REC ASA - 3rd quarter 2009
(Thomson Reuters ONE) - Oslo, October 27, 2009: Renewable Energy Corporation ASA (REC)reported revenue of NOK 2,160 million in the third quarter 2009, anincrease of 13 percent from NOK 1,919 million in the third quarter2008.Earnings before interest, taxes, depreciation and amortization(EBITDA) amounted to NOK 429 million in the third quarter 2009, adecline of 40 percent from NOK 711 million in the third quarter 2008.The EBITDA margin of 20 percent in the third quarter 2009 compareswith 37 percent in the same quarter last year.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 ~168 million, (iii) loss on sales and write-downof cell and module inventories of NOK ~100 million, and (iv) afurther increase of the provision in REC Solar of approximately NOK21 million for repairs of malfunctioning junction boxes.When adjusting for expansion/ramp-up cost, inventory write-downs andjunction box (total of NOK ~289 million), the underlying EBITDAmargin was 33 percent.The operating profit (EBIT) was NOK -665 million in the thirdquarter, compared to NOK 537 million in the same quarter in 2008, andthe EBIT margin decreased to -31 percent from 28 percent. Excludingthe impairment charge relating to Sovello, EBIT for the third quarteramounted to NOK 7 million.REC reported net financial items of NOK -478 million in the thirdquarter, including net loss on derivatives of NOK 51 million. In thesame quarter last year, net financial items were NOK 1,224 million,including net gains on derivatives of NOK 932 million.Including these effects, loss before tax was NOK 1,143 million in thethird quarter 2009, compared to a profit before tax of NOK 1,761million in the third quarter 2008.Earnings per share for the quarter was negative NOK 1.52, compared topositive NOK 2.20 in the third quarter 2008 and negative NOK 1.20 inthe second quarter 2009. The earnings per share are calculated on thebase of the average number of shares of 664.8 million in the thirdquarter 2009.For more information, please see the attachments on www.newsweb.noMorning program:REC will release its third quarter results for 2009 on TuesdayOctober 27, 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, 3435489):Norway free call: 800 51 070UK free call: 0 800 028 1243USA free call: 1 888 935 4575International dial in: +44 (0) 20 7806 1951Afternoon 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 uniquely positioned as one of the most integrated companies inthe solar energy industry. REC Silicon and REC Wafer are the world'slargest producers of polysilicon and wafers for solar applications.REC Solar produces solar cells and solar modules and engage inproject development activities in selected segments of the PV market.REC Group had revenues in 2008 of NOK 8,191 million and an operatingprofit of NOK 3,279 million. Please also see www.recgroup.comThis information is subject of the disclosure requirements acc. to§5-12 vphl (Norwegian Securities Trading Act)http://hugin.info/136555/R/1350238/325695.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.10.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 7430
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