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Second Quarter 2010

Illustration

REC reported revenue of NOK 2,758 million in the second quarter 2010, an increase of 17 percent from the first quarter 2010. REC saw strong overall market demand for all products in the quarter. Operational performance improved in all divisions in the quarter and the ramp-up of the new integrated wafer, cell and module plant in Singapore is progressing well. 
 

HIGHLIGHTS

  • Strong overall market demand for REC products in the second quarter
  • Improved operations in all divisions and ramp-up in Singapore is progressing well
  • Revenue growth of 17 percent compared to first quarter 2010
    • NOK 2,758 million versus NOK 2,360 million in the first quarter 2010
  • Operational results in second quarter positively affected by higher sales volumes and improved polysilicon prices, but continues to be negatively affected by assets under ramp-up
    • EBITDA NOK 455 million versus NOK 415 million in the first quarter 2010
    • EBIT negative NOK 146 million versus negative NOK 125 million in the first quarter 2010
  • Production started at the new silane gas plant in Moses Lake (Silicon IV)
  • Net financial items impacted positively by changes in currency rates and fair value adjustments of convertible bond
  • Completed gross NOK 4.0 billion rights issue and debt restructuring
(MNOK) Q2-2010 Q2 -2009
Revenues 2 758 2 280
EBITDA 455 250




 Morning program:
On the release day, President and CEO Ole Enger of REC 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 Høyres Hus, Stortingsgaten 20, 0161 Oslo (www.hoyreshus.no)

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: Conference ID: 6790649

Norway free call: 800 19 640
UK free call: 0800 028 1243
USA free call: 1888 935 4575
International dial in: +44 (0)20 7806 1951

Afternoon program:
REC will further host an analyst conference call with possibilities for questions and answers later the same day at 15:00 CET. Please make sure to dial in at least 5 minutes ahead of time to finalize your registration:

Norway free call: 800 80 119
International dial in: +47 2318 4501

Immediately after the call, a replay of the conference call will be made available. To access, please dial +47 2318 4502 and use the following procedure: 1. Type account number 1524 followed by # (pound-sign) and press 1 2. Continue by typing the conference number: 524 followed by # (pound-sign) and press 1 to play

For more information, please contact: Mikkel Tørud. VP and Investor Relations Officer, Tel: +47 976 99 144