Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on REC SILICON ASA. We currently have 9 research reports from 1 professional analysts.
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REC SILICON ASA
REC SILICON ASA
When the going gets tough, the tough get going!
02 Nov 16
In Q3`16 revenues dropped 41.8% to US$50.9m. EBIT losses increased from US$46.3m to US$109.8m. This also includes an impairment of US$78.5m taken against property, plant and equipment. Excluding the impairment, EBIT losses would have reached US$31.3m. Polysilicon production increased by 9% to 3,903 MT but total sales volume plummeted from 4,512 MT to 1,775 MT. Sales of silicon gas however increased by 20.2% to 772MT in the third quarter. The cash balance reached US$86.8m and will meet the working capital requirements in Q4`16.
Another profit warning
23 Sep 16
Management published a trading update. Third quarter results and fourth quarter guidance will be given on 2 November. The trading update is a clear profit warning. Due to the ongoing trade war between the USA and China, management indicated lower than anticipated sales volume. In addition, the weak photovoltaic market accelerated the decline in the third quarter. Third quarter polysilicon sales volume will only reach 1,800 tons. Revenues are expected to range between US$45m and US$50m compared to US$71.1m in the second quarter. Third quarter polysilicon production volume will reach around 3,900mt compared to 4,490mt forecasted previously. FBR production will now reach 3,300mt compared to the guidance of 3,830mt. FBR costs will remain unchanged at US$12/kg.
Wanted - higher capacity utilisation rates
22 Jul 16
Revenues in Q2 16 declined 23.5% to US$71.1m and EBIT losses widened to US$38.1m, compared to US$29.4m in Q2 16. Compared to Q1 16, revenues increased 3.2%, mainly a result of higher silicon gas sales volume of 14.8%. In Q2 16, polysilicon sales volume in MT declined 4.8% to 3,634MT but average solar grade polysilicon prices increased 9.7% quarter-on-quarter. Production, however, plummeted from 5,071MT to 1,671MT. Silicon gas sales declined around 38.3% to 610MT. According to management, demand remained stable and prices declined only 2.8% compared to the first quarter. The EBIT loss was mainly attributable to inefficiency due to capacity curtailment in Moses Lake. The company profited from extraordinary income. An electricity refund of US$5.9 was booked in other income and reached US$6.1m, compared to zero in Q2 15. The refund helped to reduce operating losses. In May, the company retired a NOK bond worth US$21.2m and improved liquidity. Total cash balance reached US$91.3m at the end of June.
Waiting for a sunny day
03 May 16
The company reported Q1 16 results. Revenues declined 7.5% to US$68.8m and EBIT losses increased from US$11.5m in Q1 15 to US$37.5m. The losses were mainly driven by the capacity curtailments in Moses Lake. In May, the company restarted the Silane III production and will start Silane IV production in June. The polysilicon sales volumes increased by 61% to 3,857 tons despite limited access to the Chinese market. Compared to Q4 15, volumes increased 41%. Average solar grade prices increased by 6% and solar spot market prices by 4%. According to management, spot prices increased due to inventory depletion and higher wafer production.
12 Feb 16
The company reported final 2015 results. As already mentioned when REC Silicon reported preliminary results, the company is fighting for survival. The key solution to overcome the difficulties is a resolution of the US/China trade war. China requires a balanced and reciprocal deal and the US needs reasonable access for its polysilicon producers.
Trade war is pushing the company to the brink
08 Feb 16
The company reported preliminary 2015 results. In Q4 15, revenues declined 14.4% to US$74.9m. The EBITDA loss increased from US$14.1m to US$29.6m, mainly attributable to lower revenues, a bad debt expense of US$7m and a write-down on inventories of around US$6.1m. Total polysilicon production reached 3,022MT, or 2% higher than the guidance of 2,980MT. Production of silicon gases reached 709MT and exceeded guidance of 700MT. Silicon gas prices, however, declined 2% in the fourth quarter.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
High grade, low cost gold
28 Nov 16
High grades and low costs mean that, in our view, Scotgold’s Cononish project could generate more than £14m a year in EBITDA. In addition to advancing funding discussions based on the compelling bankable feasibility study mine plan (which at £950/oz gold price and 8% WACC gives a project NPV of £43.0m), the company is exploring optimisation opportunities, as well as the potential for a phased approach requiring lower up front capital. We are resuming coverage with a Buy recommendation and target price of 2.2p