Thursday, 23 August 2012
REC WAFER NORWAY AS
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
If you want to know more, ASKMORE modeFinance’s credit report.
TM
Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way. TM
TM
TM
REC WAFER NORWAY AS
Identification number
NO986384030
Country
Norway
ZIP code and city
8160 - GLOMFJORD
Address
ORNESVEIEN 3 +47 75723000 www.recgroup.com Not available
Legal form
Limited liability company
Account
Unconsolidated
Incorporation date
2004/01/17
NACE 2 Sector
2013 - Manufacture of other inorganic basic chemicals
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Company name
Listed Status
Active
MORE Credit limit
Not assessable on the base of the available informations
plans 3 types of reports:
Turnover (th e) Rating s-peek
TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
31/12/2009
31/12/2008
907,256
706,079
479,047
CC
CC
BBB
35.00%
35.00%
0.55%
78%
100%
100%
12.41
6.23
2.52
1.08
1.16
1.40
Current Ratio
0.24
0.33
0.71
Quick Ratio
0.15
0.18
0.58
Probability of default
Plus
Basic
31/12/2010
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-
-16.65
38.45
-66.65
-100.72
96.82
0.62
0.56
0.50
Interest paid weight
-
-0.16
0.01
EBITDA/Sales
-
-
-
EBIT interest coverage ratio
-
-1.92
62.12
EBITDA interest coverage ratio
-
3.78
76.32
Return on equity ROE (%) Asset turnover
Interest Coverage ratios
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
12.41
0.51
1.62
3.10
-2.15
Total asset/Total liabilities
1.08
2.95
1.61
1.23
0.92
Current Ratio
0.24
2.45
1.58
1.11
0.61
Quick Ratio
0.15
1.89
1.14
0.80
0.36
-
14.24
7.06
-0.08
-10.92
-66.65
15.77
9.32
-6.40
-77.72
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover
0.62
1.03
1.03
0.79
0.93
Interest paid weight
-
0.02
0.19
0.00
-0.12
EBITDA/Sales
-
0.16
0.10
0.03
-0.06
EBIT interest coverage ratio
-
54.79
4.14
-0.19
-5.68
EBITDA interest coverage ratio
-
59.16
6.89
1.36
-1.93
Interest Coverage ratios
Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
45
35
41
44
46
Days Sales Outstanding (DSO)
47
57
53
55
60
Days Payable Outstanding (DPO)
36
27
34
48
67
Cash Conversion Cycle (DIO + DSO - DPO)
56
65
62
51
45
-
218
425
137
37
CC
A
BBB
B
C
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 2013with financial data of year 2010.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2010
31/12/2009
31/12/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.12765
0.1201
0.10265
Total assets
1,471,323
1,256,890
960,904
Fixed assets
1,177,566
933,442
523,139
53,896
25,690
8,252
Tangible fixed assets
718,626
649,353
414,862
Other fixed assets
405,044
258,399
100,025
293,757
323,448
437,765
Stocks
112,135
141,473
76,169
Debtors
116,317
115,592
51,997
65,305
66,383
309,599
47
62
52
Shareholders funds
109,750
173,932
272,951
Capital
109,750
6,395
56,970
0
167,536
215,981
1,361,572
1,082,958
687,953
162,225
94,042
69,111
Exchange rate NOK - EUR
Intangible fixed assets
Current assets
Other current assets Cash & cash equivalent
Other shareholders funds Total liabilities Non current liabilities
0
0
0
162,225
94,042
69,111
1,199,347
988,916
618,842
0
792,561
0
88,403
82,429
93,533
1,110,944
113,926
525,309
1,471,322
1,256,890
960,904
31/12/2010
31/12/2009
31/12/2008
Long term debt Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts
0
792,561
Long term debt
0
0
0
47
62
52
-47
792,499
-52
Cash & cash equivalent Net debt
31/12/2010 Working capital
31/12/2009
0
31/12/2008
140,049
174,636
34,633
-905,590
-665,468
-181,077
31/12/2010
31/12/2009
31/12/2008
Net Current Assets
Days Sales Of Inventory (DIO)
45
73
58
Days Sales Outstanding (DSO)
47
60
40
Days Payable Outstanding (DPO)
36
43
71
Cash Conversion Cycle (DIO + DSO - DPO)
56
90
27
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2010
31/12/2009
31/12/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate NOK - EUR
0.12765
0.1201
0.10265
Sales
907,256
706,079
479,047
28
47
-
0
0
0
Operating revenue / turnover
907,256
706,079
479,047
Total costs
803,601
577,734
308,403
Costs growth (%)
39
87
-
Service costs
130,901
46,131
41,738
Material costs
568,744
463,071
216,109
Costs of employees
103,955
68,532
50,556
EBITDA
103,656
128,345
170,644
Depreciation
101,418
193,704
31,743
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBIT
2,238
-65,359
138,901
-103,744
-177,877
228,339
Financial revenue
61,933
161,128
285,513
Financial expenses
165,676
339,005
57,175
-
33,960
2,236
-101,506
-243,236
367,240
0
0
0
0
0
0
Financial P/L
Interest paid P/L before tax Extr. and other P/L Extr. and other revenue
0
0
0
-101,506
-243,236
367,240
Extr. and other expenses P/L before tax + Extr. and other P/L Taxation
-28,355
-68,056
102,978
P/L for period
-73,150
-175,180
264,262
31/12/2010
31/12/2009
31/12/2008
28,267
18,524
296,005
-
52,959
451,775
31/12/2009
31/12/2008
Cash flow Added value
31/12/2010 Number of employees
1,104
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
-
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company, which is based in Norway, is engaged in the production and wholesale distribution of silicon wafers to the international solar market, primarily continental Europe, the United States, and Asia. It is a privately held company established in 1994 and has its registered corporate headquarters located in Glomfjord. The company is one of the world’s largest suppliers of silicon wafers to the solar energy industry. In addition, it aims to play a leading role and a key contributor in shaping the future of the solar energy industry.
History
Not available.
Primary business line
Engaged in the production and wholesale distribution of silicon wafers to the international solar market.
Secondary business line
Not available.
Main activity
Manufacturing; Wholesale.
Secondary activity
Not available.
Main products and services
Silicon wafers.
Size estimate
One of the world’s largest suppliers of silicon wafers to the solar energy industry.
Strategy, organization and policy
Aims to play a leading role and a key contributor in shaping the future of the solar energy industry.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
Norway.
Main foreign countries or regions
Europe; Asia; United States.
Main production sites
Norway.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
International solar market.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
KPMG AS
Auditor
-
Board name
date of birth
nationality
function
Mr. Ole Enger Mr. Tom Bagstevold Mr. Bjorn Brenna Mrs. Silje Johnsen Dr Florian Nikolaus Krumbacher
14/03/1948 12/04/1971 26/05/1956 19/10/1976 11/09/1966
-
Chairman Board Member Board Member Employees Representative; Deputy board member Board Member
Mr. Cato Runar Olsen Mr. Rune Sorensen Mr. Arnt Hermod Tangen
05/07/1967 15/04/1966 06/01/1968
-
Employees Representative Employees Representative Employees Representative
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
RENEWABLE ENERGY CORPORATION ASA - REC Country ISO code NACE Rev. 2, Core code
NO -
Direct % Total % Address : Not available
100.00 100.00
B
Operating Revenue (MIL $) Total Assets (MIL $)
2329.22 4085.14
Number of Employees Information date
3587 2012/01
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
NORFURNACE AS Country ISO code NACE Rev. 2, Core code Direct % Total %
NO
BBB
Operating Revenue (MIL $)
100.00 100.00
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0 1.78 2012/01
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
REC WAFER PTE LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
SG 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
NO 20.00 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
REC WAFER PTE LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
Rating:
MELﾃ郎 BEDRIFTSSERVICE AS Country ISO code NACE Rev. 2, Core code Direct % Total %
2012/01
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2009/12 A
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
4.01 3.3 17 2012/01
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REC WAFER NORWAY AS
Thursday, 23 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741