REC's fourth quarter and full year 2011 results
(Thomson Reuters ONE) -
Sandvika, February 8, 2012: Renewable Energy Corporation ASA (REC) reported
fourth quarter 2011 revenues of NOK 2,865 million and EBITDA of NOK 178 million.
EBITDA was negatively affected by a weak solar market, aggressive polysilicon
pricing and close down of production capacity in Norway. Affecting EBIT, REC
recognized a further NOK 2.5 billion impairment on fixed assets of the Singapore
operations in the quarter. REC reduced net debt by NOK 0.6 billion in the fourth
quarter to NOK 4.7 billion.
After a steep price decline on solar modules, investments in PV systems are
currently yielding favorable end-user returns in a number of markets. However
overcapacity and inventory reductions led to steep market price declines
throughout the fourth quarter. After a slow start, demand for solar modules
improved at the very end of the fourth quarter.
REC's fourth quarter revenues were down five percent from the previous quarter,
while EBITDA was NOK 178 million in the fourth quarter, down from NOK 370
million in the previous quarter. The decrease in revenues and EBITDA is mainly
explained by reduced selling prices partly offset by higher sales volumes.
Compared to the previous quarter, REC's average selling prices for polysilicon
were down 42 percent, wafer prices were down 31 percent and module prices were
down 15 percent.
In the fourth quarter REC recognized income of NOK 690 million from terminations
of wafer sales contracts partly offset by costs of NOK 335 million related to
permanent shutdown of the cell production and approximately 50 percent of the
wafer production capacity in Norway.
For the year 2011 revenues amounted to NOK 13,366 million, down three percent
from 2010. EBITDA in 2011 amounted to NOK 2,867 million, down from NOK 3,532
million in 2010.
EBIT before impairment charges was negative NOK 288 million in the fourth
quarter, compared to negative NOK 98 million in the previous quarter. A weaker
market outlook led to impairment charges of NOK 2.5 billion on fixed assets in
Singapore in the fourth quarter.
After total impairments of NOK 10.1 billion in 2011, EBIT for the full year
2011 was negative NOK 9,508 million down from positive NOK 1,018 million in
2010.
Loss from total operations was NOK 2,482 million in the fourth quarter, compared
loss of NOK 759 million in the previous quarter. For the year 2011, REC had a
loss from total operations of NOK 10,030 million, compared to a profit before
tax of NOK 989 million in 2010.
Basic EPS from total operations was NOK -2.49 in the fourth quarter, compared to
NOK -0.76 in the previous quarter. For the year 2011, basic EPS from total
operations was NOK -10.06 compared to NOK 1.07 in 2010.
For more information, please see the attached fourth quarter 2011 report and
presentation as well as a spreadsheet with detailed financial information.
For more information, please contact;
Mikkel Tørud, VP & IRO; +47 976 99 144
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: 4957029
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)
About REC
REC is a leading vertically integrated player in the solar energy industry.
Ranked among the world's largest producers of polysilicon and wafers for solar
applications and a rapidly growing manufacturer of solar cells and modules, REC
also engages in project development activities in selected PV segments. Founded
in Norway in 1996, REC is an international solar company, employing about 3,700
people worldwide 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)
REC Q4 presentation:
http://hugin.info/136555/R/1583509/495126.pdf
REC Q4 report :
http://hugin.info/136555/R/1583509/495125.pdf
REC Q4 Financial information:
http://hugin.info/136555/R/1583509/495127.xls
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#1583509]
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 112175
Anzahl Zeichen: 6403
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Town:
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Kategorie:
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"REC's fourth quarter and full year 2011 results"
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