*
03/31/
2006*
Equity
816
10,332
34,729
321,262
340,292
Shareholders’ Capital
76
90
10,086
36,914
36,914
Capital Reserves
2,006
8,503
12,405
240,687
242,288
Revenue Reserves
0
0
0
5,528
5,528
Other Reserves
0
0
-3
-448
18
Net Profit
-1,266
1,739
12,241
38,581
55,544
Deferred Investment Grants and Subsidies
6,534
11,862
20,075
29,827
31,030
Non-Current Liabilities
8,240
9,497
31,960
32,480
29,549
Profit Participation Rights Capital
0
0
14,407
14,493
14,514
Silent Partners’ Interest
3,969
4,092
4,092
0
0
Non-Current Financial Liabilities
2,702
4,809
7,875
12,834
11,041
Contributed Capital
1,509
0
0
0
0
Other Non-Current Liabilities
60
82
4,776
4,506
3,221
Deferred Taxes
0
514
810
647
773
Current Liabilites
11,036
20,932
26,328
72,495
74,570
Current Financial Liabilities
6,506
10,093
6,094
11,659
7,218
Trade Accounts Payable
3,780
7,456
8,649
24,631
29,255
Tax Liabilities
0
75
5,768
14,489
18,078
Other Provisions
509
1,436
3,791
8,848
10,564
Other Current Liabilities
241
1,872
2,026
12,868
9,455
Total Equity and Liabilities
26,626
52,623
113,092
456,064
475,441
PAGE 39
First Quarter 2006 Report

Cash Flow Statement
Cash Flow Statement
*Consolidated financial statements
(In Tsd, EUR)
2002
2003
2004*
2005*
Q1
2005*
Q1
2006*
Net income 176.7 3,005.3
11,985.8
39,932.0
6,723.7
16,962.6
Depreciation, Amortization and Impairment Losses
1,496.4
3,232.4
5,200.7
11,302.3
2,056.9
4,165.2
Income from Associates
0.0
0.0
396.0
1,696.0
0.0
1,143.5
Losses on Disposal of Intangible Assets and Items of
Property, Plant and Equipment
-701.9
-1,154.4
-2,484.7
-2,312.4
80.7
15.5
Change in Assets. Provisions and Liabilities and Other
Non-cash Income and Expenses
0.0
41.7
0.0
816.9
2,707.1
-16,960.1
Cash Provided by Operating Activities
-2,218.3
590.6
6,357.3
22,563.8
11,568.4
5,326.7
Cash Used in Investing Activities
-4,773.3
-9,028.7
-29,249.2
-76,716.1
-14,306.8
-11,627.8
Cash Provided by Financing Activities
7,009.4
9,819.0
24,014.2
252,273.0
3,413.4
-10,323.4
Change in Liquid Funds
17.8
1,380.9
1,122.3
198,120.7
675.0
-16,624.5
Balance of Liquid Funds at Beginning of Period
6.2
24.0
1,404.9
2,527.2
2,527.2
200,647.9
Balance of Liquid Funds at End of Period
24.0
1,404.9
2,527.2
200,647.9
3,202.2
184,023.4
PAGE 40
First Quarter 2006 Report

CONTACT Q-CELLS AG
Investor Relations
Guardianstraße 16
06766 Thalheim
Germany
TEL +49 (0)3494 66 8-887
FAX +49 (0)3494 66 8-777
MAIL investor@q-cells.com
WEB www.q-cells.com