Renewable Energy Corporation ASA (REC) reported third quarter 2011 revenues of NOK 3,001 million and EBITDA of NOK 370 million. The operating result was negatively affected by a weak solar market and curtailment of parts of the production capacity in Norway. REC generated NOK 1 billion in net cash from operations and net debt was reduced by NOK 1.5 billion in the third quarter to NOK 5.3 billion.
HIGHLIGHTS
- Weak solar market and overcapacity across the value chain
- Revenues of NOK 3.0 billion, down 12 percent from the previous quarter
- EBITDA of NOK 370 million, down from NOK 871 million in the previous quarter
- Recognized costs of capacity shutdowns of NOK 272 million, and income of NOK 222 million for termination of a wafer sales contract
- EBITDA excluding special items was NOK 420 million, including NOK 130 million in write downs of finished goods inventory at the end of the quarter
- Generated NOK 1.0 billion in net cash from operations
- Net debt reduced by NOK 1.5 billion in the quarter to NOK 5.3 billion
- Remaining value of operating fixed assets in Norway written down to zero
- On October 25, the Board of Directors decided to permanently shut down the cell and parts of the wafer production in Norway, which was temporarily shut down in the third quarter
Third quarter 2011
October 26, 2011