PURE WAFER PLC
Pure Wafer plc ("Pure Wafer" or "the Company"), one of the leading global providers of high quality silicon wafer reclaim services to many of the world's largest semiconductor manufacturers and foundries as an integral part of their cost control programmes, provides the following update in advance of the announcement of the Company's interim results for the six months ended 31
December 2014, which are expected to be released during the week commencing 9 March 2015.
As previously stated, the Company's Wafer Reclaim facility in Swansea suffered extensive damage following an electrical fire that broke out at around 9am on Sunday 21 December 2014. The facility is fully and comprehensively insured, which includes extensive 3 year business interruption cover. We continue to work closely with our insurers to ensure that production is resumed as soon as possible. As was stated in the announcement dated 16 January 2015, it is anticipated that it may take up to 12 months for full scale production to recommence.
Up until the point of the fire, both sites in Swansea and Prescott, Arizona were trading in line with market expectations. The Prescott facility is currently undertaking a qualification process with a number of Swansea's customers, which will enable some of Swansea's production to be switched to Prescott. It is anticipated that this production will be transferred from May onwards.
In accordance with International Accounting Standards, the Directors have been required to undertake an impairment review of all property, plant, equipment and any other assets that have been impacted by the fire at the balance sheet date. As a consequence of the impairment review, the results for the six months to 31 December 2014 will include an exceptional charge of approximately $15.3m in respect of the loss estimated to have been incurred as a result of the fire, at 31 December 2014. Whilst these assets are comprehensively insured, and the insurers have accepted liability, any corresponding reimbursement is deemed to be a separate economic event and is therefore only recognised once the claim has been quantified and agreed by the insurance company. The recognition of the corresponding asset is not anticipated to occur until the second half of the current year ending 30 June 2015.
Pure Wafer Plc www.purewafer.com
Richard Howells, Chief Executive Officer
Huw Lewis, Chief Financial Officer
+44 (0) 1792 311 200
WH Ireland Limited www.wh-ireland.co.uk
JN Wakefield +44 (0) 117 945 3470
Winningtons Financial PR Limited www.winningtons.co.uk
Paul Vann / Tom Cooper 020 3176 4722
07768 807 631 paul.vann@winningtons.co.uk
|
distributed by
|
