PVCS.L Regulatory News (PVCS)

19 Nov 2009 07:00



19 November 2009

PV Crystalox Solar plc

INTERIM MANAGEMENT STATEMENT

PV Crystalox Solar plc (or "the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 July 2009 to the date of this announcement. The Group announced its interim results for the six months ending 30 June 2009 on 19 August 2009.

The photovoltaic ("PV") market is benefiting from improving demand driven by incentive programmes in Japan and in particular in Germany, but industry overcapacity continues and pricing remains under pressure. Against this market background (i) our wafer shipments in the second half of the year are expected to be significantly above those we achieved in the first half (100MW), with total wafer shipment volume for 2009 now anticipated to be in the region of 230-235MW, slightly above the upper end of the range indicated at the time of our interim results and (ii) our wafer pricing is declining but the average price during the second half of the year will be in the middle of the range anticipated at the time of our half-year results. Accordingly, our full year performance continues to be in line with management expectations. Output continues to rise at our polysilicon production facility in Bitterfeld, Germany. Product quality targets have been achieved as independently verified by two of our major customers who have processed solar cells from wafers manufactured using our own polysilicon.  Our longstanding relationships with major PV companies, strong balance sheet and continuing focus on cost reduction and operating efficiency gives the Group resilience to compete effectively in the current uncertain market environment. Accordingly, we are well placed to benefit from any sustained upturn in the PV market.

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About PV Crystalox Solar PLC

PV Crystalox Solar PLC, initially established in 1982, is a highly specialised supplier to the world's leading solar cell manufacturers, producing multicrystalline silicon wafers for use in solar electricity generation systems.  The Group was one of the first to develop multicrystalline silicon technology on an industrial scale, setting the industry standard for ingot production.

The Group manufactures silicon ingots in Oxfordshire, United Kingdom, and carries out wafer production for European customers at its facilities in Erfurt, Germany.  Wafers for customers in Asia are produced in Japan.  The Group's own polysilicon plant commenced production in Bitterfeld, Germany in July this year.