Norwegian solar wafer producer Renewable Energy Corporation ASA (REC.OL) reported a steep increase of quarterly and yearly revenues.
A recent analysis suggested upstream solar companies–like REC–will fare better over the next year as the industry consolidates.
Revenue for 4Q08 was NOK 2,380 million (US$338.4 million), an increase of 27% from NOK 1,874 million (US$266.4 million) in 4Q07. For the full year 2008, revenue increased by 23% to NOK 8,191 million (US$ 1,164.5 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 936 million (US$133 million) in 4Q08, which was an increase of 10% from 4Q07. The EBITDA margin of 39% in 4Q08 compares with 45% in the same quarter last year.
Earnings per share were NOK 2.25 (US$0.32) in 4Q08 and 6.20
(US$0.88) for the full year. This compares to NOK 0.84 in the 4Q07 and
NOK 2.70 for the full year 2007.
For the full year 2008, EBITDA increased by 3% to NOK 3,279 million (US$ 266.4 million), and the EBITDA margin decreased by eight percentage-points to 40%.
REC reported net financial items of NOK 885 million (US$126 million) in 4Q, including net gains on derivatives of NOK 759 million (US$107.9 million). In the same quarter last year, net financial items were a negative NOK 61 million, including net losses on derivatives of NOK 90 million. Net financial items for the full year 2008 were NOK 1,850 million (US$263 million), compared to a negative of NOK 610 million (US$86.7 million) in 2007.
Including these effects, profit before tax was NOK 1,581 million (US$ 224.8 million) in 4Q08, compared to NOK 616 million (US$87.6 million) in 4Q07. Profit before tax for the full year 2008 was NOK 4,379 million (US$622.6 million), compared to NOK 1,977 million (US$ 281 million) in 2007.
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