REC ASA - 2nd quarter 2009
Oslo, August 11, 2009: Renewable Energy Corporation ASA (REC)
reported revenue of NOK 2,308 million in the second quarter 2009, an
increase of 9 percent from NOK 2,121 million in the second quarter
2008. For the first six months of 2009, revenue increased by 11
percent to NOK 4,321 million.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) amounted to NOK 218 million in the second quarter 2009.
The significant decline in EBITDA mainly relates to; (i) weaker
market demand and reduced capacity utilization in REC Solar and REC
Wafer, (ii) expansion cost and negative contribution from the ramp-up
of new plants of NOK 198 million, (iii) a provision in REC Solar of
approximately NOK 308 million for repairs of malfunctioning junction
boxes, and (iv) loss on sales and write-down of cell and module
inventories of NOK 107 million.
When adjusting for junction box, expansion/ramp-up cost and inventory
write-downs (total of NOK 613 million), the underlying EBITDA margin
was 36 percent.
The operating profit (EBIT) was NOK -97 million in the second
quarter, compared to NOK 716 million in the same quarter in 2008.
REC reported net financial items of NOK -624 million in the second
quarter, including net loss on derivatives of NOK 499 million. In the
same quarter last year, net financial items were a negative NOK 8
million, including net losses on derivatives of NOK 28 million. Net
financial items for the first six months 2009 were NOK -326 million,
compared to NOK -259 million in 2008.
Including these effects, loss before tax was NOK 721 million in the
second quarter 2009, compared to a profit before tax of NOK 708
million in the second quarter 2008. Loss before tax for the first six
months in 2009 was NOK 121 million compared to NOK 1,036 million in
2009.
Earnings per share for the quarter was negative NOK 1.38, compared to
positive NOK 1.00 in the second quarter 2008 and positive NOK 0.80 in
the first quarter 2009. The earnings per share is calculated on the
base of the average number of shares of 494.3 million in the second
quarter 2009.
For more information, please see the attachments on www.newsweb.no
Morning program:
REC will release its second quarter results for 2009 on Tuesday
August 11, 2009 just after 07:00 AM CET.
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 use one of the following numbers (conference
ID, 9458710):
Norway free call: 800 19 641
UK free call: 0800 032 3808
USA free call: 1866 602 0258
International dial in: +44 (0)20 7138 0844
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 inn at least 5 minutes ahead of time to finalize
your registration:
Norway free call: 800 80 119
International dial in: +47 23 00 04 00
Immediately after the call, a replay of the conference call will be
made available. To access, please dial +47 67 89 40 91 and use the
following procedure:
1. Type account number 1524 followed by # (pound-sign) and press 1
2. Continue by typing the conference number: 524 followed by #
(pound-sign) and press 1 to play
For more information, please contact:
Jon André Løkke, SVP and Investor Relations Officer, Tel: +47 907 44
949
About REC
REC is the leading vertically integrated player in the solar energy
industry. REC Silicon and REC Wafer are among the world's largest
producers of polysilicon and wafers for solar applications. REC Solar
is a rapidly growing manufacturer of solar cells and modules, and are
also engaging in project development activities in selected segments
of the PV market. REC had revenues of NOK 8 191 million and an
operating profit of NOK 2 529 million in 2008. Close to 3 000
employees work in REC's worldwide organization. Please also see
www.recgroup.com.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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