Sandvika, February 10, 2010: Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,676 million in the fourth quarter 2009, an increase of 12 percent the fourth quarter 2008. Revenue for the full year 2009 amounted to NOK 9,156 million, which was also a 12 percent increase from 2008.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 567 million in the fourth quarter 2009, compared to NOK 936 million in the fourth quarter 2008. The EBITDA margin thus declined to 21 percent from 39 percent in the fourth quarter 2008. The main reasons for the decline in EBITDA and margin are reduced prices and negative contribution from ramp-up of new plants.
For the full year 2009, EBITDA declined by 47 percent to NOK 1,741 million and the EBITDA margin declined to 19 percent from 40 percent in 2008.
Operating profit (EBIT) was a negative NOK 1,364 million in the fourth quarter, including impairment charges of NOK 1,485 million primarily related to the mono wafer operations, REC ScanModule, and Sovello. In the fourth quarter 2008, EBIT was a positive NOK 696 million.
For the full year EBIT was a negative NOK 1,824 million, including impairment charges of NOK 2,214 million. In 2008, the company reported a positive EBIT of NOK 2,529 million in 2008.
Net financial items amounted to NOK 146 million in the fourth quarter, down from NOK 885 million in the fourth quarter 2008. Net financial items for the full year were a negative NOK 658 million, compared to a positive NOK 1,850 million in 2008.
Loss before tax was thus NOK 1,218 million in the fourth quarter 2009, compared to a profit before tax of NOK 1,581 million in the fourth quarter 2008. Loss before tax for the full year 2009 was NOK 2,482 million, compared to a profit of NOK 4,379 million in 2009.
For more information, please see the attachments on www.newsweb.no
On the release day, President and CEO of REC, Ole Enger, will give a presentation together with 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,2576246):
Norway free call: 800 19 640
UK free call: 0 800 028 1243
USA free call: 1 888 935 4575
International dial in: +44 (0) 20 7806 1950
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 18 45 01
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:
Mikkel Tørud, SVP and Investor Relations Officer, Tel: +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. REC Solar is a rapidly growing manufacturer of solar cells and modules, and is also engaging in project development activities in selected segments of the PV market. REC had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. More than 3,000 employees work in REC's worldwide organization. Please visit www.recgroup.com to learn more about REC.
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.
REC Q4 2009 results
REC Q4 2009 results