REC Solar: Q4 and preliminary full year 2014 report
Announcement of agreement of sale of the business of REC Solar ASA to Bluestar Elkem Investment Co. Ltd
Module revenues of USD 176.6million, up 18.5% from Q3 2014 due to strong sales in Europe and the USA
EBITDA of USD 16.7 million, up 11.3% from Q3 2014
258 MW of module production, up 3.8% from Q3 2014
Solar panel cash cost at USD ~60 cents/Wp in Q4 2014, down ~2 cents/Wp from Q3 2014(excl. exceptional items). Dec. 2014 cash cost at USD 59 cents/Wp
REC's sales price for solar panels down 7.2% from Q3 2014 due to unfavourable currency development and increased sales to the utility segment
Appointment of Steve O'Neil, as CEO, effective from 25 March 2015
Martin Cooper, CEO of REC Solar ASA said:
"REC's fourth quarter 2014 result has benefitted from stronger sales volumes to Europe and the US. Currency movements have impacted the relative attractiveness of our key markets.
We are pleased with the reduction in solar panel cash costs achieved in Q4 2014 and will continue to focus on cost reductions going into 2015.
We are pleased that the proposed acquisition with Bluestar Elkem was approved at the EGM at 15 January 2015. Bluestar Elkem has not yet received the necessary Chinese regulatory approvals required for closing the transaction. The time schedule presented at the EGM at the 15 January 2015, assuming payment of proceeds to shareholders in May 2015, is not expected to be met awaiting Chinese regulatory approvals. Distribution of liquidation proceeds to investors is expected 14 - 16 weeks after final closing conditions have been fulfilled."
A presentation is scheduled the same day at 8:00 am CET at Danske Bank's office at Bryggetorget 4, 0250 Oslo, Norway.
The event will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit REC's web site, www.recgroup.com, at least 10 minutes early to register and to download and install any necessary software.
The presentation, held in English, will be broadcasted live over the internet, and can be accessed from: www.recgroup.com.
The earnings release concerning the fourth quarter 2014 results and a corresponding slide presentation will be posted on www.newsweb.no and on REC Solar's web site www.recgroup.com.
About REC Solar ASA
REC Solar ASA is a leading global provider of solar energy solutions. With more than 15 years of experience, we offer sustainable, high performing products, services and investments for the solar industry. Together with our partners, we create value by providing solutions that better meet the world's growing energy needs. REC Solar ASA is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL). Our 1,700 employees worldwide generated revenues of USD 680 million in 2014
For further information, please contact:
Telephone: +47 959 63 912