REC ASA - 2nd quarter 2009
(Thomson Reuters ONE) - Oslo, August 11, 2009: Renewable Energy Corporation ASA (REC)reported revenue of NOK 2,308 million in the second quarter 2009, anincrease of 9 percent from NOK 2,121 million in the second quarter2008. For the first six months of 2009, revenue increased by 11percent 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) weakermarket demand and reduced capacity utilization in REC Solar and RECWafer, (ii) expansion cost and negative contribution from the ramp-upof new plants of NOK 198 million, (iii) a provision in REC Solar ofapproximately NOK 308 million for repairs of malfunctioning junctionboxes, and (iv) loss on sales and write-down of cell and moduleinventories of NOK 107 million.When adjusting for junction box, expansion/ramp-up cost and inventorywrite-downs (total of NOK 613 million), the underlying EBITDA marginwas 36 percent.The operating profit (EBIT) was NOK -97 million in the secondquarter, compared to NOK 716 million in the same quarter in 2008.REC reported net financial items of NOK -624 million in the secondquarter, including net loss on derivatives of NOK 499 million. In thesame quarter last year, net financial items were a negative NOK 8million, including net losses on derivatives of NOK 28 million. Netfinancial 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 thesecond quarter 2009, compared to a profit before tax of NOK 708million in the second quarter 2008. Loss before tax for the first sixmonths in 2009 was NOK 121 million compared to NOK 1,036 million in2009.Earnings per share for the quarter was negative NOK 1.38, compared topositive NOK 1.00 in the second quarter 2008 and positive NOK 0.80 inthe first quarter 2009. The earnings per share is calculated on thebase of the average number of shares of 494.3 million in the secondquarter 2009.For more information, please see the attachments on www.newsweb.noMorning program:REC will release its second quarter results for 2009 on TuesdayAugust 11, 2009 just after 07:00 AM CET.On the release day, President and CEO Ole Enger of REC will give apresentation together with other members of the management team. Thepresentation will take place at 08:00 hrs Norwegian time/CET at theconference centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo(www.oslokonserthus.no).The presentation, held in English, will be broadcasted live over theInternet, and can be accessed from: www.recgroup.com.It will also be possible to listen to the presentation through aconference call. Please use one of the following numbers (conferenceID, 9458710):Norway free call: 800 19 641UK free call: 0800 032 3808USA free call: 1866 602 0258International dial in: +44 (0)20 7138 0844Afternoon program:REC will further host an analyst conference call with possibilitiesfor questions and answers later the same day at 15:00 CET. Pleasemake sure to dial inn at least 5 minutes ahead of time to finalizeyour registration:Norway free call: 800 80 119International dial in: +47 23 00 04 00Immediately after the call, a replay of the conference call will bemade available. To access, please dial +47 67 89 40 91 and use thefollowing 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 playFor more information, please contact:Jon André Løkke, SVP and Investor Relations Officer, Tel: +47 907 44949About RECREC is the leading vertically integrated player in the solar energyindustry. REC Silicon and REC Wafer are among the world's largestproducers of polysilicon and wafers for solar applications. REC Solaris a rapidly growing manufacturer of solar cells and modules, and arealso engaging in project development activities in selected segmentsof the PV market. REC had revenues of NOK 8 191 million and anoperating profit of NOK 2 529 million in 2008. Close to 3 000employees work in REC's worldwide organization. Please also seewww.recgroup.com.http://hugin.info/136555/R/1333785/316273.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.08.2009 - 07:00 Uhr
Sprache: Deutsch
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