RNWEFY EARNINGS...
Fornebu, February 13, 2015: REC Silicon ASA reported fourth quarter 2014
revenues of USD 126.2 million compared to USD 126.5 million in the third
quarter. Higher polysilicon sales volumes were offset by lower polysilicon
prices and decreased sales volumes of silicon gases.
EBITDA for the fourth quarter was USD 38.0 million. Third quarter EBITDA
included the recognition of USD 101 million associated with the transfer of
technology to the Yulin JV. The underlying comparable EBITDA decreased by
approximately 17 percent compared to the prior quarter, primarily due to lower
polysilicon prices.
The polysilicon and silane gas loading expansion projects at Moses Lake and
Butte are proceeding according to schedule. Building permits have been obtained
and construction activity has commenced. The Yulin Joint Venture is also
progressing according to plan. The contract on detailed engineering has been
awarded and the work has commenced. REC Silicon made the first capital
contribution of USD 75 million to the JV in October 2014.
"Continued focus on efficient and stable operations resulted in record high
production volumes and secured REC Silicon's competitive cost position.
Although challenging market dynamics and the uncertainty created by the US/China
trade dispute led to pressure on solar grade polysilicon prices during the
quarter, REC Silicon's financials remain strong," commented Tore Torvund, CEO of
REC Silicon.
Net financial items resulted in income of USD 112.8 million, mainly reflecting
net currency gains, and fair value adjustment of convertible bonds offset by
interest expense.
Profit from continuing operations was USD 119.0 million in the fourth quarter,
compared to USD 119.5 million in the previous quarter.
Basic and diluted EPS from total operations was USD 0.05 in the fourth quarter
2014, unchanged from the previous quarter.
For more information, please see the attached fourth quarter 2014 report.
Morning program:
The Company will give a presentation at 08:00 a.m. CET today at
Konferansesenteret Høyres Hus, Stortingsgaten 20, 0117 Oslo, Norway. The
presentation will be held in English.
There will be a live webcast from the presentation which can be accessed from:
www.recsilicon.com.
It will also be possible to listen to the presentation through a conference
call. Please make sure to dial in 10 minutes prior to scheduled start time on
one of the following numbers:
Norway: +47 23 50 04 86
UK: +44 (0)20 3427 1909
USA: +1 212 444 0412
International Toll: +44 (0)20 3427 1909
Please provide confirmation code 7022732 and state your name, company and
country of residence.
Afternoon program:
REC Silicon will host an analyst conference call with possibilities for
questions and answers later the same day at 3:00 p.m. CET. Please make sure to
dial in at least five minutes ahead of time to complete your registration.
International dial in: +47 23 50 04 86
Please provide confirmation code 1521035 and state your name, company and
country of residence.
For further information, please contact:
Mitra H. Negård, Investor Relations
REC Silicon ASA
Phone: +47 957 93 631
Email: mitra.negard@recsilicon.com
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics industries
worldwide. We combine 25 years of experience and proprietary technology with the
needs of our customers, and annual production capacity of more than 20,000 MT of
polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock
Exchange (ticker: REC), the company is headquartered in Moses Lake, Washington
and employs 720 people.
For more information: www.recsilicon.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
