Sandvika, February 12, 2014: REC Silicon ASA reported fourth quarter 2013 revenues from continuing operations of NOK 743 million and EBITDA from continuing operations of NOK 164 million. Net debt has been reduced to NOK 1.9 billion, down from NOK 2.6 billion in the third quarter after sale of REC Solar.
On October 25, 2013 REC Solar was sold. Revenues and EBITDA for REC Solar have been re-presented as discontinued operations.
REC Silicon US Operations reported fourth quarter revenues of NOK 752 million up from NOK 738 million in the previous quarter. EBITDA in the fourth quarter was NOK 187 million up from NOK 80 million in the previous quarter. Improvements in EBITDA can be primarily attributed to strong, stable operations resulting in higher volumes at lower cost. In addition, REC Silicon experienced increased average polysilicon selling prices and increased silicon gas sales volumes.
Despite the introduction of anti-dumping duties on solar grade polysilicon imported to China, polysilicon demand continues to strengthen and prices continue to increase.
Tore Torvund, CEO of REC Silicon ASA said, "I am pleased that our efforts to improve quality and reduce cost continue to strengthen our competitive position. Together with slightly increased demand for solar polysilicon, these efforts have led to an improvement in REC Silicon ASA`s EBITDA in the last quarter."
Silicon gas sales volumes increased by 17 percent compared to the previous quarter. This increase reflects strong market demand and increased spot sales due to supply restrictions caused by recent accidents at competitor facilities.
Financial items for continuing operations were negative NOK 19 million, mainly reflecting interest expenses and fair value adjustments of the convertible bonds.
The loss from total operations was NOK 161 million in the fourth quarter, compared to a loss of NOK 1,578 million in the previous quarter. The reduced loss mainly reflects the impairments of the REC Solar disposal group at the end of the third quarter.
Basic EPS from total operations was positive NOK 0.07 in the fourth quarter 2013, compared to negative NOK 0.68 in the previous quarter.
For more information, please see the attached fourth quarter 2013 report.
Morning program:
On the release day, Tore Torvund, CEO of REC Silicon ASA will give a presentation together with other members of the management team. The presentation will take place at 08:00 hrs Norwegian time/CET at the conference centre KS Agenda in Haakon VII`s gate 9, 0114 Oslo (www.ksagenda.no).
The presentation, held in English, will be broadcasted live over the internet, and can be accessed from: www.recsilicon.com.