REC reported revenues of NOK 4,874 million in the fourth quarter 2010, an increase of 29 percent from the third quarter 2010. Revenue for the full year 2010 amounted to NOK 13,776 million, an increase of 56 percent from 2009.
The revenue increase compared with the third quarter 2010 is explained by growth in polysilicon, wafer and module sales and sale of accumulated off-spec. products.
Fourth quarter average selling prices for polysilicon were up nine percent, for wafers up four percent, and for modules down three percent compared to the previous quarter
HIGHLIGHTS
- Revenues of NOK 4,874 million up 29 percent compared with third quarter 2010
- EBITDA of NOK 1,836 million up from NOK 827 million in the third quarter
- EBIT NOK 1,134 million up from NOK 155 million in the third quarter
- Includes NOK 332 million in special items, mainly related to a cancellation fee received for a wafer sales contract
- Higher FBR production and improved quality in REC Silicon
- A stronger than expected market
- Increased average selling prices for polysilicon and wafer
- Sales of accumulated off-spec products
- Ned debt reduced by NOK 1.1 billion to NOK 7.9 billion at the end of 2010
- Signed new wafer sales contract worth approximately NOK 2.3 billion
Fourth quarter 2010
February 9, 2011