Ad Hoc: Q-Cells SE (FRA:QCE) : Q-Cells Publishes Report As Of 30 September 2008:

Q-Cells SE (FRA:QCE) Q-Cells SE / Interim report / Ad hoc: Q-Cells publishes Report as of 30 September 2008: Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------



- Sales up 61 % and EBIT up 32 % - Income in Q3 affected by delivery cutbacks - Forecast confirmed - Growth in production volume for 2009 and 2010 of approximately 70 % p.a. secured

Bitterfeld-Wolfen, 13 November 2008 - Q-Cells SE (QCE; ISIN DE0005558662) published its Q3 report as of 30 September 2008. Production increased in the first nine months by 63 % to 417.0 Megawatt peak (MWp) (9M 2007: 256.6 MWp). At comparable production capacity, production volume in Q3 stood at 153.5 MWp, slightly up on Q2 (146.5 MWp).

Sales for the first three quarters increased by 61 % to € 931.9 million (9M 2007: € 577.1 million). For Q3 this means sales growth of approximately 14 % compared with the previous quarter. In the first nine months, Q-Cells SE achieved an EBIT of € 189.1 million - not taking into account the start-up costs of new technologies. Taking these start up losses into account, Group EBIT amounted to € 172.9 million (increase by 32% compared to previous year). EBIT for the third quarter amounted to € 59.2 million not including start-up costs and € 53.8 million when taking them into consideration. The main reason for the reduction of operating income in Q3 was considerable wafer delivery cutbacks by the biggest supplier, REC. As a consequence, expensive spot volumes had to be bought in the short-term.

EBIT margin in the first nine months for the core business amounted to around 21 % (Group: 18 %) and to approx. 17 % (Group: 15 %) in Q3. Without the effect of lower deliveries, the EBIT margin in Q3 would have been stable at approx. 22 % for the core business and 20 % for the Group.

Net income for the reporting period (after minorities) amounted to € 155.7 million (9M 2007: € 111.2 million) or to € 124.7 million when not taking the effects of the stake in REC into account (9M 2007: € 84.2 million). This corresponds to an increase of 40 % and 48 % respectively compared with the same period in the previous year. Net income for Q3 amounted to € 73.5 million, up by 166 % compared with Q2. Without the REC effects, the company achieved net income for the period totalling € 49.9 million (up 32 % on the previous quarter).

Outlook for the full year 2008 and the following years For the ongoing year, Q-Cells SE confirms the goal of a production volume in the core business of approximately 585 MWp (plus production volume of all thin-film subsidiaries from 10 MWp to 20 MWp). As a result of the positive development of the project business Q-Cells International, the company is slightly raising its forecast for Group sales to approximately € 1.35 billion (previously € 1.325 billion). Despite reduced wafer deliveries in Q3, the company confirms the goal for EBIT totalling approximately € 260 million for 2008. The Group's net income should now amount to approximately € 215 million (previously € 200 million), particularly due to the increased REC income contribution (€ 36 million instead of the previous € 23 million).

Q-Cells SE expects to generate a production volume of more than 1 GWp throughout the Group in 2009. Furthermore, Q-Cells SE confirms its sales forecast for 2009 totalling approx. € 2.25 billion. Additional to that, phases of expansion allowing a production volume totalling approx. 1.8 GWp in 2010 are financed at this point. Therefore, an average growth of the production volume of approximately 70 % p.a. has already been secured for the two following years. A higher production volume (including thin-film companies) of approx. 2.5 GWp for 2010 is possible, once additional funds can be raised.

The nine-month report and a current company presentation can be downloaded from the Investor Relations section of the Q-Cells SE's website (www.q-cells.com).

Contact information: Q-Cells SE OT Thalheim Guardianstraße 16 06766 Bitterfeld-Wolfen, Germany

Investor Relations: Stefan Lissner Phone: +49 - (0)3494 - 6699 10101 investor@q-cells.com

Public Relations: Stefan Dietrich Phone: +49 - (0)3494 - 6699 10111 presse@q-cells.com

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Q-Cells SE OT Thalheim, Guardianstr. 16 Bitterfeld-Wolfen Germany

WKN: 555866; ISIN: DE0005558662; Index: CDAX, GEX, Prime All Share, TecDAX; Listed: Amtlicher Markt in Frankfurter Wertpapierbörse, Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Berlin,

Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Stuttgart;



LINK: http://hugin.info/136506/R/1269294/280627.pdf



LINK: http://hugin.info/136506/R/1269294/280628.pdf

Q-Cells SE

http://www.q-cells.com

ISIN: DE0005558662

Stock Identifier: XFRA.QCE