Fornebu, July 18, 2014: REC Silicon ASA reported second quarter 2014 revenues of USD 126.9 million and EBITDA from continuing operations of USD 31.6 million. Debt has been reduced by USD 125 million to USD 283 million, primarily due to the repayment of the Euro 81 million convertible bond.
REC Silicon Segment reported second quarter revenues of USD 126.8 million, compared to USD 113.3 million in the previous quarter. The corresponding EBITDA during the second quarter was USD 33.1 million compared to USD 19.5 million in the previous quarter. The increased EBITDA can be attributed to higher sales volumes and selling prices partially offset by higher manufacturing costs.
Higher average polysilicon prices reflect continued strong demand for solar grade polysilicon and increasing acceptance of granular polysilicon by the market.
Silicon gas sales volumes continued to be strong. Sales were driven by a combination of improved Photovoltaic, Flat Panel Display, and Semiconductor demand and by competitive capacity being currently offline.
"Strong second quarter EBITDA demonstrates the strengthening demand for granular polysilicon and silicon gases in the market" commented Tore Torvund, CEO of REC Silicon. "During the quarter, we successfully completed the five year inspection program in Silane III. Although these outages resulted in higher cost during the first half of 2014, we have completed the planned outages and will operate at full capacity for the remainder of the year."
Net financial items were an income of USD 21.4 million, mainly reflecting net currency gains, and fair value adjustment of convertible bonds offset by interest expense.
The profit from continuing operations was USD 24.6 million in the second quarter, compared to a loss of USD 49.7 million in the previous quarter. The improved result mainly reflects higher EBITDA and positive net financial items.
Basic and diluted EPS from total operations was USD 0.01 in the second quarter 2014, compared to USD -0.02 in the previous quarter.
For more information, please see the attached second quarter 2014 report.
Morning program:
On the release day, Tore Torvund, CEO of REC Silicon will give a presentation together with the CFO.
The presentation will take place at 08:00 a.m. CET at Konferansesenteret Høyres Hus, Stortingsgaten 20, 0117 Oslo, Norway.
There will be a live webcast from the presentation which can be accessed from: www.recsilicon.com. The presentation will be held in English.
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 Toll Free: 800 56 054
UK Toll Free: 0800 279 5004
USA Toll Free: 1877 280 2342
International Toll: +44 (0)20 3427 1914
Please provide confirmation code 3113809 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 2350 0486
Please provide confirmation code 5218190 and state your name, company and country of residence.
For further information, please contact:
Pål Elstad, Investor Relations
REC Silicon ASA
Phone: +47 991 66 293,
Email: pal.elstad@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, go to: www.recsilicon.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
