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Tax Equity Finance Solar - Excel

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					CONSOLIDATED STATEMENT OF INCOME
REC GROUP

(NOK IN MILLION)                                                                               Q1 2009


Revenues                                                                                           2,013

Cost of materials                                                                                      -906
Changes in inventories                                                                                  399
Employee benefit expenses                                                                              -493
Other operating expenses                                                                               -486
EBITDA*                                                                                                527

Depreciation                                                                                           -208
Amortization                                                                                            -16
Impairment                                                                                               -1
Depreciation, amortization and impairment                                                              -225
EBIT                                                                                                   302

Share of loss of associates                                                                             -4
Financial income                                                                                         9
Net financial expenses                                                                                  -9
Net currency gains/losses                                                                              101
Net gains/losses derivatives                                                                           200
Impairment financial assets                                                                              0
Net financial items                                                                                    298

Profit/loss before tax                                                                                 600

Income tax expense/benefit                                                                             -206
Profit/loss for the period                                                                             394

Attributable to:
Owners of REC ASA                                                                                      394
Non-controlling interests                                                                                0

Earnings per share for profit attributable to the equity holders of REC ASA (in NOK
per share)
- basic                                                                                                0.80
- diluted                                                                                              0.80

* EBITDA includes provisions for future repair of junction boxes of NOK 61 million for the year 2008
          Dec 31
Q1 2008    2008


  1,771    8,191

   -405    -2,012
     53       311
   -331    -1,545
   -346    -1,666
   742     3,279

   -153     -678
    -10       -36
      0       -36
   -163     -750
   579     2,529

     -2        -3
     65       181
      0       -32
    -87       291
   -227     1,436
      0       -24
   -251     1,850

   327     4,379

   -117    -1,314
   211     3,064


    211     3,064
      0         0



   0.43      6.20
   0.43      6.20
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
REC GROUP                                               Mar 31     Mar 31
(NOK IN MILLION)                                         2009       2008

ASSETS
Non-current assets
Intangible assets                                          1,366    1,045
Property, plant and equipment                             20,981    9,003
Prepaid capex                                              1,592      979
Financial assets                                           2,581      539
Deferred tax assets                                           50      285
Total non-current assets                                 26,570    11,850

Current assets
Inventories                                               1,942       771
Trade and other receivables                               2,323     1,104
Current tax assets                                           36         0
Derivatives                                                  57        89
Restricted bank accounts                                      9        22
Cash and cash equivalents                                 2,003     4,074
Total current assets                                      6,370     6,059

TOTAL ASSETS                                             32,941    17,910

EQUITY & LIABILITIES
Shareholders' equity
Paid-in capital                                           9,043     9,043
Other equity and retained earnings                        7,196     2,774
Minority Interests                                            0         0
Total shareholders' equity                               16,240    11,817

Non-current liabilities
Retirement benefit obligations                              173       119
Deferred tax liabilities                                    980       293
Provisions and other non-interest bearing liabilities       128       117
Derivatives                                                 646       712
Non-current financial liabilities, interest bearing       8,724     2,023
Non-current prepayments, interest calculation               560       311
Total non-current liabilities                            11,212     3,575

Current liabilities
Trade payables and other liabilities                      3,088     1,260
Current tax liabilities                                     355       494
Derivatives                                                 447       244
Current financial liabilities interest bearing            1,393       519
Current prepayments, interest calculation                   205         0
Total current liabilities                                 5,489     2,517
Total liabilities                                        16,701     6,092

TOTAL EQUITY AND LIABILITIES                             32,941    17,910
Equity Ratio   49.3 %   66.0 %
Dec 31
 2008




  1,393
 19,438
  1,557
  3,079
     21
25,488


 1,670
 2,220
    19
   304
    11
   497
 4,721

30,209



 9,043
 7,469
     0
16,512


   156
   928
   149
 1,042
 5,157
   419
 7,851


 3,058
   300
   860
 1,439
   189
 5,845
13,696

30,209
54.7 %
CONSOLIDATED STATEMENT OF CASH FLOW
REC GROUP

(NOK IN MILLION)                                                            Q1 2009

Cash flow from operating activities
Profit/loss before tax                                                          600
Income taxes paid                                                              -108
Depreciation, amortization and impairment                                       225
Associated companies and impairment financial assets                              4
Changes in receivables and prepayments from customers etc                       114
Changes in inventories                                                         -337
Changes in payables and prepaid expenses                                       -125
Changes in derivatives                                                         -244
Currency effects not cash flow or not related to operating activities          -182
Other items                                                                      53
Net cash flow from operating activities                                           0

Cash flow from investing activities
Cash payments for shares (incl associates)                                         0
Proceeds from finance receivables and restricted cash                              2
Payments finance receivables and restricted cash                                 -29
Proceeds from sale of property, plant and equipment and intangible assets          0
Payments for property, plant and equipment and intangible assets              -2,707
Proceeds from investment grants                                                    0
Proceeds from sale of subsidiaries, net of cash                                    0
Net cash flow from investing activities                                      -2,734

Cash flow from financing activities
Repayment of borrowings                                                       -3,516
Proceeds from borrowings                                                       7,757
Net cash flow from financing activities                                       4,241

Effect on cash and cash equivalents of changes in foreign exchange rates          0
Net increase/decrease in cash and cash equivalents                            1,507
Cash and cash equivalents at beginning of the period*                           497
Cash and cash equivalents at the end of the period*                           2,003

* Cash and cash equivalents excludes restricted bank accounts.
        Dec 31
Q1 2008 2008



    327     4,379
   -127      -877
    163       750
       2       27
     -63     -557
   -123      -890
     -14      589
    189    -1,463
      89     -169
      23      130
    467    1,917


      -3      -210
      -3       205
       4      -215
       0         1
  -1,970    -9,748
       0         3
       0         0
 -1,973    -9,964


    -198   -1,289
       0    4,062
   -198    2,773

     -18       -25
 -1,721    -5,298
  5,795     5,795
  4,074       497
SEGMENT INFORMATION
                                             Q1       Q1       %
(NOK IN MILLION)                            2009     2008    Change

Revenues
REC Silicon                                   947     652     45%
REC Wafer                                    1,589   1,209    31%
REC Solar                                     388     340     14%
Other Operations                               93     158      nm
Eliminations                                -1,004   -588      nm
Total                                        2,013   1,771    14%

Revenues external
REC Silicon                                  353      347     2%
REC Wafer                                   1,196     939     27%
REC Solar                                    386      339     14%
Other Operations                              77      146      nm
Eliminations                                   0       0       nm
Total                                       2,013    1,771    14%

EBITDA
REC Silicon                                  450     319       41%
REC Wafer                                    242     492      -51%
REC Solar                                     2       20      -89%
Other Operations                             -21      -5        nm
Eliminations                                -145     -84        nm
Total                                        527     742      -29%

Depreciation, amortization and impairment
REC Silicon                                  -62      -41     51%
REC Wafer                                    -99      -79     25%
REC Solar                                    -49      -31     57%
Other Operations                             -16      -13      nm
Eliminations                                  0        0       nm
Total                                       -225     -163     38%

EBIT
REC Silicon                                  388     278      40%
REC Wafer                                    143     413     -65%
REC Solar                                    -46     -11     326%
Other Operations                             -37     -17       nm
Eliminations                                -145     -84       nm
Total                                        302     579     -48%

				
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Description: Tax Equity Finance Solar document sample