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PV Crystalox Solar - fully listed, 25 year old company floats 11.06.07 (PVCS)
Greyhound - 11 Jun 2007 15:32
http://www.crystalox.com/
With 25 years in solar technology development, PV Crystalox Solar is a leading manufacturer of multicrystalline silicon ingots and wafers, the key component in solar power systems.
Its customers, the world's leading solar cell producers, combine these wafers into solar modules to harness the clean, silent and renewable power from the sun.
PV Crystalox Solar is playing a central role in making solar cost competitive with conventional hydrocarbon power generation, and as such continues to seek to drive down the cost of production whilst increasing solar cell efficiency. The gap between the cost of solar power production and utility energy is decreasing year on year.
With a long history of production with high growth and profitability, PV Crystalox Solar is well placed to benefit greatly from the rapid growth in the solar energy market
London, United Kingdom: PV Crystalox Solar Plans Listing on London Stock Exchange
PV Crystalox Solar, a producer of solar-grade silicon products for solar electricity generation systems, today announced its intention to proceed with an initial public offering of its ordinary shares, which are intended to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.
JPMorgan Cazenove has been appointed as sponsor to the Company and global coordinator and sole Bookrunner in relation to the offer. Jefferies International Limited has been appointed as co-lead manager.
PV Crystalox Solar, initially established in the UK in 1982, is a highly specialised supplier to the worlds leading solar cell manufacturers, producing multicrystalline silicon ingots and wafers for use in solar electricity generation systems. The Group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production.
PV Crystalox Solar manufactures silicon ingots in Oxfordshire, United Kingdom, with the majority of its output shipped to Japan, where it is sold either as ingots or as wafers after processing by a sub-contractor. The balance of the Groups ingots are processed into wafers for European customers at the Groups facilities in Erfurt, Germany. The German operation is constantly developing the Groups wire saw technology for the production of thinner wafers.
PV Crystalox Solar has strong, long-established relationships with major solar cell manufacturers, including Sharp and Schott Solar. The Group does not compete with its customers and is therefore able to work closely with them to improve wafer quality and minimize costs.
By focusing purely on the production of solar-grade silicon products, the Group benefits from the higher margins available to companies in the upstream of the photovoltaic value chain, where there are fewer competing manufacturers and higher barriers to entry.
PV Crystalox Solar has an established record of delivering strong financial performance. The Group recorded revenues of 242m for the year ended 31 December 2006, an increase of 32% (31 December 2005: 183m) and a 56% increase in Group pre-tax profits to 49m (31 December 2005: 31.3m)
In 2006 the Group produced silicon wafers and ingots corresponding to a solar electricity generation capacity of 215 MWp. As at the end of 2006 the Group had available production capacity equivalent to 288 MWp and employed around 200 staff.
Iain Dorrity, Chief Executive Officer, PV Crystalox Solar said PV Crystalox Solar has a long and successful history as one of the worlds leading manufacturers of solar-grade silicon products. Over the last five years we have been consistently profitable, trebling our sales and continuing to grow our margins. We look forward to listing on the London Stock Exchange, which we believe will further enhance our ability to grow the business.
The Group is proposing to build its own polysilicon production facility in Germany to secure an additional source of feedstock. The Directors believe that in-house polysilicon production will provide greater flexibility in sourcing its silicon feedstock. PV Crystalox Solar expects the facility to commence operation in 2009 with an initial planned production volume of 900 metric tonnes in that year, rising to 1,800 metric tonnes in 2011
http://www.solarbuzz.com/news/NewsEUCO396.htm
With 25 years in solar technology development, PV Crystalox Solar is a leading manufacturer of multicrystalline silicon ingots and wafers, the key component in solar power systems.
Its customers, the world's leading solar cell producers, combine these wafers into solar modules to harness the clean, silent and renewable power from the sun.
PV Crystalox Solar is playing a central role in making solar cost competitive with conventional hydrocarbon power generation, and as such continues to seek to drive down the cost of production whilst increasing solar cell efficiency. The gap between the cost of solar power production and utility energy is decreasing year on year.
With a long history of production with high growth and profitability, PV Crystalox Solar is well placed to benefit greatly from the rapid growth in the solar energy market
London, United Kingdom: PV Crystalox Solar Plans Listing on London Stock Exchange
PV Crystalox Solar, a producer of solar-grade silicon products for solar electricity generation systems, today announced its intention to proceed with an initial public offering of its ordinary shares, which are intended to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.
JPMorgan Cazenove has been appointed as sponsor to the Company and global coordinator and sole Bookrunner in relation to the offer. Jefferies International Limited has been appointed as co-lead manager.
PV Crystalox Solar, initially established in the UK in 1982, is a highly specialised supplier to the worlds leading solar cell manufacturers, producing multicrystalline silicon ingots and wafers for use in solar electricity generation systems. The Group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production.
PV Crystalox Solar manufactures silicon ingots in Oxfordshire, United Kingdom, with the majority of its output shipped to Japan, where it is sold either as ingots or as wafers after processing by a sub-contractor. The balance of the Groups ingots are processed into wafers for European customers at the Groups facilities in Erfurt, Germany. The German operation is constantly developing the Groups wire saw technology for the production of thinner wafers.
PV Crystalox Solar has strong, long-established relationships with major solar cell manufacturers, including Sharp and Schott Solar. The Group does not compete with its customers and is therefore able to work closely with them to improve wafer quality and minimize costs.
By focusing purely on the production of solar-grade silicon products, the Group benefits from the higher margins available to companies in the upstream of the photovoltaic value chain, where there are fewer competing manufacturers and higher barriers to entry.
PV Crystalox Solar has an established record of delivering strong financial performance. The Group recorded revenues of 242m for the year ended 31 December 2006, an increase of 32% (31 December 2005: 183m) and a 56% increase in Group pre-tax profits to 49m (31 December 2005: 31.3m)
In 2006 the Group produced silicon wafers and ingots corresponding to a solar electricity generation capacity of 215 MWp. As at the end of 2006 the Group had available production capacity equivalent to 288 MWp and employed around 200 staff.
Iain Dorrity, Chief Executive Officer, PV Crystalox Solar said PV Crystalox Solar has a long and successful history as one of the worlds leading manufacturers of solar-grade silicon products. Over the last five years we have been consistently profitable, trebling our sales and continuing to grow our margins. We look forward to listing on the London Stock Exchange, which we believe will further enhance our ability to grow the business.
The Group is proposing to build its own polysilicon production facility in Germany to secure an additional source of feedstock. The Directors believe that in-house polysilicon production will provide greater flexibility in sourcing its silicon feedstock. PV Crystalox Solar expects the facility to commence operation in 2009 with an initial planned production volume of 900 metric tonnes in that year, rising to 1,800 metric tonnes in 2011
http://www.solarbuzz.com/news/NewsEUCO396.htm
Greyhound - 11 Jun 2007 15:33 - 2 of 377
First unconditional day of dealings today. Fully ISAable, looks excellent addition for medium/long term hold.
dorothyperkins - 11 Jun 2007 18:59 - 3 of 377
nice work greyhound been watching for a while
moneyplus
- 11 Jun 2007 19:45
- 4 of 377
tried to buy this also WSM and EAGA in my isa but hoodless would not buy online--is it telephone only for new floats?
Greyhound - 12 Jun 2007 08:10 - 5 of 377
I have both in my ISA, but only EAGA I managed to get in the placing. PVCS looks very cheap to me and with expansion in Germany and the ability to start increasing the wafer cutting side of the business (much more profitable), I suspect they will meet their deadlines and forecasts in the future.
Greyhound - 14 Jun 2007 16:12 - 6 of 377
Taking another tranche here as I suspect it will benefit from any switching from ReneSola as a by-the-by but also profits look set to increase steadily with increasing demand out of Germany. Still of the opinion that this is incredibly good value for ISAable tax-free gains and a general unawareness that the company has already floated. Expect to read more about it before too long.
Greyhound - 19 Jun 2007 16:23 - 7 of 377
Starting to edge higher here on a generally red day.
gimp - 20 Jun 2007 11:02 - 8 of 377
Greyhound, thanks. I've checked it out and picked up a few so watch this space! :-)
Greyhound - 20 Jun 2007 11:11 - 9 of 377
welcome! Hope they're in your ISA for tax free gains! I suspect it won't be too long before the press pick up on this one and we're reading about it at the weekend.
gimp - 25 Jun 2007 09:02 - 10 of 377
Greyhound, I haven't done the ISA thing. Just a solid hunch and a good gut feeling about this one for the moment. I need to do more research before I jump on the longterm/ISA bandwagon but I like the sound of this one ... Cheers! :-)
Dil
- 25 Jun 2007 19:53
- 11 of 377
Anyone got any forecasts ?
Dailos
- 25 Jun 2007 20:53
- 12 of 377
Yep, rain in Oxford this week. I hope that helps.
Dil
- 25 Jun 2007 20:58
- 13 of 377
Cheers Dai most helpful :-)
Greyhound - 03 Jul 2007 14:24 - 14 of 377
Nice gains today so far, perhaps benefitting from ReneSola.
Greyhound - 03 Jul 2007 16:32 - 15 of 377
Closing at new highs today. I suspect it won't be too long (late July) when we'll see some broker recommendations. Big divergence today from ReneSola which has fallen some 4.4%.
Dil
- 03 Jul 2007 19:19
- 16 of 377
Anyone got any forecast earnings ?
Greyhound - 04 Jul 2007 09:36 - 17 of 377
Another fast rise so far this morning, up another 8% and this is just the beginning I hope. Medium term this could be a nice multi-bagger.
gimp - 04 Jul 2007 10:34 - 18 of 377
Greyhound, I told them to watch this space but they didn't listen! :-). I owe you one. Thanks.
BAYLIS
- 04 Jul 2007 10:36
- 19 of 377
i am hare.
Greyhound - 05 Jul 2007 09:21 - 20 of 377
After yesterday's gain only reasonable to expect some retracement - nothing goes up in a straight line. It's still very early days and on the initial float we didn't see a runaway share price. Personally I think it's onwards and upwards here, even now as I write the price coming off its earlier lows.
kitosdad
- 05 Jul 2007 14:37
- 21 of 377
Hoodless Brennan prefer you to deal on-line because they make more money out of you that way. e.g.,Whenever I try to sell I find I can only do so in 500 share batches, which brings them 4 x commission on the 2,000 shares I try to sell as a norm. Seems a costly exercise for a " low-cost " service. This, is in-spite of 2,000 shares being the obligatory
service that the MM's are obliged to accept.
service that the MM's are obliged to accept.
Greyhound - 05 Jul 2007 15:13 - 22 of 377
I prefer to use traditional brokers and speak to people. For higher risk stocks I hold you want to be able to deal (either up or down), should you need to while those online are fiddling to try and get done in small volume. My own preference - costs more, but pays for itself.
moneyplus
- 05 Jul 2007 16:01
- 23 of 377
Kito if you telephone them they will often sell larger quantities than you can sell online. They are very frustrating I agree--that's why I do a lot more on my selftrade account for bettter results.
azhar - 05 Jul 2007 18:54 - 24 of 377
What does the last RNS mean: I'm confused
Announcement of Exercise of Over-Allotment Option
PV Crystalox Solar Plc announces that, in connection with its initial public
offering of ordinary shares, (the "Offering"), JPMorgan Cazenove Limited, as
stabilising manager and on behalf of the underwriters of the Offering, has today
given notice to exercise in full the over-allotment option in respect of
19,089,995 existing ordinary shares at the offer price of 130 pence per ordinary
share. None of the proceeds arising from the exercise of the over-allotment
option will be payable to the Company.
Following the exercise of the over-allotment option, 188,081,886 ordinary shares
will be held in public hands, representing a free float of approximately 45.1
per cent of the issued share capital of the Company.
Announcement of Exercise of Over-Allotment Option
PV Crystalox Solar Plc announces that, in connection with its initial public
offering of ordinary shares, (the "Offering"), JPMorgan Cazenove Limited, as
stabilising manager and on behalf of the underwriters of the Offering, has today
given notice to exercise in full the over-allotment option in respect of
19,089,995 existing ordinary shares at the offer price of 130 pence per ordinary
share. None of the proceeds arising from the exercise of the over-allotment
option will be payable to the Company.
Following the exercise of the over-allotment option, 188,081,886 ordinary shares
will be held in public hands, representing a free float of approximately 45.1
per cent of the issued share capital of the Company.
Greyhound - 06 Jul 2007 09:10 - 25 of 377
I'm probably not going to explain this very articulately, however my understanding is that on a float they can issue more shares should the main broker choose to, effectively to stabilise the price. I recall there being some 6 week time frame in being able to do this or something?? Ultimately I see the effect being as increasing supply as a means of holding back the share price. Hope that helps.
Greyhound - 06 Jul 2007 09:15 - 26 of 377
I've taken another tranche here.
Dil
- 06 Jul 2007 09:27
- 27 of 377
Thinking of adding some more myself.
azhar - 06 Jul 2007 09:32 - 28 of 377
I added yesterday @155 but got worried in the evening as I was confused by the RNS. All looking good this morning.
green shoe Definition
A provision in an underwriting agreement which allows members of the underwriting syndicate to purchase additional shares at the original. This is a useful provision for underwriters in the event of exceptional public demand. The name comes from the fact that Green Shoe Company was the first to grant such an option to underwriters. also called overallotment provision.
green shoe Definition
A provision in an underwriting agreement which allows members of the underwriting syndicate to purchase additional shares at the original. This is a useful provision for underwriters in the event of exceptional public demand. The name comes from the fact that Green Shoe Company was the first to grant such an option to underwriters. also called overallotment provision.
Greyhound - 06 Jul 2007 09:44 - 29 of 377
This would also go some way in explaining why in the initial days of the float the price didn't run away and we had the ability to get in as near as damn it at 130p
moneyplus
- 06 Jul 2007 11:10
- 30 of 377
exceptional public demand--I like the sound of that!! patience needed.
cynic
- 06 Jul 2007 11:18
- 31 of 377
if there is "exceptional public demand" then sp should be doing (even) better ...... do wish "the public" would get their buying boots on, especially if they are potential ex-holders of SOLA!
Greyhound - 06 Jul 2007 11:37 - 32 of 377
Well I couldn't agree more cynic being long here and short Sola!
azhar - 06 Jul 2007 11:50 - 33 of 377
You guys had a glimps at JETION (JHL) just floated today. Also in the business as SOLA and PVCS.
cynic
- 06 Jul 2007 11:53
- 34 of 377
JHL shows dead flat with little interest and no premium.
PVCS - out of curiosity, what is market cap and how much is free float? ...... not immediately apparent anywhere
PVCS - out of curiosity, what is market cap and how much is free float? ...... not immediately apparent anywhere
cynic
- 06 Jul 2007 12:01
- 35 of 377
i lied yet again ... lol!
Following the exercise of the over-allotment option, 188,081,886 ordinary shares
will be held in public hands, representing a free float of approximately 45.1
per cent of the issued share capital of the Company.
being a thicko, i guess that means cap is now 188m x 1.60 = approx 300m
who are the major shareholders?
Following the exercise of the over-allotment option, 188,081,886 ordinary shares
will be held in public hands, representing a free float of approximately 45.1
per cent of the issued share capital of the Company.
being a thicko, i guess that means cap is now 188m x 1.60 = approx 300m
who are the major shareholders?
Greyhound - 06 Jul 2007 12:03 - 36 of 377
No, mkt cap currently 662.59m, 416.73m on float I believe.
Greyhound - 06 Jul 2007 12:03 - 37 of 377
Sorry, 416.73 was number of shares
cynic
- 06 Jul 2007 12:05
- 38 of 377
duh! ..... of course; 188m shares = 45.1%
therefore 100% = approx 417m shares @1.60 (today) = 667m cap
therefore 100% = approx 417m shares @1.60 (today) = 667m cap
Greyhound - 06 Jul 2007 12:14 - 39 of 377
Well you did say you were feeling a bit "thicko" today ;). So the company is not so small, at some point entry into FTSE250?
cynic
- 06 Jul 2007 12:29
- 40 of 377
don't disagree with anything there, but am quite surprised that such relatively small traffic.
any idea who are the major shareholders?
is this actually a UK-controlled company, or are the major shareholders chinese or similar? ...... does that matter? ..... well to me it does!
any idea who are the major shareholders?
is this actually a UK-controlled company, or are the major shareholders chinese or similar? ...... does that matter? ..... well to me it does!
Greyhound - 06 Jul 2007 12:48 - 41 of 377
Not sure, will have to investigate. It's a UK company been in existence for approx 25 years with manufacturing in Germany. Later this year should see the start of building a polysilicon plant to obtain raw materials at cost. Currently approx 25% of ingots are sawed (or should that be sawn?!) in Germany but obviously the margin to sell high margin wafers would be a lot more profitable. They have the technology and hopefully will start ramping up wafer cutting in Germany - only my surmising.
BigTed
- 06 Jul 2007 13:00
- 42 of 377
well didn't have any Sola to sell, but just took a long position here...
Greyhound - 06 Jul 2007 14:31 - 43 of 377
welcome BigTed!
Again today (at least for the moment) the divergence between PVCS and Sola continues. PV up 1.9%, Sola down 1.9%.
Again today (at least for the moment) the divergence between PVCS and Sola continues. PV up 1.9%, Sola down 1.9%.
Greyhound - 06 Jul 2007 15:44 - 44 of 377
Just out of interest this is rebasing PVCS and SOLA as a comparison. Of course it may not always look like this but for me emphasises that at the moment the "trend is your friend"
%7BU%7D;BBWidth(20,2)%7BU%7D&COMP=PVCS,SOLA&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
Greyhound - 11 Jul 2007 13:47 - 45 of 377
Volume increasing and holding up nicely in current markets.
ptholden
- 11 Jul 2007 14:46
- 46 of 377
Had a look at the SOLA thread on ADVFN yesterday, seems all the interest has gone and the 'hot money' departed elsewhere, I would imagine a lot of them have jumped in here. Doesn't bode well for SOLA's SP in the short term, but good for PVCS.
pth
pth
Greyhound - 11 Jul 2007 14:53 - 47 of 377
Thanks for that pth. Perhaps also going into Jetion but then they maintain the "china" factor. I'm expecting some good broker reports here before summer's out (or Indian summer starts!), plus whilst I fully accept I could be wrong, I believe that PV will be looking to cut a greater percentage of their own wafers, currently only about a 1/4 of their production.
Nice to keep an eye on the PV v Sola comparison above anyway in case sentiment changes or the divergence continues.
Nice to keep an eye on the PV v Sola comparison above anyway in case sentiment changes or the divergence continues.
Greyhound - 12 Jul 2007 15:24 - 48 of 377
Another good pick up today with markets across the board recovering somewhat. Is anyone aware what the restrictions are as to when we are able to see broker recommendations post float?
Greyhound - 13 Jul 2007 11:58 - 49 of 377
Hitting new highs this morning and getting a mention the Shares mag yesterday.
azhar - 13 Jul 2007 12:03 - 50 of 377
Grey.. have you got the text from shares mag. Also JHL flying well over 5% now.
Greyhound - 13 Jul 2007 12:21 - 51 of 377
No I don't have it with me, however it was more a view of the solar sector.
azhar - 13 Jul 2007 12:25 - 52 of 377
I know JHL has been mentioned in the IC
cynic
- 14 Jul 2007 09:20
- 53 of 377
see strong write-up in this morning's Telegraph
azhar - 14 Jul 2007 11:32 - 54 of 377
Questor Telegraph
PV Crystalox Solar
PV Crystalox Solar is one of the few UK stocks that give investors exposure to the solar panel industry. Most of the listed companies are based in either Germany or the US. It is an attractive environmental stock in that it has been around for over 17 years, and spent most of that time as a profitable business.
The company, in fact, pioneered the technology to produce the materials to make solar panels on an industrial scale. It now supplies the largest solar panel producer in the world, the Sharp Corporation. The industrys main aim is to reach a stage where, if you put solar panels on your roof and produce electricity, the cost should be the same as drawing it from utilities, which will cause a step change in the market.
That is no longer a pipe dream. It does not require any major breakthroughs in technology but rather some improvements in efficiencies. Sitting as it does near the top of the food chain, PV Crystalox is an interesting play on what is clearly a growing market.
The shares are trading on a price/earnings ratio in the mid-teens, which looks exceptionally cheap compared with rivals in Germany, which are nearer 30 times. BUY
PV Crystalox Solar
PV Crystalox Solar is one of the few UK stocks that give investors exposure to the solar panel industry. Most of the listed companies are based in either Germany or the US. It is an attractive environmental stock in that it has been around for over 17 years, and spent most of that time as a profitable business.
The company, in fact, pioneered the technology to produce the materials to make solar panels on an industrial scale. It now supplies the largest solar panel producer in the world, the Sharp Corporation. The industrys main aim is to reach a stage where, if you put solar panels on your roof and produce electricity, the cost should be the same as drawing it from utilities, which will cause a step change in the market.
That is no longer a pipe dream. It does not require any major breakthroughs in technology but rather some improvements in efficiencies. Sitting as it does near the top of the food chain, PV Crystalox is an interesting play on what is clearly a growing market.
The shares are trading on a price/earnings ratio in the mid-teens, which looks exceptionally cheap compared with rivals in Germany, which are nearer 30 times. BUY
azhar - 14 Jul 2007 11:33 - 55 of 377
so this should double form here.
Greyhound - 15 Jul 2007 20:56 - 56 of 377
Thanks cynic/azhar for the heads up.
azhar - 16 Jul 2007 08:13 - 57 of 377
some nice moves today. Even better across JHL. Good thing got into both last week.
queen1 - 27 Jul 2007 12:51 - 58 of 377
Hi All - I've just dipped my toe and while the SP is down at present I think they represent excellent value.
Dil
- 27 Jul 2007 12:57
- 59 of 377
Hope your right for once queeny :-)
Greyhound - 27 Jul 2007 13:03 - 60 of 377
Let's hope so too, as we all await for across the Pond (the large pond that is)
BigTed
- 27 Jul 2007 14:03
- 61 of 377
got stopped out of this earlier... heading in wrong direction... will watch before deciding on a re-entry point...
Greyhound - 30 Jul 2007 10:31 - 62 of 377
I've decided to switch half my holding into Jetion (JHL), to spread geographical risk and hopefully benefit from the lower Chinese labour costs.
Peter123 - 06 Aug 2007 16:24 - 63 of 377
F******* crap stock.
Greyhound - 06 Aug 2007 16:41 - 64 of 377
I wouldn't go that far. It's taking a hammering, but it is a good profitable company. All solars suffering today. Shall stick with it for the time being but grateful to have switched 3/4 into Jetion.
hlyeo98 - 06 Aug 2007 23:42 - 65 of 377
I bought at 155p
azhar - 08 Aug 2007 20:51 - 66 of 377
hlyeo98 I bought in 156 but thank god got out at 172 ish with a nice profit. I had taken profit as I had too much stake in here. Sold all lot and waited. Can't believe the price today it went below 110.
Anyways back in here with a full load again at 118. Good luck
Anyways back in here with a full load again at 118. Good luck
Greyhound - 09 Aug 2007 10:47 - 67 of 377
Another strong day in the offing here admittedly after quite a fall.
Greyhound - 25 Oct 2007 10:56 - 68 of 377
We seen some steady rises here of late and sentiment generally across the sector improves and today some healthy purchases coming in.
queen1 - 25 Oct 2007 13:22 - 69 of 377
We do seem to be on a good run at present. Rated as a speculative buy again by Shares Mag last week in an article in the Green section about solar companies.
Greyhound - 03 Dec 2007 08:57 - 70 of 377
Interesting annoucement today that trading to materially beat forecast. Perhaps finally this will be heading higher and staying there!
queen1 - 03 Dec 2007 12:42 - 71 of 377
Yes, very good news today. 2008 may be a very bright year!
Greyhound - 05 Dec 2007 09:23 - 72 of 377
(Well done Queenie if you stuck it out with Biffa!!)
Greyhound - 05 Dec 2007 09:23 - 73 of 377
Just posting from elsewhere - in the Times earlier this week:-
PV Crystalox Solar
If shares in this solar electricity generation specialist sit at a discount to Junes 130p issue price, that would appear to be no fault of its own. The Oxfordshire company - which, valued at 500 million, quietly qualified for the FTSE 250 in September - has done all that it said it would at the float, and continues to trade well.
Yesterday, PV Crystalox said that pretax profits would be materially ahead of expectations, such that earnings forecasts for the current year are now 20 per cent higher than they were six months ago. It also announced a five-year contract to supply 220 MW of multicrystalline wafers - silicon used by manufacturers such as Sharp to produce solar power cells - that is the equivalent of more than 20 per cent of current annualised volumes.
That is not to say that the pressures on the companys margins have abated. With the majority of its sales made to Japan, the weakness of the yen remains a problem. So, too, does the shortage of scrap silicon caused by the surge in demand for renewable power technology. But the attraction of PV Crystalox endures. It is one of the biggest players in a sector growing at 35 per cent a year and which, due to legislative measures across continental Europe and persisently high oil prices, should continue to prosper. A new factory in Germany will also give the company its own source of silicon from 2009. At 120p, or 13 times 2008 forecasts, a discount to its peers, the shares are worth buying on weakness.
PV Crystalox Solar
If shares in this solar electricity generation specialist sit at a discount to Junes 130p issue price, that would appear to be no fault of its own. The Oxfordshire company - which, valued at 500 million, quietly qualified for the FTSE 250 in September - has done all that it said it would at the float, and continues to trade well.
Yesterday, PV Crystalox said that pretax profits would be materially ahead of expectations, such that earnings forecasts for the current year are now 20 per cent higher than they were six months ago. It also announced a five-year contract to supply 220 MW of multicrystalline wafers - silicon used by manufacturers such as Sharp to produce solar power cells - that is the equivalent of more than 20 per cent of current annualised volumes.
That is not to say that the pressures on the companys margins have abated. With the majority of its sales made to Japan, the weakness of the yen remains a problem. So, too, does the shortage of scrap silicon caused by the surge in demand for renewable power technology. But the attraction of PV Crystalox endures. It is one of the biggest players in a sector growing at 35 per cent a year and which, due to legislative measures across continental Europe and persisently high oil prices, should continue to prosper. A new factory in Germany will also give the company its own source of silicon from 2009. At 120p, or 13 times 2008 forecasts, a discount to its peers, the shares are worth buying on weakness.
Greyhound - 05 Dec 2007 09:34 - 74 of 377
KSFCM issues Buy rec, target 164p
queen1 - 05 Dec 2007 18:04 - 75 of 377
Thanks Greyhound and yes, I stuck with Biffa!
Greyhound - 07 Dec 2007 08:08 - 76 of 377
Interesting broker recs. Jefferies comes out with buy, target 204p, Goldman neutral, target 115p and ABN buy - not sure of target price yet...
Greyhound - 21 Dec 2007 10:03 - 77 of 377
Looks like we're finally about to break higher here, following upgrades and trading statement that performance is better than expected.
required field - 28 Dec 2007 16:07 - 78 of 377
Looks very promising Greyhound and this is a main market stock, so can be held in
an Isa(Maxi isa).
an Isa(Maxi isa).
required field - 28 Dec 2007 16:13 - 79 of 377
Adding to this post, looks like quite a few buys today, the further the Pound can drop back against the $ and the Euro the more this company might be able to benefit in
exports, (hope I'm right on this point).
exports, (hope I'm right on this point).
required field - 31 Dec 2007 10:21 - 80 of 377
150p might prove to be a barrier before pressing on.
queen1 - 31 Dec 2007 17:54 - 81 of 377
Well it broke through 150p and stabilised there today. If it kicks on when the markets re-open 150p could become a distant memory!
cynic
- 31 Dec 2007 18:20
- 82 of 377
i think you may find this chart easier to read and interpret .......
cynic
- 31 Dec 2007 19:08
- 83 of 377
at first glance, this looks like a "proper" company .... does anyone know the make-up of the major shareholders, for my quick look did not reveal this? ..... it is curious that NMS is only 2500 shares, which is pretty small beer, yet the average trading is 2m+ a day
required field - 01 Jan 2008 11:14 - 84 of 377
Sorry don't really know who the major shareholders are, but this is really looking interesting now, it's just a guess as to how far this is going to rise and whether this will spike and then come down again, hopefully not. If it does come down it won't be by much and this is really now looking like at least a good medium term hold.
Toya
- 02 Jan 2008 07:33
- 85 of 377
Cynic: I don't know who the major shareholders are but at the time of floatation: "188,081,886 ordinary shares
will be held in public hands, representing a free float of approximately 45.1 per cent of the issued share capital of the Company."
will be held in public hands, representing a free float of approximately 45.1 per cent of the issued share capital of the Company."
cynic
- 02 Jan 2008 07:58
- 86 of 377
thanks .... at least though still seemingly controlled by the founder directors, there looks to be sufficient free float to give decent liquidity
Greyhound - 03 Jan 2008 16:43 - 87 of 377
Very encouraging performance here of late. Appears to be a bit of momentum behind this finally.
cynic
- 03 Jan 2008 16:48
- 88 of 377
one of my 10 x tips/considerations for 2008 ..... below is what i posted on FTSE thread
PVCS = PV Crystalox Solar
what a mouthful, but at least this is in "flavour of the month/year" sector
company has been around 25 years and is certainly a much safer bet that SOLA
rns 3rd Dec was extremely bullish, which may not yet be discounted in the share price.
figures prob due mid March but not yet announced
PVCS = PV Crystalox Solar
what a mouthful, but at least this is in "flavour of the month/year" sector
company has been around 25 years and is certainly a much safer bet that SOLA
rns 3rd Dec was extremely bullish, which may not yet be discounted in the share price.
figures prob due mid March but not yet announced
required field - 03 Jan 2008 18:02 - 89 of 377
Really moving this one now, I can't believe how much this has gone up since I acquired some.
queen1 - 03 Jan 2008 18:16 - 90 of 377
It doesn't seem as though 150p was much of a barrier after all, required field. Let's hope it can maintain its momentum into the weekend.
required field - 03 Jan 2008 18:25 - 91 of 377
No, It's just flown straight through it.
Greyhound - 04 Jan 2008 08:07 - 92 of 377
Nice start again. Don't forget a stronger Yen is also benefitting us here.
Toya
- 07 Jan 2008 07:39
- 93 of 377
RNS today:
PV Crystalox Solar Trading update
PV Crystalox Solar plc is today providing a further trading update to that given
on 3rd December. This update is based upon a review of recent management
accounts and initial indications of the full year results.
Following a strong financial performance in the final part of the year, the
Board now expects EBIT before non-recurring costs (IPO costs and Employee
Benefit Trust costs) for the year to 31 December 2007 will be ahead of market
estimates and not less than Euros70m.
PV Crystalox Solar Trading update
PV Crystalox Solar plc is today providing a further trading update to that given
on 3rd December. This update is based upon a review of recent management
accounts and initial indications of the full year results.
Following a strong financial performance in the final part of the year, the
Board now expects EBIT before non-recurring costs (IPO costs and Employee
Benefit Trust costs) for the year to 31 December 2007 will be ahead of market
estimates and not less than Euros70m.
Greyhound - 07 Jan 2008 08:04 - 94 of 377
Good update, won't be long before we're back testing the highs.
queen1 - 07 Jan 2008 08:49 - 95 of 377
It is a good update so why the initial fall this morning?
Greyhound - 07 Jan 2008 09:16 - 96 of 377
We were up, market woes appear to be increasing and probably after recent gains some profit taking. Still a good hold imo.
Toya
- 07 Jan 2008 09:18
- 97 of 377
I think because sp had already risen in response to the earlier update of 03 December. Could pull back to about 140p?
required field - 07 Jan 2008 10:02 - 98 of 377
With all the people in this and good news this should keep on rising.
Toya
- 07 Jan 2008 10:29
- 99 of 377
Agree should certainly keep on rising long term.
cynic
- 07 Jan 2008 10:55
- 100 of 377
right sector and only good news being reported
required field - 07 Jan 2008 13:22 - 101 of 377
This has all the appearance of a traditional market shake, though I'm no expert.
queen1 - 07 Jan 2008 13:30 - 102 of 377
I agree with all of the bullish comments. I'm very keen on PVCS but it continually frustrates me when good results are met by dips in share prices!
Greyhound - 08 Jan 2008 13:13 - 103 of 377
FT article today, page 21
cynic
- 08 Jan 2008 13:20
- 104 of 377
well that was useful! .... good, bad or indifferent opinion?
Greyhound - 08 Jan 2008 14:01 - 105 of 377
And there was me thinking you'd have your copy to hand. Good.
Interest in solar growing, demand continues.
Interest in solar growing, demand continues.
HARRYCAT
- 08 Jan 2008 14:03
- 106 of 377
Link here:
http://search.ft.com/nonFtArticle?id=080108000245&ct=0
http://search.ft.com/nonFtArticle?id=080108000245&ct=0
required field - 08 Jan 2008 16:39 - 107 of 377
Might be the end of the market shake, onwards and upwards.
BAYLIS
- 08 Jan 2008 17:24
- 108 of 377
Strong demand for solar energy, triggered by concerns about global warming and oil prices, lifted profits at PV Crystalox Solar.
The company, one of the biggest manufacturers of silicon components for the solar electricity generation industry, said it expected 2007 profit to be ahead of analysts estimates after a strong financial performance at the end of the year
The company, one of the biggest manufacturers of silicon components for the solar electricity generation industry, said it expected 2007 profit to be ahead of analysts estimates after a strong financial performance at the end of the year
required field - 08 Jan 2008 21:03 - 109 of 377
Yes Baylis, this really is promising, I must thank Robbie Burns for bringing it to my attention, this could double in 2008.
Greyhound - 10 Jan 2008 08:47 - 110 of 377
Jefferies have raised outlook, target 204p
required field - 10 Jan 2008 08:50 - 111 of 377
At a guess I'd say close to 3 Pounds by end of 2008.
Greyhound - 14 Jan 2008 13:24 - 112 of 377
Strong gains today. I think it may be Cazenove saying upbeat outlook following preannoucement of good trading??
required field - 14 Jan 2008 23:00 - 113 of 377
With the Dow rising this might rise another 10p or so.
queen1 - 15 Jan 2008 19:02 - 114 of 377
Not today unfortunately!
required field - 15 Jan 2008 21:58 - 115 of 377
No, quite, hope this downward trend is not going to continue.
required field - 24 Jan 2008 10:59 - 116 of 377
Today, luvly jubly as Del Boy might say !
required field - 29 Jan 2008 14:07 - 117 of 377
Not looking so rosy here today, still in this one, hoping for a turnaround.
required field - 29 Jan 2008 21:10 - 118 of 377
What has this stock done ?, shot Bambi or something ?, it's dropping when duds are rising !
Greyhound - 30 Jan 2008 09:04 - 119 of 377
There you go, different story today ;) patience required!
queen1 - 30 Jan 2008 09:31 - 120 of 377
Yes, a nice bounce today despite the wider market malaise. Let's see if it can be mantained throughout the day.
required field - 21 Feb 2008 18:00 - 121 of 377
Not much happening here, I would have thought this would have been a lot higher than this now !
required field - 25 Feb 2008 08:54 - 122 of 377
Strong support around 130p level !
BigTed
- 13 Mar 2008 16:41
- 123 of 377
Bought back in this afternoon... only allowed me a paltry 2000, but will be adding on any further weakness. Strong recent results, good prospects and with ever increasing energy prices makes this a great company in the right sector...
required field - 19 Mar 2008 16:59 - 124 of 377
Hooray ! some blue amongst the slaughterhouse that is my portfolio....where is this stockmarket going ? down the plughole by the look of it !
required field - 01 Apr 2008 09:34 - 125 of 377
At long last a rise !
required field - 03 Apr 2008 08:20 - 126 of 377
Good results by the look of it...and a dividend !
Greyhound - 03 Apr 2008 08:52 - 127 of 377
Very encouraging results, especially in this market. Perhaps a sustained rise back to the highs.
required field - 20 Apr 2008 10:17 - 128 of 377
Rising quite fast now....my earlier forcast of I think 3 was a little bit excessive....possibly over 2 by end of year !
Greyhound - 02 May 2008 12:38 - 129 of 377
Looks like this 160p that we've tested a couple of times is finally going to go. Then we should be heading rapidly over 2.
required field - 02 May 2008 22:15 - 130 of 377
In this market and day and age : nothing is sure but PVCS is looking good !
Greyhound - 19 May 2008 08:23 - 131 of 377
Very encouraging update today and good to see new highs.
required field - 19 May 2008 08:31 - 132 of 377
Blimey !, going like a takeover bid today !.
Greyhound - 19 May 2008 08:35 - 133 of 377
Just long long overdue and now we've finally broken the highs I expect to see 200p quickly overtaken.
Note also Jefferies recent buy rec, target 252p
Note also Jefferies recent buy rec, target 252p
cynic
- 19 May 2008 08:39
- 134 of 377
strong trading statement .....
Market drivers for the business remain positive with forecasts for the level of PV installations over the coming years showing very strong growth * Performance of the group remains strong * Turnover in our core silicon products business significantly ahead of the levels achieved in the first half of last year
=======
there's actually a much longer "official" version, but above will suffice for the flavour
Market drivers for the business remain positive with forecasts for the level of PV installations over the coming years showing very strong growth * Performance of the group remains strong * Turnover in our core silicon products business significantly ahead of the levels achieved in the first half of last year
=======
there's actually a much longer "official" version, but above will suffice for the flavour
Greyhound - 19 May 2008 08:42 - 135 of 377
Plus the new German plant on schedule (of course!) and production to start in 2009.
Long term wafer supply agreements to be announced at a later date.
Long term wafer supply agreements to be announced at a later date.
Greyhound - 19 May 2008 08:55 - 136 of 377
Apparently a report in the Mail (??) also saying PVCS trading at 50% discount to peers.
queen1 - 19 May 2008 12:15 - 137 of 377
Yes, a quality company with a quality product working in an environment where demand for greener energy is only going to increase.
cynic
- 19 May 2008 12:19
- 138 of 377
and how do you rate SOLA?
queen1 - 19 May 2008 14:00 - 139 of 377
I'm not a holder so not as highly as PVCS.
required field - 19 May 2008 22:12 - 140 of 377
Zola was a tremendous player for Chelsea, I rate him very highly !.
sivad - 20 May 2008 06:59 - 141 of 377
I hold sola and PVCS-very different stocks with different cost bases.
SOLA appears to be he solar market leader and the market cant get enough of them.
Today in SOLA will reveal all in my opinion.
PVCS will catch the same ride on the back of a very hot sector.
SOLA appears to be he solar market leader and the market cant get enough of them.
Today in SOLA will reveal all in my opinion.
PVCS will catch the same ride on the back of a very hot sector.
BAYLIS
- 20 May 2008 21:42
- 142 of 377
Hope so
Greyhound - 22 May 2008 16:05 - 143 of 377
I'm not sure what the Jefferies & Co report of yesterday says, but their target price is 252p from 11/4.
Looking good today...
Looking good today...
HARRYCAT
- 22 May 2008 16:14
- 144 of 377
Lets hope the link between PVCS & SOLA is tenuous, as SOLA has had a bad day, dropping 14%. PVCS still in positive territory, but.............
Greyhound - 22 May 2008 16:20 - 145 of 377
I sold half my SOLA holding at about 7 the other day and doubled up here with the positive trading statement.
Greyhound - 03 Jun 2008 08:06 - 146 of 377
Good to see back page FT comment today, that ABN Amro saying PV worth 270p-310p following offer for Ersol in Germany.
sivad - 03 Jun 2008 16:33 - 147 of 377
GH can you post the link please
Greyhound - 04 Jun 2008 14:37 - 148 of 377
Sorry I was looking at a hard copy. ABN Amro were saying that based on Bosch's price Ersol in Germany, PVCS should be valued btw 270-310p.
New highs today. Won't be long before 200p is cleared imo.
New highs today. Won't be long before 200p is cleared imo.
Greyhound - 04 Jun 2008 14:43 - 149 of 377
http://www.ft.com/cms/s/0/918c0002-30df-11dd-bc93-000077b07658.html?nclick_check=1
required field - 04 Jun 2008 17:56 - 150 of 377
Bucking the trend this one....., just hope no sudden drop lurking around the corner !.
Greyhound - 11 Jun 2008 09:25 - 151 of 377
Nice gains coming through after recent profit taking (probably because we were at new highs). This run higher should now take us clear of 200p in the coming weeks.
Greyhound - 18 Jun 2008 08:13 - 152 of 377
Looks like the gains can continue today in a negative market with the new contract signing. Sooner or later we will clear this 200p hurdle.
cynic
- 18 Jun 2008 08:14
- 153 of 377
i liked the look of the chart too and just re-invested
Greyhound - 18 Jun 2008 08:23 - 154 of 377
Less of the swings as with Sola but perhaps a good consolidation target at some point. I think there are a lot of futher gains to come here.
Greyhound - 18 Jun 2008 15:08 - 155 of 377
Are we going to see some new all time highs this afternoon?
Greyhound - 25 Jun 2008 10:54 - 156 of 377
Building up for another attempt on 200p...
required field - 25 Jun 2008 11:21 - 157 of 377
One of my rare risers today;....you get the feeling that even in a general downturn (except for the producing and exploring oil and gas companies) that this will be a success story and will buck the trend !.
Greyhound - 25 Jun 2008 11:26 - 158 of 377
Jefferies out with a buy rec, target 252p
required field - 25 Jun 2008 11:29 - 159 of 377
Yes...without being an expert, that would be my target as well.
Greyhound - 26 Jun 2008 08:53 - 160 of 377
Here we go, break coming.
Greyhound - 27 Jun 2008 15:11 - 161 of 377
Maintaining a good trend in these volatile times.
queen1 - 30 Jun 2008 23:51 - 162 of 377
Closed just under 2. Maybe tomorrow?
queen1 - 02 Jul 2008 23:26 - 163 of 377
What the hell happened to PVCS today? Down 13%!!! Why??? It's given up all of the last months hard-fought gains, and for no apparent reason.
Greyhound - 03 Jul 2008 08:14 - 164 of 377
Spain put a cap on solar installations I believe. Same sell off on all solars.
required field - 03 Jul 2008 08:47 - 165 of 377
Thanks Greyhound....could you give a bit more info....does this mean that you will need extra planning in Spain ?.....or no more installations in towns etc ?...Cheers !, I picked up a few more this morning.
HARRYCAT
- 03 Jul 2008 09:06
- 166 of 377
"Shares in Solaria (SLRS.MC: Quote, Profile, Research) are down 12.8 percent to 7.98 euros after newspaper Cinco Dias reports the government is considering cutting the regulated price of solar power by 35 percent.
"It's fundamentally because of the press, which comments on a worse than expected regulatory framework," says one analyst at a European bank.
Cinco Dias says that the Industry Ministry planned to cut rooftop solar power prices to 33 euro cents a kilowatt and solar panel farms to 29 cents from 44 and 41 cents, respectively.
It also says the government would limit the maximium power of installations to two megawatts and for next year would set a limit that no more than 300 megawatts be installed."
"It's fundamentally because of the press, which comments on a worse than expected regulatory framework," says one analyst at a European bank.
Cinco Dias says that the Industry Ministry planned to cut rooftop solar power prices to 33 euro cents a kilowatt and solar panel farms to 29 cents from 44 and 41 cents, respectively.
It also says the government would limit the maximium power of installations to two megawatts and for next year would set a limit that no more than 300 megawatts be installed."
required field - 03 Jul 2008 09:10 - 167 of 377
Thanks HARRYCAT,.....I come to the conclusion that the drop is overdone....but looking at the rest of the market....!, everything is down (RIFT except).
Greyhound - 03 Jul 2008 09:27 - 168 of 377
Depends if we're now in the depths of recession and whether in 6 months time we could look back and say "wish I'd sold everything". Tough times for sure everywhere.
queen1 - 03 Jul 2008 10:12 - 169 of 377
Completely overdone as it's still plummeting today.
HARRYCAT
- 03 Jul 2008 14:57
- 170 of 377
The price of silicon wafers is still going up, making the solar panels even more expensive to produce & sell on. Also, there seems to be huge competition is this field, both in Europe & the Far East. I wonder if it is going to get like wind power, with the cost of manufacturing (the turbines) exceeding the saving in generating costs?
halifax - 03 Jul 2008 15:08 - 171 of 377
The generation of electrity for domestic consumption whether solar or wind power is totally uneconomic. Sooner or later people will realise they are being conned by politicians only interested in furthering their personal careers.
queen1 - 03 Jul 2008 18:38 - 172 of 377
HARRYCAT - That maybe so but the prices haven't shot up overnight and only 3 days ago PVCS touched 2.
halifax - You're wrong. Solar, wind, wave, etc will play a big part in the future of energy production. And over time it will become more economical.
halifax - You're wrong. Solar, wind, wave, etc will play a big part in the future of energy production. And over time it will become more economical.
Greyhound - 11 Jul 2008 15:16 - 173 of 377
Strong resilience as we head back up to the highs here.
required field - 01 Aug 2008 10:27 - 174 of 377
Doing well....in a market recovery I would like to think that this one would be up in the 230p area or even above that level !.
required field - 15 Aug 2008 11:27 - 175 of 377
Down again, what a rotten stockmarket !, so far this month I have not put one single trade through (a record for me), hopefully in September the market might recover...with the dropping PVCS might profit from this....results soon....might then see a recovery.....!.
hlyeo98 - 17 Aug 2008 11:28 - 176 of 377
160p might not hold for PVCS as economy slowing down and oil price coming down which makes solar less in demand.
Greyhound - 02 Sep 2008 09:21 - 177 of 377
Another run on 200p coming?
required field - 02 Sep 2008 11:03 - 178 of 377
Looks promising.....in time we should see 225p....solar is becoming more and more feasible because of improving technology and PVCS's products are in big demand at the moment.....oil might come down a bit but will start to go up again very soon.....all you need is a little bit of bad news and wooosh !...up it goes !.
cynic
- 02 Sep 2008 11:07
- 179 of 377
certainly rather be long here than SOLA
required field - 02 Sep 2008 11:18 - 180 of 377
I'm in this one almost all the time (very ISAble)....and not in SOLA.
required field - 02 Sep 2008 11:22 - 181 of 377
Off topic....gas line from Holland shut due to problems....there you go !.
cynic
- 02 Sep 2008 11:29
- 182 of 377
where do you go? ..... underwater to find the leak perhaps? ...... silly boy!
required field - 02 Sep 2008 11:37 - 183 of 377
I want oil and gas and solar to rise.....I'll put up with the bill at the pumps (It's selfish I know)....but in the markets they take no prisoners (as so to speak).
cynic
- 03 Sep 2008 09:35
- 184 of 377
sp really seems to have hgot the bit between its teeth at long last ..... chart shows strong breakout, so it will be interesting to see if it can continue through above 200p and new high ground
Greyhound - 03 Sep 2008 09:40 - 185 of 377
Looks very promising and if the 200p does break this time, then we have long inverted (sort of) head and shoulders, so could go a fair way higher.
required field - 03 Sep 2008 12:46 - 186 of 377
As long as the market does not tank !,....would pull everything down...fingers crossed.....love this one though !.
queen1 - 04 Sep 2008 13:14 - 187 of 377
Back below 180p today - so much for the 200p barrier being broken :-(
required field - 10 Sep 2008 08:58 - 188 of 377
We have now a clear support line here !.....hope it does not get broken !.
cynic
- 10 Sep 2008 09:19
- 189 of 377
getting very close to 200 dma which ought to provide support and a bounce
required field - 10 Sep 2008 14:05 - 190 of 377
Sorry.....what is 200 dma....(seen people talking about dma)......not too "au fait" with the such !.
required field - 10 Sep 2008 14:11 - 191 of 377
Rattled my brains ...it is the support line.. dma....,but not too sure how it works.
maggiebt4
- 10 Sep 2008 14:24
- 192 of 377
200 day moving average
cynic
- 10 Sep 2008 14:26
- 193 of 377
rf .... it's the black line shown on the chart
required field - 10 Sep 2008 14:35 - 194 of 377
Thanks Cynic....I'm very much holding this one...hopefully until 2009 at least.
HARRYCAT
- 10 Sep 2008 14:36
- 195 of 377
"Moving averages smooth a data series and make it easier to spot trends, something that is especially helpful in volatile markets. A simple moving average is formed by computing the average (mean) price of a security over a specified number of periods (such as 200 days). While it is possible to create moving averages from the Open, the High, and the Low data points, most moving averages are created using the closing price."
required field - 10 Sep 2008 14:38 - 196 of 377
Thanks Harrycat....well I've learned something today !, cheers !.
required field - 19 Sep 2008 16:46 - 197 of 377
Well blow me off me pins...! such a rise for this one today...better end to the week all round !.
Greyhound - 19 Sep 2008 16:53 - 198 of 377
At this point in time looks good again for a 200p retest. Don't tell me how many times I've said that!
required field - 19 Sep 2008 17:00 - 199 of 377
Looks like it might make it.....what I have my doubts about is : all this blue all of a sudden...not just for this stock but all the others....can you really believe the governments are going to wipe out all the banks bad debts....pigs will be able to fly.....this might send the dollar right down again...at the end of the day somebody has to foot the bill.....and that's us : the taxpayers !.
queen1 - 20 Sep 2008 13:31 - 200 of 377
Greyhound, I've lost count!
required field - 10 Oct 2008 16:05 - 201 of 377
Been stuffed on this one as well.....made a mistake of staying in....never expected such a crazy drop !, now just hoping for a rebound !.
required field - 10 Oct 2008 16:14 - 202 of 377
Just look at the graph....ridiculous !.
hlyeo98 - 10 Oct 2008 18:21 - 203 of 377
Didn't I tell you guys on post 176. Sorry to see you lose money.
required field - 11 Oct 2008 09:39 - 204 of 377
Well it's a bitter pill to swallow....investing is becoming a real nightmare....! the worst thing is that I'm now going to have to sit through this tumble and hope that there will be an sp recovery somewhere along the line !.
required field - 06 Nov 2008 08:56 - 205 of 377
Recovered quite well...perhaps a further climb to follow !.
required field - 18 Nov 2008 09:23 - 206 of 377
Excellent update !, but with this depressed market.... : this would have rocketed by 30p 2 years ago, now barely moves....hardly any point in making a comment in these conditions !.
HARRYCAT
- 18 Nov 2008 09:42
- 207 of 377
Surely if you think this company is sound, then it is worth averaging down? Lots of companies are near their all time low, but that may just be market sentiment. If you think it is not going to recover then maybe best to get out now. But don't panic sell.
cynic
- 18 Nov 2008 09:47
- 208 of 377
not the time to average down as the markets must still have further to fall, but that does not mean one should sell out either
required field - 18 Nov 2008 09:50 - 209 of 377
I have quite a few of these.....one of the best mid-size companies around, I might get some more but need more funds to do so or have to sell others at a loss whch I'm not prepared to do....in time with patience, in 2 to 3 years time we shall have a 300p company here.....many ups and downs along the way though !.
halifax - 18 Nov 2008 15:52 - 210 of 377
Solar shares seem to be going out of fashion is it something to do with the collapse in the price of oil or is it because the "green effect" is going brown?
required field - 19 Nov 2008 08:21 - 211 of 377
It is linked to the price of oil partly, because if oil drops it becomes less worthwhile installing solar energy systems.
required field - 25 Mar 2009 11:51 - 212 of 377
Results tomorrow......new production center in Germany opening with earnings in Euros, if I'm not mistaken : there is a already a large cash pile in Euros and this company said that results would be better than expected at the last update and crude is making a good comeback, which makes a difference to the sp on this company........I would say undervalued perhaps !?.
required field - 25 Mar 2009 11:57 - 213 of 377
Also : earnings per share last year were 12 Euro cents per share.....with the sp where it is now the sp is looking to my way of thinking as incredibly low !.
required field - 25 Mar 2009 12:05 - 214 of 377
Adding to this : a supply contract has been extended for a further 3 years for 95% of supply to one of their main customers....am I missing somethng here ? or is it just bad market sentiment towards this type of company ?.
required field - 26 Mar 2009 08:03 - 215 of 377
Very good results, the only bad remark is that they are cautious for 2009, but then again is there a company that isn't.....!.
spitfire43 - 26 Mar 2009 08:07 - 216 of 377
Also cash pile was down to 81.1m euros from 108m, but results were ahead of forecasts, Im not invested in them yet, but the these are the only company in sector I like.
required field - 26 Mar 2009 09:14 - 217 of 377
I have to admit, I have some shares in this, 4 euro cents dividend, 6% of the sp at the moment !, not happy about the market markdown !.
HARRYCAT
- 26 Mar 2009 12:40
- 218 of 377
Just to put your mind at rest, same thing happened to Aviva, Arriva & Chemring this wed. Sp's got hammered ex-divi, far in excess of the divi %age.
halifax - 26 Mar 2009 12:51 - 219 of 377
market reacting to uncertain outlook comments in results statement.
required field - 26 Mar 2009 18:47 - 220 of 377
That word "challenging"....why on earth put that in what is a very good performance from this company.....if I was writing the outlook, that is the last word to use because all the investors jump ship......the report is excellent...growth very good ,cash position, earnings all looking good and they have to then go and shoot themselves in the foot by putting that in...crazy...times are hard but PVCS are in a very good position and oil is doing fine which means they should do fine as well.
justyi - 15 May 2009 08:37 - 221 of 377
15 May 2009
PV Crystalox Solar plc
Interim Management Statement
PV Crystalox Solar plc (or 'the Group', PVCS.L), one of the world's leading providers of photovoltaic ('PV') silicon wafers, provides an Interim Management Statement for the period from 1 January 2009 to the date of this announcement.
The Group continues to operate in a challenging trading environment and as a result expects to generate H1 revenues approximately 10% below the prior year (H1 2008: 126m).
Since announcing our preliminary results at the end of March, demand from our customers has slowed. High customer inventory levels have led to a number of additional requests for order deferrals which are now expected to reach 30 - 35MW by the end of H1, with total shipments for the period expected to be in the region of 90 - 95MW (2008: 110MW). However, the drop in shipment volumes has been partially offset by the strength of the Japanese Yen and its positive impact on average wafer prices.
Although there are early signs of an improvement in the level of PV installations, the tightening of the credit markets has impacted the financing and implementation of major PV projects. This market weakness has led to oversupply and downward pricing pressure in all parts of the value chain and currently spot wafer prices are below our contract levels. In view of the challenging market circumstances, we have agreed temporary price flexibility with some of our customers. We believe this supports our relationship with our customers and we would expect to benefit when the PV markets strengthen and in some cases we have been able to obtain a certain commitment on contracted shipment volumes during the second half of the year. In parallel we have undertaken discussions with our suppliers and have already achieved some concessions on short term pricing.
The commissioning of our polysilicon production facility in Bitterfeld is proceeding to schedule and is currently in its final stages. Initial polysilicon production is expected to start later this month with a projected output of 450 metric tonnes in 2009 in balance with our current wafer production requirements.
The Group's balance sheet remains robust and its financial position strong with continued positive cash flows increasing our net cash position at the end of the first quarter of 2009 from the 81.1m cash balances as at 31 December 2008.
Outlook
Due to the current global economic recession and market weakness, levels of activity in the second half of the year remain difficult to predict. Although we have contracts for the supply of 275MW wafers in 2009 as a whole, there is greater uncertainty that our forecast shipment volumes will be achieved. There is, however, some expectation of a better solar market environment, driven by growth in Germany, which is traditionally stronger in the second half of the year, and in Japan, where the Government plans further incentives for the PV market as part of its 4th economic stimulus package of JPY15 trillion announced on 8 April 2009.
The mid-term market drivers for the PV industry remain positive with the US economic stimulus bill providing significant funding for renewable energy projects (including solar energy development) and with the recent renewed commitment of the EU to meet its 2020 climate change goals and boost the share of renewables in the total energy mix to 20%. Although timing and visibility for 2009 is uncertain, the Group with its strong balance sheet remains well positioned for the upturn in global PV markets.
The Group will report its interim results for the six month period ending 30 June 2009 on 19 August 2009.
PV Crystalox Solar plc
Interim Management Statement
PV Crystalox Solar plc (or 'the Group', PVCS.L), one of the world's leading providers of photovoltaic ('PV') silicon wafers, provides an Interim Management Statement for the period from 1 January 2009 to the date of this announcement.
The Group continues to operate in a challenging trading environment and as a result expects to generate H1 revenues approximately 10% below the prior year (H1 2008: 126m).
Since announcing our preliminary results at the end of March, demand from our customers has slowed. High customer inventory levels have led to a number of additional requests for order deferrals which are now expected to reach 30 - 35MW by the end of H1, with total shipments for the period expected to be in the region of 90 - 95MW (2008: 110MW). However, the drop in shipment volumes has been partially offset by the strength of the Japanese Yen and its positive impact on average wafer prices.
Although there are early signs of an improvement in the level of PV installations, the tightening of the credit markets has impacted the financing and implementation of major PV projects. This market weakness has led to oversupply and downward pricing pressure in all parts of the value chain and currently spot wafer prices are below our contract levels. In view of the challenging market circumstances, we have agreed temporary price flexibility with some of our customers. We believe this supports our relationship with our customers and we would expect to benefit when the PV markets strengthen and in some cases we have been able to obtain a certain commitment on contracted shipment volumes during the second half of the year. In parallel we have undertaken discussions with our suppliers and have already achieved some concessions on short term pricing.
The commissioning of our polysilicon production facility in Bitterfeld is proceeding to schedule and is currently in its final stages. Initial polysilicon production is expected to start later this month with a projected output of 450 metric tonnes in 2009 in balance with our current wafer production requirements.
The Group's balance sheet remains robust and its financial position strong with continued positive cash flows increasing our net cash position at the end of the first quarter of 2009 from the 81.1m cash balances as at 31 December 2008.
Outlook
Due to the current global economic recession and market weakness, levels of activity in the second half of the year remain difficult to predict. Although we have contracts for the supply of 275MW wafers in 2009 as a whole, there is greater uncertainty that our forecast shipment volumes will be achieved. There is, however, some expectation of a better solar market environment, driven by growth in Germany, which is traditionally stronger in the second half of the year, and in Japan, where the Government plans further incentives for the PV market as part of its 4th economic stimulus package of JPY15 trillion announced on 8 April 2009.
The mid-term market drivers for the PV industry remain positive with the US economic stimulus bill providing significant funding for renewable energy projects (including solar energy development) and with the recent renewed commitment of the EU to meet its 2020 climate change goals and boost the share of renewables in the total energy mix to 20%. Although timing and visibility for 2009 is uncertain, the Group with its strong balance sheet remains well positioned for the upturn in global PV markets.
The Group will report its interim results for the six month period ending 30 June 2009 on 19 August 2009.
HARRYCAT
- 26 Oct 2009 15:34
- 222 of 377
Business Financial Newswire
"Panmure Gordon initiates coverage on the two UK-listed silicon wafer producers, urging investors to buy ReneSola (TP 235p) and sell PV Crystalox Solar (TP 60p).
The broker says industry revenue growth is set to return in 2010 but a core focus on cost reduction will be essential, as will greater geographic diversification to offset country specific risks to feed-in-tariffs.
Vertical integration should enable both, while China is the key market for cost reduction. All this favours ReneSola, especially after its acquisitions."
"Panmure Gordon initiates coverage on the two UK-listed silicon wafer producers, urging investors to buy ReneSola (TP 235p) and sell PV Crystalox Solar (TP 60p).
The broker says industry revenue growth is set to return in 2010 but a core focus on cost reduction will be essential, as will greater geographic diversification to offset country specific risks to feed-in-tariffs.
Vertical integration should enable both, while China is the key market for cost reduction. All this favours ReneSola, especially after its acquisitions."
hlyeo98 - 02 Dec 2009 10:26 - 223 of 377
Dull solar market hampers PV Crystalox
Solar wafer maker PV Crystalox Solar produced a resilient performance in the first half of the year in the face of weakening demand, order deferrals and a flood of supply from rivals in the Far East, and the second-half outlook hardly engenders confidence.
Admittedly, PV Crystalox is one of the stronger businesses in its sector and better placed to withstand such a sustained lull in its markets than many rivals. It has a well established, low cost production capacity and has completed most of its planned capital expenditure. On top of this, it is highly cash-generative and ended the first half with a healthy-looking balance sheet.
But management admits that prices are unlikely to recover in the short term and recovery in demand, driven by government incentives, is unlikely to resolve the imbalance between supply and demand before 2010 at best. Internal cost cutting and low cost raw material contracts should help the company protect its margins to a certain extent, but don't expect any significant growth this side of 2010. Global solar installations are forecast to be down by up to 30 per cent this year and PV Crystalox is expecting to ship 210MW-230MW equivalent worth of wafers this year, compared with 230MW in 2008.
PV CRYSTALOX SOLAR (PVCS)
TOUCH: 85.4-85.8p 12-MONTH HIGH: 194p LOW: 62p
Broker Piper Jaffray expects full-year pre-tax profits to fall from 147m to 68m, giving EPS of 11.2 (25.2 in 2008), rising to 72m and 11.9, respectively, in 2010.
Solar wafer maker PV Crystalox Solar produced a resilient performance in the first half of the year in the face of weakening demand, order deferrals and a flood of supply from rivals in the Far East, and the second-half outlook hardly engenders confidence.
Admittedly, PV Crystalox is one of the stronger businesses in its sector and better placed to withstand such a sustained lull in its markets than many rivals. It has a well established, low cost production capacity and has completed most of its planned capital expenditure. On top of this, it is highly cash-generative and ended the first half with a healthy-looking balance sheet.
But management admits that prices are unlikely to recover in the short term and recovery in demand, driven by government incentives, is unlikely to resolve the imbalance between supply and demand before 2010 at best. Internal cost cutting and low cost raw material contracts should help the company protect its margins to a certain extent, but don't expect any significant growth this side of 2010. Global solar installations are forecast to be down by up to 30 per cent this year and PV Crystalox is expecting to ship 210MW-230MW equivalent worth of wafers this year, compared with 230MW in 2008.
PV CRYSTALOX SOLAR (PVCS)
TOUCH: 85.4-85.8p 12-MONTH HIGH: 194p LOW: 62p
Broker Piper Jaffray expects full-year pre-tax profits to fall from 147m to 68m, giving EPS of 11.2 (25.2 in 2008), rising to 72m and 11.9, respectively, in 2010.
halifax - 06 Jan 2010 15:20 - 224 of 377
this one looks cheap compared to SOLA seems to be on a rising trend.
Big Al
- 07 Jan 2010 08:23
- 225 of 377
I am already long so I hope so.
halifax - 07 Jan 2010 16:17 - 226 of 377
Still rising.
required field - 07 Jan 2010 16:33 - 227 of 377
There are some fabulous breakouts on so called "dormant" shares today...quite a few rockets....
cynic
- 08 Jan 2010 08:30
- 228 of 377
haven't followed PVCS for quite a while but with the sustained recovery of crude, this sector is certainly worth a thought .
SOLA rather seems to have lost its way and shine - see thread for recent disappointing news - so PVCS looks a much better bet.
SOLA rather seems to have lost its way and shine - see thread for recent disappointing news - so PVCS looks a much better bet.
required field - 08 Jan 2010 10:26 - 229 of 377
Yes, and their production facilities in Germany must be running properly now and the recovery in Europe with the strong euro is a bit ahead of the UK where in my mind : it hasn't even started yet.
hlyeo98 - 02 Feb 2010 19:18 - 230 of 377
This crap is now 54.5p.
required field - 02 Feb 2010 21:06 - 231 of 377
Might rise with oil rising....the company is not crap, far from it but needs orders from Japan and Europe and a hefty oil price to make solar energy well worthwhile.
hlyeo98 - 02 Feb 2010 23:00 - 232 of 377
I wish I'm an optimist like you in a company like this which is breaking new bottoms with time.
hlyeo98 - 02 Feb 2010 23:07 - 233 of 377
PV Crystalox downgraded to sell from hold at Panmure Gordon, target cut to 50p from 60p
HARRYCAT
- 05 Feb 2010 10:19
- 234 of 377
Business Financial Newswire
"Nomura says it's a care of 'picking the sunny spots' in the renewable energy sector. PV Crystalox Solar and Renesola are among stocks initiated with buy ratings.
Analyst Catharina Saponar forecasts a strong volume recovery for the sector, but remains selective across the value chain.
'We regard Tier 1 poly manufacturers as benefiting from the volume uplift with sustainable competitive advantages that should compensate for falling prices.
'We believe that the midstream sector will not benefit from the recovery as we are highly uncertain as to sustainable margin levels.
She forecasts a revival and strong growth prospects in the solar thermal sector. 'Global installed capacity could grow by 53% CAGR 2009-20 and beyond that according to our estimate.'
Strong volume recovery is likely this year. However, as a result of forecast over-supply, Nomura expects lower profitability.
Nomura initiates coverage on Wacker Chemie (WCH GR, target price 130), REC (REC NO, TP NOK 46), PV Crystalox (PVCS LN, TP 78p), Renesola (SOLA LN, TP 190p) and Solar Millennium (S2M GR, TP EUR 45) with buy recommendations. "
"Nomura says it's a care of 'picking the sunny spots' in the renewable energy sector. PV Crystalox Solar and Renesola are among stocks initiated with buy ratings.
Analyst Catharina Saponar forecasts a strong volume recovery for the sector, but remains selective across the value chain.
'We regard Tier 1 poly manufacturers as benefiting from the volume uplift with sustainable competitive advantages that should compensate for falling prices.
'We believe that the midstream sector will not benefit from the recovery as we are highly uncertain as to sustainable margin levels.
She forecasts a revival and strong growth prospects in the solar thermal sector. 'Global installed capacity could grow by 53% CAGR 2009-20 and beyond that according to our estimate.'
Strong volume recovery is likely this year. However, as a result of forecast over-supply, Nomura expects lower profitability.
Nomura initiates coverage on Wacker Chemie (WCH GR, target price 130), REC (REC NO, TP NOK 46), PV Crystalox (PVCS LN, TP 78p), Renesola (SOLA LN, TP 190p) and Solar Millennium (S2M GR, TP EUR 45) with buy recommendations. "
hlyeo98 - 09 Feb 2010 15:18 - 235 of 377
sinking below 50p now.
mitzy - 09 Feb 2010 15:30 - 236 of 377
Its going to 40p according to my readings.
mitzy - 10 Feb 2010 19:30 - 237 of 377
Rated a sell by KBC today..and a 42p target.
HARRYCAT
- 04 Mar 2010 15:32
- 238 of 377
Based on current sp, looks like PVCS will drop out of the FTSE 250.
halifax - 04 Mar 2010 16:12 - 239 of 377
Harry sp seems to be going up!
dealerdear - 04 Mar 2010 16:30 - 240 of 377
and about b***** time too!
halifax - 04 Mar 2010 16:35 - 241 of 377
dd results due 25th march.
skinny
- 19 May 2010 08:27
- 242 of 377
Interim Management Statement.
The Group has experienced increasing demand for its products during the year to date, with market growth being driven in particular by the impending cut in the feed in tariff (FIT) in Germany which will now be implemented from 1 July. Shipment volumes for the first half of the year are now expected to be in the range 155-160MW exceeding our earlier forecast of 145-155MW given at the time of our 2009 preliminary results. This expectation represents a significant growth on the 139MW shipped in the second half of 2009.
The increased market demand has also stabilised wafer pricing and our average wafer prices are expected to be slightly above the top end of the range we previously indicated in March.
Revenues for the first six months of the year are expected to be enhanced by the combination of higher volumes and stabilising prices and accordingly performance in the first half of 2010 is expected to be above management's earlier expectations.
The Group has experienced increasing demand for its products during the year to date, with market growth being driven in particular by the impending cut in the feed in tariff (FIT) in Germany which will now be implemented from 1 July. Shipment volumes for the first half of the year are now expected to be in the range 155-160MW exceeding our earlier forecast of 145-155MW given at the time of our 2009 preliminary results. This expectation represents a significant growth on the 139MW shipped in the second half of 2009.
The increased market demand has also stabilised wafer pricing and our average wafer prices are expected to be slightly above the top end of the range we previously indicated in March.
Revenues for the first six months of the year are expected to be enhanced by the combination of higher volumes and stabilising prices and accordingly performance in the first half of 2010 is expected to be above management's earlier expectations.
queen1 - 19 May 2010 12:39 - 243 of 377
That makes a refreshing change.
skinny
- 19 May 2010 15:32
- 244 of 377
skinny
- 14 Jun 2010 12:03
- 245 of 377
Nice move up today.
Big Al
- 14 Jun 2010 13:40
- 246 of 377
Indeed. ;-)
skinny
- 15 Jun 2010 10:54
- 247 of 377
Looking at the 200dma
cynic
- 15 Jun 2010 10:58
- 248 of 377
the one below is much easier to read ..... 200 dma being challenged, but assuredly not broken ..... on the other hand, the markets continue to head north for now and crude remains solid(??) too
skinny
- 23 Jun 2010 13:43
- 249 of 377
Good volume today.
skinny
- 29 Jun 2010 14:37
- 250 of 377
FRANKFURT (MarketWatch) -- U.K.-based PV Crystalox Solar PLC /quotes/comstock/23s!e:pvcs (UK:PVCS 56.25, +1.50, +2.74%) was upgraded to overweight from neutral Tuesday at J.P. Morgan Cazenove, which also upgraded Germany's SolarWorld AG /quotes/comstock/11e!fswv (DE:SWV 9.57, -0.15, -1.57%) and Norway's Renewable Energy Corporation ASA /quotes/comstock/29r!e:rec (NO:REC 16.40, -0.92, -5.31%) to neutral from underweight. The broker said it has turned more positive on the European solar sector given the stabilization in prices. "With net cash position, relatively low exposure to Germany and relatively low valuation, PVCS is our key pick," the broker said.
skinny
- 09 Jul 2010 13:18
- 251 of 377
On the up again.
skinny
- 12 Jul 2010 16:40
- 252 of 377
And again.
HARRYCAT
- 12 Jul 2010 20:11
- 253 of 377
SOLA also done the same as PVCS. Almost time to bank profit?
jkd - 12 Jul 2010 20:44 - 254 of 377
going up yet volume is not increasing it appears to be decreasing. dyor, it may pay off.
regards
jkd
regards
jkd
skinny
- 23 Jul 2010 09:18
- 255 of 377
PV Crystalox Solar plc
Notification of interim results
PV Crystalox Solar plc, one of the world's leading providers of photovoltaic
('PV') silicon wafers, will report its interim results for the six months ended
30 June 2010 on Thursday 19 August 2010.
Notification of interim results
PV Crystalox Solar plc, one of the world's leading providers of photovoltaic
('PV') silicon wafers, will report its interim results for the six months ended
30 June 2010 on Thursday 19 August 2010.
halifax - 26 Jul 2010 12:42 - 256 of 377
Chart looks promising for a move up to 75p, solid balance sheet, last IMS suggests good first half.
cynic
- 26 Jul 2010 12:43
- 257 of 377
i rather like these too, though it's only a 50% ration of them - far preferable to SOLA, but then i have an innate dislike of chinese stocks, as many know
Greyhound - 26 Jul 2010 18:38 - 258 of 377
I've been watching and considering coming back in now also. Another good one to tuck away in the ISA.
goldfinger
- 04 Aug 2010 08:02
- 259 of 377
Lovely looking chart at PV CRYSTALOX PVCS
Cheap too on a forward P/E of only just over 12 to 2011
PVCS
ForecastsYear Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-11 209.61 27.07 5.02p 12.2 0.4 +29% 2.44p 4.1%
Cheap too on a forward P/E of only just over 12 to 2011
PVCS
ForecastsYear Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-11 209.61 27.07 5.02p 12.2 0.4 +29% 2.44p 4.1%
cynic
- 04 Aug 2010 08:50
- 260 of 377
hi sticky .... hope the chart is borne out by reality as i have a few of these .... hope you're keeping well
goldfinger
- 04 Aug 2010 15:16
- 261 of 377
Hi cyners yep on holiday but bored.
Just about to turn blue.
Trust your keeping well mate.
Just about to turn blue.
Trust your keeping well mate.
cynic
- 04 Aug 2010 16:35
- 262 of 377
indeed .... currently in dierhagen which is just east of rostock ..... meeting client in really nice hotel there which goes down onto the beach ..... very pretty in a dunish way, and very peaceful
where are you? whitby? first class lobsters there
where are you? whitby? first class lobsters there
halifax - 09 Aug 2010 14:18 - 263 of 377
following good results from SOLA we should expect PVCS to produce interim results on 19th august which will please shareholders.
goldfinger
- 09 Aug 2010 15:16
- 264 of 377
Yep and its getting a march on now.
skinny
- 11 Aug 2010 17:05
- 265 of 377
My only bit of blue today!
Chris Carson
- 11 Aug 2010 17:13
- 266 of 377
Ditto skinny along with DVO
halifax - 12 Aug 2010 17:45 - 267 of 377
chart looking good, finished strongly, more to come next week with results on thursday.
skinny
- 19 Aug 2010 07:03
- 268 of 377
Interim Results
Interim report 2010
Strong increase in wafer shipments with pricing now stabilised
PV Crystalox Solar PLC, one of the world's leading providers of photovoltaic ('PV') silicon wafers, announces interim results for the 6 months ended 30 June 2010.
Key Highlights
Strong market demand with wafer prices stabilising
Wafer shipment volume of 155MW (H1 2009: 100MW)
Revenues of 111.7 million (H1 2009: 121.6 million)
EBIT (excluding currency impact) 12.4 million (H1 2009: 35.2 million)
Polysilicon production at Bitterfeld of 321MT
Strong net cash position at 30 June 2010 of 77.1 million (31 December 2009: 70.2 million)
Interim dividend of 1.0 euro cent per share (2009: 2.0 euro cents per share)
Interim report 2010
Strong increase in wafer shipments with pricing now stabilised
PV Crystalox Solar PLC, one of the world's leading providers of photovoltaic ('PV') silicon wafers, announces interim results for the 6 months ended 30 June 2010.
Key Highlights
Strong market demand with wafer prices stabilising
Wafer shipment volume of 155MW (H1 2009: 100MW)
Revenues of 111.7 million (H1 2009: 121.6 million)
EBIT (excluding currency impact) 12.4 million (H1 2009: 35.2 million)
Polysilicon production at Bitterfeld of 321MT
Strong net cash position at 30 June 2010 of 77.1 million (31 December 2009: 70.2 million)
Interim dividend of 1.0 euro cent per share (2009: 2.0 euro cents per share)
cynic
- 19 Aug 2010 07:21
- 269 of 377
is it my imagination or are those figures decidedly less than exciting?
skinny
- 19 Aug 2010 07:22
- 270 of 377
Thats my take!
cynic
- 19 Aug 2010 07:27
- 271 of 377
does that mean i may have been right to bank a modest profit the other day or will all here tell me that iw as exceedingly stupid and should have hung on?
skinny
- 19 Aug 2010 07:28
- 272 of 377
Yes :-)
cynic
- 19 Aug 2010 07:29
- 273 of 377
:-((
so you think i was exceedingly stupid too
so you think i was exceedingly stupid too
skinny
- 19 Aug 2010 07:31
- 274 of 377
cynic - I bought some in the high 40's and am/was looking to buy a chunk in the SIPP/ISA - still watching although less convinced!
Mega Bucks
- 19 Aug 2010 07:34
- 275 of 377
I think i will be jumping ship today,still made a nice profit though.
cynic
- 19 Aug 2010 07:36
- 276 of 377
i think there'll be a lot of rats beating you to it ..... and on that happy thought, i'll go to board my flight back to uk; shall catch up with you all late this afternoon
skinny
- 19 Nov 2010 07:14
- 277 of 377
Interim Management Statement.
The PV market is continuing to grow strongly with global installations in 2010 expected to double and reach 14-16GW by the year end. As a consequence the Group has seen strengthening demand for its wafers and its production has operated at full capacity during the second half of the year. Our full year shipment volumes are now expected to be around 350MW; ahead of the 320-340MW range indicated at the time of our interim results on 19 August 2010.
The PV market is continuing to grow strongly with global installations in 2010 expected to double and reach 14-16GW by the year end. As a consequence the Group has seen strengthening demand for its wafers and its production has operated at full capacity during the second half of the year. Our full year shipment volumes are now expected to be around 350MW; ahead of the 320-340MW range indicated at the time of our interim results on 19 August 2010.
hilary
- 19 Nov 2010 07:26
- 278 of 377
A 50% increase in shipments at the interims was accompanied by a 10% decline in revenues. They flattered to deceive.
Now they're saying that full year shipments will be 10% higher than estimates, but have prices been squeezed further since the interims? Why can't they talk money? Too much smoke and mirrors.
Now they're saying that full year shipments will be 10% higher than estimates, but have prices been squeezed further since the interims? Why can't they talk money? Too much smoke and mirrors.
skinny
- 19 Nov 2010 07:30
- 279 of 377
Agreed Hils - these are now on my "jam tomorrom" list. I have a few and will look again in the new year.
skinny
- 08 Feb 2011 16:29
- 280 of 377
Just had a small long here again.
skinny
- 11 Feb 2011 11:26
- 281 of 377
RNS Number : 0904B
PV Crystalox Solar PLC
11 February 2011
11 February 2011
PV Crystalox Solar plc
Notification of preliminary results
PV Crystalox Solar plc one of the world's leading providers of photovoltaic ('PV') silicon wafers will report its preliminary results for the twelve months period ending 31 December 2010 on 24 March 2011.
-ends-
PV Crystalox Solar PLC
11 February 2011
11 February 2011
PV Crystalox Solar plc
Notification of preliminary results
PV Crystalox Solar plc one of the world's leading providers of photovoltaic ('PV') silicon wafers will report its preliminary results for the twelve months period ending 31 December 2010 on 24 March 2011.
-ends-
required field - 15 Feb 2011 12:15 - 282 of 377
Looking to rise this one.....excellent forecasts being made......a return to a pound later this year ?....graph looks good !....
ptholden
- 22 Mar 2011 20:48
- 284 of 377
Been keeping an eye pn PVCS for a while since it popped up from a profitability v market cap data mining scan.
SP has been stuck in a narrow trading range for quite some time, so I would expect a breakout in one direction or another fairly soon. Results are out on Thursday which may provide the required shove. MAs also completed a Golden Cross recently and then gravitated back towards said MAs (which is something I have noticed happens quite frequently with this particular pattern).
See what happens Thursday then!
skinny
- 19 May 2011 07:04
- 285 of 377
Interim Management Statement.
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2011 to the date of this announcement. The Group announced its preliminary results for the year ending 31 December 2010 on 24 March 2011.
The Group experienced strong demand for its products during the first four months of the year. Demand has weakened during recent weeks and shipment volumes for the first half of the year are now expected to be within the range 210-225MW, a significant increase on the 165MW shipped in the same period in 2010.
Although lower than expected PV module installation levels in Germany and uncertainty due to delays in finalising revisions to feed in tariffs ("FIT") in Italy have weakened prices in recent weeks, our average sales price (ASP) during the first half year is expected to be only moderately below that reported for the full year 2010. We anticipate that this will be at least offset by the accelerated progress in our wafering and internal polysilicon production cost reduction programmes, resulting in a positive impact on margins. Accordingly performance in the first half of 2011 is expected to be in line with expectations.
The Group continues to make good progress in expanding and broadening its geographical customer base. Shipments to customers in Asia exceeded 80% during the first four months of 2011 with Taiwan becoming our largest geographical market followed by China and Japan.
The expansion of the Group's ingot production capacity to 535MW was completed on schedule and on budget. The next phase of expansion to reach 670MW is underway and is on track for completion by the end of the year.
Under the agreed regulatory framework, the low level of installations in Germany during 2011 will result in only modest reductions in FITs on 1 July, which should positively impact demand in the second half of the year. Demand should also be stimulated in Italy now that uncertainty over the PV incentive scheme has been removed following the final announcement on 5 May 2011. However concerns remain due to reports of high inventory levels across the value chain and their impact on pricing in the second half of the year.
We continue to place strong emphasis on our relationships with major PV companies and to focus on cost reduction and operating efficiencies. Whilst uncertainties remain in the near term, we are well positioned with our solid balance sheet, strong net cash position and low cost base to take advantage of the anticipated future volume growth in the market.
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2011 to the date of this announcement. The Group announced its preliminary results for the year ending 31 December 2010 on 24 March 2011.
The Group experienced strong demand for its products during the first four months of the year. Demand has weakened during recent weeks and shipment volumes for the first half of the year are now expected to be within the range 210-225MW, a significant increase on the 165MW shipped in the same period in 2010.
Although lower than expected PV module installation levels in Germany and uncertainty due to delays in finalising revisions to feed in tariffs ("FIT") in Italy have weakened prices in recent weeks, our average sales price (ASP) during the first half year is expected to be only moderately below that reported for the full year 2010. We anticipate that this will be at least offset by the accelerated progress in our wafering and internal polysilicon production cost reduction programmes, resulting in a positive impact on margins. Accordingly performance in the first half of 2011 is expected to be in line with expectations.
The Group continues to make good progress in expanding and broadening its geographical customer base. Shipments to customers in Asia exceeded 80% during the first four months of 2011 with Taiwan becoming our largest geographical market followed by China and Japan.
The expansion of the Group's ingot production capacity to 535MW was completed on schedule and on budget. The next phase of expansion to reach 670MW is underway and is on track for completion by the end of the year.
Under the agreed regulatory framework, the low level of installations in Germany during 2011 will result in only modest reductions in FITs on 1 July, which should positively impact demand in the second half of the year. Demand should also be stimulated in Italy now that uncertainty over the PV incentive scheme has been removed following the final announcement on 5 May 2011. However concerns remain due to reports of high inventory levels across the value chain and their impact on pricing in the second half of the year.
We continue to place strong emphasis on our relationships with major PV companies and to focus on cost reduction and operating efficiencies. Whilst uncertainties remain in the near term, we are well positioned with our solid balance sheet, strong net cash position and low cost base to take advantage of the anticipated future volume growth in the market.
HARRYCAT
- 22 May 2011 17:57
- 286 of 377
Am tempted to pick up a few of these in aticipation of a bounce from 45p ish.
skinny
- 06 Jun 2011 09:39
- 287 of 377
skinny
- 09 Jun 2011 14:12
- 288 of 377
Schroders increased to 11% holding.
skinny
- 17 Jun 2011 13:07
- 289 of 377
mitzy - 28 Jun 2011 09:02 - 290 of 377
Oh dear...
skinny
- 28 Jun 2011 09:08
- 291 of 377
Yes - not good.
28 June 2011
PRE-CLOSE TRADING UPDATE
PV Crystalox Solar plc announces that, as a result of the widely reported adverse PV market conditions experienced in recent weeks, Group shipment volumes in the first half of the year will be slightly below the guidance of 210-225MW given in our Interim Management Statement on 19 May 2011. However, wafer ASPs during Q2 remained broadly in line with earlier expectations and the cash position will remain strong at the end of the half year
PV end-market demand has been much weaker than anticipated as confirmed by the recent announcement from the German Environment ministry that PV installations in Germany the largest global market were only 700MW during the March-May period which is approximately half the level installed in the same period in 2010.
The weaker PV market demand coupled with increasing production capacity in the industry and high inventories has put strong downward pressure on prices in all parts of the value chain during recent weeks. Although demand in Germany is expected to increase in the second half of the year, we expect that trading conditions in the second half will be significantly more challenging than anticipated at the time of our Interim Management Statement.
If the current trading conditions were to persist, the Group may incur an operating loss in the second half. This potential loss could be offset if the Group were to experience a significant improvement in wafer ASPs over current spot prices and/or a reduction in supplier prices. These possibilities are being actively explored by the Group.
Whilst the Board recognises the importance of dividends to shareholders, trading conditions and prospects will be taken into account when determining appropriate dividend payments, if any, in respect of 2011.
The interim results for the period to 30 June 2011 are expected to be released on 18 August 2011.
28 June 2011
PRE-CLOSE TRADING UPDATE
PV Crystalox Solar plc announces that, as a result of the widely reported adverse PV market conditions experienced in recent weeks, Group shipment volumes in the first half of the year will be slightly below the guidance of 210-225MW given in our Interim Management Statement on 19 May 2011. However, wafer ASPs during Q2 remained broadly in line with earlier expectations and the cash position will remain strong at the end of the half year
PV end-market demand has been much weaker than anticipated as confirmed by the recent announcement from the German Environment ministry that PV installations in Germany the largest global market were only 700MW during the March-May period which is approximately half the level installed in the same period in 2010.
The weaker PV market demand coupled with increasing production capacity in the industry and high inventories has put strong downward pressure on prices in all parts of the value chain during recent weeks. Although demand in Germany is expected to increase in the second half of the year, we expect that trading conditions in the second half will be significantly more challenging than anticipated at the time of our Interim Management Statement.
If the current trading conditions were to persist, the Group may incur an operating loss in the second half. This potential loss could be offset if the Group were to experience a significant improvement in wafer ASPs over current spot prices and/or a reduction in supplier prices. These possibilities are being actively explored by the Group.
Whilst the Board recognises the importance of dividends to shareholders, trading conditions and prospects will be taken into account when determining appropriate dividend payments, if any, in respect of 2011.
The interim results for the period to 30 June 2011 are expected to be released on 18 August 2011.
hlyeo98 - 23 Sep 2011 19:18 - 292 of 377
Likely to go sub 10p soon.
skinny
- 21 Oct 2011 07:10
- 293 of 377
RNS Number : 5857Q
PV Crystalox Solar PLC
21 October 2011
PV Crystalox Solar PLC
21 October 2011
Interim Management Statement
In light of the ongoing difficult market conditions in the solar industry PV Crystalox Solar PLC ("the Group") has brought forward its Interim Management Statement to today's date. This announcement is provided in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 June 2011 to the date of this announcement.
The anticipated recovery in PV end-market demand stimulated by lower module prices has been weaker than expected in the second half of 2011, particularly in Germany, the largest global market. Furthermore, the hitherto expected year-end rally, driven by the pull-in effect of installations in advance of the feed-in tariff cut, does not appear to be materialising.
Since our interim results statement wafer prices on the spot market have decreased by more than 20%, meaning that the overall decline since April is greater than 50%. This decline has been driven by a combination of weak demand coupled with significant over-capacity and high inventories.
Some of our customers have reduced production in response to the weak market conditions and accordingly the Group now expects full year shipment volumes to be in the range 360-390MW. This is broadly flat in comparison with the 378MW shipped the previous year but below the 400-450MW indicated at the time of our interim results on 18 August 2011.
In light of these market conditions the Board has resolved to take appropriate actions to manage the business through these difficult times and to conserve the Group's cash. In the short term the Group intends to reduce production output at its UK ingot and German wafer operations. The Board also intends to suspend production temporarily at its polysilicon facility in Bitterfeld, Germany. Regrettably these actions will lead to significant job losses in the UK and short time working in Germany. In addition the Group will continue to have discussions with its suppliers in order to reduce costs and will continue to seek further methods of achieving greater efficiencies within the Group's operations.
As a result of the lower volumes, the intense pricing pressure, and the associated inventory write-downs the Group now expects to incur an operating loss for the full year. The Group continues to review the carrying value of assets, and the result would be a significant non-cash impairment at the year-end, if market conditions persist.
The Group's cash position remains positive and the above measures have been instigated to minimise cash outflows, and the Group expects to have a healthy cash balance at the end of the year. Whilst the market conditions are currently difficult, the Board's actions are a necessary response, designed to preserve the capabilities within the business. The Group continues to believe that the medium-term outlook for solar installations remains positive and in the importance of protecting the Group's capabilities and cash for the future. The Group continues to review industry conditions on an ongoing basis.
PV Crystalox Solar PLC
21 October 2011
PV Crystalox Solar PLC
21 October 2011
Interim Management Statement
In light of the ongoing difficult market conditions in the solar industry PV Crystalox Solar PLC ("the Group") has brought forward its Interim Management Statement to today's date. This announcement is provided in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 June 2011 to the date of this announcement.
The anticipated recovery in PV end-market demand stimulated by lower module prices has been weaker than expected in the second half of 2011, particularly in Germany, the largest global market. Furthermore, the hitherto expected year-end rally, driven by the pull-in effect of installations in advance of the feed-in tariff cut, does not appear to be materialising.
Since our interim results statement wafer prices on the spot market have decreased by more than 20%, meaning that the overall decline since April is greater than 50%. This decline has been driven by a combination of weak demand coupled with significant over-capacity and high inventories.
Some of our customers have reduced production in response to the weak market conditions and accordingly the Group now expects full year shipment volumes to be in the range 360-390MW. This is broadly flat in comparison with the 378MW shipped the previous year but below the 400-450MW indicated at the time of our interim results on 18 August 2011.
In light of these market conditions the Board has resolved to take appropriate actions to manage the business through these difficult times and to conserve the Group's cash. In the short term the Group intends to reduce production output at its UK ingot and German wafer operations. The Board also intends to suspend production temporarily at its polysilicon facility in Bitterfeld, Germany. Regrettably these actions will lead to significant job losses in the UK and short time working in Germany. In addition the Group will continue to have discussions with its suppliers in order to reduce costs and will continue to seek further methods of achieving greater efficiencies within the Group's operations.
As a result of the lower volumes, the intense pricing pressure, and the associated inventory write-downs the Group now expects to incur an operating loss for the full year. The Group continues to review the carrying value of assets, and the result would be a significant non-cash impairment at the year-end, if market conditions persist.
The Group's cash position remains positive and the above measures have been instigated to minimise cash outflows, and the Group expects to have a healthy cash balance at the end of the year. Whilst the market conditions are currently difficult, the Board's actions are a necessary response, designed to preserve the capabilities within the business. The Group continues to believe that the medium-term outlook for solar installations remains positive and in the importance of protecting the Group's capabilities and cash for the future. The Group continues to review industry conditions on an ongoing basis.
skinny
- 21 Oct 2011 08:07
- 294 of 377
Down 42% - ouch.
mnamreh - 21 Oct 2011 08:10 - 295 of 377
.
skinny
- 21 Oct 2011 08:13
- 296 of 377
No - real pain!
mitzy - 21 Oct 2011 08:52 - 297 of 377
Another disaster share.
cynic
- 21 Oct 2011 08:59
- 298 of 377
warning bells have been ringing tor the last year
skinny
- 21 Oct 2011 09:08
- 299 of 377
Judgement clouded by some knowledge of the company - I still hold 50% of my original holding. I will move them to the "down to experience" part of my portfolio.
required field - 21 Oct 2011 09:30 - 300 of 377
Worth buying in or not ?...views welcome....wasn't this 2 or 3 pounds a few years ago....unbelievable...
skinny
- 21 Oct 2011 09:33
- 301 of 377
RF - its a different world now! Sadly, I can't see any upside here - but its your money.
required field - 21 Oct 2011 09:34 - 302 of 377
I'm thinking of a rebound but it might slide again on monday...not sure...
mitzy - 21 Oct 2011 09:40 - 303 of 377
I would stay clear.
required field - 21 Oct 2011 09:46 - 304 of 377
It might hit 6p.....that's the trouble...just guessing.....next year there should be a good rebound...
skinny
- 21 Oct 2011 09:51
- 305 of 377
Why - the Chinese have the upper hand in this market now. As cynic - says - the signs have been there for a while.
mitzy - 21 Oct 2011 09:54 - 306 of 377
5 or 6p probably.
skinny
- 21 Oct 2011 10:04
- 307 of 377
I guess there will be more of this over the coming days - BRIEF-RESEARCH ALERT-Peel Hunt cuts PV Crystalox price target
dreamcatcher
- 22 Oct 2011 17:17
- 308 of 377
Broker Altium said the trading statement is further evidence of the turmoil in the solar industry and goes as far to say this sector is un - investable.
hangon - 23 Oct 2011 16:39 - 309 of 377
I think this has lost 90% since 2007 or whenever it floated...just shows how punters with no technical knowldge thing "Solar" is the answer - no it isn't. It should ONLY be used where there is NO sensible alternative - like remote weather stations, in a dry windless region. Otherwise wind-power is good enough (and birds can't land on the blades) as this will charge the batteries, OR a small water-wheel from a regular stream although this is "probably" riskier if the weather changes.
So what exactly are these solar wafers really used for - ? Only green-welly types that take tax advantages and then insist on being paid far too much by the rest of us.
The same Tariff-nonsense applies to Wind-generated Elec...
Maybe now it's near EV but the risk is the Management is set to destroy shareholder value, since they've got away with so much to date. Why would they care, if no-one else does?
So what exactly are these solar wafers really used for - ? Only green-welly types that take tax advantages and then insist on being paid far too much by the rest of us.
The same Tariff-nonsense applies to Wind-generated Elec...
Maybe now it's near EV but the risk is the Management is set to destroy shareholder value, since they've got away with so much to date. Why would they care, if no-one else does?
halifax - 24 Oct 2011 13:21 - 310 of 377
with the sp almost rock bottom a management buy out may be on the cards.
hangon - 27 Oct 2011 13:15 - 311 of 377
Halifax, weren't these the same execs that presided over the Float no doubt praising the new company to the hilt, whilst taking very nice salaries...?
Those Protesters at St Pauls should be focussing on these issues, IMHO.
Those Protesters at St Pauls should be focussing on these issues, IMHO.
halifax - 27 Oct 2011 13:58 - 312 of 377
hang look at their nav and then compare to their market value.
mitzy - 27 Oct 2011 14:04 - 313 of 377
Just say no.
ahoj
- 30 Nov 2011 15:13
- 314 of 377
This can be a multi-bagger with little risk.
hlyeo98 - 06 Dec 2011 09:59 - 315 of 377
No hope for this now
maggiebt4
- 06 Dec 2011 12:20
- 316 of 377
Why?
hlyeo98 - 16 Jan 2012 16:23 - 317 of 377
The sun does not shine on PVCS... 4p now.
skinny
- 30 Jan 2012 16:30
- 318 of 377
Probably mad - but just had a dabble here again.
;MA(50)&IND=VOLMA(60);MTM(6,6);MACD(26,12,9);RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
;MA(100);BB(20,2)&IND=VOLMA(60);RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
cynic
- 30 Jan 2012 17:21
- 319 of 377
what a pity .... this was a really thriving company but has fallen from the sky like icarus
skinny
- 05 Mar 2012 16:14
- 320 of 377
Just added a few more here - volume & RSI on the up.
HARRYCAT
- 05 Mar 2012 16:27
- 321 of 377
Skinny, there must be better opportunities knocking around than this to risk your money??? I can't see any reason for much upside until the economy is really in recovery mode.
skinny
- 05 Mar 2012 16:33
- 322 of 377
Harry - you are probably right, but I like the company and it is less than 1% of my overall portfolio!
halifax - 05 Mar 2012 16:55 - 323 of 377
skin no news since october 2011, results due 28th march 2012, expected asset write downs and operating loss.
HARRYCAT
- 05 Mar 2012 23:02
- 324 of 377
"....but I like the company....!!!!" I thought that was one of the golden rules of stock trading - Never get sentimental over a stock! I know what you mean though. SOLA was my pet stock until it listed elsewhere!
skinny
- 06 Mar 2012 06:30
- 325 of 377
Harry "Never get sentimental over a stock" - the only one I really am sentimental over is my core holding of ARM.
As I said my holding here is less than 1% of my overall portfolio - so I obviously don't like the company too much ! :-)
As I said my holding here is less than 1% of my overall portfolio - so I obviously don't like the company too much ! :-)
skinny
- 06 Mar 2012 11:54
- 326 of 377
Up 14% atm.
;MA(50)&IND=VOLMA(60);MTM(6,6);MACD(26,12,9);RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
maggiebt4
- 06 Mar 2012 14:40
- 327 of 377
You got the magic touch Skinny. My only share in blue to-day!
skinny
- 28 Mar 2012 07:07
- 328 of 377
PV Crystalox Solar PLC
Preliminary Results
For the year ended 31 December 2011
PV Crystalox Solar PLC and its subsidiaries (the "Group"), one of the world's leading providers of photovoltaic ('PV') silicon wafers, today announces preliminary results for the year ended 31 December 2011.
Market overview
· 2011 global module installations estimated at 27.7GW up 70% from 2010
· Unprecedented wafer spot pricing reduction of 69% during 2011
Overview of results
· Wafer shipments 384MW (2010: 378MW)
· Revenues €210.4m (2010: €252.6m)
· EBIT before exceptional items of €4.1m (2010: €33.3m)
o Exceptional impairment of plant of €27.8m
o Exceptional inventory writedown of €22.8m
o Exceptional onerous contract charge & provisions of €20.9m
· EBIT loss of €67.5m (2010: profit of €33.3m)
· EBT loss of €67.1m (2010: profit of €33.7m)
· Net Cash €22.6m (2010: €54.8m)
Maarten Henderson,Chairman, commented
"We remain committed to the solar industry and believe that the long term outlook for solar installations remains positive. In the medium-term we expect that market conditions will return to levels that allow companies to operate profitably. In parallel the Group will accelerate its cost reduction programmes, continue its cash conservation strategy, whilst preserving the Group's operational capabilities. The Board will continue to take the decisions necessary to maximise shareholder value."
Iain Dorrity, Chief Executive Officer commented
"2011 has been an extremely challenging year the for the global PV industry. We believe that our cash conservation measures and internal cost reduction programme are the most appropriate approach to protect shareholder value in the current turbulent environment."
Preliminary Results
For the year ended 31 December 2011
PV Crystalox Solar PLC and its subsidiaries (the "Group"), one of the world's leading providers of photovoltaic ('PV') silicon wafers, today announces preliminary results for the year ended 31 December 2011.
Market overview
· 2011 global module installations estimated at 27.7GW up 70% from 2010
· Unprecedented wafer spot pricing reduction of 69% during 2011
Overview of results
· Wafer shipments 384MW (2010: 378MW)
· Revenues €210.4m (2010: €252.6m)
· EBIT before exceptional items of €4.1m (2010: €33.3m)
o Exceptional impairment of plant of €27.8m
o Exceptional inventory writedown of €22.8m
o Exceptional onerous contract charge & provisions of €20.9m
· EBIT loss of €67.5m (2010: profit of €33.3m)
· EBT loss of €67.1m (2010: profit of €33.7m)
· Net Cash €22.6m (2010: €54.8m)
Maarten Henderson,Chairman, commented
"We remain committed to the solar industry and believe that the long term outlook for solar installations remains positive. In the medium-term we expect that market conditions will return to levels that allow companies to operate profitably. In parallel the Group will accelerate its cost reduction programmes, continue its cash conservation strategy, whilst preserving the Group's operational capabilities. The Board will continue to take the decisions necessary to maximise shareholder value."
Iain Dorrity, Chief Executive Officer commented
"2011 has been an extremely challenging year the for the global PV industry. We believe that our cash conservation measures and internal cost reduction programme are the most appropriate approach to protect shareholder value in the current turbulent environment."
skinny
- 18 May 2012 07:00
- 329 of 377
US imposes import tariffs on Chinese solar panels
The US has said it will impose tariffs of about 30% on imports of solar panels from China.
The Commerce Department sided with US-based solar panel companies, ruling their Chinese competitors were flooding the US market with government-subsidised products.
The US had already set customs duties on Chinese manufacturers of between 2.9% and 4.73% in March.
It was the latest escalation of trade tensions between the two countries.
The US has said it will impose tariffs of about 30% on imports of solar panels from China.
The Commerce Department sided with US-based solar panel companies, ruling their Chinese competitors were flooding the US market with government-subsidised products.
The US had already set customs duties on Chinese manufacturers of between 2.9% and 4.73% in March.
It was the latest escalation of trade tensions between the two countries.
skinny
- 18 May 2012 07:04
- 330 of 377
Interim Management Statement.
Trading conditions remain extremely challenging, with significant industry overcapacity and high inventory levels maintaining the intense pressure on prices which developed during last year. Spot wafer prices have fallen by 70% since April 2011 and are below industry production costs.
As a result of this adverse pricing environment we have to date been unable to reach agreement on acceptable wafer prices and volumes for Q2 2012 with some of our contract customers. Consequently shipment volumes during the first half of the year are now expected to be in the range 55 to 70MW, which is below our earlier expectation of 80-100MW
In the light of these continuing difficult market conditions the board remains committed to the cash conservation strategy which we announced in October 2011. Accordingly, the Group continues to operate at reduced wafer production levels and polysilicon production remains suspended at the Group's facility at Bitterfeld. In parallel the Group is accelerating its cost reduction programmes.
As previously disclosed, the Group has been negotiating compensation for the termination of a long term wafer supply contract. A satisfactory agreement has now been reached and this will result in a cash settlement of approximately €90m before tax, which the Group will receive and recognise as income during H1 2012.
The Group continues to believe that the medium-to long term outlook for solar installations is positive and therefore protecting the Group's capabilities and cash for the future remains of paramount importance. The Board will continue to review industry conditions on an ongoing basis in order to maintain the best interests of shareholders.
Trading conditions remain extremely challenging, with significant industry overcapacity and high inventory levels maintaining the intense pressure on prices which developed during last year. Spot wafer prices have fallen by 70% since April 2011 and are below industry production costs.
As a result of this adverse pricing environment we have to date been unable to reach agreement on acceptable wafer prices and volumes for Q2 2012 with some of our contract customers. Consequently shipment volumes during the first half of the year are now expected to be in the range 55 to 70MW, which is below our earlier expectation of 80-100MW
In the light of these continuing difficult market conditions the board remains committed to the cash conservation strategy which we announced in October 2011. Accordingly, the Group continues to operate at reduced wafer production levels and polysilicon production remains suspended at the Group's facility at Bitterfeld. In parallel the Group is accelerating its cost reduction programmes.
As previously disclosed, the Group has been negotiating compensation for the termination of a long term wafer supply contract. A satisfactory agreement has now been reached and this will result in a cash settlement of approximately €90m before tax, which the Group will receive and recognise as income during H1 2012.
The Group continues to believe that the medium-to long term outlook for solar installations is positive and therefore protecting the Group's capabilities and cash for the future remains of paramount importance. The Board will continue to review industry conditions on an ongoing basis in order to maintain the best interests of shareholders.
mnamreh - 18 May 2012 07:12 - 331 of 377
.
skinny
- 18 May 2012 07:17
- 332 of 377
mnamreh - see post 329 :-)
mnamreh - 18 May 2012 07:22 - 333 of 377
.
skinny
- 18 May 2012 07:30
- 334 of 377
Its always been the bane of my life!
skinny
- 18 May 2012 08:08
- 335 of 377
+75% atm - just hope that the Euros aren't Greek! :-)
mnamreh - 18 May 2012 08:11 - 336 of 377
.
hlyeo98 - 18 May 2012 08:12 - 337 of 377
Excellent news... sp doubled... thanks to the US.
skinny
- 18 May 2012 08:13
- 338 of 377
I think its the €90m compensation!
skinny
- 18 May 2012 08:27
- 339 of 377
Back in auction - currently +110.8%
required field - 18 May 2012 08:43 - 340 of 377
Short term gain...don't get too excited.....business is zero by the look of it...
skinny
- 18 May 2012 08:46
- 341 of 377
I'm not sure of the technical description but .....
required field - 18 May 2012 08:48 - 342 of 377
Take your profits if any skinny at some stage.....
dreamcatcher
- 12 Aug 2012 15:42
- 343 of 377
PV Crystalox Solar at its height in 2008 was tickling the £1billion mark, however as of Friday it is worth just £33million.
Its main plant in Germany is sitting idle waiting for the price of panels to recover.
Analysts have pencilled in a big loss for the first half of the year.
Even if prices do stage a comeback it seems that PV Crystalox’s glory days are surely behind it.
cynic
- 12 Aug 2012 17:04
- 344 of 377
quote unquote sunday times i think
skinny
- 15 Aug 2012 14:04
- 345 of 377
Interims tomorrow could be the make or break here.
skinny
- 16 Aug 2012 07:03
- 346 of 377
Interim Results
Market overview
· Industry oversupply primarily from China leading to intense pressure on pricing
· Wafer spot pricing down 70% during twelve months to April 2012, and are continuing to fall
· Formal antidumping investigations in USA and Europe into unfair trade practices from Chinese PV companies
Overview of results
· Wafer shipments 61MW (H1 2011: 204MW)
· Revenues €32.6m (H1 2011: €129.6m)
· EBIT loss of €12.2m (H1 2011: profit of €24.3m)
· Cash settlement on termination of long term contract of c. €90m leading to net cash of €122.4m at the period end (end 2011: €22.6m)
"Trading conditions during the first half of 2012 have been extremely challenging and this has had a significant impact on our trading performance. However, the settlement that we reached in May for early termination of a long term contract has resulted in a strong net cash position at the period end.
Looking forward, the intensely competitive market conditions are not expected to improve in the short term and so we continue with our cash conservation strategy. The Board will make the necessary decisions during the remainder of the year to serve the best interests of shareholders."
Market overview
· Industry oversupply primarily from China leading to intense pressure on pricing
· Wafer spot pricing down 70% during twelve months to April 2012, and are continuing to fall
· Formal antidumping investigations in USA and Europe into unfair trade practices from Chinese PV companies
Overview of results
· Wafer shipments 61MW (H1 2011: 204MW)
· Revenues €32.6m (H1 2011: €129.6m)
· EBIT loss of €12.2m (H1 2011: profit of €24.3m)
· Cash settlement on termination of long term contract of c. €90m leading to net cash of €122.4m at the period end (end 2011: €22.6m)
"Trading conditions during the first half of 2012 have been extremely challenging and this has had a significant impact on our trading performance. However, the settlement that we reached in May for early termination of a long term contract has resulted in a strong net cash position at the period end.
Looking forward, the intensely competitive market conditions are not expected to improve in the short term and so we continue with our cash conservation strategy. The Board will make the necessary decisions during the remainder of the year to serve the best interests of shareholders."
hlyeo98 - 16 Aug 2012 09:29 - 347 of 377
hlyeo98 - 16 Aug 2012 09:32 - 348 of 377
PV Crystalox Solar posts loss on lower wafer shipments
Solar power components maker PV Crystalox Solar Plc swung to a first-half pretax loss on lower wafer shipments and forecast an operating loss in the second half.
Solar power equipment makers have seen profit margins evaporate over the last year as prices for the modules that turn sunlight into electricity have fallen sharply amid a global supply glut and declining government subsidies in Europe.
The company expects to ship 100 megawatts to 120 megawatts of wafers in the full year as it continues with the cash conservation measures.
Wafer shipments declined to 61 megawatts from 204 megawatts a year earlier. Spot pricing was down 70 percent during the twelve months to April and is continuing to fall, the company said.
The pretax loss was 11.9 million euros ($14.66 million) for January-June, compared with a pretax profit of 24.6 million euros a year earlier.
Revenue fell to 32.6 million euros from 129.6 million euros a year earlier.
PV Crystalox shares, which have fallen about 56 percent in the last year, were up less than a percent at 8.3 pence at 0710 GMT on the London Stock Exchange.
Solar power components maker PV Crystalox Solar Plc swung to a first-half pretax loss on lower wafer shipments and forecast an operating loss in the second half.
Solar power equipment makers have seen profit margins evaporate over the last year as prices for the modules that turn sunlight into electricity have fallen sharply amid a global supply glut and declining government subsidies in Europe.
The company expects to ship 100 megawatts to 120 megawatts of wafers in the full year as it continues with the cash conservation measures.
Wafer shipments declined to 61 megawatts from 204 megawatts a year earlier. Spot pricing was down 70 percent during the twelve months to April and is continuing to fall, the company said.
The pretax loss was 11.9 million euros ($14.66 million) for January-June, compared with a pretax profit of 24.6 million euros a year earlier.
Revenue fell to 32.6 million euros from 129.6 million euros a year earlier.
PV Crystalox shares, which have fallen about 56 percent in the last year, were up less than a percent at 8.3 pence at 0710 GMT on the London Stock Exchange.
skinny
- 19 Nov 2012 07:08
- 349 of 377
Interim Management Statement
Trading conditions remain extremely challenging due to the vast overcapacity in the PV industry. This oversupply, which originates primarily in China, has maintained downward pressure on prices across the value chain during the last eighteen months. Spot wafer prices have continued to fall and are now 76% below the level of April 2011 and remain significantly below industry production costs.
In response to such market conditions, the Group adopted a cash conservation strategy 12 months ago and reduced production volumes. Shipment volumes for the full year are now expected to be in the range of 100-105MW which is at the lower end of the 100-120MW range indicated at the time of our interim results on 16 August 2012. While the Group has maintained its average selling prices significantly above spot levels, the Board continues to expect that the Group will incur an operating loss in the second half of this year.
The Group continues to believe in the positive long-term outlook for the photovoltaic industry, but is mindful of the intensely competitive environment which is likely to persist in the medium-term and which has already led to many companies leaving the industry, either voluntarily or through insolvency.
The Group has a strong net cash balance and the Board is continuing to reorganise the Group, to enable the return of cash to shareholders. The Board expects to make a further announcement before the year end.
Trading conditions remain extremely challenging due to the vast overcapacity in the PV industry. This oversupply, which originates primarily in China, has maintained downward pressure on prices across the value chain during the last eighteen months. Spot wafer prices have continued to fall and are now 76% below the level of April 2011 and remain significantly below industry production costs.
In response to such market conditions, the Group adopted a cash conservation strategy 12 months ago and reduced production volumes. Shipment volumes for the full year are now expected to be in the range of 100-105MW which is at the lower end of the 100-120MW range indicated at the time of our interim results on 16 August 2012. While the Group has maintained its average selling prices significantly above spot levels, the Board continues to expect that the Group will incur an operating loss in the second half of this year.
The Group continues to believe in the positive long-term outlook for the photovoltaic industry, but is mindful of the intensely competitive environment which is likely to persist in the medium-term and which has already led to many companies leaving the industry, either voluntarily or through insolvency.
The Group has a strong net cash balance and the Board is continuing to reorganise the Group, to enable the return of cash to shareholders. The Board expects to make a further announcement before the year end.
skinny
- 13 Dec 2012 07:14
- 350 of 377
Trading Statement
On 19 November, PV Crystalox Solar plc ("the Group") advised in its Interim Management Statement that trading conditions remain extremely challenging due to the vast overcapacity in the PV industry. This oversupply, which originates primarily in China, has maintained downward pressure on prices across the value chain during the last eighteen months. Spot wafer prices have continued to fall and are now 77% below the level of April 2011 and remain significantly below industry production costs. As a result the Board continues to expect that the Group will incur an operating loss in the second half of this year.
The Board has now completed a strategic review of the business which has taken account of these adverse market conditions and the Group's significant net cash balance. The outcome of this review is that the Group will carry out a radical restructuring while retaining its core production capabilities and returning excess cash to shareholders.
The Group intends to adjust its operations to align with anticipated sustainable short term market demand so that the ongoing business will be broadly cash neutral in 2013. As part of this programme the Group i) will discontinue its polysilicon production facility in Bitterfeld, Germany; and ii) will reduce substantially its production output at its UK ingot and German wafer operations. Regrettably these actions will lead to very significant job losses both in the UK and in Germany.
The Group expects to return cash to shareholders during Q2 2013 in a manner that will provide shareholders with an element of choice as to the form in which they receive the cash. Further details on the process will be announced in due course.
On 19 November, PV Crystalox Solar plc ("the Group") advised in its Interim Management Statement that trading conditions remain extremely challenging due to the vast overcapacity in the PV industry. This oversupply, which originates primarily in China, has maintained downward pressure on prices across the value chain during the last eighteen months. Spot wafer prices have continued to fall and are now 77% below the level of April 2011 and remain significantly below industry production costs. As a result the Board continues to expect that the Group will incur an operating loss in the second half of this year.
The Board has now completed a strategic review of the business which has taken account of these adverse market conditions and the Group's significant net cash balance. The outcome of this review is that the Group will carry out a radical restructuring while retaining its core production capabilities and returning excess cash to shareholders.
The Group intends to adjust its operations to align with anticipated sustainable short term market demand so that the ongoing business will be broadly cash neutral in 2013. As part of this programme the Group i) will discontinue its polysilicon production facility in Bitterfeld, Germany; and ii) will reduce substantially its production output at its UK ingot and German wafer operations. Regrettably these actions will lead to very significant job losses both in the UK and in Germany.
The Group expects to return cash to shareholders during Q2 2013 in a manner that will provide shareholders with an element of choice as to the form in which they receive the cash. Further details on the process will be announced in due course.
skinny
- 13 Mar 2013 07:19
- 351 of 377
Change of Adviser
PV Crystalox, a leading manufacturers of photovoltaic multicrystalline silicon ingots and wafers, is pleased to announce the appointment of Westhouse Securities Limited as the Company's Financial Adviser and Broker.
PV Crystalox, a leading manufacturers of photovoltaic multicrystalline silicon ingots and wafers, is pleased to announce the appointment of Westhouse Securities Limited as the Company's Financial Adviser and Broker.
skinny
- 20 Mar 2013 16:05
- 352 of 377
Update tomorrow.
skinny
- 21 Mar 2013 07:08
- 353 of 377
Preliminary Results
Market overview
· 2012 global PV module installations of 32GW up from 28GW in 2011
· Wafer pricing has fallen by 75% since April 2011
Operational activity
· Cash conservation strategy continued throughout 2012
· Restructuring announced late 2012 in response to adverse market conditions.
· Decision taken to:
o discontinue polysilicon facility at Bitterfield, Germany
o reduce production at UK ingot and German wafer operations
· Cash settlements from customers of €90.6m
· Board decided to return cash to shareholders:
o recommending shareholder approval for a cash return to be made in June 2013
Overview of results
· Wafer shipments 108MW (2011: 384MW)
· Net Cash increased to €89.4m at the year end (2011: €22.6m)
John Sleeman, Chairman, commented:
"PV Crystalox has navigated another extraordinarily challenging year in 2012, with global over capacity continuing, putting pricing under extreme pressure. Following a strategic review of the business, we are in the process of carrying out a radical restructuring to align our operations with current market demand. While modest market growth is expected in 2013, the pricing environment remains very difficult."
Iain Dorrity, Chief Executive Officer commented:
"The Group continues to believe in the positive long-term outlook for the photovoltaic industry. The Board believes that the adjustment of operations to align with anticipated sustainable short term demand will enable generation of positive cash flows during 2013 and leave the Group well positioned should the market begin to recover."
Market overview
· 2012 global PV module installations of 32GW up from 28GW in 2011
· Wafer pricing has fallen by 75% since April 2011
Operational activity
· Cash conservation strategy continued throughout 2012
· Restructuring announced late 2012 in response to adverse market conditions.
· Decision taken to:
o discontinue polysilicon facility at Bitterfield, Germany
o reduce production at UK ingot and German wafer operations
· Cash settlements from customers of €90.6m
· Board decided to return cash to shareholders:
o recommending shareholder approval for a cash return to be made in June 2013
Overview of results
· Wafer shipments 108MW (2011: 384MW)
· Net Cash increased to €89.4m at the year end (2011: €22.6m)
John Sleeman, Chairman, commented:
"PV Crystalox has navigated another extraordinarily challenging year in 2012, with global over capacity continuing, putting pricing under extreme pressure. Following a strategic review of the business, we are in the process of carrying out a radical restructuring to align our operations with current market demand. While modest market growth is expected in 2013, the pricing environment remains very difficult."
Iain Dorrity, Chief Executive Officer commented:
"The Group continues to believe in the positive long-term outlook for the photovoltaic industry. The Board believes that the adjustment of operations to align with anticipated sustainable short term demand will enable generation of positive cash flows during 2013 and leave the Group well positioned should the market begin to recover."
skinny
- 23 Apr 2013 13:15
- 354 of 377
RELEASE OF ANNUAL REPORT AND NOTICE OF AGM
PV Crystalox Solar PLC announces that it has published its Annual Report 2012. The following documents (as applicable) are being mailed to shareholders today and will also be available to view and download on the PV Crystalox Solar website at www.pvcrystalox.com.
• Annual Report 2012
• Notice of Annual General Meeting 2013
In accordance with Listing Rule 9.6.1 copies of the documents have been submitted to the UK Listing Authority and will shortly be available for inspection from the National Storage Mechanism at www.Hemscott.com/nsm.do
The Annual General Meeting of the Company will be held at 2.00pm on Thursday 23 May 2013 at 3 More London Riverside, London SE1 2AQ.
PV Crystalox Solar PLC announces that it has published its Annual Report 2012. The following documents (as applicable) are being mailed to shareholders today and will also be available to view and download on the PV Crystalox Solar website at www.pvcrystalox.com.
• Annual Report 2012
• Notice of Annual General Meeting 2013
In accordance with Listing Rule 9.6.1 copies of the documents have been submitted to the UK Listing Authority and will shortly be available for inspection from the National Storage Mechanism at www.Hemscott.com/nsm.do
The Annual General Meeting of the Company will be held at 2.00pm on Thursday 23 May 2013 at 3 More London Riverside, London SE1 2AQ.
skinny
- 17 May 2013 07:05
- 355 of 377
Interim management Statement
This announcement is provided in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2013 to the date hereof.
PV market conditions remain very difficult but spot market price declines appear to have halted and there has been some modest recovery in prices across the value chain since the beginning of the year. Wafer prices, however, remain below industry production costs.
In view of the challenging environment the Group continues to operate in cash conservation mode with reduced wafer production volumes, a continued focus on cost control and inventory management, including trading of excess polysilicon as opportunities arise.
Wafer shipments in H1 are expected to exceed production volumes and to be in the range 75-85MW, which is above the 61MW reported for the same period last year. We have successfully traded surplus polysilicon during 2013 and, as a result, our inventory levels of both wafers and polysilicon have been reduced since the year end. As referred to in the announcement of our 2012 annual results, released on 21 March 2013, production costs have been lowered as a result of the more favourable pricing and volume that has been negotiated to date with our wafering subcontractor and polysilicon suppliers.
Preparations for the deconstruction and site clearance of the Group's polysilicon facility at Bitterfeld and negotiations with employees regarding redundancy terms are both close to conclusion. However, these have been temporarily suspended as the Group has received an offer from local management to take over the facility and the associated obligations, including those relating to grants and subsidies, in return for a cash payment from the Group. The Board believes that this transaction would be preferable to the shut down scenario as it reduces cash outflows, gives certainty over their timing and can be completed in a much shorter timescale. We have received approval from the local grant awarding authorities for such a transfer and accordingly we are pursuing this potential transaction.
The Board has reached a decision on the amount of cash to be returned to shareholders and agreed a level of 7.25p per share subject to finalisation of the process of the cash return. The Board is not yet able to confirm the timing and mechanism of the return but expects to make a further announcement on these matters shortly.
As has been widely reported, the EU is expected to announce on 6 June that provisional anti-dumping duties averaging 47% are to be levied on solar products imported from China. Such a decision should benefit non-Chinese producers and contribute towards a more favourable market environment within the EU during the second half of the year.
This announcement is provided in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2013 to the date hereof.
PV market conditions remain very difficult but spot market price declines appear to have halted and there has been some modest recovery in prices across the value chain since the beginning of the year. Wafer prices, however, remain below industry production costs.
In view of the challenging environment the Group continues to operate in cash conservation mode with reduced wafer production volumes, a continued focus on cost control and inventory management, including trading of excess polysilicon as opportunities arise.
Wafer shipments in H1 are expected to exceed production volumes and to be in the range 75-85MW, which is above the 61MW reported for the same period last year. We have successfully traded surplus polysilicon during 2013 and, as a result, our inventory levels of both wafers and polysilicon have been reduced since the year end. As referred to in the announcement of our 2012 annual results, released on 21 March 2013, production costs have been lowered as a result of the more favourable pricing and volume that has been negotiated to date with our wafering subcontractor and polysilicon suppliers.
Preparations for the deconstruction and site clearance of the Group's polysilicon facility at Bitterfeld and negotiations with employees regarding redundancy terms are both close to conclusion. However, these have been temporarily suspended as the Group has received an offer from local management to take over the facility and the associated obligations, including those relating to grants and subsidies, in return for a cash payment from the Group. The Board believes that this transaction would be preferable to the shut down scenario as it reduces cash outflows, gives certainty over their timing and can be completed in a much shorter timescale. We have received approval from the local grant awarding authorities for such a transfer and accordingly we are pursuing this potential transaction.
The Board has reached a decision on the amount of cash to be returned to shareholders and agreed a level of 7.25p per share subject to finalisation of the process of the cash return. The Board is not yet able to confirm the timing and mechanism of the return but expects to make a further announcement on these matters shortly.
As has been widely reported, the EU is expected to announce on 6 June that provisional anti-dumping duties averaging 47% are to be levied on solar products imported from China. Such a decision should benefit non-Chinese producers and contribute towards a more favourable market environment within the EU during the second half of the year.
skinny
- 01 Jul 2013 07:20
- 356 of 377
Disposal
1 July 2013
PV Crystalox Solar plc ("PVCS") announces the disposal of its polysilicon operations in Bitterfeld (Germany) ("the Plant").
PVCS is pleased to announce that it has agreed the disposal of its polysilicon operations in Bitterfeld Germany to a management buy-in team. The team will acquire the Plant through Silicon Products Research Engineering Production GmbH ("Silicon Products").
No consideration is being received for this transaction but Silicon Products will take over the Plant and the staff together with the associated obligations and liabilities, including those relating to the repayment of grants and subsidies of approximately €18.4 million. PVCS will contribute €12.3 million to Silicon Products. This transaction is expected to result in a lower net cost than the alternative option of the closure and break-up of the Plant. Excluding the €12.3 million cash payment, the gross assets of the Plant are €8 million, representing the book value of the plant and equipment.
Polysilicon production at the Plant was suspended in November 2011, from which time the Plant operated in idle mode, and a decision to permanently discontinue operations at the Plant was taken at the end of 2012. Pre tax losses of €78 million were recorded in relation to the Plant for the year ended 31 December 2012 due largely to the decision to write down the value of the Plant.
Iain Dorrity, CEO of PVCS commented:
"The Board believes that this transaction is preferable to the shut down scenario as not only does it result in lower cash outflows for the Group but also gives certainty over their timing. In addition, it enables some jobs to be maintained at the Bitterfeld facility under the new management."
1 July 2013
PV Crystalox Solar plc ("PVCS") announces the disposal of its polysilicon operations in Bitterfeld (Germany) ("the Plant").
PVCS is pleased to announce that it has agreed the disposal of its polysilicon operations in Bitterfeld Germany to a management buy-in team. The team will acquire the Plant through Silicon Products Research Engineering Production GmbH ("Silicon Products").
No consideration is being received for this transaction but Silicon Products will take over the Plant and the staff together with the associated obligations and liabilities, including those relating to the repayment of grants and subsidies of approximately €18.4 million. PVCS will contribute €12.3 million to Silicon Products. This transaction is expected to result in a lower net cost than the alternative option of the closure and break-up of the Plant. Excluding the €12.3 million cash payment, the gross assets of the Plant are €8 million, representing the book value of the plant and equipment.
Polysilicon production at the Plant was suspended in November 2011, from which time the Plant operated in idle mode, and a decision to permanently discontinue operations at the Plant was taken at the end of 2012. Pre tax losses of €78 million were recorded in relation to the Plant for the year ended 31 December 2012 due largely to the decision to write down the value of the Plant.
Iain Dorrity, CEO of PVCS commented:
"The Board believes that this transaction is preferable to the shut down scenario as not only does it result in lower cash outflows for the Group but also gives certainty over their timing. In addition, it enables some jobs to be maintained at the Bitterfeld facility under the new management."
skinny
- 09 Aug 2013 06:20
- 357 of 377
China solar panel exports to ease on EU curbs
BANGALORE/HONG KONG | Fri Aug 9, 2013 5:50am BST
(Reuters) - Major Chinese solar panel makers such as Canadian Solar Inc (CSIQ.O) recorded buoyant shipments in the April-June period as they raced to rev up sales ahead of EU restrictions on Chinese exports, but sales have eased in the current quarter.
Canadian Solar said late on Thursday that it expects to ship between 410 megawatts (MW) and 430 MW of solar panels in the third quarter, lower than the 455 MW it shipped in the second but still much higher than first quarter shipment of 340 MW. In the second quarter of 2012, the firm shipped 412 MW.
BANGALORE/HONG KONG | Fri Aug 9, 2013 5:50am BST
(Reuters) - Major Chinese solar panel makers such as Canadian Solar Inc (CSIQ.O) recorded buoyant shipments in the April-June period as they raced to rev up sales ahead of EU restrictions on Chinese exports, but sales have eased in the current quarter.
Canadian Solar said late on Thursday that it expects to ship between 410 megawatts (MW) and 430 MW of solar panels in the third quarter, lower than the 455 MW it shipped in the second but still much higher than first quarter shipment of 340 MW. In the second quarter of 2012, the firm shipped 412 MW.
hangon - 09 Aug 2013 11:22 - 358 of 377
I suppose compared with their recent "Lows" sp is gaining a boost from a whispered payback and that German plant being off-loaded for next to nothing "Phew!". Meanwhile the LT shareholders must be looking skyward for more Solar activity as the sp is never likely to regain c.£2 - now that many wealthy folks have ruined their homes with non-architect approved roof changes.
Of course they are showing a "Profit" on their investment, but paid for by the many poorer folks who rely on fossil fuels . . . which we all do since that's what makes the World go round (Commercially).
Those that dipped-in at c.4p can have a free ride, but it's still basically unsound IMHO as there is no logic in going solar at the current (Ho-Ho!), price the panels.
When prices fall to a tenth, then maybe - but this Co will have to shift a lot of panels to make any profit.
- I can't help thinking a spray-on Nanoparticle solution wouldn't be a far better Tech...then you connect to the roof using stainless steel collectors top and bottom . . . so little that you probably can't see them. It would be "Solar" in the full sense, but maybe not photovoltaic - but would that matter, since the PV-tech is pretty much understood and hasn't got further (in efficiency) despite the millions spent on research.
Solar Panel Tarrif (...presumably to give the mothballed German plant some customers)...
The Chinese may counter-attack with a Tax on Magnets - that would affect the EU "Green Motor" policy ((Sadly another mad-Bad idea IMHO, although it's nice to see there are folks with money to burn)).
. . . . . . . Now, if tiny-cars were classed as Town-cars (neatly avoiding City usage!!), then supermarkets would put in charging-points and local busses and tiny-cars could get "free fuel" - if that was g'teed for 10-years (the life of the batteries- some hope), then many folks might start to buy. IMHO, you only need a CAR for those longer journeys where you have to lug children/toys/passengers /suitcases/etc about .... and the longer it stays in the gge the better for pollution.
Of course they are showing a "Profit" on their investment, but paid for by the many poorer folks who rely on fossil fuels . . . which we all do since that's what makes the World go round (Commercially).
Those that dipped-in at c.4p can have a free ride, but it's still basically unsound IMHO as there is no logic in going solar at the current (Ho-Ho!), price the panels.
When prices fall to a tenth, then maybe - but this Co will have to shift a lot of panels to make any profit.
- I can't help thinking a spray-on Nanoparticle solution wouldn't be a far better Tech...then you connect to the roof using stainless steel collectors top and bottom . . . so little that you probably can't see them. It would be "Solar" in the full sense, but maybe not photovoltaic - but would that matter, since the PV-tech is pretty much understood and hasn't got further (in efficiency) despite the millions spent on research.
Solar Panel Tarrif (...presumably to give the mothballed German plant some customers)...
The Chinese may counter-attack with a Tax on Magnets - that would affect the EU "Green Motor" policy ((Sadly another mad-Bad idea IMHO, although it's nice to see there are folks with money to burn)).
. . . . . . . Now, if tiny-cars were classed as Town-cars (neatly avoiding City usage!!), then supermarkets would put in charging-points and local busses and tiny-cars could get "free fuel" - if that was g'teed for 10-years (the life of the batteries- some hope), then many folks might start to buy. IMHO, you only need a CAR for those longer journeys where you have to lug children/toys/passengers /suitcases/etc about .... and the longer it stays in the gge the better for pollution.
skinny
- 15 Aug 2013 07:04
- 359 of 377
Half Yearly Report
Market overview
· Industry oversupply continues to maintain pressure on pricing across the value chain
· Spot wafer prices remain significantly below industry production costs
· 2013 global PV module installations expected to increase 21% over 2012 as market transitions from a European dominated environment to a global market
· Previously announced EU antidumping duties on Chinese PV products now replaced by minimum import price and annual import quota
Operational activity
· Cash conservation strategy continues
· Radical restructuring completed while retaining core production capabilities
· Disposal of Group's polysilicon production facility at Bitterfeld to management team
· Recommending shareholder approval for change to listing category and a cash return of 7.25pence per share during H2 2013
Overview of results
· Wafer shipments 79MW (H1 2012: 61MW)
· Revenues €28.6 million (H1 2012: €32.6 million)
· Loss before tax of €0.9 million (H1 2012: loss of €11.9 million)
· Net cash of €64.0 million at the period end (end 2012: €89.4 million) after contribution of €12.3 million to the buyer of the Bitterfeld production facility and other restructuring costs
Market overview
· Industry oversupply continues to maintain pressure on pricing across the value chain
· Spot wafer prices remain significantly below industry production costs
· 2013 global PV module installations expected to increase 21% over 2012 as market transitions from a European dominated environment to a global market
· Previously announced EU antidumping duties on Chinese PV products now replaced by minimum import price and annual import quota
Operational activity
· Cash conservation strategy continues
· Radical restructuring completed while retaining core production capabilities
· Disposal of Group's polysilicon production facility at Bitterfeld to management team
· Recommending shareholder approval for change to listing category and a cash return of 7.25pence per share during H2 2013
Overview of results
· Wafer shipments 79MW (H1 2012: 61MW)
· Revenues €28.6 million (H1 2012: €32.6 million)
· Loss before tax of €0.9 million (H1 2012: loss of €11.9 million)
· Net cash of €64.0 million at the period end (end 2012: €89.4 million) after contribution of €12.3 million to the buyer of the Bitterfeld production facility and other restructuring costs
skinny
- 19 Aug 2013 16:03
- 360 of 377
NOTICE OF GENERAL MEETING
As announced in its half yearly report, released on 15 August 2013, PV Crystalox Solar PLC ("the Company") intends to transfer the listing category of its ordinary sharesout of the category of a "premium listing (commercial company)'' on the Official List and into the category of a "standard listing'' on the Official List. In order to implement the proposed transfer, the Company confirms that it has today posted a circular to Shareholders (the "Circular") convening a General Meeting, to be held at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ at 10.00 a.m. on 11 September 2013 at which the Company's Shareholders will consider whether to approve the transfer of listing category on the Official List from premium to standard.
As announced in its half yearly report, released on 15 August 2013, PV Crystalox Solar PLC ("the Company") intends to transfer the listing category of its ordinary sharesout of the category of a "premium listing (commercial company)'' on the Official List and into the category of a "standard listing'' on the Official List. In order to implement the proposed transfer, the Company confirms that it has today posted a circular to Shareholders (the "Circular") convening a General Meeting, to be held at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ at 10.00 a.m. on 11 September 2013 at which the Company's Shareholders will consider whether to approve the transfer of listing category on the Official List from premium to standard.
skinny
- 11 Sep 2013 16:15
- 361 of 377
Result of General Meeting
PV Crystalox Solar PLC (the "Company") is pleased to announce that, at the General Meeting held earlier today, the Resolution set out in the Notice of General Meeting dated 19 August 2013 to approve the proposed transfer of the Company's ordinary shares out of the category "Premium listing (commercial company)" on the Official List and into the category "Standard listing" on the Official List (the "Proposed Transfer") was duly passed on a poll. The Proposed Transfer is expected to take place on or around 10 October 2013.
PV Crystalox Solar PLC (the "Company") is pleased to announce that, at the General Meeting held earlier today, the Resolution set out in the Notice of General Meeting dated 19 August 2013 to approve the proposed transfer of the Company's ordinary shares out of the category "Premium listing (commercial company)" on the Official List and into the category "Standard listing" on the Official List (the "Proposed Transfer") was duly passed on a poll. The Proposed Transfer is expected to take place on or around 10 October 2013.
skinny
- 14 Oct 2013 16:25
- 363 of 377
Schroders 15% -->16%
skinny
- 22 Oct 2013 12:07
- 364 of 377
Some interest here today.
;MA(50);MA(200)&IND=VOLMA(60);RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
skinny
- 22 Oct 2013 12:50
- 365 of 377
In auction. +10.6%.
skinny
- 19 Nov 2013 07:11
- 366 of 377
Interim Management Statement
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 June 2013 to the date of this announcement.
PV market demand remains strong with industry analysts NPD Solarbuzz forecasting global PV installations to grow by over 20% to 35GW in 2013. However continuing overcapacity across the value chain is keeping prices below industry production costs. Pricing has been relatively stable during the period although spot wafer prices have seen very modest increases in recent weeks.
In view of the challenging market pricing the Group continues to operate in cash conservation mode; maintaining production at low levels while focusing on internal cost reduction, quality improvement programmes and inventory management. Trading of excess polysilicon is in line with expectations and full year wafer shipments are anticipated to be at the upper end of the 160-180MW range indicated at the time of our H1 results. As a result wafer and polysilicon inventories at the end of 2013 are expected to be significantly lower than a year earlier.
The Group has maintained its healthy net cash balance and will return cash at the previously announced level of 7.25p per share to shareholders on or shortly after 11 December 2013 subject to final approval at a General Meeting to be held later today.
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 June 2013 to the date of this announcement.
PV market demand remains strong with industry analysts NPD Solarbuzz forecasting global PV installations to grow by over 20% to 35GW in 2013. However continuing overcapacity across the value chain is keeping prices below industry production costs. Pricing has been relatively stable during the period although spot wafer prices have seen very modest increases in recent weeks.
In view of the challenging market pricing the Group continues to operate in cash conservation mode; maintaining production at low levels while focusing on internal cost reduction, quality improvement programmes and inventory management. Trading of excess polysilicon is in line with expectations and full year wafer shipments are anticipated to be at the upper end of the 160-180MW range indicated at the time of our H1 results. As a result wafer and polysilicon inventories at the end of 2013 are expected to be significantly lower than a year earlier.
The Group has maintained its healthy net cash balance and will return cash at the previously announced level of 7.25p per share to shareholders on or shortly after 11 December 2013 subject to final approval at a General Meeting to be held later today.
skinny
- 27 Nov 2013 07:11
- 367 of 377
Return of cash, consolidation and elections update
NOTICE OF SHARE CAPITAL CONSOLIDATION, RESULT OF ELECTIONS AND UPDATE ON RETURN OF CASH
PV Crystalox Solar PLC (the "Company") is pleased to provide, following approval by Shareholders of the Return of Cash and certain related matters at the General Meeting of the Company held on 19 November 2013, an update in respect of the Return of Cash by way of the B/C Share Scheme and in respect of the 5 for 13 Share Capital Consolidation (the "Share Capital Consolidation").
The Share Capital Consolidation and Admission of New Ordinary Shares
The Company announces that the Share Capital Consolidation approved at the General Meeting is expected to take effect from 8.00 a.m. today. Applications have been made to the UK Listing Authority for an amendment to the Official List, and to the London Stock Exchange for the amendment to trading to reflect the Share Capital Consolidation. Following the amendment, 160,278,975 New Ordinary Shares of 5.2 pence each in the capital of the Company will be admitted at 8.00 a.m. today to the standard segment of the Official List under ISIN GB00BFTDG626 and to trading on the London Stock Exchange's main market for listed securities.
With effect from Admission, share certificates in respect of Existing Ordinary Shares will cease to be valid. It is expected that by 11 December 2013, the Company will despatch share certificates in respect of New Ordinary Shares to those Shareholders who hold their Existing Ordinary Shares in certificated form and until such time Shareholders should retain any share certificate(s) they currently hold in respect of Existing Ordinary Shares. Shareholders who hold their Existing Ordinary Shares in CREST will have the New Ordinary Shares to which they are entitled automatically credited to their CREST accounts at approximately 8.00 a.m. today.
A fractional entitlement will arise as a result of the Share Capital Consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 13. For example, a Shareholder holding 14 Existing Ordinary Shares would be entitled to 5 New Ordinary Shares and a fractional entitlement of 0.385 of a New Ordinary Share after the Share Capital Consolidation. These fractional entitlements will be aggregated and sold in the market and, as the proceeds from the sale of any such fractional entitlement (net of any expenses) will be less than £5.00, Shareholders will have no entitlement or right to the proceeds of sale but instead any such proceeds will be retained by the Company.
NOTICE OF SHARE CAPITAL CONSOLIDATION, RESULT OF ELECTIONS AND UPDATE ON RETURN OF CASH
PV Crystalox Solar PLC (the "Company") is pleased to provide, following approval by Shareholders of the Return of Cash and certain related matters at the General Meeting of the Company held on 19 November 2013, an update in respect of the Return of Cash by way of the B/C Share Scheme and in respect of the 5 for 13 Share Capital Consolidation (the "Share Capital Consolidation").
The Share Capital Consolidation and Admission of New Ordinary Shares
The Company announces that the Share Capital Consolidation approved at the General Meeting is expected to take effect from 8.00 a.m. today. Applications have been made to the UK Listing Authority for an amendment to the Official List, and to the London Stock Exchange for the amendment to trading to reflect the Share Capital Consolidation. Following the amendment, 160,278,975 New Ordinary Shares of 5.2 pence each in the capital of the Company will be admitted at 8.00 a.m. today to the standard segment of the Official List under ISIN GB00BFTDG626 and to trading on the London Stock Exchange's main market for listed securities.
With effect from Admission, share certificates in respect of Existing Ordinary Shares will cease to be valid. It is expected that by 11 December 2013, the Company will despatch share certificates in respect of New Ordinary Shares to those Shareholders who hold their Existing Ordinary Shares in certificated form and until such time Shareholders should retain any share certificate(s) they currently hold in respect of Existing Ordinary Shares. Shareholders who hold their Existing Ordinary Shares in CREST will have the New Ordinary Shares to which they are entitled automatically credited to their CREST accounts at approximately 8.00 a.m. today.
A fractional entitlement will arise as a result of the Share Capital Consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 13. For example, a Shareholder holding 14 Existing Ordinary Shares would be entitled to 5 New Ordinary Shares and a fractional entitlement of 0.385 of a New Ordinary Share after the Share Capital Consolidation. These fractional entitlements will be aggregated and sold in the market and, as the proceeds from the sale of any such fractional entitlement (net of any expenses) will be less than £5.00, Shareholders will have no entitlement or right to the proceeds of sale but instead any such proceeds will be retained by the Company.
skinny
- 09 Jan 2014 14:53
- 368 of 377
Up 19% today.
mitzy - 07 Feb 2014 10:32 - 369 of 377
Little by little the price is recovering.
skinny
- 20 Mar 2014 07:04
- 370 of 377
Preliminary Results
PV Crystalox Solar PLC and its subsidiaries (the "Group"), a long established supplier of photovoltaic ('PV') silicon wafers, today announces preliminary results for the year ended 31 December 2013.
Highlights
· Cash conservation strategy continued throughout 2013
· Restructuring completed whilst retaining core ingot and wafering production capabilities
· Disposal of Group's polysilicon production facility at Bitterfeld to management buy-in team
· €36.3 million of cash returned to shareholders in December 2013
· Wafer shipments 211MW (2012: 115MW)
Overview of results
· Revenues €71.4m (2012: €46.3m)
· EBT on continuing operations of €6.6m (2012 restated: loss of €30.7m)
· Net cash from operating activities on continuing operations €4.4m (2012 restated: €77.3m)
· Net Cash €39.2m (2012:€89.4m)
John Sleeman, Chairman, commented
"The Board continues to believe that our cash conservation strategy is the necessary response to current market conditions, enabling us to protect shareholder value whilst preserving the Group's core production capabilities. The Board remains committed to the solar industry and believes that the medium term outlook for solar installations remains positive"
Iain Dorrity, Chief Executive Officer commented
"The Group will continue with its cash conservation strategy in 2014. At the same time our improved cost structure enables us to increase production output in order to consolidate existing and to develop new customer relationships."
PV Crystalox Solar PLC and its subsidiaries (the "Group"), a long established supplier of photovoltaic ('PV') silicon wafers, today announces preliminary results for the year ended 31 December 2013.
Highlights
· Cash conservation strategy continued throughout 2013
· Restructuring completed whilst retaining core ingot and wafering production capabilities
· Disposal of Group's polysilicon production facility at Bitterfeld to management buy-in team
· €36.3 million of cash returned to shareholders in December 2013
· Wafer shipments 211MW (2012: 115MW)
Overview of results
· Revenues €71.4m (2012: €46.3m)
· EBT on continuing operations of €6.6m (2012 restated: loss of €30.7m)
· Net cash from operating activities on continuing operations €4.4m (2012 restated: €77.3m)
· Net Cash €39.2m (2012:€89.4m)
John Sleeman, Chairman, commented
"The Board continues to believe that our cash conservation strategy is the necessary response to current market conditions, enabling us to protect shareholder value whilst preserving the Group's core production capabilities. The Board remains committed to the solar industry and believes that the medium term outlook for solar installations remains positive"
Iain Dorrity, Chief Executive Officer commented
"The Group will continue with its cash conservation strategy in 2014. At the same time our improved cost structure enables us to increase production output in order to consolidate existing and to develop new customer relationships."
skinny
- 20 Mar 2014 07:13
- 371 of 377
Retirement of CFO
Retirement and appointment of CFO
PV Crystalox Solar PLC ("PVCS" or the "Company" or the "Group") announces the retirement of Dr Peter Finnegan from the Board of the Company and from his role as Chief Financial Officer ("CFO"), and the appointment of a new CFO.
Peter has notified the Board of Directors that he will not stand for re-election at the Group's Annual General Meeting of Shareholders to be held on Thursday 22 May 2014 and that he will retire from office on 31 May 2014.
Peter first became involved in the Group in 1985 when he was the financial director of a group that had an interest in Crystalox Limited. Subsequently he became a key member of the team that built the PV Crystalox Solar Group and became CFO immediately prior to the IPO in 2007.
Notwithstanding his retirement, Peter will make himself available to the Company to ensure a smooth transition to the new CFO.
Appointment of new CFO:
The Board is pleased to advise that it has appointed Matthew Wethey as the new CFO in addition to his role as Group Secretary.
Matthew is a chartered accountant with 20 years' business experience and currently holds the position of Group Secretary. In this role his responsibilities have extended to liaising extensively with the current CFO on all investor and shareholder relations matters, and on the statutory reporting of the Group. He has also been instrumental in developing the corporate governance, human resources and administrative procedures of the Group since joining in January 2009. Matthew is not joining the Board of directors of the Company.
"I appreciate the opportunity to have served PV Crystalox Solar and its Shareholders over the past seven years as a Director," said Dr. Finnegan. "Now that the Board has steered the Group through the extremely challenging period in the past few years and the Group is now on a sound financial footing, I feel it is the appropriate time to stand down and pursue other interests. I wish the Group's entire team all the best in their continued efforts in the PV industry."
The Board expresses its gratitude to Peter for his contribution to the success of the Company and wishes him well for the future.
Retirement and appointment of CFO
PV Crystalox Solar PLC ("PVCS" or the "Company" or the "Group") announces the retirement of Dr Peter Finnegan from the Board of the Company and from his role as Chief Financial Officer ("CFO"), and the appointment of a new CFO.
Peter has notified the Board of Directors that he will not stand for re-election at the Group's Annual General Meeting of Shareholders to be held on Thursday 22 May 2014 and that he will retire from office on 31 May 2014.
Peter first became involved in the Group in 1985 when he was the financial director of a group that had an interest in Crystalox Limited. Subsequently he became a key member of the team that built the PV Crystalox Solar Group and became CFO immediately prior to the IPO in 2007.
Notwithstanding his retirement, Peter will make himself available to the Company to ensure a smooth transition to the new CFO.
Appointment of new CFO:
The Board is pleased to advise that it has appointed Matthew Wethey as the new CFO in addition to his role as Group Secretary.
Matthew is a chartered accountant with 20 years' business experience and currently holds the position of Group Secretary. In this role his responsibilities have extended to liaising extensively with the current CFO on all investor and shareholder relations matters, and on the statutory reporting of the Group. He has also been instrumental in developing the corporate governance, human resources and administrative procedures of the Group since joining in January 2009. Matthew is not joining the Board of directors of the Company.
"I appreciate the opportunity to have served PV Crystalox Solar and its Shareholders over the past seven years as a Director," said Dr. Finnegan. "Now that the Board has steered the Group through the extremely challenging period in the past few years and the Group is now on a sound financial footing, I feel it is the appropriate time to stand down and pursue other interests. I wish the Group's entire team all the best in their continued efforts in the PV industry."
The Board expresses its gratitude to Peter for his contribution to the success of the Company and wishes him well for the future.
skinny
- 19 May 2014 07:08
- 372 of 377
Interim Management Statement
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2014 to the date of this announcement.
PV market conditions remain challenging with pressure on pricing resuming in recent weeks following the modest recovery seen at the beginning of the year and during the latter part of 2013. Weaker internal demand in China has renewed the global oversupply of wafers and driven down pricing, reversing most of the gains seen earlier in the year. Pricing remains below industry production costs as polysilicon, the key raw material, has maintained most of this year's increase and currently trades well above its price at the end of 2013.
As previously indicated in our 2013 annual report, the Group has made progress in reducing internal production costs allowing the Group to increase production output in order to consolidate relationships with existing customers. During 2013 shipment volumes were boosted by sales from inventory and doubling production output during the first half of 2014 has enabled these volumes to be maintained. Wafer shipments during the first half of the year are expected to be in the range of 95-100MW (2013H1: 84MW) which is broadly in line with the increase in output.
The Group continues to negotiate with its polysilicon suppliers and has achieved adjustments to pricing and volumes under long term contracts. Polysilicon volumes, in excess of wafer production requirements, have been successfully traded in order to maintain inventory at appropriate levels.
An improved market environment with a reduction in oversupply and more favourable pricing is expected in the second half of the year as the rate of PV installations in China accelerates to meet the 14GW national target for 2014. The Group's financial position remains strong and the ongoing cash conservation strategy is expected to maintain the Group's healthy net cash position throughout the year.
PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2014 to the date of this announcement.
PV market conditions remain challenging with pressure on pricing resuming in recent weeks following the modest recovery seen at the beginning of the year and during the latter part of 2013. Weaker internal demand in China has renewed the global oversupply of wafers and driven down pricing, reversing most of the gains seen earlier in the year. Pricing remains below industry production costs as polysilicon, the key raw material, has maintained most of this year's increase and currently trades well above its price at the end of 2013.
As previously indicated in our 2013 annual report, the Group has made progress in reducing internal production costs allowing the Group to increase production output in order to consolidate relationships with existing customers. During 2013 shipment volumes were boosted by sales from inventory and doubling production output during the first half of 2014 has enabled these volumes to be maintained. Wafer shipments during the first half of the year are expected to be in the range of 95-100MW (2013H1: 84MW) which is broadly in line with the increase in output.
The Group continues to negotiate with its polysilicon suppliers and has achieved adjustments to pricing and volumes under long term contracts. Polysilicon volumes, in excess of wafer production requirements, have been successfully traded in order to maintain inventory at appropriate levels.
An improved market environment with a reduction in oversupply and more favourable pricing is expected in the second half of the year as the rate of PV installations in China accelerates to meet the 14GW national target for 2014. The Group's financial position remains strong and the ongoing cash conservation strategy is expected to maintain the Group's healthy net cash position throughout the year.
skinny
- 15 Aug 2014 12:59
- 373 of 377
Customer Settlement
As mentioned in the Annual Report and Accounts for the year ended 31 December 2013, PV Crystalox Solar plc ("the Group") has been looking to conclude settlements with the administrators of two long term contract customers who had entered insolvency proceedings.
The Group is pleased to announce that a settlement has been concluded with one of those customers. This is expected to result in a cash payment of approximately €8.7 million which the Group expects to receive within 30 days and which will be recognised as income during H2 2014.
A settlement with the other customer in insolvency is expected within the next six to twelve months, however it is anticipated that the magnitude of any cash payment will be significantly lower.
A full update on the activities of the Group will be included in the Interim Results which will be released on 21 August 2014.
As mentioned in the Annual Report and Accounts for the year ended 31 December 2013, PV Crystalox Solar plc ("the Group") has been looking to conclude settlements with the administrators of two long term contract customers who had entered insolvency proceedings.
The Group is pleased to announce that a settlement has been concluded with one of those customers. This is expected to result in a cash payment of approximately €8.7 million which the Group expects to receive within 30 days and which will be recognised as income during H2 2014.
A settlement with the other customer in insolvency is expected within the next six to twelve months, however it is anticipated that the magnitude of any cash payment will be significantly lower.
A full update on the activities of the Group will be included in the Interim Results which will be released on 21 August 2014.
skinny
- 21 Aug 2014 07:06
- 374 of 377
Interim Results
Market overview
· Intensively competitive PV industry environment continued in H1 2014
· Wafer prices have fallen back to mid-2013 levels
· Global PV installations lower than expected in H1 2014
· PV trade disputes resume in USA and China
Overview of results
· Cash conservation strategy continues
· Wafer shipments 99MW (H1 2013: 84MW)
· Revenues €30.1m (2013: €28.3m)
· Loss from continuing operations €6.9m (H1 2013: Profit €1.3m)
· Net cash of €35.4m on 30 June 2014 (31 December 2013: €39.2m)
· €8.7m to be received in customer settlement in September 2014
Iain Dorrity, Chief Executive Officer, commented:
"Despite the continuing challenging PV market conditions, we are pleased to report the Group has increased shipment volumes and strengthened customer relationships in Taiwan and Europe. The Group has a healthy net cash balance and maintains significant manufacturing operating capacity. The Board believes that its ongoing strategy will maximise shareholder value and position the Group to take advantage of an eventual return of a more rational business environment."
Market overview
· Intensively competitive PV industry environment continued in H1 2014
· Wafer prices have fallen back to mid-2013 levels
· Global PV installations lower than expected in H1 2014
· PV trade disputes resume in USA and China
Overview of results
· Cash conservation strategy continues
· Wafer shipments 99MW (H1 2013: 84MW)
· Revenues €30.1m (2013: €28.3m)
· Loss from continuing operations €6.9m (H1 2013: Profit €1.3m)
· Net cash of €35.4m on 30 June 2014 (31 December 2013: €39.2m)
· €8.7m to be received in customer settlement in September 2014
Iain Dorrity, Chief Executive Officer, commented:
"Despite the continuing challenging PV market conditions, we are pleased to report the Group has increased shipment volumes and strengthened customer relationships in Taiwan and Europe. The Group has a healthy net cash balance and maintains significant manufacturing operating capacity. The Board believes that its ongoing strategy will maximise shareholder value and position the Group to take advantage of an eventual return of a more rational business environment."
skinny
- 19 Nov 2014 09:54
- 375 of 377
skinny
- 31 Mar 2016 16:51
- 376 of 377
A bit of life?
hangon - 12 Sep 2016 15:07 - 377 of 377
This long-running solar was mentioned Sat. in the Mail (DYOR), as potential, I recall. Nothing more, yet MMs have pushed SP to 18p. ( +A few days ago this was 12p and unattractive then, IMHO. )
In 2012 sp was 4p - and Markets have only got worse - the whole thing dependent on Tax advantages. Householders who pay for Solar are taking a huge risk - and ignoring potential failure of the panels, even before they break-even....IMHO.
EDIT (30Sept2016)- seems they've wriggled out of a contract (mutually), to buy silicon above Market prices ( What!)....so sp has fallen to
In 2012 sp was 4p - and Markets have only got worse - the whole thing dependent on Tax advantages. Householders who pay for Solar are taking a huge risk - and ignoring potential failure of the panels, even before they break-even....IMHO.
EDIT (30Sept2016)- seems they've wriggled out of a contract (mutually), to buy silicon above Market prices ( What!)....so sp has fallen to
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