Renewable Energy Corporation ASA presented its third quarter results on October 27, 2009, and reported a revenue of NOK 2,160 million in the third quarter 2009, an increase of 13 percent from NOK 1,919 million in the third quarter 2008.
HIGHLIGHTS
- Revenue growth of 13 percent from Q3’08
- EBITDA of NOK 429 million, 20 percent margin
- Reduced sales prices
- Low capacity utilization
- High expansion cost (NOK 65 million) and ramp-up costs (NOK ~100 million)
- Write-down (loss on sales) of cell and module inventories (NOK ~100 million)
- EBIT NOK 7 million excluding impairment charge of NOK 672 million related to Sovello
- Improved funding situation through an equity issue and additional debt
- Restarted idle capacity during the third quarter
Third quarter 2009
October 27, 2009