REC's second quarter 2013 results
(Thomson Reuters ONE) -
Sandvika, July 18, 2013: Renewable Energy Corporation ASA (REC) reported second
quarter 2013 revenues of NOK 1,544 million and EBITDA of NOK 152 million. EBIT
was negative NOK 58 million. Nominal net debt improved by NOK 0.3 billion to NOK
2.2 billion.
REC Silicon reported second quarter revenues of NOK 498 million and EBITDA of
NOK 106 million. Polysilicon production was stable with unchanged production
volumes compared to the previous quarter, solar grade yield at 91 percent and
FBR cash cost down to 12.5 USD/kg. Solar grade polysilicon sales volume was
reduced by 30 percent compared to the previous quarter. REC built some inventory
to better serve its Asian customers and based on anticipated increase in selling
prices. Selling prices were up 19 percent compared to the previous
quarter reflecting increased prices for solar grade polysilicon and higher share
of sales of electronic grade polysilicon. Silane gas overcapacity continues to
put pressure on prices and volumes.
REC Solar reported second quarter revenues of NOK 1,070 million and EBITDA of
NOK 75 million. Production of solar panel increased reflecting low production in
the first quarter. Solar panel shipments and selling prices increased 24 percent
and six percent respectively compared to the previous quarter. REC experienced
improved demand for solar panels in the second quarter 2013 compared to the
previous quarter. The slowdown observed in the largest solar markets in Europe
is being offset by growth in other markets, in particular in Asia.
Overall, REC's second quarter revenues were up 21 percent from the previous
quarter, while the NOK 152 million EBITDA was an improvement from NOK 46 million
in the previous quarter. In the previous quarter other income of NOK 115 million
from termination and settlement of parts of a silane gas contract was
recognized. The improved adjusted EBITDA mainly reflects higher shipments and
prices in REC Solar and reduced FBR cash cost, higher sales of electronic grade
polysilicon relative to solar grade polysilicon and reversal of expenses
recognized in the first quarter in REC Silicon.
Financial items was negative NOK 609 million, mainly reflecting a significant
increase in the fair value of the 2014 convertible bond that was partially re-
financed in the second quarter.
Loss after tax was NOK 447 million in the second quarter, compared to a loss of
NOK 209 million in the previous quarter. Basic EPS from total operations was
negative NOK 0.20 in the second quarter 2013, compared to negative NOK 0.10 in
the previous quarter.
For more information, please see the attached second quarter 2013 report. A
spreadsheet with detailed financial information can be found on the investor
section of www.recgroup.com.
Morning program:
Today, 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 Høyres Hus, Stortingsgaten
20, 0161 Oslo (www.hoyreshus.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:
Norway Toll Free: 800 56 053
UK Toll Free: 0800 279 4992
USA Toll Free: 1877 280 2342
International Toll: +44 (0)20 3427 1900
Confirmation code: 1696656
Afternoon program:
REC will further host an analyst conference call with possibilities for
questions and answers today at 14:00 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 further information, please contact:
Kjell Christian Bjørnsen
EVP & CFO, REC
Telephone: + 47 917 02 097
Email: kjell.bjornsen(at)recgroup.com
Mikkel Tørud,
SVP Investor Relations & Business Development, REC
Telephone: +47 976 99 144
Email: mikkel.torud(at)recgroup.com
About REC
REC is a leading global provider of solar electricity solutions. With nearly two
decades of expertise, we offer sustainable, high-performing products, services
and investment opportunities for the solar and electronics industries. Together
with our partners, we create value by providing solutions that better meet the
world's growing electricity needs. Our 2,300 employees worldwide generated
revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD
1.3 billion.
To see more of what REC can offer, visit www.recgroup.com.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
REC Q2 2013 report:
http://hugin.info/136555/R/1717213/570911.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#1717213]
Unternehmensinformation / Kurzprofil:
Datum: 18.07.2013 - 06:45 Uhr
Sprache: Deutsch
News-ID 279487
Anzahl Zeichen: 6214
contact information:
Town:
Sandvika
Kategorie:
Business News
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