Rec Silicon Asa · OSL:RECSI
Rec Silicon Asa — Q1 2023 Earnings Presentation
18 slides from Rec Silicon Asa's earnings presentation, May 11, 2023
Slide 1: First Quarter 2023 Presentation
FIRST QUARTER 2023 PRESENTATION
Slide 2: Disclaimer
DISCLAIMER This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections abo
Slide 3: Agenda
AGENDA › First Quarter 2023 Highlights › Financial Review › Semiconductor Materials › Solar Materials › Foundational Activities Update 4 © REC Silicon ASA. All rights reserved. Confidential May 11, 2023
Slide 4: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS Revenues: $ 29.1M EBITDA : ($ 23.0M) March 31, 2023 Cash Balance of $ 49.1M - Cash decrease during Q1 2023 of ($ 56.2M) - ($ 28.9) Cash outflows from operating activities - ($ 22.5M) Cash outflows from investing activities - ($ 0.8M) Cash outflows from financing activities -
Slide 5: Financial Review
FINANCIAL REVIEW 6 © REC Silicon ASA. All rights reserved. Confidential
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS (Millions USD) Q1-23 Q1-22 2022 Q4-22 Semiconductor Materials $ 29.0 $ 34.5 $ 147.4 $ 31.5 Revenues $29.1M - Polysilicon Sales volume decrease by 39.2% vs. Q4-22 Solar Materials 0.1 - 0.2 0.1 - Silicon Gas Sales volume increase by 24.3% vs. Q4-22 Other 0.1 0.1 0.2 0.1 Revenues $
Slide 7: Semiconductor Materials Segment Financial Performance
SEMICONDUCTOR MATERIALS SEGMENT FINANCIAL PERFORMANCE Revenues EBITDA (USD Millions) $44.9M Revenues $29.0M $36.6M - 7.9% decrease in revenues vs. Q4-22 $34.5M $31.5M $29.0M - Polysilicon Sales Volume – 39.2% decrease vs. Q4-22 - Semiconductor Grade Polysilicon - decrease by 57.8% - Polysilicon Sale
Slide 8: Cash Flows
CASH FLOWS Cash Flows March 31, 2023 Cash Balance $49.1M $120 (USD Million) ($56.2M) Decrease in Cash During Q1’23 $110 $100 Cash Flows From Operating Activities ($28.9M) - ($23.0M) EBITDA $90 - ($2.8M) Working Capital $80 ($23.0) ($2.8) $0.1 ($2.7) - ($4.5M) Increase in inventories $70 ($4.0) ($0.4
Slide 9: Debt
DEBT Debt Maturity Profile (USD Million) $113.9 USD Senior Secured Bond Lease Liabilities Note - Property Tax Settlement Nominal Debt $183.8M - ($0.1M) Decrease during Q1-23 - ($0.1M) Changes in Lease Liabilities Nominal Net Debt $134.7M $49.1 $110.0 - $56.1M Increase during Q1-23 - $56.2M Decrease
Slide 10: Semiconductor Materials
SEMICONDUCTOR MATERIALS 11 © REC Silicon ASA. All rights reserved. Confidential
Slide 11: Silicon Gases
SILICON GASES Silicon Gas Sales Silicon Gas - 640MT shipped in Q1-23 Sales Volumes (MT) - 24.3% volume increase vs. Q4-22 - Silicon gas price 6.8% decrease vs. Q4-22 Semiconductor remains challenged - Inventory correction nearing bottom - Moving towards stabilization followed by potential recovery i
Slide 12: Semiconductor Grade Polysilicon
SEMICONDUCTOR GRADE POLYSILICON Semiconductor Grade Polysilicon Sales Volumes (MT) Semiconductor Grade Polysilicon Sales - 95MT shipped in Q1-23 - Decrease of 57.8% compared to Q4-22 - Semiconductor price increased by 58.9% vs. Q4-22 Seasonality, production reduction and deferrals - Q1 is traditiona
Slide 13: Solar Materials Update
SOLAR MATERIALS UPDATE 14 © REC Silicon ASA. All rights reserved. Confidential
Slide 14: Polysilicon Market
POLYSILICON MARKET Solar installations in Q1 2023 above forecast - Total year forecast now predicted above 300GW Prices holding longer with slower decline - China prices slowly declining - Up ~7% for Q1 vs Q4 - Down ~16% in Q2 so far - Outside China polysilicon prices remain strong New plant expansi
Slide 15: Moses Lake Restart Update
MOSES LAKE RESTART UPDATE Construction phase has commenced - Civil and structural - Reactor modifications continue Activities remain on target to support Q4-23 startup - All primary major equipment has been ordered - Hiring activity continues in line with the plan - All key process raw material inpu
Slide 16: Foundational Activities Update
FOUNDATIONAL ACTIVITIES UPDATE 17 © REC Silicon ASA. All rights reserved. Confidential
Slide 17: Foundational Activities Update
FOUNDATIONAL ACTIVITIES UPDATE Contracts - Progress continues in Polysilicon and Silane Offtake contract finalization with Hanwha entities - Supply discussions are occurring with multiple Silane-based Silicon Anode material producers to support next phase production - Two multi-year distribution agr
Slide 18: Thank You!
Thank You! www.recsilicon.com