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

mnamreh - see post 329 :-)

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Its always been the bane of my life!

+75% atm - just hope that the Euros aren't Greek! :-)

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Excellent news... sp doubled... thanks to the US.

I think its the €90m compensation!

Back in auction - currently +110.8%

Short term gain...don't get too excited.....business is zero by the look of it...

I'm not sure of the technical description but .....

Take your profits if any skinny at some stage.....

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.

quote unquote sunday times i think

Interims tomorrow could be the make or break here.

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."

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.

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 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.

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.