Oslo, February 13, 2007: Renewable Energy Corporation ASA (REC) reported revenues of NOK 1,320 million in the fourth quarter 2006, an increase of 54 percent from the NOK 857 million reported in the fourth quarter 2005. Revenues for the full year 2006 were NOK 4,334 million compared with the NOK 2,454 million reported for 2005, representing an increase of 77 percent.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was NOK 676 million in the fourth quarter 2006, compared with NOK 364 million in the fourth quarter 2005. The EBITDA margin was 51 percent in the fourth quarter 2006, compared with 43 percent in the same quarter last year.
For the full year, the EBITDA increased 137 percent from NOK 830 million in 2005 to NOK 1,965 million in 2006. The margin of 45 percent for 2006 compares with a margin of 34 percent for the full year 2005.
The operating profit (EBIT) was NOK 552 million in the fourth quarter, compared with NOK 275 million in the same quarter in 2005, and the EBIT margin increased to 42 percent from 32 percent. For the full year 2006, the EBIT was NOK 1,574 million compared with NOK 601 million for 2005, representing an increase of 162%.
Profit before tax was NOK 510 million in the fourth quarter 2006 compared with NOK 263 million in the fourth quarter 2005.
For the full year, profit before tax was NOK 744 million in 2006 and NOK 30 million in 2005. Adjusting for the effect of fair value/foreign exchange effect of convertible loans in both years, the profit before tax increased from NOK 523 million in 2005 to NOK 1,540 million in 2006.
Earnings per share were NOK 0.68 in the fourth quarter 2006 and NOK 1.03 for the full year, compared with NOK 0.58 in the fourth quarter 2005 and NOK 0.01 for the full year of 2005, on both a basic and diluted basis.
For further information please contact:
Jon Andre Løkke, SVP & Investor Relations Officer; +47 67 81 52 65
REC is uniquely positioned in the solar energy industry as the only company with a presence across the entire value chain. REC Silicon and REC Wafer are the world's largest producers of solar grade silicon and wafers for solar applications. REC Solar produces solar cells and solar modules. REC Group had revenues in 2005 of NOK 2 454 million and an operating profit of NOK 601 million. Please also see www.recgroup.com
Q4 2006 resultsQ4 2006 presentation (PDF)
Q4 2006 results
Q4 2006 presentation (PDF)