Edition:
United States

REC Silicon ASA (REC.OL)

REC.OL on Oslo Stock Exchange

1.03NOK
18 Aug 2017
Change (% chg)

kr-0.00 (-0.10%)
Prev Close
kr1.03
Open
kr1.03
Day's High
kr1.03
Day's Low
kr1.01
Volume
11,772,988
Avg. Vol
22,572,587
52-wk High
kr1.50
52-wk Low
kr0.88

Latest Key Developments (Source: Significant Developments)

REC Silicon CEO: will own 15 pct of Julin JV if it can't pay into it
Thursday, 20 Jul 2017 03:16am EDT 

July 20 (Reuters) - SILICON PRODUCER REC SILICON ASA ::REC SILICON CEO TORE TORVUND SAYS HAS NO OBLIGATION TO PAY $169 MILLION INTO YULIN JV IN CHINA TO KEEP OWNERSHIP AT 49 PERCENT, IF IT DOES NOT, PAY OWNERSHIP WILL BE 15 PERCENT.REC SILICON CEO SAYS TO FIND A SOLUTION TO YULIN JV DURING THE YEAR.THE JV FACILITY EXPECTS TO START UP THE FIRST SILANE UNIT AND FBR REACTORS IN Q4 2017.REC CEO SAYS THERE IS NO SOLUTION TO SELL ASSETS IN U.S TO FUND YULIN JV.  Full Article

Rec Silicon Q2 pretax loss bigger than expected due to currency
Thursday, 20 Jul 2017 01:22am EDT 

July 20 (Reuters) - Rec Silicon Asa : :Rec silicon q2 revenues $ 61.4 million (Reuters poll $63 million) vs $71.1 mln in Q2 2016.Rec silicon q2 ebitda $1.3 million (Reuters poll $0.3 million) vs $-14.3 mln in Q2 2016.EBITDA Includes $2.5M Collection of Reserved Accounts Receivable.Rec silicon pretax loss $48.3 million (Reuters poll loss $26.2 million) vs $-39.1 mln in Q2 2016.Includes Q2 net currency losses of $17 mln vs a gain of $8 mln in q2 2016.Net currency gains and (losses) relate primarily to internal loans .Progress on yulin joint venture plant continues as planned.Continues to negotiate deferral of remaining $169 million capital contributions until after 2018.Gas sales volumes for quarter were in line with expectations at 808 mt.China Yulin jv facility expects to start up first silane unit and FBR reactors in q4 2017.Continues to negotiate deferral of remaining $169 million capital contributions until after 2018.Rec silicon targets 2017 polysilicon production of 12,500 mt versus previous guidance of 12,320 mt.Includec operation of the FBR facility in Moses Lake at approximately fifty percent capacity utilization throughout 2017. .Rec silicion repeats targets 2017 FBR cash production costs of $11.0/kg, sees $11.5/kg in q3.  Full Article

REC Silicon says Norway tax office seeks to disallow 2009-2011 losses
Wednesday, 12 Jul 2017 01:00am EDT 

July 12 (Reuters) - Rec Silicon Asa :Rec silicon - reassessment of income taxes in tax returns for tax years 2009 through 2011.Rec silicon received a draft decision dated june 30, 2017 from Norwegian Central Tax Office (cto) which disallows losses of nok 7.7 billion in total (at 28 percent tax would be approximately nok 2.2 billion).The Company expects these amounts to be adjusted for group contributions and carry back of tax losses, which would result in recognition of approximately usd 26 million in tax expense plus interest of approximately usd 4 million.Range of potential outcomes remains broadly unchanged from disclosures previously made by company.Will oppose draft decision by filing supporting assessments and presenting additional documentation.  Full Article

Rec Silicon Q1 EBITDA in line with forecast
Wednesday, 3 May 2017 12:55am EDT 

May 3 (Reuters) - Rec Silicon Asa :Rec silicon q1 revenues $57.5 million (Reuters poll $71.2 million) vs $68.8 million in Q1 2016.Says lower first Q1 revenues are a result of lower polysilicon sales volumes.Rec silicon q1 ebitda $4.6 million (Reuters poll $4.4 million) vs loss $13.4 mln in q1 2016.Rec silicon q1 ebit loss $16 million (Reuters poll loss $19.2 million).Rec silicon targets 2017 polysilicon production of approximately 12,320 mt versus previous guidance of 12,500 mt.Rec silicon targets polysilicon production of 3,040 mt in the second quarter of 2017.Construction on Yulin joint venture plant continues to progress, and plant remains on target for start-up in second half of 2017.Company is actively engaged in ongoing negotiations to defer company's remaining $169 million capital contributions (in Yulin JV) until after 2018.Says expect to remain near cash neutral throughout 2017, no debt maturities in 2017.  Full Article

REC Silicon's Q3 loss deepens after $79 mln impairment, to cut more costs
Wednesday, 2 Nov 2016 02:27am EDT 

Rec Silicon, which produces polysilicon and silicon gas to the solar and electronics industries, said: Rec silicon q3 revenues $50.9 million (Reuters poll $53.6 million) vs $87.5 mln in q3 2015 . Rec silicon asa says lower revenues are primarily a result of disruption of solar grade polysilicon market due to expiration of 2015 feed in tariffs in china, which affected the entire value chain . The ongoing solar trade war between the US and China also continues to restrict REC Silicon's access to polysilicon markets in China . Q3 ebitda loss of usd 7.9 million (Reuters poll loss $4.7 mln) vs loss of usd 14.1 million in Q3 2015 . Q3 impairment charges $79 mln due to continued Uncertainty Caused by the Trade Dispute and decline in Solar Grade Polysilicon Prices due to Oversupply . Q3 EBIT loss $109.8 mln (Reuters poll loss $28.7 mln) vs loss of $46.3 mln in q3 2015 . Rec silicon is announcing additional cost cutting initiatives and has reduced production capacity utilization to approximately 50 pct at Moses Lake facility . As part of cost cutting initiatives, company is announcing a reduction in headcount of approximately 70 employees . Rec silicon asa: negotiations are underway with Yulin joint venture partner to defer company's second and third capital contributions, totaling $169 million, beyond 2018 . Cash Balance of $86.8 million at end Q3 . Anticipates decline in cash during Q4 2016 to meet working capital requirements.  Full Article

REC Silicon warns of Q3 revenues below expectation
Friday, 23 Sep 2016 01:18am EDT 

REC Silicon said: Due to ongoing negative effects from the trade war between the U.S. and China and the recent decline in PV market conditions, lower sales than previously anticipated have occurred in the third quarter . As a result, third-quarter polysilicon sales volumes (excluding fines and powders) are now expected to be approximately 1,800 MT . Negotiations continue between the US and China towards a resolution of the trade war, but timing and outcome of such a resolution remain uncertain . Third quarter revenues are currently expected to be USD 45-50 million, compared to USD 71.1 million in the previous quarter . The decrease in revenue can be mainly attributed to lower FBR sales volumes . Q3 total polysilicon production volumes are forecasted to be roughly 3,900 MT, compared to guidance of 4,490 MT . The company is taking measures to maintain a healthy cash position and manage inventory levels . The company will adjust production capacity utilizationaccording to market demand and currently anticipates running at approximately 50% of full capacity at Moses Lake by October 1, 2016 . Construction and spending on the Yulin joint venture plant remains on track for start-up in the second half of next year.  Full Article

Oslo-listed REC Silicon's Q2 results lag forecasts
Thursday, 21 Jul 2016 12:50am EDT 

REC Silicon : Q2 revenues $71.1 million (Reuters poll $84.2 million) . Q2 EBITDA $-14.3 million (Reuters poll loss $8.2 million) . Silicon gas prices are expected to remain near current levels . Silicon gas sales volumes are targeted at 800mt and 900mt for the third and fourth quarters of 2016 respectively. . The restart of silane IV has been delayed due to a fire on July 1, 2016 which resulted in equipment damage to one of the three hot oil heaters . Silane III was successfully restarted in May and Silane IV is currently in restart. . Silicon gas sales volume targets for 2016 in total have been reduced to 2,840mt from previous guidance of 3,360mt. . Silane III was restarted in may 2016 and is currently operating near maximum capacity. . Says currently sees Silane IV will resume production early in Q3 of 2016 at rates near two thirds capacity in Q3 and then return to full rates in the Q4 of 2016. .Management continues to estimate that silane iii and silane iv are capable of running for two years without an extended maintenance outage..  Full Article

REC Silicon says fire at Moses Lake hits Q3 output forecast
Monday, 4 Jul 2016 01:00am EDT 

Rec Silicon Asa : Says updates q3 production estimate due to incident . During startup of silane iv an oil fire occurred in one of three gas fired oil heaters . There were no injuries or releases of process chemicals caused by this incident . Currently anticipates restart of silane iv will occur in mid july and that production rates may be limited to approximately two thirds capacity of silane iv through q3 . Q3 granular polysilicon production is currently estimated at 3,800 mt, which is about 800 mt below q3 volume previously guided. . At this time there is no anticipated change to previously guided q4 granular polysilicon production volume . Silane iii started up in may and is operating at near full capacity . FBR facility was not impacted, however, FBR capacity will be impacted by silane gas limitations caused by this incident .Fire in silane iv resulted in damage to gas fired oil heater involved in incident.  Full Article

Rec Silicon sees Moses Lake restart
Tuesday, 3 May 2016 01:00am EDT 

Rec Silicon ASA:Will restart its Silane II unit and half rate FBR production later in May.Silane IV unit and full rate FBR production will restart in June.Targets polysilicon production of about 2,020 MT in Q2.Total polysilicon product for 2016 is targeted at 14,730 and includes peak production rates for FBR production throughout H2.Silicon gas sales volumes are targeted at 800 MT for Q2 and remain at 3,360 MT in total for 2016.Forward sales from Q2 2015 will no longer impact silicon sales volume.In addition, continued strong demand will result in higher sales volumes for the remainder of the year.Yulin JV on Track for Start-up in H2 2017.  Full Article

Rec Silicon shuts plant in USA
Monday, 8 Feb 2016 01:01am EST 

Rec Silicon ASA:Says will shut down Silane IV unit and remaining FBR production in Moses Lake.Production expected to be shut-down from February until June 2016, dependent on ongoing negotiations towards resolution in solar trade war and general market development outside China.Says Silane III, which has been out of production since July 2015 and was previously expected to resume production in January 2016, is expected to remain out of production until there is a resolution to solar trade war​.  Full Article

BRIEF-REC Silicon CEO: will own 15 pct of Julin JV if it can't pay into it

* REC SILICON CEO TORE TORVUND SAYS HAS NO OBLIGATION TO PAY $169 MILLION INTO YULIN JV IN CHINA TO KEEP OWNERSHIP AT 49 PERCENT, IF IT DOES NOT, PAY OWNERSHIP WILL BE 15 PERCENT