REC's first quarter 2012 results
(Thomson Reuters ONE) -
Sandvika, April 25, 2012: Renewable Energy Corporation ASA (REC) reported first
quarter 2012 revenues of NOK 2,138 million and EBITDA of NOK 455 million. REC
reduced net debt by NOK 0.5 billion in the first quarter to NOK 4.2 billion.
Attractive return on PV-investments for the end-users in key markets, expected
feed-in tariff cuts in Germany as well as growing demand from a number of
emerging markets led to high module installation volumes in the first quarter of
2012. Despite the high volumes, industry wide overcapacity continued to put
pressure on market prices throughout the quarter.
Compared to the previous quarter, REC's average selling prices for polysilicon
were down 15 percent, wafer prices were down 24 percent and module prices were
down 18 percent.
With prospects of continued negative operating results, REC decided on April 24
to close down the 650 MW multicrystalline wafer plant at Herøya currently in
operation. Production at the plant is expected to discontinue in the second
quarter. This comes in addition to the decision on March 20 to close the
monocrystalline wafer plant in Glomfjord. About 640 employees are affected. REC
will explore alternatives for potential future use of the facilities.
REC's first quarter revenues were down 25 percent from the previous quarter,
while EBITDA was NOK 455 million in the first quarter, up from NOK 178 million
in the previous quarter. In the first quarter REC recognized income of NOK 795
million from terminations of polysilicon and wafer sales contracts partly offset
by costs of NOK 366 million related to permanent shutdown of the mono wafer
production capacity in Glomfjord, Norway.
EBITDA adjusted for these effects were NOK 27 million, compared to an adjusted
EBITDA of NOK -178 million in the previous quarter. The improved adjusted EBITDA
mainly reflects reduced inventory write downs and reductions in the overall cost
base after close down of wafer production capacity in Norway.
EBIT was NOK 59 million in the first quarter, compared to negative NOK 2.7
billion in the previous quarter that included impairment charges of NOK 2.5
billion on fixed assets.
Loss after tax was NOK 209 million in the first quarter, compared to loss of NOK
2,482 million in the previous quarter.
EPS was NOK -0.21 in the first quarter, compared to NOK -2.49 in the previous
quarter.
For more information, please see the attached first quarter 2012 report and
presentation as well as a spreadsheet with detailed financial information.
Morning program:
On the release day, President and CEO Ole Enger of REC will give a presentation
together with other members of the management team. The presentation will take
place at 08:00 hrs Norwegian time/CET at the conference centre Oslo Konserthus,
Munkedamsveien 14, 0250 Oslo (www.oslokonserthus.no).
The presentation, held in English, will be broadcasted live over the Internet,
and can be accessed from: www.recgroup.com.
It will also be possible to listen to the presentation through a conference
call. Please make sure to dial in 10 minutes prior to scheduled start time on
one of the following numbers:
Confirmation code: 1546702
Norway Toll Free: 800 56 053
UK Toll Free: 0800 279 4841
USA Toll Free: 1877 249 9037
International Toll: +44 (0)20 3140 8286
Afternoon program:
REC will further host an analyst conference call with possibilities for
questions and answers later the same day at 15:00 CET. Please make sure to dial
in at least 5 minutes ahead of time to finalize your registration:
International dial in: +47 2318 4540, please state your name and company.
Immediately after the call, a replay of the conference call will be made
available. To access, please dial +47 2318 4502 and use the following procedure:
1. Type pincode 1524 followed by # (pound-sign)
2. Continue by typing reference number 524 followed by # (pound-sign)
For more information, please contact;
Mikkel Tørud, VP & IRO; +47 976 99 144
About REC
REC is a leading vertically integrated solar energy company. REC produces
polysilicon, wafers, cells and modules for the solar industry, and silicon
materials for the electronics industry. REC also engages in project development
in selected PV segments. Founded in Norway in 1996, REC employs around 3,200
people globally with revenues of more than NOK 13 billion in 2011. Please visit
www.recgroup.com to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q1 financial information:
http://hugin.info/136555/R/1605646/508579.xls
REC Q1 report:
http://hugin.info/136555/R/1605646/508574.pdf
REC Q1 presentation:
http://hugin.info/136555/R/1605646/508575.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
[HUG#1605646]
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Datum: 25.04.2012 - 01:03 Uhr
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