Rec Silicon ASA : fourth quarter 2014 results

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:
mailto: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)