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1.07.-30.09 |
1.1.-30.09 |
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| Amounts (in NOK million) |
2009 |
2008 |
2009 |
2008 |
2008 |
| Operating revenues |
1 703 |
2 235 |
5 246 |
6 564 |
9 061 |
| EBITA* |
11 |
276 |
-30 |
661 |
995 |
| EBITA-margin* |
0,6% |
12,3% |
-0,6% |
10,1% |
11,0% |
| *Before amortisation, restructuring and significant impairments |
| Elkem's third-quarter operating revenues totalled NOK 1,703 million (NOK 2,235 million)1. Third-quarter EBITA was NOK 11 million, compared with NOK 276 million in the same period of 2008. Elkem Solar's negative contribution to profit in the quarter amounted to NOK 191 million, of which depreciation accounted for NOK 71 million. The other silicon-related units continued to experience slow markets. Nevertheless, third-quarter profit was a positive NOK 29 million, compared with NOK 236 million in the same period of 2008. |
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www.elkem.com |
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Elkem is one of the world leaders in the environment-friendly manufacture of metals and materials.
Its main products are energy, silicon, special ferrosilicon alloys for the foundry industry, carbon and microsilica. Elkem also invests heavily in the solar industry.
The company has production facilities in Europe, North and South America, Africa and Asia, and an extensive network of sales offices in its main markets. | |
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Elkem Energy's production operations delivered good results due to high production volumes, which were only partly offset by low prices compared with the same period last year. In the third quarter,
higher-than-normal amounts of precipitation and good inflow resulted in high reservoir levels and high production. Production totalled 896 GWh in the third quarter, up from 782 GWh in the same period of 2008. The higher production volume was offset by lower realised prices. Nordpool system prices averaged 27.4 øre/KWh, compared with 44.8 øre/KWh in the same period of last year.
Repairs of the damage caused by a fire at one of Elkem Solar's process plants have been technically completed and test run started
mid-October. Ordinary operations are expected to start up in November as soon as the repairs have been tested and approved in accordance with internal procedures. After
start-up, the delayed
ramp-up of production is expected to be implemented at the same pace as previously communicated.
Demand for silicon and ferrosilicon from customers in the steel industry, the aluminium industry and the chemical market remained weak in the third quarter. Activity levels dropped slightly from the second to the third quarter at the Norwegian plants, particularly during the summer. The carbon business also saw a slight increase in demand towards the end of the third quarter from customers in Asia, and capacity utilisation was higher than in the previous quarter. Activity levels are continuously adapted in response to market trends, and in the third quarter the
silicon-related units, excluding Elkem Solar, were operating at an average of 57% capacity.
1 Figures in parentheses are for the corresponding period in the previous year.
2 Excluding aquisitions, divestments and currency translation effects.