English

Second Quarter 2010

REC reported revenue of NOK 2,758 million in the second quarter 2010, an increase of 17 percent from the first quarter 2010. REC saw strong overall market demand for all products in the quarter. Operational performance improved in all divisions in the quarter and the ramp-up of the new integrated wafer, cell and module plant in Singapore is progressing well. 
 

HIGHLIGHTS

  • Strong overall market demand for REC products in the second quarter
  • Improved operations in all divisions and ramp-up in Singapore is progressing well
  • Revenue growth of 17 percent compared to first quarter 2010
    • NOK 2,758 million versus NOK 2,360 million in the first quarter 2010
  • Operational results in second quarter positively affected by higher sales volumes and improved polysilicon prices, but continues to be negatively affected by assets under ramp-up
    • EBITDA NOK 455 million versus NOK 415 million in the first quarter 2010
    • EBIT negative NOK 146 million versus negative NOK 125 million in the first quarter 2010
  • Production started at the new silane gas plant in Moses Lake (Silicon IV)
  • Net financial items impacted positively by changes in currency rates and fair value adjustments of convertible bond
  • Completed gross NOK 4.0 billion rights issue and debt restructuring
(MNOK) Q2-2010 Q2 -2009
Revenues 2 758 2 280
EBITDA 455 250

 




Second Quarter 2010
July 20, 2010

Høyres Hus, Oslo