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

No hope for this now

Why?

The sun does not shine on PVCS... 4p now.

Probably mad - but just had a dabble here again.

what a pity .... this was a really thriving company but has fallen from the sky like icarus

Just added a few more here - volume & RSI on the up.

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.

Harry - you are probably right, but I like the company and it is less than 1% of my overall portfolio!

skin no news since october 2011, results due 28th march 2012, expected asset write downs and operating loss.

"....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!

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 ! :-)

Up 14% atm.

You got the magic touch Skinny. My only share in blue to-day!

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."

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.

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.

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mnamreh - see post 329 :-)

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Its always been the bane of my life!