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    RECSI   NO0010112675

REC SILICON ASA

(RECSI)
  Report
Real-time Quote. Real-time Oslo Bors - 12/08 10:25:03 am
19.41 NOK   -2.95%
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REC Silicon : Third quarter 2021 results - 20.10.2021

10/20/2021 | 01:01am EST

Oslo, Norway - October 20, 2021: REC Silicon ASA (REC Silicon) reported third quarter 2021 revenues of USD 36.2 million versus USD 35.6 million in the second quarter of 2021 and an EBITDA loss of USD 3.7 million versus positive USD 7.9 million in the prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment of USD 1.8 million for the third quarter compared to USD 11.5 million for the second quarter. Second quarter results included other income related to the forgiveness of a loan provided by the US government under the C.A.R.E.S. Act. Excluding this item, EBITDA decreased by USD 5.2 million. This decrease can primarily be attributed to higher electricity prices and lower production caused by the completion of planned maintenance activities and a delayed restart to mitigate high electricity prices.

Silicon gas sales volumes for the third quarter were 728 MT compared to 819 MT during the prior quarter. Total polysilicon sales volumes for the quarter were 397 MT and polysilicon inventories decreased by 101 MT.

In addition, the Company reported USD 13.4 million in profit from discontinued operations during the third quarter due to the settlement of the indemnification loans on October 18, 2021. This transaction also resulted in a decrease in liabilities of USD 13.9 million to USD 10.8 million at September 30, 2021.

REC Silicon reported cash balances of USD 126.3 million on September 30, 2021 compared to USD 123.6 million on June 30, 2021.

"The semiconductor market continues to strengthen from a demand perspective, but our results were unfortunately impacted by high power prices and challenges caused by the global supply chain backlog.

REC Silicon is pleased with the successful resolution of the indemnity loans, which reduced the Company's debt and removed the remaining uncertainties associated with legacy obligations," said Tore Torvund, CEO.

For more information, please see the attached first quarter 2021 report and presentation.

The company will host conference call to present the results at 8:00am CET. Following the presentation, it will be opened for questions from the audience. The presentation will be in English. To join the videoconference, use the following link.
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211020_1

Audiocast participants need to register to post questions.

For further information, please contact:
James A. May II, Chief Financial Officer
Phone: +1 509 989 1023
Email: james.may@recsilicon.com

Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no

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 over 30 years of experience and proprietary technology with the needs of our customers, with 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: RECSI), the Company is headquartered in Lysaker, Norway.

For more information, go to: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Disclaimer

REC Silicon ASA published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 05:00:06 UTC.


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Financials
Sales 2021 1 184 M 134 M 134 M
Net income 2021 -236 M -26,6 M -26,6 M
Net Debt 2021 424 M 47,8 M 47,8 M
P/E ratio 2021 -29,6x
Yield 2021 -
Capitalization 7 229 M 814 M 815 M
EV / Sales 2021 6,46x
EV / Sales 2022 5,45x
Nbr of Employees 281
Free-Float 66,7%
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Mean consensus UNDERPERFORM
Number of Analysts 2
Last Close Price 19,41 NOK
Average target price 17,35 NOK
Spread / Average Target -10,6%
EPS Revisions
Managers and Directors
James A. May Chief Executive Officer
Douglas Moore Chief Financial Officer
Kjell Inge R°kke Chairman
Annette Beate Justad Deputy Chairman
Audun Stensvold Director
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