REC Group Announces Fourth Quarter and Preliminary Full Year 2014 Result

Published on 28 Feb 2015
REC 
Key highlights:

- 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. 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."


Source: REC Group
ENF Profiles For Companies Mentioned in This Article

REC (Solar Panels): https://www.enfsolar.com/directory/panel/329
REC (Solar System Installers): https://www.enfsolar.com/directory/installer/329
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