Elkem ASA - Annual report for 2022

21 Mar 2023 08:02 CET

Oslo, 21 March 2023

Elkem ASA has today published its annual report, including the ESG report, for
the financial year ended 31 December 2022.

In his letter to shareholders, Elkem's CEO Helge Aasen writes: "Elkem continued
to benefit from exceptionally strong markets in 2022. However, the all-time high
results were also largely a result of strong cost and market positions, built-up
over time through continuous improvement and strategic choices. We have secured
access to low-cost and sustainable input factors and been able to maintain and
deliver high productivity and quality, despite supply chain challenges and trade
restrictions."

In 2022, Elkem delivered a total operating income of NOK 45.9 billion, up 36%
from NOK 33.7 billion in 2022. Earnings before interest, taxes, depreciation and
amortisation (EBITDA) amounted to NOK 12.9 billion, an increase of 66% from
2022.

The proposed dividend for 2022, subject to approval from the annual general
meeting in 2023, is NOK 6.00 per share, representing 40% of profit for the
period. This is within Elkem's target dividend pay-out ratio of 30-50% and
provides for a dividend yield of 17% based on the year's average share price.

"I have never seen such volatility in markets combined with inflationary
pressure and uncertainty regarding future economic activity as now. At the same
time, I also see an unprecedented opportunity for Elkem given our diversity
geographically and culturally, our broad product range, and good positions to
take part in the green transition," Aasen adds.

He writes: "In the longer term, global megatrends remain strong, and the
critical raw materials are increasingly important in building a sustainable
future. Strong growth in Asia combined with re-industrialisation in the western
part of the world will create opportunities for Elkem. In the green transition,
we have a particular focus on the fast-growing electric mobility segment. An
electric vehicle typically contains four times more silicones than a
conventional car."

"For us in Elkem, and our entire global team, across geographies and divisional
lines, from top management to front-line workers, we are aligned around a clear
mission: To provide advanced silicon-based materials shaping a better and more
sustainable future. This describes what we do, but also why we do it and why it
is so important."

The annual report will be available on Elkem's website: www.elkem.com

For further information, please contact:
Odd-Geir Lyngstad
VP Finance & Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com

Fredrik Norman
VP Corporate Communications & Public Affairs
Tel: +47 918 66 567
E-mail: fredrik.norman@elkem.com

About Elkem
Elkem is one of the world's leading providers of advanced silicon-based
materials shaping a better and more sustainable future. The company develops
silicones, silicon products and carbon solutions by combining natural raw
materials, renewable energy and human ingenuity. Elkem helps its customers
create and improve essential innovations like electric mobility, digital
communications, health and personal care as well as smarter and more sustainable
cities. With a strong track record since 1904, its global team of more than
7,300 people has a joint commitment to stakeholders: Delivering your potential.
In 2022, Elkem obtained a Platinum score from EcoVadis, which rated the company
among the world's top 1% on sustainability transparency, and the company
achieved an operating income of NOK 45.9 billion. Elkem is listed on the Oslo
Stock Exchange (ticker: ELK). www.elkem.com

More information:
Access the news on Oslo Bors NewsWeb site

585754_549300CVBE06T0SH6T76_2022_12_31_en.zip
585754_Elkem_Annual_report_2022.pdf
585754_Elkem_ASA_Release_of_annual_report_for_2022.pdf