Oslo, April 29, 2009: Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,013 million in the first quarter 2009, an increase of 14 percent from NOK 1,771 million in the first quarter 2008.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 527 million in the first quarter 2009, a decline of 29 percent from NOK 742 million in the first quarter 2008. The EBITDA margin of 26 percent in the first quarter 2009 compares with 42 percent in the same quarter last year. The EBITDA margin was negatively affected by external sourcing of polysilicon, higher expansion and ramp-up costs, and a build-up of module inventory.
The operating profit (EBIT) was NOK 302 million in the first quarter, compared to NOK 579 million in the same quarter in 2008.
REC reported positive net financial items of NOK 298 million in the first quarter, compared to a negative NOK 251 million in the first quarter 2008.
Profit before tax thus increased to NOK 600 million in the first quarter 2009, from NOK 327 million in the first quarter 2008.
Earnings per share were NOK 0.80 in the first quarter 2009. This compares to NOK 0.43 in the first quarter 2008, on both a basic and diluted basis.
On the release day, Ole Enger, President and CEO 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 use one of the following numbers (conference ID, 3433171):
Norway free call: 800 19 640
UK free call: 0800 028 1299
USA free call: 1888 935 4577
International dial in: +44 (0)20 7136 6285
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 inn at least 5 minutes ahead of time to finalize your registration:
Norway free call: 800 80 119
International dial in: +47 23 00 04 00
Immediately after the call, a replay of the conference call will be made available. To access, please dial +47 67 89 40 91 and use the following procedure:
- Type account number 1524 followed by # (pound-sign) and press 1
- Continue by typing the conference number: 524 followed by # (pound-sign) and press 1 to play
For more information, please contact;
Jon André Løkke, SVP & Investor Relation Officer, +47 907 44 949
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8 191 million and an operating profit of NOK 2 529 million in 2008. About 2 500 employees work in REC's worldwide organization. Please also see www.recgroup.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Q1 2009 results
Q1 2009 results