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Notes to the consolidated financial
statements, REC Group
REC Annual Report 2011
Revenues by category
(NOK INMILLION)
2011
2010
Polysilicon
2 939
2 371
Silane gas
663
878
Wafers and ingots
3 829
4 987
Solar cells
37
74
Solar modules
4 680
5 096
PV systems*
1 082
256
Other
136
114
Total revenues
13 366
13 776
* PV systems include NOK 785 million construction contract revenues in 2011 and NOK 150 million in 2010. At December 31, 2011 there were no construction
contracts in progress.
FIXED ASSETS
Property, plant and equipment
(NOK INMILLION)
LAND AND
BUILDINGS
MACHINERY AND
EQUIPMENT
OTHER TANGIBLE
FIXED ASSETS
ASSETS UNDER
CONSTRUCTION
TOTAL
Carrying value at January 1, 2010
2 955
10 803
167
10 473
24 398
Exchange differences
60
12
0
344
416
Net additions*
5 696
8 648
371
-9 544
5 170
Government grant - reduction to cost price
-29
-530
-4
-398
-961
Disposals
1
-2
-1
-8
-10
Depreciation
-498
-1 806
-91
0
-2 395
Impairment - continuing operations
-36
13
-1
0
-25
Impairment - discontinued operations
0
-2
0
-4
-6
Carrying value at December 31, 2010
8 150
17 136
439
861
26 586
At December 31, 2010
Cost price
9 491
21 983
700
882
33 057
Accumulated depreciation and impairment
-1 341
-4 848
-261
-21
-6 471
Carrying value at December 31, 2010
8 150
17 136
439
861
26 586
Carrying value at January 1, 2011
8 150
17 136
439
861
26 586
Exchange differences
-30
157
3
-6
124
Net additions*
172
678
61
-449
462
Government grant - reduction to cost price**
0
13
0
13
27
Disposals
-11
-37
0
0
-49
Depreciation
-396
-1 649
-97
0
-2 142
Impairment ***
-4 706
-4 764
-88
-24
-9 582
Carrying value at December 31, 2011
3 179
11 534
318
395
15 425
At December 31, 2011
Cost price
9 583
22 734
730
437
33 484
Accumulated depreciation and impairment
-6 404
-11 200
-412
-42
-18 058
Carrying value at December 31, 2011
3 179
11 534
318
395
15 425
*
Net additions include transfers from assets under construction.
** The positive amounts for 2011 are due to adjustments for government grants recognized in previous periods (see note 21).
*** See note 7 for details of impairments.
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