Renewable Energy Corporation ASA (REC) reported first quarter 2011 revenues of NOK 4.1 billion, EBITDA of NOK 1.4 billion and EBIT of NOK 0.8 billion. Net debt was reduced by NOK 0.6 billion in the quarter to NOK 7.4 billion.
The positive trend in demand in the solar market continued in the beginning of 2011. However, seasonal effects and uncertainties relating to the subsidy scheme in Italy led to reduced growth in demand and price pressure towards the end of the first quarter.
- Revenues of NOK 4.1 billion, up 74 percent from the first quarter 2010, and down 16 percent from the strong previous quarter
- EBITDA of NOK 1.4 billion, up from NOK 415 million in the first quarter 2010, and down from NOK 1.5 billion, excluding special items, in the previous quarter
- Net debt reduced by NOK 0.6 billion in the quarter to NOK 7.4 billion
- Extended maturity profile of existing debt portfolio through partly buy-back of existing bond and issuance of two new bonds
- Module demand weakening, wafer and polysilicon market holding
- Improved operations and cost position –Strong performance in the US and Singapore –Tracking behind cost target for wafer operations in Norway
First quarter 2011
May 4, 2011