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Preliminary Results for the year ended 31 December 2016

Preliminary Results for the year ended 31 December 2016

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PV Crystalox, the long established supplier to the global photovoltaic industry of multicrystalline silicon wafers for use in solar electricity generation systems is pleased to announce its preliminary results for the year to 31 December 2016.

Highlights

· Industry environment has deteriorated sharply in the second half of the year

· Wafer shipments were 114MW (2015: 203MW)

· Significant reduction in polysilicon inventory and consequent release of cash

· UK ingot production expected to close during 2017

· Termination of final major long term polysilicon contract agreed in September 2016

· ICC arbitration evidentiary hearing scheduled for end of March 2017

Overview of results

· Revenues: €56.7m (2015: €64.5m)

· EBT: €1.7m (2015: LBT of €(13.7)m)

· Net cash from operating activities: €18.0m (2015: €(12.9)m)

· Net Cash at the year end: €28.8m (2015: €12.7m)

· Inventories at the year end: €11.2m (2015: €23.2m)

Iain Dorrity, Chief Executive Officer commented

“The current market conditions are particularly severe for multicrystalline silicon products with massive over-capacity in China depressing prices for both cells and wafers. Although the Group achieved a creditable financial performance in 2016, the prospects for 2017 are bleak without a recovery in market pricing.”

John Sleeman, Chairman, commented
“The Board remains mindful of the need to protect shareholder value and despite the deteriorating industry situation believes that extending the period of the strategic review until the judgement of the arbitral tribunal is received in Q3 2017 is in the best interests of shareholders.”

Enquiries:

PV Crystalox Solar PLC

+44 (0) 1235 437188

Iain Dorrity, Chief Executive Officer

Matthew Wethey, Chief Financial Officer and Group Secretary

Anand Gupta Editor - EQ Int'l Media Network

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