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Earnings Analysis: 
Renewable Energy Profit Rises
Author: 123jump.com Staff
123jump.com
Last Update: 11:26 AM EST February 13 2008

Renewable Energy revenues jumped to 6.64 billion kroner from 4.3 billion kroner in the previous year despite the delays in the construction and completion of a new plant for the manufacture of granulated silicon in Moses Lake, U.S. In the fourth quarter, the company announced the selection of a site in Singapore for a large integrated solar manufacturing complex.

 
9:00AM New York - Renewable Energy Group reported full year profit after tax rose to 1.33 billion kroner in 2007 from 450 million kroner a year earlier on strong market conditions.

Quarterly Earnings Review

Renewable Energy Group reported fourth quarter revenues rose 23% to 1.87 billion kroner from 1.32 billion kroner in the same quarter a year ago on expansion projects as major contracts were clinched in all business segments.

In the quarter ended December 31st, profit after tax was 423 million kroner compared with 336 million kroner in 2006. Earnings per share also increased to 0.86 kroner in the quarter from 0.68 kroner a year ago.

Fourth quarter EBITDA grew 25% to 848 million kroner from 676 million kroner in 2006. EBITDA margin was 4% in the fourth quarter.

Annual Earnings Review

Full-year revenue rose 53% to 6.6 billion kroner from 4.3 billion kroner in 2006 due to the rising prices.

Profit after tax grew to 1.33 billion kroner year-on-year from 450 million kroner a year earlier. Earnings per share also rose from 1.03 a year ago to 2.70 in 2007.

EBITDA increased by 61% to 3.17 billion kroner and the EBITDA margin improved by 3% to 48%.

Revenue

REC Silicon

In the fourth quarter, revenues climbed 18% to 637 million kroner from the same quarter the previous year on high prices for the product and increased production of silicon at 1,540 MT.

Annual revenues in the segment gained 17% from last year as production improved 4% to 5,780 MT.

REC Wafer

Revenues in the Wafer business for the fourth quarter advanced 50% to 1.22 billion kroner from 790 million kroner in the same quarter a year ago.

Production of ingot and multicrystalline wafer gained 44% from 2006 to 141 MW.

Full year revenues soared 78% to 4.3 billion kroner as production jumped 65% to 506 MW, marginally surpassing the 500 MW set target.

The wafer business entered into three long-term contracts estimated at US $1.6 billion.

REC Solar

Revenue in REC solar in the fourth quarter edged up 2% year-on-year to 308 million kroner as cell production slumped to 12 MW, below the 15 MW target.
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