REC Silicon - Third quarter 2020 results
Oslo, Norway – October 29, 2020: REC Silicon ASA (REC Silicon) reported third quarter 2020 revenues of USD 30.3 million versus USD 31.0 million in second quarter of 2020 and EBITDA of USD 17.9 million versus USD 2.9 million in the prior quarter. Third quarter EBITDA included a noncash adjustment of USD 16.0 million due to settlement of the property tax dispute announced on October 14, 2020.
REC Silicon reported a cash balance of USD 35.9 million on September 30, 2020 which is USD 4.3 million higher than June 30, 2020.
Silicon gas sales volumes for the third quarter were 746 MT compared to 831 MT during the prior quarter. Average silane gas prices increased by 3.4% compared to the second quarter of 2020.
Polysilicon sales volumes for the quarter were 401 MT and polysilicon inventories decreased by 163 MT.
Contingent liabilities faced by the Company have been reduced by USD 44.9 million during the third quarter due to the discontinuance of the tax examination by Norwegian Central Tax Office (USD 27.3 million tax and interest) and the settlement of the property dispute regarding property valuations from 2012 through 2015 with Grant County, Washington (USD 17.6 million net decrease in liabilities).
Subsequent to the end of the quarter, REC Silicon entered into business cooperation agreements to partner with Violet Power to develop a non-Chinese Solar PV value chain and to partner with Group 14 Technologies to develop a silicon anode battery materials production facility in Moses Lake.
On October 14, 2020, the REC Silicon raised approximately NOK 1 billion in gross proceeds through the Private Placement of 92,592,592 new shares, at a price per share of NOK 10.80. The net proceeds from the Private Placement will be used to fund expansion investments and activities at the Company’s facilities in Butte and Moses Lake as well as for general corporate purposes. Upon completion of the Private Placement, REC Silicon will have increased its liquidity and may enable the Company to prepare for the eventual restart of the Moses Lake plant.
“Once again, the Company has reported consistent financial results for the third quarter. Butte operations continue to display resilience despite challenges caused by Covid-19. I am pleased that the path to restart production at the Moses Lake plant has become clearer with the announcement of agreements signed with Violet Power and Group 14 Technologies. The successful private placement of equity completed on October 14, 2020 has provided the Company with financial security and flexibility and I am confident that we will be able to capitalize on these opportunities,” said Tore Torvund, CEO of REC Silicon.
For more information, please see the attached third quarter 2020 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/20201029_4
Audiocast participants need to register to post questions.
REC Silicon will also host a conference call later the same day at 3:00 p.m. (CET). To join the event via audiocast, use one of the following access numbers. Please make sure to dial in 5-10 minutes prior to the scheduled start time.
Norway: +47 2100 2610
Sweden: +46 8 5664 2753
United Kingdom: +44 330 336 9125
United States: +1 646 828 8193
Participant code for all countries: 7507290
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: REC), 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.
Attachments
https://ml-eu.globenewswire.com/Resource/Download/8389db7a-00fb-4936-b442-f59d5c024ff2
https://ml-eu.globenewswire.com/Resource/Download/9d8cd02e-97b4-415a-b6a1-fdfc4d5e2b21
https://www.globenewswire.com/NewsRoom/ReleaseNg/400809364
REC Silicon reported a cash balance of USD 35.9 million on September 30, 2020 which is USD 4.3 million higher than June 30, 2020.
Silicon gas sales volumes for the third quarter were 746 MT compared to 831 MT during the prior quarter. Average silane gas prices increased by 3.4% compared to the second quarter of 2020.
Polysilicon sales volumes for the quarter were 401 MT and polysilicon inventories decreased by 163 MT.
Contingent liabilities faced by the Company have been reduced by USD 44.9 million during the third quarter due to the discontinuance of the tax examination by Norwegian Central Tax Office (USD 27.3 million tax and interest) and the settlement of the property dispute regarding property valuations from 2012 through 2015 with Grant County, Washington (USD 17.6 million net decrease in liabilities).
Subsequent to the end of the quarter, REC Silicon entered into business cooperation agreements to partner with Violet Power to develop a non-Chinese Solar PV value chain and to partner with Group 14 Technologies to develop a silicon anode battery materials production facility in Moses Lake.
On October 14, 2020, the REC Silicon raised approximately NOK 1 billion in gross proceeds through the Private Placement of 92,592,592 new shares, at a price per share of NOK 10.80. The net proceeds from the Private Placement will be used to fund expansion investments and activities at the Company’s facilities in Butte and Moses Lake as well as for general corporate purposes. Upon completion of the Private Placement, REC Silicon will have increased its liquidity and may enable the Company to prepare for the eventual restart of the Moses Lake plant.
“Once again, the Company has reported consistent financial results for the third quarter. Butte operations continue to display resilience despite challenges caused by Covid-19. I am pleased that the path to restart production at the Moses Lake plant has become clearer with the announcement of agreements signed with Violet Power and Group 14 Technologies. The successful private placement of equity completed on October 14, 2020 has provided the Company with financial security and flexibility and I am confident that we will be able to capitalize on these opportunities,” said Tore Torvund, CEO of REC Silicon.
For more information, please see the attached third quarter 2020 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/20201029_4
Audiocast participants need to register to post questions.
REC Silicon will also host a conference call later the same day at 3:00 p.m. (CET). To join the event via audiocast, use one of the following access numbers. Please make sure to dial in 5-10 minutes prior to the scheduled start time.
Norway: +47 2100 2610
Sweden: +46 8 5664 2753
United Kingdom: +44 330 336 9125
United States: +1 646 828 8193
Participant code for all countries: 7507290
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: REC), 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.
Attachments
https://ml-eu.globenewswire.com/Resource/Download/8389db7a-00fb-4936-b442-f59d5c024ff2
https://ml-eu.globenewswire.com/Resource/Download/9d8cd02e-97b4-415a-b6a1-fdfc4d5e2b21
https://www.globenewswire.com/NewsRoom/ReleaseNg/400809364
Redigert 21.01.2021 kl 08:11
Du må logge inn for å svare
Seriøs
29.10.2020 kl 08:26
5204
Lykke til i dag for de som er inne. Kan bli bra. Jeg for min del avventer litt
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
40something
29.10.2020 kl 08:29
5115
De fleste selskaper på OSE har lav inntjening. Mange flere investorer har litt for mye penger hvilket skaper misforhold i der det finnes momentum så plasseres det for mye penger. Det blir turbulent på børsene grunnet oss som spekulerer i for lang tid i forveien.
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Sa2ri
29.10.2020 kl 08:29
5061
Og det samme er ARC. De skriver følgende:
"Q3 pre-announced, Moses Lake is coming back
- Butte EBITDA of 7.3m – Cash balance of USD 35.9m
- Moses Lake to be restarted, funding secured
- Partnerships on Moses Lake for both Solar PV and battery technologies
- Bond has traded up, still at attractive levels
Butte EBITDA of USD 7.3m
The headline Q3 figures were already announced and there were limited surprises in the report. REC reported Q3 revenues of USD 30.3m and EBITDA of 17.9m, adjusted for non-cash effects EBITDA was USD 1.9m somewhat above our estimate of USD 1.0m. The standalone Butte EBITDA came in at 7.3m (-44% vs ARCe), down from USD 9.4m in Q2, primarily driven by lower silicon gas volumes sold (746 MT vs 831 MT in Q2). Reported net debt increased by USD 11.1m to USD 185.6m due to an increase in lease liabilities and the settlement of the property tax dispute in the US.
Moses Lake to be restarted, funding secured
Post the quarter-end, REC announced business cooperation agreements with Violet Power and Group 14 on the Moses Lake facility. The first is to establish a non-Chinese solar PV value chain and the latter to establish a cooperation regarding a silicon carbon anode production facility. REC estimates that a restart of Moses Lake will require investments of USD 60m, and raised NOK 1.0bn in equity in October to finance this restart.
Bond traded up on NOK 1.0bn equity raise
Post the equity raise, the bond reacted positively and traded up to 108’s. We argue that with a restart of Moses Lake, substantial larger equity cushion and overall decent performance from Butte during Covid-19, REC will look to refinance the 1st lien bond ahead of time. The company is in a much better shape now than when it issued the bond and we expect the bond to be refinanced in 2021 (callable from Apr-21). Thus, we deem the current spread to call in the mid-600s to be fair and an attractive return for a short dated bond.
PLEASE NOTE THAT ARCTIC SECURITIES AS ACTED AS MANAGER AND JOINT BOOKRUNNER IN THE PRIVATE PLACEMENT.
Arctic Securities AS
Erik Christian Borthen
Daniel Stenslet"
"Q3 pre-announced, Moses Lake is coming back
- Butte EBITDA of 7.3m – Cash balance of USD 35.9m
- Moses Lake to be restarted, funding secured
- Partnerships on Moses Lake for both Solar PV and battery technologies
- Bond has traded up, still at attractive levels
Butte EBITDA of USD 7.3m
The headline Q3 figures were already announced and there were limited surprises in the report. REC reported Q3 revenues of USD 30.3m and EBITDA of 17.9m, adjusted for non-cash effects EBITDA was USD 1.9m somewhat above our estimate of USD 1.0m. The standalone Butte EBITDA came in at 7.3m (-44% vs ARCe), down from USD 9.4m in Q2, primarily driven by lower silicon gas volumes sold (746 MT vs 831 MT in Q2). Reported net debt increased by USD 11.1m to USD 185.6m due to an increase in lease liabilities and the settlement of the property tax dispute in the US.
Moses Lake to be restarted, funding secured
Post the quarter-end, REC announced business cooperation agreements with Violet Power and Group 14 on the Moses Lake facility. The first is to establish a non-Chinese solar PV value chain and the latter to establish a cooperation regarding a silicon carbon anode production facility. REC estimates that a restart of Moses Lake will require investments of USD 60m, and raised NOK 1.0bn in equity in October to finance this restart.
Bond traded up on NOK 1.0bn equity raise
Post the equity raise, the bond reacted positively and traded up to 108’s. We argue that with a restart of Moses Lake, substantial larger equity cushion and overall decent performance from Butte during Covid-19, REC will look to refinance the 1st lien bond ahead of time. The company is in a much better shape now than when it issued the bond and we expect the bond to be refinanced in 2021 (callable from Apr-21). Thus, we deem the current spread to call in the mid-600s to be fair and an attractive return for a short dated bond.
PLEASE NOTE THAT ARCTIC SECURITIES AS ACTED AS MANAGER AND JOINT BOOKRUNNER IN THE PRIVATE PLACEMENT.
Arctic Securities AS
Erik Christian Borthen
Daniel Stenslet"
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Ærligtalt
29.10.2020 kl 08:32
4927
Meget god presentasjon ja, liker spesielt fokuset nå på at 90 prosent av alle solpaneler i USA kommer fra Kina...
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
The european comission green agenda over the next decade calls for :
340 billion euro in solar and wind investment
Re shore manufacturing to europe
Er så glad jeg er inne i denne aksjen for øyeblikket og fremover :-))))
340 billion euro in solar and wind investment
Re shore manufacturing to europe
Er så glad jeg er inne i denne aksjen for øyeblikket og fremover :-))))
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Shares4fun
29.10.2020 kl 08:38
4639
Butte alene, med (Covid-19-lave) MUSD 30 i EBITDA siste 12 mnd. og forventet økning fremover + begrensede investeringer der som øker EBITDA ytterligere, forsvarer / overstiger dagens aksjekurs - hensyntatt / inkludert fradrag alle RECs netto forpliktelser og gjeld....😊
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Ærligtalt
29.10.2020 kl 08:38
4623
Forventet etterspørsel fra 2020 til 2022 er jo helt sinnsyk
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Borgermester
29.10.2020 kl 08:40
4521
Haha, salgssjefen virker jo helt ubrukelig. Har ikke kontroll i det hele tatt. Han må vi få erstattet.
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Billyjojimbob
29.10.2020 kl 08:40
4501
Ærligtalt skrev Forventet etterspørsel fra 2020 til 2022 er jo helt sinnsyk
Er det slutt på repemi over børs for småguttene nå?
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Hehe ja er så sykt :-) Moses lake skal jo opp å gå i tillegg, med avtalene som er inngått vil det bli full produksjon i moses lake også, så klarer ikke se så mye risiko her for øyeblikket :-)))
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Kan bli litt fart i dag :-)) Ordre bildet ser lovende ut :-)))
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Ærligtalt
29.10.2020 kl 08:52
4039
Billyjojimbob skrev Er det slutt på repemi over børs for småguttene nå?
Skjønte ikke helt den- men får jo håpe de får inn de pengene
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
suspekt
29.10.2020 kl 08:52
4096
Slettet brukerskrev Kan bli litt fart i dag :-)) Ordre bildet ser lovende ut :-)))
Vi kan stige i dag, der er bra, med pluss 50 øre i utbytte!
Redigert 21.01.2021 kl 06:12
Du må logge inn for å svare
Fantastisk presentasjon. Gleder meg til de neste årene som aksjonær! Tror virkelig på en 10-50x investering her.
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Det gjør jeg å :-) 10-50x investering her er veldig fult mulig .
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
nemi's
29.10.2020 kl 08:58
3825
Juni 2022. Kan noe skje i ML. I beste fall, sier REC.
7.9MUSD i ebitda fra Butte er helt elendig. I praksis all time low!
7.9MUSD i ebitda fra Butte er helt elendig. I praksis all time low!
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Slettet brukerskrev Det gjør jeg å :-) 10-50x investering her er veldig fult mulig .
og veldig realistisk med utsiktene de neste årene. MYE penger skal inn i green deal og rec er ledende på sitt felt
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Anywhere
29.10.2020 kl 08:59
3795
Vel, det er også andre interessenter enn G14 i forhold til renhets-silikon på batteriproduksjon, så her kan det bli flere hester, og dermed muligheter for endog utvidelser...
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Ærligtalt
29.10.2020 kl 09:03
3688
... De hadde tid til 2 spørsmål, lol
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
enurweb
29.10.2020 kl 09:09
3561
Tut tut, toget går igjen!
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Intravenøsiu
29.10.2020 kl 09:10
3536
Trolig selger de Silangass fra Butte til batteriprodusentene: Amprius, Sila Nanotechnologies, One D Material.
Det er og flere andre selskaper som bruker Silangass
Det er og flere andre selskaper som bruker Silangass
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Hold dette kommer til å bli muligens det beste aksjen på oslo børs. 90% av solceller blir importert fra Kina til USA. Dette markedet satser ML og ta over. De regner med hjelpe pakke fra presidenten skal en boost for oppstart av flere selskaper i forbindelse med ML Anslår $100 millioner i startfasen som rene inntekter. Med dagens kurs gir vel det en P/E på 1 eller 2
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Null
29.10.2020 kl 09:12
3523
Ærligtalt skrev ... De hadde tid til 2 spørsmål, lol
Det vil sikkert bli svart på flere spørsmål kl 1500 i dag.
Siste cc svarte de på alle til det var helt tomt for spørsmål, så får vi se hvordan dagen går.
Har startet fint til nå, ikke noen mulighet for 8 kr i dag.
Siste cc svarte de på alle til det var helt tomt for spørsmål, så får vi se hvordan dagen går.
Har startet fint til nå, ikke noen mulighet for 8 kr i dag.
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Ærligtalt
29.10.2020 kl 09:14
3480
Det er rimelig lavt ja... P/E 10 hadde jo vært lavt slik jeg forstår det
Gidder ikke sjekke kurs engang i RT, her blir jeg sittende
Gidder ikke sjekke kurs engang i RT, her blir jeg sittende
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Ærligtalt
29.10.2020 kl 09:14
3456
👍
Flott, god presentasjon med en mengde gullkorn
Flott, god presentasjon med en mengde gullkorn
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
nemi's
29.10.2020 kl 09:16
3425
Group14 "expected to break ground in 2021...". Sier REC.
De har ikke finansiert prosjektering eller bygging. Sier Group14 selv.
Men dere er i hundre.
De har ikke finansiert prosjektering eller bygging. Sier Group14 selv.
Men dere er i hundre.
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Normal
29.10.2020 kl 09:24
3255
Men kursmanipuleringen og robotene må vi nok leve med fortsatt ser det ut til...
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Er egentlig overrasket over at aksjekursen såvidt har vokst. Jeg så på presentasjonen som svært positivt.
Ser frem til presentasjonen kl 15.00.
Macros virker også grønne i dag.
Tror vi får fart her når som helst nå. Snart vil artikler renne ut og meglerhus vil komme med oppdaterte analyser.
Ser frem til presentasjonen kl 15.00.
Macros virker også grønne i dag.
Tror vi får fart her når som helst nå. Snart vil artikler renne ut og meglerhus vil komme med oppdaterte analyser.
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Ja bladet kapital har vært ute med svært positiv artikkel, og pareto allerede ute med analyse.
Mye lovende her, så er bare vente på flere skal komme på banen og rope KJØP :-)
Mye lovende her, så er bare vente på flere skal komme på banen og rope KJØP :-)
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
novalusus
29.10.2020 kl 09:27
3216
Selvfølgelig er de i Hundre :) Kina besitter så og si monopol på den nye Olja. Det sier seg selv at sånne monopoler ikke varer evig. Helt topp og høre at de jobber systematisk mot sin egen supply chain for fremtiden. Og Rec er i en glimrende posisjon for sterk vekst både i USA og Europa.
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Null
29.10.2020 kl 09:28
3196
Kjøpte inn noen få til i dag for å trade med kom inn på 10,3 håper på 11 så får vi se
klarte ikke å la være men nå er vel alle de som jeg eventuelt får i reppen inne men på en trading konto
De som er kjøpt lave blir ikke rørt med det første
klarte ikke å la være men nå er vel alle de som jeg eventuelt får i reppen inne men på en trading konto
De som er kjøpt lave blir ikke rørt med det første
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Har DNB fondet økt sin andel? Nok flere som kommer inn med penger her :-)
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Så vidt vokst jeg kjøpte masse under 4kr: )) Dere glemmer raskt. Solgte mye rundt 13,5 og 14. Mye er kjøpt inn igjen men skal ha mer om den detter nedover noe rec er kjent for:))
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Overraskende lav omsetning på starten i dag?
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Overraskende lav omsetning på starten i dag?
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
Slettet brukerskrev Overraskende lav omsetning på starten i dag?
3 plass på mest omsatt etter 15 min?
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare
etter det jeg har fått med meg så er det bare dem med TP så langt.
Burde komme fler innen helgen starter :-)
Burde komme fler innen helgen starter :-)
Redigert 21.01.2021 kl 06:29
Du må logge inn for å svare