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1.10.-31.12 |
1.1.-31.12 |
| Amounts in NOK million |
2009 |
2008 |
2009 |
2008 |
| Operating revenues |
2,187 |
2,497 |
7,433 |
9,061 |
| EBITA* |
127 |
334 |
97 |
995 |
| EBITA-margin* |
5.8% |
13.4% |
1.3% |
11.0% |
| *Before amortisation, restructuring and significant impairments |
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Elkem's operating revenues in the fourth quarter were NOK 2,187 million (NOK 2,497 million)2. EBITA1 amounted to NOK 127 million in the fourth quarter, compared to NOK 334 million for the same period in 2008. For the year as a whole, very weak markets meant that operating revenues and EBITA1 respectively amounted to NOK 7,433 million (NOK 9,061 million)2 and NOK 97 million (NOK 995 million)2. Elkem Solar recorded costs of NOK 181 million in the fourth quarter. Some of Elkem Solar's capital assets have been reclassified and given higher depreciation rates, and the annual depreciation is estimated to be just over NOK 300 million. The adjustment for 2009 has been included in the fourth quarter, and depreciation thus totalled NOK 98 million in the quarter. At the same time, NOK 50 million has been recorded as income as an advance on insurance settlements. The other silicon-related units, excluding Elkem Solar, continued to experience weak markets, leading to a positive result of NOK 90 million for the period, compared to a positive result of NOK 182 million for the corresponding period last year.
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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 a satisfactory result, albeit weaker than for the same period last year, as a result of lower production and weaker prices. Production during the corresponding period last year was particularly high due to price expectations.
Fourth-quarter production totalled 934 GWh, compared to 1,043 GWh in the corresponding period last year. The average Nordpool system prices were 30.7 øre/KWh in the fourth quarter, compared to 45.1 øre/KWh in the corresponding period last year. EBITA
1 for Elkem Energi amounted to NOK 218 million (NOK 290 million)
2 for the quarter. For the full year, EBITA
1 amounted to NOK 678 million (NOK 631 million)
2, including an accounting contribution to profit from the merger of Elkem Fornybar Energi and Norsk Grønnkraft AS in the first quarter of 2009. The reservoir level at the remaining hydropower plant at Sauda was significantly lower than normal at the end of year.
Profit for the
silicon-related units was weaker than in the same quarter last year, but better than in the previous quarter. EBITA
1 in the quarter was NOK -91 million (NOK 44 million)
2. Market conditions for the
silicon-related businesses remained challenging in the fourth quarter, despite increased demand compared to the previous quarter. Production is continuously adapted to market developments and, at the end of the fourth quarter, the
silicon-related businesses (excluding Elkem Solar), were operating, in total, at 80% of capacity. Repairs necessitated by fire damage to one of Elkem Solar's processing plants and hot testing were completed in the middle of the fourth quarter. The factory's operational routines ensure a constant flow between the process stages, and volume is being increased in controlled amounts to maintain a stable process throughout the
ramp-up.
1 Operating result before amortisation, gains on sales of power plants, write-downs of inventory in Sapa Profiles in 2008, restructuring and significant write-downs.
2 Figures in parentheses are for the corresponding period in the previous year.
3 Excluding acquisitions, divestments and currency translation effects.