REC Silicon - Second quarter 2017 results

Fornebu, Norway - July 20, 2017: REC Silicon ASA (REC Silicon) reported second quarter revenues of USD 61.4 million, up from USD 57.5 million in the previous quarter. The corresponding EBITDA during the second quarter was USD 1.3 million compared to USD 4.6 million in the previous quarter. 

The company reported a cash balance of USD 71.4 million on June 30, 2017. This represents a decrease of USD 9.5 million compared to March 31, 2017.

Silicon gas sales volumes for the quarter were in line with expectations at 808 MT. Second quarter polysilicon production of 2,960 MT was slightly below guidance given at the previous quarter.

FBR cash cost was in line with expectations at $11.0/kg for the quarter which demonstrates the company's successful efforts to reduce costs and maintain liquidity.

Progress on the Yulin joint venture plant continues as planned. The JV facility expects to start up the first silane unit and FBR reactors in Q4 2017. The second silane unit is scheduled to start up in Q1 2018. The company continues to negotiate the deferral of the remaining $169 million capital contributions until after 2018. Tore Torvund, company CEO commented "It's exciting to see the progress on the Yulin plant as preparations are underway to start the first silane unit of this state of the art high purity FBR polysilicon plant."

For more information, please see the attached second quarter 2017 report.

Morning Program:
The company will give a presentation at 8:00 am CET today at H√łyres Hus Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in English.

A live webcast from the presentation can be accessed at www.recsilicon.com or the following link: http://webtv.hegnar.no/presentation.php?webcastId=58377767

It will also be possible to listen to the presentation through a conference call. Please make sure to dial in 5-10 minutes prior to scheduled start time on one of the following numbers:

Norway (Toll Free): 800 51084
Norway (Local): +47 2350 0296
UK (Toll Free): 0800 279 7204
UK (Local): +44 (0)330 336 9411
USA (Toll Free): 866 548 4713
USA (Local): + 1 719 457 1036
Other international: +44 (0)330 336 9411
Please provide confirmation code 9586161 and state your name, company and country of residence.

Afternoon Program:
REC Silicon will host an analyst conference call later today at 3:00 p.m. CET. Please make sure to dial in at least 5-10 minutes ahead of time to complete your registration.

Norway (Toll Free): 800 51084
Norway (Local): +47 2350 0296
UK (Toll Free): 0800 279 7204
UK (Local): +44 (0)330 336 9412
USA (Toll Free): 866 548 4713
USA (Local): + 1 719 325 2213
Other international: +44 (0)330 336 9412
Please provide confirmation code 5505554 and state your name, company and country of residence.

For further information, please contact:
Christopher Bowes, Investor Relations
REC Silicon ASA
Phone: +1 509 793 8127
Email: chris.bowes@recsilicon.com

Nils O. Kjerstad
IR Contact Europe
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: REC), the Company is headquartered in Fornebu, 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.

REC Silicon Q2 2017 reportREC Silicon Q2 2017 presentation
Attachments:
REC Silicon Q2 2017 report
REC Silicon Q2 2017 presentation