REC's third quarter 2013 results
(Thomson Reuters ONE) -
Sandvika, October 24, 2013: Renewable Energy Corporation ASA (REC) reported
third quarter 2013 revenues from continuing operations of NOK 705 million and
EBITDA of NOK 36 million. Nominal net debt was NOK 2.6 billion, while net debt
will be reduced by NOK 800 million through the proceeds from the sale of REC
Solar to be completed on October 25, 2013.
Reported revenues and EBITDA are re-presented for REC Solar as discontinued
operations. The table below illustrates revenues, EBITDA and EBIT for the
segments and other ("total segments"). The revenues and EBITDA for "total
segments" are illustrations of the financial results before loss on sale of REC
Solar and comparable with earlier reported financial figures.
+----------------------------------+----------------------+--------------------+
| | Q3 2013 | Q2 2013 |
+----------------------------------+--------+------+------+--------+------+----+
| |Revenues|EBITDA| EBIT|Revenues|EBITDA|EBIT|
+----------------------------------+--------+------+------+--------+------+----+
|REC Silicon | 738| 80| -135| 498| 106| -78|
+----------------------------------+--------+------+------+--------+------+----+
|REC Solar | 917| 59| 26| 1070| 75| 49|
+----------------------------------+--------+------+------+--------+------+----+
|Other & Eliminations | -33| -33| -33| -23| -28| -28|
+----------------------------------+--------+------+------+--------+------+----+
|Total segments | 1,621| 106| -142| 1,544| 153| -57|
+----------------------------------+--------+------+------+--------+------+----+
|Sale of REC Solar | 0| -182|-1,251| 0| 0| 0|
+----------------------------------+--------+------+------+--------+------+----+
|Total operations | 1,621| -75|-1,393| 1,544| 153| -57|
+----------------------------------+--------+------+------+--------+------+----+
|Adjustment discontinued | -917| 111| 1,214| -1,070| -94| -68|
| operations | | | | | | |
+----------------------------------+--------+------+------+--------+------+----+
|Continuing operations | 705| 36| -179| 474| 60|-125|
+----------------------------------+--------+------+------+--------+------+----+
REC Silicon reported third quarter revenues of NOK 738 million up from NOK 498
million in the previous quarter. EBITDA in the third quarter was NOK 80 million
down from NOK 106 million in the previous quarter. The second quarter EBITDA was
positively affected by reversal of expenses recognized in the first quarter, and
hence the underlying third quarter EBITDA was broadly unchanged from the
previous quarter. Strong sales volume growth for both polysilicon and silane gas
was offset by price declines for both product categories in the quarter.
Despite the introduction of preliminary anti-dumping duties on solar grade
polysilicon in China, strong demand for granular polysilicon led to an increase
in polysilicon sales volume of 56 percent compared to the previous quarter.
Polysilicon selling prices came down three percent reflecting reduced prices for
electronic grade polysilicon and a larger share of solar grade polysilicon in
the sales mix partly offset by increased prices for solar grade polysilicon.
Silane gas sales increased by 73 percent while the selling prices decreased by
18 percent, compared to the previous quarter. Silane gas prices decreased due to
deliveries under some large contracts at low prices. Some industry
rationalization has begun and REC Silicon increased its silane gas market share
in the quarter.
REC Solar reported third quarter revenues of NOK 917 million down from NOK
1,070 million in the previous quarter. EBITDA in the third quarter was NOK 59
million down from NOK 75 million in the previous quarter. The reduction from the
previous quarter mainly reflects lower shipments and selling prices, partly
offset by continued cost reductions.
Solar panel sales volume was down eight percent compared to the previous quarter
as panel inventory was slightly below the normalized level in the previous
quarter. Selling prices decreased by five percent mainly reflecting currency
effects and lower realized prices in Japan. REC Solar continues to hold a strong
market position, in particular in Asia and Europe.
REC Solar increased solar panel production and continued reduction of cash cost
based on operational improvements. Cash cost for producing solar panels was in
the third quarter 49 Eurocents/Watt.
Financial items for continuing operations were negative NOK 155 million, mainly
reflecting interest expenses and fair value adjustments of the convertible
bonds.
Loss after tax from total operations was NOK 1,578 million in the third quarter,
compared to a loss of NOK 447 million in the previous quarter. The increased
loss mainly reflect the impairments on Group level of REC Solar, as the segment
is accounted for as held for sale at the end of the third quarter.
Basic EPS from total operations was negative NOK 0.68 in the third quarter
2013, compared to negative NOK 0.20 in the previous quarter.
For more information, please see the attached third quarter 2013 report. A
spreadsheet with detailed financial information can be found on the investor
section of www.recgroup.com.
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 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 5004
USA Toll Free: 1877 280 1254
International Toll: +44 (0)20 3427 1901
Confirmation code: 2005859
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 2316 2729.
Please enter confirmation code 2526271 and state your name, company and country
of residence.
Immediately after the call, a replay of the conference call will be made
available. To access please dial +47 2100 0498 and type replay passcode 252671.
For further information, please contact:
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 pursuant to section
5-12 of the Norwegian Securities Trading Act.
REC Q3 2013 report:
http://hugin.info/136555/R/1737717/582711.pdf
REC Q3 2013 presentation :
http://hugin.info/136555/R/1737717/582708.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#1737717]
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 308820
Anzahl Zeichen: 9297
contact information:
Town:
Sandvika
Kategorie:
Business News
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"REC's third quarter 2013 results"
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