Solar company Hanwha Q Cells Co Ltd (NASDAQ:HQCL) said today a subsidiary has obtained a EUR-45.9-million (USD 52m) arbitral award in a case related to the inventory valuations of Global PVQ SE.
Insolvent German solar manufacturer Q-Cells was taken over by South Korean Hanwha Group in 2012. Hanwha acquired the brand and the cell and module production facilities in Germany and Malaysia, while the remaining Q-Cells business was renamed to Global PVQ.
Hanwha Q Cells GmbH has now emerged victorious in arbitration proceedings against the Insolvency Administrator of the assets of Global PVQ, related to the valuation of inventories. The EUR 45.9 million won will make “a very positive contribution” to the group’s third-quarter 2015 results. It will be booked as a one-time non-cash effect.
“We remain optimistic about the Company's performance for the remainder of 2015, including accelerating shipments, further reduction in our cost structure, improved profitability, and execution of our aggressive expansion goals,” said CFO Jay Seo.