Ole Enger, new CEO of REC, announced this morning the Q1 2009 results. He admitted that they are lower than expected and gave three main reasons:

Revenue reached NOK 2 013m (+14% compared to Q1 2008), EBIT was NOK 302m (-46% compared to Q1 2008, margin: 15%) and EBITDA was around NOK 527m (-29% compared to Q1 2008, margin: 26%).

REC announced it had to adjust its costs structure in Solar activities to meet better margin while prices are 20% down compared to 2008 average. With regard to REC's expansion project in Moses Lake (Silicon III project), the production started in March 2009 and stopped 10 days later because of production issues. The commercial production should start in Q3 2009. Ole Enger recognized that the risk should have been better communicated and that they had been too optimistic.

REC cut down its silicon production forecast for 2009 from 10 000-11 000 MT to 9 000 MT.  There was no forecast for Y2009's results.

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