REC Resultat 1Q


Fornebu, Norway - May 9, 2019: REC Silicon ASA (REC Silicon) reported first quarter 2019 revenues of USD 45.0 million, compared to USD 48.9 million in the fourth quarter of 2018. EBITDA for the first quarter of 2019 was USD 4.7 million and included the impact of implementing IFRS 16 regarding leases which resulted in a USD 3.4 million smaller EBITDA loss for the quarter.



REC Silicon reported a cash balance of USD 25.4 million on March 31, 2019. This represents a decrease of USD 6.4 million compared to the cash balance on December 31, 2018. Cash outflows from operations was USD 3.5 million for the quarter which included interest of USD 0.7 million associated with leases. Cash outflows from financing activities consisted of USD 2.8 million payments of lease liabilities.



Polysilicon sales volume for the quarter was 2,004 MT compared to 1,664 MT in the prior quarter, while inventory decreased by 496 MT.



Silicon gas sales volumes for the fourth quarter were 829 MT compared to guidance of 850 MT. Silane gas prices decreased by 3.3 percent compared to the fourth quarter 2018. Fourth quarter semiconductor polysilicon production was 285 MT compared to guidance of 290 MT.



The FBR facility in Moses Lake operated at approximately 25 percent throughout the first quarter. FBR production was 1,091 MT compared to guidance of 1,180 MT. FBR production costs were USD 13.5/kg compared to guidance of USD 12.8/kg.



President and CEO, Tore Torvund said, "First quarter results are far below our potential due to restricted access to Chinese markets. We are hopeful that REC Silicon's access to polysilicon markets in China will be restored and we can return to 100% capacity utilization in our FBR facility."



The Board of Directors has initiated a plan to curtail the operation of the FBR facility beginning on May 15, 2019 to reduce spending and to maintain liquidity. Unless access to polysilicon markets in China is restored, the facility will be placed in a long-term shutdown by June 30, 2019. The timing and length of the shutdown are dependent on whether REC Silicon is able to regain access to Chinese markets for polysilicon as a result of trade negotiations between China and the United States or other significant positive developments in solar grade polysilicon markets.



For more information, please see the attached first quarter 2019 report and presentation.



A presentation of the results will be held at 08:00 a.m. CEST at Hotel Continental, Stortingsgata 24/26, Oslo, Norway. The presentation will be in English.



A live webcast from the presentation can be accessed at www.recsilicon.com or with the following link: https://webtv.hegnar.no/presentation.php?webcastId=97815703



It will also be possible to listen to the presentation through a conference call. To join this event, use one of the following access numbers. Please make sure to dial in 5-10 minutes prior to the scheduled start time.



Norway Dial-in (Tollfree/Freephone): 800 51 084

Norway, Oslo (Dial-in Local): +47 2100 2610

United Kingdom (Dial-in Tollfree/Freephone): 0800 358 6377

United Kingdom (Dial-in Local): +44 (0) 330 336 9125

United States (Dial-in Local): +1 929 477 0324

United States/Canada (Dial-in Tollfree/Freephone): 800 458 4121

Other international: +44 (0) 330 336 9125



Participant Passcode: 5632920



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


De som får være med på rep emien var de som satt med aksjer i selskapet den dagen emisjonen ble annonsert, og da stod den vel i rundt 0,75?
Tror handlingen i dag bestod av noen hestehandler mellom short og de som deltok i emisjonen.
Det får vi svaret på ved neste short registrer oppdatering (mandag?) Hardcore Rec gutta har flagget høyt og lenge om squise, men short har vel allerede dekket inn ca 20% og dette med fallende kurser....
nemi's
11.05.2019 kl 10:12 364

Nå er dere superhappy for at Torvald Tåke har innbilt dere om at en angivelig PV-verdikjede skal etableres i US. JADA. Om noen år, som det alltid heter seg fra mannen dere har betalt 25mill i 2017-18.

Realitetene her er at det koster 50MUSD å restarte ML etter shutdown, i følge REC. Som så klart skal betales av aksjonærene i neste emisjon i 2020. For å kunne produsere 50% igjen deretter, i realiteten. Videre skal aksjonærene betale +/- 169MUSD for ev. å få kjøpt seg opp til 49% eierandel i Tian Hong REC (til 2021). Legg til potensielle 30MUSD i CET tax +23MUSD i indemn loan + 7.7MUSD i 2012 property tax appeal. For de utpinte aksjonærene. Og så skjønner dere at cash flow fra Butte kommer til å ha mer enn nok med å delvis betale ned bl.a. de 110MUSD i REC04 Bond, uten at aksjonærene skal ta dette også (til 2023).

I verste fall skal REC-aksjonærene ut med 2MRD NOK ila et par år for å fortsette å produsere solar FBR-polysil i USA og Kina. Et produkt med global overkapasitet, og som like etterspurt som svart-hvitt LED skjermer. Eller alminnelig såpe.

Koster dere 0.8 kr/aksje. Blir ikke mye til overs hjemme i stua da. Det kan vi vel være enige om, i det minste.

Som JUM sier på e24.no i dag: – Det er forferdelig kjedelig å ha en fabrikk til 15–20 milliarder som ligger brakk.

Penger opp i røyk. Dunstet vekk. Fantes en gang. Deres penger! Sånn er det å være på JUM-laget.
Redigert 11.05.2019 kl 10:13 Du må logge inn for å svare

Forhandlingene fortsetter i Kina neste uke. Siterer South China Morning Post:

"Vice-Premier Liu He described the meetings as “candid and constructive” and said the two sides had agreed to meet again in Beijing to continue their discussions. For the first time, Liu also outlined the differences between the two sides.

“The negotiations have not broken down,” he says in a video clip published on Xinhua’s website. “Quite the opposite. I think they are normal. Small setbacks are inevitable in bilateral negotiations. Looking ahead, we are cautiously optimistic about the future.”"

https://www.scmp.com/news/china/diplomacy/article/3009824/chinas-vice-premier-liu-he-says-small-setbacks-will-not-derail
Redigert 11.05.2019 kl 11:00 Du må logge inn for å svare
XL11
13.05.2019 kl 09:43 154

Unwise Kåbai, hvilken nyanse ble det på det svarte? Kølsvart, eller enda svartere?